| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 86.1 | If I had tho choose. | BUSY::TBUTLER | | Fri Apr 21 1989 11:24 | 9 |
| If I had to choose between the big bucks and the free admission
and lodging at the Disney parks. Being the Disney enthusiast that
I am, of course I would choose...
THE BIG BUCKS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Tom
|
| 86.2 | a wise choice | NITMOI::WITHERS | So shines a good deed in a weary world.. | Fri Apr 21 1989 14:03 | 5 |
| thats wise since with the BIG BUCKS you can pay for your admission and
lodging.
-(gaw)
|
| 86.3 | Job ambition:Disney Executive | FDCV06::VAUGHAN | kinda music that soothes the soul | Sat Apr 22 1989 04:45 | 5 |
| I saw in the paper that Eisner was the top paid Exec. in the US
last year and that the president of Disney (forget his name) was
the second highest paid.
dv
|
| 86.4 | Help Wanted! | RATTLE::TLAPOINTE | | Wed Apr 26 1989 12:05 | 4 |
| Also related to Disney salaries..... They're on a hiring binge at
WDW in the past two weeks they have hired nearly 1600 people and
are planning on hiring an additional 2000 in the next few weeks
to fill the required slots to staff MGM, Pleasure Island, etc.
|
| 86.5 | What do they pay? | JACKAL::LECUYER | | Wed Apr 26 1989 13:19 | 4 |
| What does the average person make for working at one of the parks?
and how does one get information regarding being hired at one
of the parks?....(I LOVE this conference everyday I can at least
take a "mind" visit to DW) Tim
|
| 86.6 | RE: Help wanted, Pay? | RATTLE::TLAPOINTE | | Wed Apr 26 1989 13:50 | 30 |
| re: .5
I really don't know what they pay.... I've been told between $5
- $7 to start in enty level positions. The more recent Ads I've
seen state that to apply: "Stop by our NEW EMPLOYMENT AND CASTING
CENTER this week! Take I-4 to the Disney Village exit and follow
the signs. We're open seven days a week from 9am-4pm. All applicants
must have proof of identity and employment eligibility. Bring Driver's
license or State I.D. and your original Social Security card or
Birth Certificate with you." All the usual WDW benefits are
available, including FREE medical coverage for you and your dependents.
The positions listed were:
- Food servers - Cook helpers
- Dishwashers - Cooks
- Roundsmen - Custodial
- Housekeepers - Prep Chef specialists
- Bakers - Transportation
- Merchandising - And Many More!!!!
I don't live in Florida, but because of an intense desire to relocate
there I do get a lot of information each month about the area,
including the Orlando Sentinel, Sunday's only, on a weekly basis.
All the wages, for the most part, seem smaller than what we're
used to in N.E. but keep in mind that the median price for a house
in the Orlando area is under $100,000. In N.E. I think it's around
$150,000+. In fact one of the "highlighted" homes that was sold
in the paper this past week was: single story, 3 br, 2.5 bath, 2
car garage, on a 1/3 arce in a "nice" area was listed at $77,900
and was sold for $70,000. To bad DEC doesn't have a large facility
down there.
|
| 86.7 | more on money... | FSDEV1::DCOHEN | | Thu Apr 27 1989 13:49 | 18 |
| Regarding salaries, the Orlando Sentinel reported that Disney pays
about .20/hour more than equivalent positions at local hotels and
restaurants. Which is why they could hire 2100 people in about
a month. Now all the other places are short-staffed and offering
incentives for hiring. The article noted that some places
(Sheraton) actually pay more than Disney.
Also, Disney now hires about 1 person for every 3 applicants. When
the Magic Kingdon first opened, the ratio was 1 out of 10. They
would like to get a little bit more choosy and get to 1 out of 4.
Also, a column in the paper was a little put out by Eisner's salary,
saying he's made more than the total of 4000+ other WDW employees
last year! And what would Walt have had to say about it? Especially
since Walt plowed profits back into the company. Of course Eisner
has been very successful and should be rewarded.
dave
|
| 86.8 | | MAMIE::DCOX | | Fri Apr 28 1989 08:04 | 25 |
| re Eisner's salary and relative worth...
The Disney financial objectives are:
"* Increase earnings per share (EPS) at 20% annually over any five year
period.
* Maintain high capital productivity with 20% return on equity (ROE)
through profitable reinvestment of cash flows."
The company has exceeded those goals (while paying Eisner more than any
other CEO); some data:
1988 1984
Net Income $522M $97.8M
Total Shares 124K 62K
EPS $3.80 $0.68
ROE 25% 8%
It is easy to make the case that his salary was/is a good investment.
