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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 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, 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, Steve Bollenbach, joined Disney in May, 1995 from Host Marriott Corp., where he served as CEO. 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.


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 International, Disney Theatrical Productions, and Hollywood Records; and Disney Television and Telecommunications encompassing The Disney Channel, KCAL-TV Los Angeles, Walt Disney Television, 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). 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 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.

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 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 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, Inc. merged with American Broadcasting Companies, Inc. Capital Cities had been formed in 1954 as the Hudson Valley Broadcasting Company, with a UHF 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.


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.

Television Stations

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

Radio Stations
 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.

International investments:

TELE-MUCHEN (50%), Munich, Germany -- German television

production and distribution company.

HAMSTER PRODUCTIONS (33%), Paris, France -- French independent

television production company.


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

Japanese companies.

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, 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 and digital television.
 -0- 7/31/95 AA NY027


/PRNewswire -- July 31/


CO: Walt Disney Company; Capital Cities/ABC Inc. ST: California, New York IN: ENT SU: TNM

PS -- NY027A -- 9837 07/31/95 10:16 EDT
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Date:Jul 31, 1995

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