Rule 424(b)(3)
Registration No. 33-62777
PRICING SUPPLEMENT NO. 4 dated June 20, 1996
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THE WALT DISNEY COMPANY
Medium-Term Notes
This Pricing Supplement accompanies and supplements the Prospectus, dated
March 7, 1996, as supplemented by the Prospectus Supplement, dated March 7,
1996 (the "Prospectus Supplement").
The Notes have the following terms (as applicable):
Rate: /X/ Fixed Rate / / Floating Rate / / Zero Coupon / / Discount
Form: /X/ Book-Entry / / Definitive
Principal Amount: $25,000,000
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Original Issue Price: Varying prices related to prevailing market rates
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CUSIP No: 25468PAD8
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Proceeds to the Company: $24,475,000
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Discount or Commission to Agents: $525,000
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Original Issue Discount: N/A
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Original Issue Date: June 27, 1996
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Stated Maturity: June 27, 2011
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Yield to Maturity: N/A
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Initial Maturity (for Renewable Notes):
-------
Final Maturity (for Renewable Notes):
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Earliest Redemption Date: June 27, 2000 or any Interest Payment Date
occurring in June or December thereafter up
to but not including the Maturity Date (with
at least 30 calendar days' but no more than
60 calendar days' prior notice).
Redemption Price: The Notes are redeemable, in whole but not in part,
at 100% of principal amount plus accrued interest to
the Redemption Date.
Interest Rate Per Annum (for Fixed Rate Notes): 7.50%
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Interest Payment Dates:
/ / Third Wednesday of each month
/ / Third Wednesday of each March, June,
September and December
/ / Third Wednesday of each
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and
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/ / Third Wednesday of each
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/X/ Other (specify) Monthly on the 27th day of each month
commencing July 27, 1996.
Regular Record Dates:
/X/ Fifteenth day (whether or not a Business Day)
immediately preceding the related Interest
Payment Date
/ / Other (specify)
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Interest Payment Period:
/X/ Monthly
/ / Quarterly
/ / Semiannually
/ / Annually
Calculation Agent: Citibank, N.A.
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Plan of Distribution:
Merrill, Lynch, Pierce, Fenner & Smith Incorporated has acted as
principal with respect to the purchase of the Notes.