Dave
|
| 86.9 | re: great numbers | RATTLE::TLAPOINTE | | Fri Apr 28 1989 11:27 | 12 |
| re:.8
Its easy to convince some of us with that data...... but try
to explain that to all Disney's workers who nearly went on strike
to get a nominal raise. The bulk of whom make less in a year than
Eisner does in a hour!!!!
Don't take this wrong I think He's done a great job, much like
Iaccoca did with Chrysler.
Tony
|
| 86.10 | | MAMIE::DCOX | | Sun Apr 30 1989 10:38 | 14 |
| Yes, I understand the comments about the workers. However, that is the case in
every company where the CEO makes more than the floor sweepers.
Briefly, since this is neither the investment nor the soapbox note...
* Investors keep a company going based on return of their investment; Disney
was doing poorly before Eisner and was having trouble raising cash. Investors
are now happy.
* Nobody demands that the "cast" at Disney work there, indeed, many of the
other parks in the area are competing for those same workers. Salary is based
on what the market will pay and what the worker will bring in ($$$) for his
pay.
|
| 86.11 | could be $172,000,000 | TOHOKU::TAYLOR | | Sun Apr 30 1989 17:13 | 19 |
| On some business show (Wall Street Report on Sat April 29, 1989 Ch
38 Boston??) they interviewed 2 people about CEO compensation,
including M Eisner's agent. He said the $40,000,000 was not the
full compensation, there was another $132 million in yet to be
used stock options. The irony in this was this was the guy on the
overpaid side of the issue. He said Eisner was worth it because he
was responsible for increasing the value of Disney by several
billion dollars. Giving mike a couple percentage of that was only
fair, after all he had risked accepting a lower fixed salary for
one tied to how well Disney's stock did. The agent really did act
like the CEO did it all by his self, without any help from anyone.
re: 10 "Salary is based on what the market will pay and what the
worker will bring in ($$$) for his pay." Are you saying no one
else in the world could do as well as Mr. Eisner and be willing to
do it for a lot less? I bet that even Eisner would be willing to
settle for only 1 million.
mike
|
| 86.12 | Life .. Reality | COOKIE::INDERMUEHLE | Stonehenge Alignment Service | Mon May 01 1989 11:16 | 10 |
| >> Are you saying no one
>> else in the world could do as well as Mr. Eisner and be willing to
>> do it for a lot less? I bet that even Eisner would be willing to
>> settle for only 1 million.
I didn't read that at all. What .10 said is a fact of life. Mr. Eisner
struck a deal with Disney and based his salary on how well Disney Corp.
did. It is not a question of could anyone else have done the job. It is
a fact that Mr. Eisner did and is reaping the rewards. More power to him.
I wish it was me, but I'm not going to grumble cause he is and I'm not.
|
| 86.13 | Succesful people worthe the $$$ - I don't begrudge Mike | AYNRND::REILLY | Instant Pink Floyd! Just add Waters | Tue May 02 1989 09:00 | 18 |
|
� Are you saying no one
� else in the world could do as well as Mr. Eisner and be willing to
� do it for a lot less? I bet that even Eisner would be willing to
� settle for only 1 million.
It's so very easy to say that, *after* a job has been completed,
"anyone could do it" and even easier to spice it up with "and do
it for less."
Mike took on a tough job, but wanted to be paid handsomely for it.
He succeeded. Good show. I wish there were more people in this
world who were successful at what they set out to do. Before Mike
accomplished this, WDW thought he was a good investment. Now
that he succeeded, let's not try to diminish his feat. Everything
looks easy after it's done.
SEAN/BEER=LABATTS
|
| 86.14 | Keep Smiling!!!! | RATTLE::TLAPOINTE | | Wed May 10 1989 10:58 | 51 |
| This is some general info that I read in the "Florida" magazine,
from the Orlando Sentinel, dated April 30,1989. The author is:
Rowland Stiteler. This is being reprinted without permission.
"NOW PLAYING TO PACKED HOUSES"
The newest Disney film to hit Florida is a short, low-budget
flick that pulls no punches about what it takes to be a Disney
character.
The 12-minute movie is being shown to all prospective employees
at the Magic Kingdom's new, $10-million casting center in Lake Buena
Vista. It's short on action, drama and even laughs. But it does
one thing very effectively: It tells applicants what Disney people
are - and what they aren't.
The film, which anyone interested in working at Disney must see
first, is largely a one-dimensional briefing by a comedian who plays
the part of Bob, a new employee. Bob tells applicants what Disney's
appearance guidelines for employees are - a lengthy list that for
for women, means no eyeliner, eye shadow, rouge, frosted or streaked
hair, bracelets, necklaces, tattoos, or more than one ring per finger.
For men, Bob says, the no-nos include hair that touches the collar
or any facial hair whatsoever. And Bob emphatically tells prospective
employees what they MUST wear at all times - a smile.
