/FIRST AND FINAL ADD -- DISNEY, CAPITAL CITIES/ABC AGREE TO MERGE/
FACT SHEET: THE WALT DISNEY COMPANY
The Walt Disney Company, headquartered in Burbank, California, is a family entertainment company engaged in animated and live-action film and television production; cable and broadcast television; theme parks and resorts; character merchandise licensing, consumer product retailing, and book and music publishing The contractual relationship between a songwriter or music composer and a music publisher, whereby the writer assigns part or all of his or her music copyrights to the publisher in exchange for the publisher's commercial exploitation of the music. . The Company also owns the Mighty Ducks of Anaheim hockey franchise.
In 1994, Disney achieved record-breaking revenue, operating income and net income. The Company's total revenues were $10.1 billion, or 18% higher than 1993 revenues of $8.5 billion. Total 1994 revenues can be broken down as follows: 48% Filmed Entertainment, 34% Theme Parks and Resorts and 18% Consumer Products. Operating income was $2.0 billion dollars, a 14% increase from 1993 levels of $1.7 billion. This figure breaks down as follows: 43% Filmed Entertainment, 35% Theme Parks and Resorts and 22% Consumer Products.
The Company's net income in 1994 was $1.1 billion, or 25% higher than 1993 net income of $890 million (before cumulative effect of accounting changes and a charge associated with the Company's investment in Euro Disney).
Michael Eisner joined Disney in 1984 as Chairman/CEO. Since that time, Disney's revenues have grown by a factor of seven, and net income has grown eleven-fold. Roy E. Disney Roy Edward Disney, KCSG, (born January 10, 1930) was a longtime senior executive for The Walt Disney Company, which his father Roy Oliver Disney and his uncle Walt founded. , son of co-founder Roy O. Disney, is the Vice Chairman of the Board of Directors. Sanford Litvack serves as the Company's Chief of Corporate Operations. Disney's CFO See Chief Financial Officer. , Steve Bollenbach, joined Disney in May, 1995 from Host Marriott Corp., where he served as CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Mr. Eisner, Mr. Litvack and Mr. Bollenbach are all members of Disney's Board of Directors.
The Walt Disney Company was founded by brothers Walter E. Disney and Roy O. Disney in 1923 in a partnership titled The Disney Brothers Studio to produce a series of animated short subjects called the Alice Comedies. In 1928, Mickey Mouse made his debut appearance in Steamboat Willie. In 1937, Disney release Snow White and the Seven Dwarfs, the first dull-length animated film. The Company's 33rd animated feature film, Pocahontas, was released in the U.S. on June 23, 1995.
THE COMPANY'S THREE OPERATING GROUPS
Filmed Entertainment: Disney produces animated and live-action features for worldwide theatrical, television and home video distribution. In addition, the Filmed Entertainment segment creates original network television programming and manages Disney's broadcast, cable, pay and syndication television businesses.
Major businesses include: Feature Animation; the Motion Pictures Group encompassing four film banners (Walt Disney Pictures, Touchstone Pictures, Hollywood Pictures, Miramax Films), Buena Vista Distribution
Buena Vista Pictures Distribution, Inc. is the motion picture and television feature distribution company owned by The Walt Disney Company. , Buena Vista International, Disney Theatrical Productions, and Hollywood Records; and Disney Television and Telecommunications encompassing The Disney Channel, KCAL-TV Los Angeles, Walt Disney Television Walt Disney Television is the television production division of The Walt Disney Company with Walt Disney name.
Until 1983, Disney shows were aired under the banner of the parent company, then named Walt Disney Productions. , Touchstone
Television and Buena Vista Home Video International, and Disney Interactive.
Theme Parks and Resorts: Disney owns and operates theme parks and resorts in California (Disneyland) and Florida (Walt Disney World Noun 1. Walt Disney World - a large amusement park established in 1971 to the southwest of Orlando
Orlando - a city in central Florida; site of Walt Disney World ). The Company also receives royalties from Tokyo Disneyland and owns 39% of Disneyland Paris.
Major businesses include: Disneyland and the Disneyland Hotel in Anaheim, California; Walt Disney World, which encompasses three theme parks (the Magic Kingdom, Epcot, and Disney-MG Studios), 21 hotels, three water parks (River Country, Typhoon Lagoon and Blizzard Beach), conference facilities, campgrounds, golf courses, retail complexes, and The Walt Disney Vacation Club.
