SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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
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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
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David K. Thompson
Senior Vice President
Assistant General Counsel
[CAPTION]
<TABLE>
CONSOLIDATED SEGMENT RESULTS
(Unaudited, in millions)
<S> <C> <C> <C> <C>
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
====== ====== ====== ======
</TABLE>
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]
<TABLE>
1998 QUARTERLY SEGMENT RESULTS
(Unaudited, in millions)
<S> <C> <C> <C> <C> <C>
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
====== ===== ===== ===== ======
</TABLE>
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.