The film uses quick images of Bob wearing long hair and a beard
to make the not-so-subtle point that people whose appearance stands
out in a crowd would not be welcome in the Disney family.
Then the camera fades to shots of smiling groundskeepers, smiling
hot dog vendors, even smiling electricians and carpenters - all
with short hair. New employees, Bob says, will also be expected
to work all hours of the night, because Wlat Disney World works
24 hours a day and shifts are determined by seniority.
Bob also makes a persuasive sales pitch about working for Disney,
of course. Competative wages, free admission to the theme park
and discounts on Disney products.
The audience for the film - 2,000 or so prospective applicants
Disney World attracts each week - views it in the casting center,
a castle-like structure that sits just off Interstate 4. The walls
are lined with Magic Kingdom icons like a gilded statue of Mickey
Mouse and a life-size mural of Walt Disney himself.
Walt, however, doesn't make an appearance in the hiring film.
His moustache would be an obvious violation of the appearance code.
(next to the article, there is a nice color photo of the employment
office, appears to be the size of MKO and is quite attractive)
(note: did you catch the one ring per finger rule for women... what
if your married and also have a engagement ring??? Looks like you
would violate an appearance code and wouldn't be hired!!!!!)
Tony_who_got_a_haircut_and_shaved_just_incase!!!!!
|
| 86.15 | One for the Left, One for the Right | INDMKT::GOLDBERG | Len Goldberg...-190 | Wed May 10 1989 15:01 | 9 |
| re: .14
� (note: did you catch the one ring per finger rule for women... what
� if your married and also have a engagement ring??? Looks like you
� would violate an appearance code and wouldn't be hired!!!!!)
Pat Campbell sent me a copy of this article. When I read this part
I assumed it was a misprint. It is my understanding that the rule
is one ring per hand.
|
| 86.16 | | AYNRND::REILLY | Instant Pink Floyd! Just add Waters | Thu May 11 1989 08:55 | 13 |
|
� � (note: did you catch the one ring per finger rule for women... what
� � if your married and also have a engagement ring??? Looks like you
� � would violate an appearance code and wouldn't be hired!!!!!)
�
� Pat Campbell sent me a copy of this article. When I read this part
� I assumed it was a misprint. It is my understanding that the rule
� is one ring per hand.
Question still holds, though.... what about married women who
wear them both on one finger (most do, don't they?)?
SEAN/BEER=LABATTS
|
| 86.17 | Make them one | MAMTS1::JLISTON | | Thu May 11 1989 10:01 | 6 |
| That's easy! Just have a Jeweler solder em together and make one
out of them. My wife just had hers done.
The real problem is what do I do about my beard?? :-)
Jim (Disneyholic)
|
| 86.18 | Wedding Sets Acceptable | USCTR2::TOMYL | Joel R. Tomyl DTN 297-4282 | Fri May 19 1989 14:52 | 3 |
| The Official Disney Looks guide says that a wedding set (engagement
and wedding ring) are acceptable.
|
| 86.19 | Who wouldn't want to be an Exec | ASABET::KUMPEL | | Fri Aug 18 1989 12:22 | 23 |
| If you thought 40M was a lot for executive to earn in one year you have
toread todays Wall Street Journal (page B12). Frank Wells, president
and chief officer of Walt Disney Co made a profit of 74.2M by selling
stock option he exercised 6 months ago. In January he bought 850,000
shares at $14.36 and sold them in mid July at $101.60. (He sold too
early. He missed about $15.00 per share if he waited.)
This is in addition to his annual salary of $400,000 and the 3.7M bonus
due to the good year that Disney had. NOT BAD FOR A YEARS WORK!!!!
The rest of the article does go on to say that this dwarfs the 32.6M
that Micheal Eisner made last year doing the same thing. However Mr
Eisner still has options on 948,143 shares at the 14.36 price. At todays
market that would net a profit of about 94 MILLION!!!!
HOWEVER
In light of the fact that when Mr Eisner and Mr Wells joined Disney
in 1984 the company had profits of 97.2M and for the fiscal year
ending 9/31/88 the company had profits of 522M you could say that
they might be worth it.
|
| 86.20 | Rules and regs for employees | ASABET::KUMPEL | | Fri Aug 18 1989 13:29 | 11 |
|
Reply to .14, .15, .16, .17, and .18
Wedding sets are acceptable. What I found to be amazing is the fact
that employees who work in the Disney Stores must adhere to the same
standards. I have a friend that works at the store in Burlington.
