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):
November 5, 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 exhibit sets forth a restatement of
segment results for the first three quarters of the Registrant's
1999 fiscal year reflecting these changes.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibit 99 -- 1999 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: November 5, 1999 By: /s/ David K. Thompson
_________________________
David K. Thompson
Senior Vice President
Assistant General Counsel
Exhibit 99
1999 QUARTERLY SEGMENT RESULTS
(Unaudited, in millions)
[CAPTION]
<TABLE>
<S> <C> <C> <C> <C> <C>
Quarter ended Dec 31 Mar 31 Jun 30 Sep 30 Total
------- ------- ------- ------- -------
Revenues:
Media Networks
Broadcasting $ 1,421 $ 1,109 $ 1,135 $ 1,029 $ 4,694
Cable Networks 793 600 656 769 2,818
------ ------ ------ ------ ------
2,214 1,709 1,791 1,798 7,512
------ ------ ------ ------ ------
Studio Entertainment 1,864 1,705 1,343 1,636 6,548
Theme Parks & Resorts 1,434 1,408 1,711 1,553 6,106
Consumer Products 1,000 647 635 747 3,030
Internet and Direct Marketing 77 41 42 47 206
------ ------ ------ ------ ------
$ 6,589 $ 5,510 $ 5,522 $ 5,781 $23,402
====== ====== ====== ====== ======
Operating Income:
Media Networks
Broadcasting $ 148 $ 139 $ 227 $ 145 $ 659
Cable Networks 223 228 277 224 952
------ ------ ------ ------ ------
371 367 504 369 1,611
------ ------ ------ ------ ------
Studio Entertainment 142 90 (22) (94) 116
Theme Parks & Resorts 335 305 488 318 1,446
Consumer Products 294 92 119 102 607
Internet and Direct Marketing (4) (18) (21) (50) (93)
Amortization of Intangible
Assets (108) (107) (117) (124) (456)
------ ------ ------ ------ ------
1,030 729 951 521 3,231
Gain on Sale of Starwave 345 - - - 345
Restructuring Changes - - - (132) (132)
------ ------ ------ ------ ------
$ 1,375 $ 729 $ 951 $ 389 $ 3,444
====== ====== ====== ====== ======
</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 the first three quarters of fiscal 1999 have
been restated to reflect the new presentation.