Consumer Products: Disney licenses its name, animated characters, literary properties and music around the world and operates a chain of specialty retailing stores in the U.S. and abroad. The segment also publishes books, magazines and records and jointly oversees Disney Interactive with the Television and Telecommunications division of Filmed Entertainment.
Major businesses include: Disney Licensing; The Disney Store and The Disney Gallery; Walt Disney Records Walt Disney Records is a record company and part of The Walt Disney Company.
The label was established in 1956 under the name Disneyland Records; its first release was A Child's Garden of Verses. The company changed to its current name in 1989. ; Walt Disney Publishing, which encompasses four book imprints (Disney Press, Hyperion, Hyperion Books for Children, and Mouse Works) and four magazines (Disney Adventures, Discover, FamilyFun, and Family PC);Disney Art Editions; direct marketing catalogues, "Disney on Ice" shows.
FACT SHEET: CAPITAL CITIES/ABC, INC.
Capital Cities/ABC, Inc. is a broad-based communications company with significant businesses in television, radio, cable and publishing, and rapidly expanding operations overseas.
With overall revenues last year of nearly $6.4 billion, the Company's signature property is the ABC Television Network. It also owns eight stations, with plans to purchase two others in August, reaching 25 percent of US homes. It owns 21 radio stations and radio networks serving more than 3400 radio stations. As a cable programmer, it has the majority interest in ESPN ESPN Entertainment and Sports Programming Network and ESPN2 and partial ownership of A&E television Networks and Lifetime Television.
Capital Cities/ABC, Inc. also has a large publishing group, with seven daily newspapers, weekly newspapers and shopping guides, various specialty and business periodicals and books. Overseas, the Company licenses, produces and distributes programming world-wide for all media and has built a significant international division over the past five years. It is also developing opportunities in the new and emerging media technologies.
Thomas S. Murphy, 70, was the first employee of the original company and serves as the Company's Chairman and Chief Executive Officer. He was named President at age 39 in 1964 and was elevated to Chairman and CEO two years later. Robert A. Iger, 44, was named President and Chief Operating Officer Chief Operating Officer (COO)
The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. in September, 1994 after 20 years in various ABC operations.
1994 -- the Company's 40th anniversary -- was an exceptional one for the Company. Earnings per share were $4.42, an increase of 55 percent from the prior year. Revenues increased 12 percent to $6.379 billion, and operating income grew 44 percent to $1.239 billion. Each of these figures represented a record for the Company. Shares outstanding at year-end 1994: 153,890,000.
Capital Cities/ABC, Inc. was formed in January, 1986, when Capital Cities Communications
Capital Cities Communications (sometimes referred to as "CapCities" , Inc. merged with American Broadcasting Companies, Inc. Capital Cities had been formed in 1954 as the Hudson Valley Broadcasting Company, with a UHF (Ultra High Frequency) The range of electromagnetic frequencies from 300 MHz to 3 GHz. In the U.S., analog television has used UHF channels 52 to 69 in the 700 MHz band. television station and an AM radio station in Albany, N.Y. and 29-year-old Tom Murphy as its first manager. American Broadcasting Companies, Inc. was founded in February, 1953, when Leonard H. Goldenson engineered the merger of United Paramount Theaters and ABC, a fledgling broadcasting company that had been spun off from RCA's Blue Network a decade earlier. Today, Mr. Goldenson, now 89, serves as Chairman of the Executive Committee of Capital Cities/ABC, Inc.
THE COMPANY'S FIVE OPERATING GROUPS
ABC Television Network Group
The ABC Television Network distributes programming to 225 affiliate stations through ABC News, ABC Sports, ABC Entertainment, ABC Daytime and ABC Children's Programming. ABC posted record revenues in 1994 of just over $3 billion and improved its operating income by more than 80 percent to $340 million, also a record. Also, in 1994-95, ABC's prime time schedule ranked number one among adults 18-49 for the third consecutive season and won the household ratings race for the first time since 1979.
Capital Cities/ABC Broadcasting Group
In August, the Company's complement of television stations will total ten, with six located in the nation's top ten markets. The outlets are the nation's most profitable station group, with 1994 revenue and profits achieving record levels. The Company also owns 21 radio stations -- 11 AM and 10 FM -- and operates the largest radio network in the U.S., reaching almost 100 million persons a week.
