Increases in the fees Disney collects for ESPN, Disney Channel and other cable networks helped the media giant generate a record $10.4 billion in revenue for its fiscal fourth quarter.

Disney said Thursday that its media networks group, which includes ESPN, Disney Channel, ABC Family, SoapNet and broadcast network ABC, saw revenue jump 20 percent to $1.4 billion.

Ratings at ESPN, Disney's most profitable cable channel, could take a hit this year from the labor dispute between NBA players and team owners, which may scrap the 2011-12 season. But Iger said ESPN's broad rights portfolio will allow it to "effectively program ESPN without the NBA."

"We expect any reduction in our NBA-related revenue would be more than offset by a reduction in rights costs," Iger added, noting that ESPN wouldn't have to pay the league for a cancelled season. He didn't say whether Disney would offer cable and satellite providers that carry ESPN a rebate on their monthly license fees if the season is cancelled.

With ad revenue declining at its ABC owned and operated stations Disney is also relying more on retransmission-consent fees from cable and satellite providers to grow earnings. Disney said ad revenue from its local TV stations dropped by 8 percent during the quarter, which it attributed to a decease political ad spending.