Despite the fact that they have this long list of do's and don'ts they
were able to staff the store at regular retail pay. It seems to me that
it is one thing to have it work in the "park" but to be able to
transport the image over thousands of miles says a lot for the MAGIC OF
DISNEY.
|
| 86.21 | Coincidence or not? | CLOSET::AAARGH::LOWELL | Grim Grinning Ghosts... | Tue Apr 17 1990 16:43 | 10 |
| Maybe there's a really good reason for Eisner to get lots of money.
My husband pointed this peculiarity out to me during our last trip.
Did you ever notice the similarity between the names Eisner and
Disney?
E ISNE R
D ISNE Y
Maybe Eisner's got more Disney in him than we thought!
|
| 86.22 | must be nice... | AIMHI::TLAPOINTE | | Wed Dec 02 1992 12:19 | 12 |
| Time for the annual salary update (;-)
Caught this on CNN just before leaving for work today.
According to a Disney spokesman the two top exec's at disney decided to
exercise their stock options, prior to 1993, as part of this years
compensation package. It'll be about $250M, yes million not mice....
The reporter went on to state this was being done to escape the
possible higher taxes that may be imposed under the Clinton team.
Tony
|
| 86.23 | It's In the Globe | AUDIBL::SCOPA | I'd rather be in Orlando | Wed Dec 02 1992 14:57 | 5 |
| Tony,
This made the front page of The Boston Globe this morning.
Mike
|
| 86.24 | Here's The Story on Eisner's Stock | LJOHUB::GOLDBERG | Len, I Own a Piece of the Magic | Wed Dec 02 1992 15:49 | 70 |
| Copyright � 1992 Dow Jones & Co. from Wall Street Journal
BURBANK, Calif. -DJ- In response to inquiries made regarding a large block
trade of company stock, Walt Disney Co. (DIS) confirmed that stock sales were
made by Michael D. Eisner, chairman and chief executive officer, and Frank G.
Wells, president and chief operating officer, following their exercise of
stock options granted to them in 1984.
In a press release, the company said these shares of Eisner and Wells were
sold to Goldman, Sachs & Co., which is redistributing the shares ''to a broad
number of institutional and individual buyers.''
As reported, Goldman, Sachs & Co. crossed a 5,090,000-share block of Disney
stock earlier. The block is equivalent to 1.0% of Disney's shares outstanding.
Eisner authorized the release of a portion of his letter to stockholders in
the 1992 Annual Report to be distributed at the end of the month.
''You may have read that I exercised options to buy Disney stock,'' the
letter states. ''I did. I had to. I exercised only those options granted in
connection with my initial hiring in 1984, which expire in 1994. There was no
way to extend that date (we tried) and, with the strong likelihood of
impending tax legislation that would, if enacted, result in substantial
additional tax liability to the company, it became evident that now was the
time to exercise those options. I insisted that Frank Wells do the same.
''While it may be positive that the new administration plans to raise all
sorts of taxes to help reduce the federal deficit, some of those proposals
will have a serious negative effect on your company, especially in the area of
deductibility of executive compensation. Like all reasonable people we must
accept new taxes, but we must also protect our shareholders whenever possible.
''Stock options are an understandably sensitive issue. If a company does
poorly, they can be worth nothing. But when a company does as spectacularly
as ours has, the value of the options increase in the same advantageous way as
the holdings of the stockholders.
''When current management came to Disney our compensation packages were
designed to make reward depend on performance, as symbolized by our decision
to take a substantial portion of our incentive in the form of stock options.
We continue to put our faith in the company as evidenced by the fact that I am
currently, and, I believe wisely, after these transactions, holding and intend
to continue to hold, approximately three million shares of your company's
stock.''
3:03 PM
-0-
The stock sales results in an indicated pretax profit of more than $187
million. It was one of the single most lucrative transactions in the annals of
executive compensation.
The shares sold were part of the generous employment contract designed to
lure Eisner and Wells to a battered Disney in 1984. At that time, Eisner was
granted options to buy 510,000 shares and Wells 460,000 shares at $57.4375
apiece. In the ensuing years, two 4-for-1 stock splits reduced the exercise
price to $3.59 a share. The options were to have expired in 1994.
The number of options involved, and the sharp improvement in Disney's
fortunes and stock value since the Eisner-Wells team took over management,
made the transaction especially noteworthy.
Both executives still have subtantial holdings in Disney: Eisner retains
about three million common shares, plus options on eight million additional
shares granted under his 1989 contract; Wells holds options on three million
shares. Of the 1989 options, 75% are exercisable at $17.14 a share, and 25% at
$19.64 a share.
---
|
| 86.25 | | CSC32::J_OPPELT | JANE!!! Stop this crazy thing! | Thu Dec 03 1992 16:53 | 4 |
| Yeah, well a bunch of us got together and bought individual
shares, and that puts us in some pretty good company, huh?
