Rule 424(b)(3)
Registration No. 333-52659
PRICING SUPPLEMENT NO.: 1 dated September 9, 1998
THE WALT DISNEY COMPANY
Medium-Term Notes
This Pricing Supplement accompanies and supplements the Prospectus
dated August 6, 1998, as supplemented by the Prospectus Supplement,
dated August 6, 1998 (the "Prospectus Supplement").
The Notes have the following terms (as applicable):
Rate: / / Fixed Rate /X/ Floating Rate / / Zero Coupon
/ / Discount
Form: /X/ Book-Entry / / Definitive
Principal Amount: $60,000,000
Original Issue Price: Varying prices related to prevailing market
prices.
CUSIP No: 25468PAW6
Proceeds to the Company: $60,000,000
Discount or Commission to Agents: N/A
Original Issue Discount: N/A
Original Issue Date: September 15, 1998
Stated Maturity: September 13, 2000
Yield to Maturity: N/A
Initial Maturity (for Renewable Notes): N/A
Final Maturity (for Renewable Notes): N/A
Earliest Redemption Date: N/A
Redemption Price: N/A
Interest Rate Per Annum (for Fixed Rate Notes): N/A
Interest Rate Provisions (for Floating Rate Notes):
Initial Interest Rate: 5.42% per annum
Base Rate or Rates:
Commercial Paper Rate
/X/ LIBOR:
/ / Reuters Monitor Money Rates Service
/X/ Dow Jones Telerate Service
/ / Index Currency
/ / Treasury Rate
/ / Prime Rate
/ / Federal Funds Rate
/ / CD Rate
/ / CMT Rate
/ / Dow Jones Telerate Page 7055
/ / Dow Jones Telerate Page 7052
/ / Week
/ / Month
/ / CMT Maturity Index: ____
/ / Other: _______
Spread: Minus 0.08%
Index Maturity:
/ / 1 Month
/X/ 3 Months
/ / 6 Months
/ / 1 Year
/ / Other (specify)
Maximum Interest Rate: N/A
Minimum Interest Rate: N/A
Interest Payment Dates:
/ / Third Wednesday of each month
/ / Third Wednesday of each March, June,
September and December
/ / Third Wednesday of each ________________
and _________________
/ / Third Wednesday of each ________________
/X/ Other (specify): The first Interest Payment Date will be
December 15, 1998, and thereafter the
Interest Payment Dates will be the 15th
day of each March, June, September and
December during the term of the Notes.
Regular Record Dates:
/X/ Fifteenth day (whether or not a Business Day)
immediately preceding the related Interest
Payment Date
/ / Other (specify) _____
Interest Payment Period:
/ / Monthly
/X/ Quarterly
/ / Semiannually
/ / Annually
Interest Reset Period:
/ / Daily
/ / Weekly
/ / Monthly
/X/ Quarterly
/ / Semiannually
/ / Annually
Interest Reset Dates:
/ / As specified in Prospectus Supplement
/X/ Other (specify) The Interest Reset Dates will be the 15th
day of each March, June, September and
December during the term of the Notes,
commencing December 15, 1998, except that
the final Interest Reset Date will be
June 14, 2000.
Interest Determination Date:
/ / As specified in Prospectus Supplement
/X/ Other (specify) The Interest Determination Dates will be
the 11th day of December 1998; the 11th
day of March and June of 1999; the 13th
day of September and December of 1999;
the 13th day of March of 2000; and the
12th day of June 2000
Purchase of Notes at Option of Holder: N/A
Calculation Agent: Citibank, N.A.
Plan of Distribution: J.P. Morgan Securities Inc. has acted as
agent for the Company in connection with the
sale of the Notes.