WABC-TV, New York, NY
WLS-TV, Chicago, IL
WPVI-TV, Philadelphia, PA
WTVD, Durham-Raleigh, NC
KABC-TV, Los Angeles, CA
KFSN-TV, Fresno, CA
KGO-TV, San Francisco, CA
KTRK-TV, Houston, TX
WJRT-TV, Flint, MI
KTVG, Toledo, OH
WABC-AM, New York, NY WHYT-FM, Detroit, MI WPLJ-FM, New York, NY WBAP-AM, Fort Worth-Dallas, TX KABC-AM, Los Angeles, CA KSCS-FM, Fort Worth-Dallas, TX KLOS-FM, Los Angeles, CA WMAL-AM, Washington, D.C. KMPC-AM, Los Angeles, CA WRQX-FM, Washington, D.C. WLS-AM, Chicago, IL WKHX-AM, Atlanta, GA WLS-FM, Chicago, IL WKHX-FM, Atlanta, GA KGO-AM, San Francisco, CA WYAY-FM, Atlanta, GA KSFO-AM, San Francisco, CA KQRS-AM, Minneapolis-St. Paul, MN WJR-AM, Detroit, MI KQRS-FM, Minneapolis-St. Paul, MN KEGE-FM, Minneapolis-St. Paul, MN
ABC Cable and International Broadcast Group
This group's revenue and profit growth far exceeded expectations in 1994 in virtually all of its operating divisions. The Company owns 80 percent of ESPN, America's largest cable network, and of ESPN2; 37.5 percent of A&E Television Networks; and 50 percent of Lifetime Television. All services reported an excellent year in 1994.
The Company has pursued a very aggressive strategy in overseas expansion -- one of the most aggressive of any U.S. media company -- and now has significant interests in international broadcast, cable and satellite delivered ventures around the globe. CC/ABC has financed nearly $350 million in new business opportunities since 1990, mostly in international joint ventures, with $100 Million in 1994 alone.
TELE-MUCHEN (50%), Munich, Germany -- German television
production and distribution company.
HAMSTER PRODUCTIONS (33%), Paris, France -- French independent
television production company.
SCANDINAVIAN BROADCASTING SYSTEM, SA (23%), Luxembourg --
Operates television services in Denmark, Norway, Sweden and
Belgium and radio stations in Denmark, Finland and Sweden.
EUROSPORT (33.3%), London, England -- Pan-European cable sports
programming service (ownership through ESPN).
TV SPORT (10%), Paris, France -- Eurosport's French Affiliate
(ownership through ESPN)
THE JAPAN SPORTS CHANNEL (20%), Tokyo, Japan -- Cable sports
programming service jointly owned (through ESPN) with several
RTL-2 (20%), Munich, Germany -- German general entertainment
broadcasting and cable programming service (ownership through
CC/ABC Publishing Group
Publishing revenues in 1994 reached $1.1 billion for publications that reach more than 10 million households or business users. The diverse group includes Fairchild Publications, with "W" and Women's Wear Daily Women's Wear Daily (WWD) is a fashion-industry trade journal sometimes called "the bible of fashion." It is the flagship journal of Fairchild Publications, Inc. WWD's publisher is Ralph Erardy, Sr. , and such daily newspapers as the Ft. Worth Star-Telegram, The Kansas City Star and many weekly papers. It encompasses dozens of publications from LA Magazine to Institutional Investor to the Chilton Publications and many varied farm and business and law trade journals.
CC/ABC Multimedia Group
The Multimedia Group develops and manages business opportunities in new and emerging media technologies. These include the interactive television, pay-per-view, and video-on-demand areas; video cassette and disc-based media; on-line services; location-based entertainment; and HDTV (High Definition TV) A set of digital television (DTV) standards that offer the highest resolution and sharpest picture. Although some HDTV sets are available in standard (rather square) screen sizes, the overwhelming majority of sets are wide screen, which eliminates and digital television.
-0- 7/31/95 AA NY027
/END FIRST AND FINAL ADD/
/PRNewswire -- July 31/
(DIS CCB CCB Calcium channel blocker, see there )
CO: Walt Disney Company; Capital Cities/ABC Inc. ST: California, New York IN: ENT ENT ears, nose, and throat (otorhinolaryngology).
ear, nose, and throat
ear, nose and throat.
ENT Ears, nose & throat; formally, otorhinolaryngology SU: TNM TNM tumor-nodes-metastasis; see under staging.
tumor, nodes and metastases; a system of cancer staging (see TNM staging).
PS -- NY027A -- 9837 07/31/95 10:16 EDT EDT
Eastern Daylight Time
EDT Eastern Daylight Time
EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York