:^)
|
| 86.26 | Dito to 86.25 | WFOV12::CERVONE | | Fri Dec 04 1992 10:59 | 1 |
| Here Here.......................................Joe
|
| 86.27 | A joke... | RCWOOD::WOOD | I love end of fiscal year..NOT | Fri Dec 04 1992 12:46 | 15 |
|
Jay Leno commented on this the other night, to paraphrase.
"I just heard Michael Eisner sold 187 million dollars worth of stock.
Huh, thats enough for a family of four to spend every day
of a whole week at disneyland."
Geez they might even be able to buy some souveniers.
-=-=-R~C~W-=-=-
|
| 86.28 | Allan Sloan Column: "Eisner feat no easy task" | LJOHUB::GOLDBERG | Len, I Own a Piece of the Magic | Mon Dec 07 1992 13:08 | 80 |
| Allan Sloan Column from the Boston Sunday Globe, 6-Dec-1992; Sunday
Money section, p. 54.
Eisner feat no easy task.
Those of us who count other peoples' money for a living had a great
time last week, cackling over the obscene fortune realized by Michael
Eisner, chairman of Walt Disney Co. Not only did Eisner cash in the
most lucrative stock option since money was invented, but by my math he
has made enough money at Disney to join the Forbes 400 list of richest
Americans.
Which is no Mickey Mouse feat, when you realize how few corporate
executives make their way onto the list by being employees rather than
being controlling stockholders, founders or inheritors. By Forbes'
count, only two members of this year's list - Roberto Goizueta of Coca-
Cola and Maurice (Hank) Greenberg of American International Group - got
there by being employees. The cutoff point for the list was $265
million, and unless I've messed up somewhere, Eisner is worth more than
that.
As you probably know, Eisner knocked down a $196.6 million profit by
exercising the remaining part of the stock option that he got when he
joined Disney in 1984, selling 3.45 million of his 54. million just-
acquired shares.
And as a bonus, instead of having to be defensive about becoming
corporate America's first $200 million man, Eisner could say that he
was just saving money for Disney.
By exercising his option now instead of waiting until 1994, when it
expires, Eisner makes sure that his $196.6 million gain is Disney's
$196.6 million deduction - and he also minimizes his own taxes. Under
changes proposed by the President-elect, Bill Clinton, Disney's
deduction on Eisner's option would be a mere $1 million. This way
Eisner locks in $195.6 million of deductions Disney might otherwise
lose. That saves Disney some $65 million it might have to fork over to
Uncle Sam if Clinton's proposed changes become law.
But Eisner isn't acting purely out of altruism. If he were, he would
exercise his other Disney options to save Disney even more money. But
those options don't run out until 1998, and it would be dopey to
exercise them now.
The profit Eisner made by using his option makes him subject to today's
31 percent federal income tax rate rather than the 39.6 percent rate
that Clinton has proposed for people earning more than $1 million a
year. Using an approach suggested by Stuart Kessler of the New York
CPA firm of Goldstein Golub Kessler & Co., I calculate that Eisner will
pay the state of California $21.6 million of income tax on his gain,
and will pay Uncle Sam $54.3 million. Under Clinton's proposed tax
rates Eisner would have to shell out another $15 million to Uncle
Sugar.
Now, let's play financial voyeur, and help Mike Eisner count his money.
Last week's deal netted him $43 million of cash and 1.95 million shares
of stock. He owns another million shares, and still has options worth
about $175 million, though he can't exercise some of them yet. Take
all this, his previous option profits, salary and whatnot, and even
after allowing for income taxes, he's got to be worth well over the
$265 million Forbes 400 cutoff level.
I've been critical of Disney for exploiting its squeaky-clean image to
stick investors with overpriced, trashy securities such as its zero
coupon notes convertible into stock of Euro Disney. But I absolutely
have to salute Eisner for the money he has made for Disney
stockholders. Under Eisner, Disney's value in the stock market since
1984 has risen even more rapidly than admission prices to Disneyland,
to $22 billion from $2 billion.
Remember this context next spring, when you start reading stories
critical of Disney for paying Eisner $200 million in 1992. Executive
pay numbers are derived from the proxy statements the companies send
shareholders early in the year, and those statements show executives'
salary, bonus, perks, and gains on stock options exercised during the
year. The fact that Eisner has really mad his option profit over a
nine-year period will get lost amid the screams and posturing.
--------
Allan Sloan is a columnist for Newsday in New York
|
| 86.29 | I'd Love to See His House! | CUPMK::SCOPA | | Mon Apr 18 1994 16:32 | 34 |
|
Reprinted without permission from the AP-DOW JONES NEWSSERVICE
NEW YORK (AP-DJ)-- Walt Disney Co. (DIS) Chairman Michael D. Eisner
made a staggering 203 million dollars last year, topping a Business Week
ranking of top-paid executives released yesterday.
