Disney profit surges 78 percent on gain from new U.S. tax law

(Reuters) - Walt Disney Co, which is buying some of Fox's film and TV units, reported a 78.4 percent surge in quarterly profit on Tuesday as the media conglomerate recorded a $1.6 billion gain due to recent changes to the U.S. tax law.

Net income attributable to the company rose to $4.42 billion, or $2.91 per share, from $2.48 billion, or $1.55 per share.

Disney's revenue rose 3.8 percent to $15.35 billion in the first quarter ended Dec. 30, from $14.78 billion a year earlier.

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sriraj Kalluvila)