Disney News Wire
Brought to you by the Hidden Mickeys of Disney and OITC


Disney's 8-K


               SECURITIES AND EXCHANGE COMMISSION
                     WASHINGTON, D.C.  20549
                                
                                
                           ----------
                                
                            FORM 8-K
                                
                                
                                
                         CURRENT REPORT
             PURSUANT TO SECTION 13 OR 15(d) OF THE
                 SECURITIES EXCHANGE ACT OF 1934
                                
                                
                                
        DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED):
                                
                        December 3, 1999
                                
                                
                           ----------
                                
                                
                     THE WALT DISNEY COMPANY
     (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
                                
                                
                                
                            DELAWARE
            (STATE OF JURISDICTION OF INCORPORATION)
                                
                                
                                
        1-11605                           95-4545390
(COMMISSION FILE NUMBER)       (IRS EMPLOYER IDENTIFICATION NO.)


500 South Buena Vista Street, Burbank, California        91521
  (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)            (ZIP CODE)


                         (818) 560-1000
                 (REGISTRANT'S TELEPHONE NUMBER)
                                

ITEM 5.   OTHER EVENTS


     During the quarter ended September 30, 1999, the Registrant
made changes in the manner in which it reports its operating
segments.  The accompanying exhibits set forth restatements of
segment results for the Registrant's 1997 and 1996 fiscal years,
and for its 1998 fiscal quarters, reflecting these changes.



ITEM 7.   FINANCIAL STATEMENTS AND EXHIBITS


Exhibit 99.A --   The Walt Disney Company
                  Consolidated Segment Results

Exhibit 99.B --   The Walt Disney Company
                  1998 Quarterly Segment Results


                           SIGNATURES
                                
Pursuant to the requirements of the Securities and Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.



                                   THE WALT DISNEY COMPANY




Date:  December 3, 1999            By:  /s/ David K. Thompson
                                      --------------------------
                                          David K. Thompson
                                        Senior Vice President
                                      Assistant General Counsel




[CAPTION]
                    CONSOLIDATED SEGMENT RESULTS
                      (Unaudited, in millions)



                                         As Reported          Pro Forma
For Fiscal Year                        1997      1996      1997      1996

Revenues:                                               
 Media Networks                                         
  Broadcasting                        $ 4,526   $ 2,895   $ 4,505   $ 4,350
  Cable Networks                        1,996     1,183     1,996     1,659
                                       ------    ------    ------    ------    
                                        6,522     4,078     6,501     6,009

 Studio Entertainment                   6,981     6,771     6,981     6,844
 Theme Parks & Resorts                  5,014     4,502     5,014     4,502
 Consumer Products                      3,782     3,307     2,943     2,639
 Internet and Direct Marketing            174        81       174        81
                                       ------    ------    ------    ------
                                      $22,473   $18,739   $21,613   $20,075
                                       ======    ======    ======    ======   
Operating Income:                                       
 Media Networks                                         
  Broadcasting                        $ 1,016   $   673   $ 1,012   $   997
  Cable Networks                          683       368       683       497
                                       ------    ------    ------    ------    
                                        1,699     1,041     1,695     1,494
                                       ------    ------    ------    ------

 Studio Entertainment                   1,079       938     1,079       929
 Theme Parks & Resorts                  1,136       990     1,136       990
 Consumer Products                        893       686       673       530
 Internet and Direct Marketing            (56)      (21)      (56)      (21)
 Amortization of Intangible Assets       (439)     (301)     (413)     (413)
                                       ------    ------    ------    ------   
                                        4,312     3,333     4,114     3,509
 Gain on Sale of KCAL                     135         -         -         -
 Accounting Change                          -      (300)        -      (300)
                                       ------    ------    ------    ------
                                      $ 4,447   $ 3,033   $ 4,114   $ 3,209
                                       ======    ======    ======    ======

Note: During the quarter ended  September 30, 1999,  the Company made changes in
      the  manner  in  which  it  reports  its  operating  segments.  Businesses
      previously   included  in  the   Creative   Content   segment   have  been
      disaggregated  into  separate  segments.  In  addition,  intangible  asset
      amortization  has been  broken out as a separate  component  of  operating
      income.  Segment  results for fiscal  1997 and 1996 have been  restated to
      reflect the new presentation.

      The company  acquired the  operations of ABC, Inc.  ("ABC") on February 9,
      1996.  During  1997,  the  company  sold KCAL,  a Los  Angeles  television
      station,   completed  its  final  ABC  purchase   price   allocation   and
      determination of the related intangible assets and disposed of certain ABC
      publishing  assets.  The "pro forma" information for 1997 and 1996 assumes
      that these events occurred at the beginning of 1996. The pro forma results
      are not  necessarily  indicative  of the combined  results that would have
      occurred had these events actually occurred at the beginning of 1996.


[CAPTION]
                   1998 QUARTERLY SEGMENT RESULTS
                      (Unaudited, in millions)


Quarter ended                   Dec 31    Mar 31    Jun 30    Sep 30    Total
                               -------   -------   -------   --------  ------- 
Revenues:                                                         
 Media Networks                                                   
  Broadcasting                 $ 1,413   $ 1,041   $ 1,163   $ 1,117   $ 4,734
  Cable Networks                   651       548       565       644     2,408
                                ------    ------    ------    ------    ------ 
                                 2,064     1,589     1,728     1,761     7,142
                                ------    ------    ------    ------    ------ 
 
 Studio Entertainment            1,905     1,646     1,307     1,991     6,849
 Theme Parks & Resorts           1,260     1,244     1,504     1,524     5,532
 Consumer Products               1,019       704       656       814     3,193
 Internet and Direct Marketing      91        59        53        57       260
                                ------    ------    ------    ------    ------
                               $ 6,339   $ 5,242   $ 5,248   $ 6,147   $22,976
                                ======    ======    ======    ======    ====== 
Operating Income:                                                 
 Media Networks                                                   
  Broadcasting                 $   371   $   138   $   290   $   178   $   977
  Cable Networks                   237       204       201       127       769
                                ------    ------    ------    ------    ------ 
                                   608       342       491       305     1,746
                                ------    ------    ------    ------    ------
 
 Studio Entertainment              379       191         7       192       769
 Theme Parks & Resorts             287       271       429       301     1,288
 Consumer Products                 335       174       128       164       801
 Internet and Direct Marketing     (11)      (22)      (24)      (37)      (94)
 Amortization of Intangible
   Assets                         (106)     (107)     (108)     (110)     (431)
                                ------     -----     -----     -----     -----
                                 1,492       849       923       815     4,079
 Restructuring Charges               -         -         -       (64)      (64)
                                ------     -----     -----     -----     -----
                               $ 1,492    $  849    $  923    $  751   $ 4,015
                                ======     =====     =====     =====    ======

Note: During the quarter ended September 30, 1999, the company made
      changes in the manner in which it reports its operating
      segments. Businesses previously included in the Creative
      Content segment have been disaggregated into separate
      segments. In addition, intangible asset amortization has been
      broken out as a separate component of operating income.
      Segment results for all quarters of fiscal 1998 have been
      restated to reflect the new presentation.

To learn more about Disney and their behind the scenes activities, visit Hidden Mickeys of Disney


Return to the Disney News Wire

Home



Web page ©1995-2009 by T.R. Shaw. All rights Reserved, USA and Worldwide