The magazine reported in its April 25 issue that Eisner reached the
top of the list by exercising options on 5.4 million shares of stock, which
he began accumulating in 1984. He also earned 750,000 dlrs in salary last
year.
His huge pay package came despite a drop in Disney's net earnings due
to troubles at EuroDisney, the entertainment and resort center outside
Paris.
Ranking as No. 2 on the Business Week list of top-paid chief
executives for the second consecutive year was Sanford I. Weill, of
Travelers Inc. (TRV)., who made 52.8 million dlrs.
Runners-up were Joseph R. Hyde III, of Autozone Inc. (AZO), at 32.2
million dlrs; Charles N. Mathewson, of International Game Technology
(IGT), 22.2 million dlrs; Alan C. Greenberg, Bear, Stearns & Co. (BSC),
15.9 million dlrs; H. Wayne Huizenga, Blockbuster Entertainment Corp.
(BV), 15.6 million dlrs; Norman E. Brinker, Brinker International Inc.
(EAT), 14.9 million dlrs; Roberto C. Goizueta , Coca-Cola Co. (KO),
14.5
million dlrs; C. Robert Kidder, Duracell International Inc. (DUR), 14.2
million dlrs; and Thomas M. Hahn Jr., Georgia-Pacific Corp. (GP), 13.7
million dlrs.
Business Week said it compiled its 44th annual scorecard with
Standard &
Poor's Compustat, a division of McGraw-Hill Inc., which examined the
compensation of the two highest-paid executives at 361 companies.
Business Week is owned by McGraw-Hill.
|
| 86.30 | The Di$ney Company Q2 Numbers | WREATH::SCOPA | | Fri May 20 1994 11:41 | 254 |
|
The Walt Disney Co. 2nd Qtr Fin'l Statements
FORM 10-Q PERIOD ENDED: 03/31/94
SEC RCVD DATE: 05/13/94
ISSUER: DISNEY (WALT) CO.
SYMBOL: DIS
THE WALT DISNEY COMPANY
Condensed Consolidated Statement Of Income
($ in millions, except per share data)
------------------------------------------
Three Months Ended
March 31,
1994 1993
------------------------------
Revenues:
Theme parks and resorts $802.4 $775.8
Filmed entertainment 1,104.6 929.8
Consumer products 368.8 320.8
------------------------------
2,275.8 2,026.4
------------------------------
Costs and expenses:
Theme parks and resorts 650.1 618.1
Filmed entertainment 944.6 773.3
Consumer products 271.1 233.6
------------------------------
1,865.8 1,625.0
------------------------------
Operating income:
Theme parks and resorts 152.3 157.7
Filmed entertainment 160.0 156.5
Consumer products 97.7 87.2
------------------------------
410.0 401.4
------------------------------
Corporate activities:
General and administrative expenses 37.4 40.3
Net interest and investment income (8.4) (9.1)
------------------------------
29.0 31.2
------------------------------
Loss from investment in
Euro Disney --- (37.1)
------------------------------
Income before income taxes and
cumulative effect of accounting changes 381.0 333.1
Income taxes 132.6 118.3
------------------------------
Income before cumulative effect of
accounting changes 248.4 214.8
Cumulaitve effect of accounting changes
Pre-opening costs --- ---
Postretirement benefits --- ---
Income taxes --- ---
------------------------------
Net income $248.4 $214.8
==============================
Amounts per common share
Earnings before cumulaitve effect of
accounting changes $0.45 $0.39
Cumulative effect of accounting changes
Pre-opening costs --- ---
Postretirement benefits --- ---
Income taxes --- ---
------------------------------
Earnings per share $0.45 $0.39
==============================
Average number of common and common
equivalent shares outstanding 547.5 546.1
==============================
THE WALT DISNEY COMPANY
Condensed Consolidated Statement Of Income
($ in millions, except per share data)
------------------------------------------
Six Months Ended
March 31,
1994 1993
------------------------------
Revenues:
Theme parks and resorts $1,571.4 $1,520.9
Filmed entertainment 2,531.0 2,139.0
Consumer products 900.7 757.9
------------------------------
5,003.1 4,417.8
------------------------------
Costs and expenses:
Theme parks and resorts 1,281.0 1,226.5
Filmed entertainment 2,030.8 1,747.1
Consumer products 656.9 546.2
------------------------------
3,968.7 3,519.8
------------------------------
Operating income:
Theme parks and resorts 290.4 294.4
Filmed entertainment 500.2 391.9
Consumer products 243.8 211.7
------------------------------
1,034.4 898.0
------------------------------
Corporate activities:<F> {
General and administrative expenses 80.9 83.5
Net interest and investment income (12.6) (14.3)
------------------------------
68.3 69.2
------------------------------
Loss from investment in
Euro Disney --- (69.2)
------------------------------
Income before income taxes and
cumulative effect of accounting changes 966.1 759.6
Income taxes 349.1 269.7
------------------------------
Income before cumulative effect of
accounting changes 617.0 489.9
------------------------------
Cumulative effect of accounting changes
Pre-opening costs --- (271.2)
Postretirement benefits --- (130.3)
Income taxes --- 30.0
------------------------------
Net income $617.0 $118.4
==============================
Amounts per common share
Earnings before cumulaitve effect of
accounting changes $1.13 $0.90
Cumulative effect of accounting changes
Pre-opening costs --- (0.50)
Postretirement benefits --- (0.24)
Income taxes --- 0.06
------------------------------
Earnings per share $1.13 $0.22
==============================
Average number of common and common
equivalent shares outstanding $546.4 $544.8
==============================
Condensed Consolidated Balance Sheet
($ in millions)
----------------------------------------
March 31, September 30,
1994 1993
------------------------------
Assets:
Cash and cash equivalents $673.6 $363.0
Investments 2,048.2 1,888.5
Receivables 1,590.0 1,390.3
Merchandise inventories 502.6 608.9
Film and television costs 1,502.9 1,360.9
Theme parks, resorts and other
property, net of accumulated
depreciation of $2,438.6 and $2,286.4 5,540.6 5,228.2
Other assets 964.3 911.3
------------------------------
$12,822.2 $11,751.1
==============================
Liabilities and stockholders' equity:
Accounts and taxes payable and other
accrued liabilities $2,932.6 $2,821.1
Borrowings 2,717.8 2,385.8
Unearned royalty and other advances 837.4 840.7
Deferred income taxes 698.9 673.0
Stockholders' equity:
Preferred stock, $.10 par value
Authorized- 100.0 shares
Issued - none --- ---
Common stock, $.025 par value
Authorized - 1.2 billion shares
Issued - 566.3 million and 564.6
million shares 927.2 876.4
Retained earnings 5,376.2 4,833.1
Cumulative translation adjustments 47.8 36.7
------------------------------
6,351.2 5,746.2
Less treasury shares, at cost - 29.1
million shares 715.7 715.7
------------------------------
5,635.5 5,030.5
------------------------------
$12,822.2 $11,751.1
==============================
THE WALT DISNEY COMPANY
Condensed Consolidated Statement of Cash Flows
($ in millions)
----------------------------------------------
Six Months Ended
March 31,
1994 1993
------------------------------
Cash provided by operations before
Income taxes $1,617.6 $1,204.9
Income taxes paid (242.5) (163.0)
------------------------------
Cash provided by operations 1,375.1 1,041.9<F> {
------------------------------
Investing activities:
Theme parks, resorts and other
property, net 492.8 401.7
Film and television costs 717.4 501.9
Investments 159.7 499.3
Euro Disney investment and advances --- 32.6
------------------------------
1,369.9 1,435.5
------------------------------
Financing activities:
Borrowings 1,036.6 1,436.7
Reduction of borrowings (704.6) (1,395.4)
Dividends (73.8) (61.6)
Other 47.2 69.3
------------------------------
305.4 49.0
------------------------------
Increase (decrease) in cash and cash
equivalents 310.6 (344.6)
Cash and cash equivalents, beginning
of period 363.0 764.8
------------------------------
Cash and cash equivalents, end of
period $673.6 $420.2
==============================
The difference between income before income taxes and cumulative
effect of accounting changes as shown on the condensed
consolidated statement of income and cash provided by
operations before income taxes is explained as follows:
Income before income taxes and
cumulative effect of accounting
changes $966.1 $759.6
Cumulative effect of accounting changes --- (514.2)
Charges to income not requiring cash
outlays:
Depreciation 180.4 153.3
Amortization of film and television
costs 575.4 292.4
Other 13.2 149.7
Changes in:
Receivables (199.7) (144.0)
Merchandise inventories 106.3 43.3
Other assets (66.2) 226.5
Accounts payable and other accrued
liabilities 45.4 257.3
Unearned royalty and other advances (3.3) (19.0)
------------------------------
651.5 445.3
------------------------------
Cash provided by operations before
income taxes $1,617.6 $1,204.9
==============================
Supplemental cash flow information:
Interest paid $57.8 $41.0
=============================
|
| 86.31 | Stuff on Eisner's surgery | WREATH::SCOPA | | Tue Aug 23 1994 17:32 | 121 |
| By BERNARD WEINRAUB
c.1994 N.Y. Times News Service
HOLLYWOOD - The announcement late Saturday that Michael Eisner, the
chairman of Walt Disney Co., had undergone emergency quadruple heart
bypass surgery stunned Hollywood and the financial community, and raised
immediate questions about the management of one of the world's most
successful - and, up to now, stable - entertainment companies.
Eisner, 52, underwent the three-hour surgery at Cedars-Sinai Medical
Center in Los Angeles earlier Saturday.
His surgeon, Dr. Alfredo Trento, said, ``The operation was a normal
bypass procedure without any complications.''
Trento said he expected Eisner to leave the hospital in several days.
Disney officials said Eisner was expected to return to work in several
weeks.
Eisner's illness came at an especially troubled time in terms of the
company's management, lawyers, financial experts and rival studio
executives said Sunday morning.
The death of Frank Wells, the president of the company and Eisner's
closest associate, in a helicopter crash on April 3, left a major void
that has not been filled.
Studio executives said that Eisner had especially felt the loss of Wells
in recent weeks as he confronted decisions alone about whether to enter
negotiations to buy - or have a partnership with - CBS Inc.
Adding to the stressful mood at Disney, the company has been locked in a
highly public conflict with some prominent historians over plans to
develop a park, called Disney America, on a 3,000-acre Civil War site in
Prince William County, Va. The plan has stirred controversy in Virginia
and Washington. Such matters were the domain of Wells.
What complicates the situation for Eisner, executives said, is that his
heart surgery places serious pressure on him now to fill the No. 2 job and
even groom a successor.
One leading candidate is Jeffrey Katzenberg, the chairman of the
studios. But Eisner has clearly been reluctant to appoint Katzenberg to
the No. 2 job. And if Katzenberg is bypassed, executives say, he will
probably leave the studio, which would stir turmoil not only in Disney's
successful film division but across the industry.
The news about Eisner also shocked the entertainment community. The
multimillioniare executive had seemed, more than any other in Hollywood,
singularly identified with a studio whose revenues had climbed from
$1.45 billion in 1984, when Eisner took over the somnolent company, to $8.5
billion last year.
For the most part, the company's theme parks and resorts, film division,
consumer products, home video and television production have mushroomed
during the last decade under Eisner.
Wells, one of the most formidable executives in Hollywood and a dominant
force at the studio, had overseen strategic, corporate and financial
planning at Disney and was Eisner's chief adviser.
It was Wells, for example, who handled the financial difficulties at
Euro-Disney, the theme park outside Paris, which has sapped not only the
resources of the company but consumed the attentions and energies of its
executives.
Since Wells' death, Eisner has been dealing heavily with the Euro-Disney
issue.
It is known within Hollywood that Katzenberg's contract will soon expire
at Disney, perhaps in less than a year. Katzenberg did not return
telephone calls seeking comment.
Harold Vogel, an analyst with Merrill, Lynch & Co., said: ``The feeling
you get is that Mr. Katzenberg has his sights set higher than just running
a movie division in part because he is still so young.''
Katzenberg is 44.
John Tinker, a financial analyst with Furman, Selz & Co., said that with
Eisner's surgery, ``there is great pressure on Disney to delegate more
widely.'' He said that Eisner's hospitalization was a serious blow to
Disney in the short term.
``Hopefully, everything will be fine but it does focus on who will be
Wells' heir apparent as Eisner's chief operating officer,'' he said.
Disney sources said that Eisner began feeling ill while attending an
annual investment seminar late last week, sponsored by Herbert Allen Jr.,
the head of Allen and Co., the New York investment firm.
Following lunch Friday at Allen's home in Sun Valley, Idaho, the site of
the conference, Eisner flew back to Los Angeles and called his doctor.
By Friday night, the decision was made by several doctors that Eisner
needed almost immediate quadruple bypass surgery. The surgery was
performed early Saturday.
On Saturday afternoon, Disney issued a statement by Roy Disney, vice
chairman of the company, who is vacationing in Ireland.
Disney is the nephew of Walt Disney, the company's founder, who died in
1966. The statement said, ``During Mr. Eisner's convalescence, the
company's business unit heads and senior corporate executives will
continue to operate in the normal manner.''
John Dreyer, vice president of corporate communications at Disney, said
Sunday that Eisner ``had a very restful night,'' and was expected to
return home in several days.
``Doctors expect he'll be back to work very quickly,'' Dreyer said.
``He's got youth and generally good health on his side.''
Among the few visitors allowed at Eisner's bedside, besides his family,
were Michael Ovitz, the chairman of the Creative Artists Agency, and his
wife Judy. Katzenberg also visited Eisner on Sunday afternoon.
People close to Eisner said that the Ovitzes, who are personal friends,
spent part of Saturday evening and Sunday with Eisner and his family at
the hospital. Eisner is married to Jane Eisner. They have three sons:
Anders, a high school student; Eric, a college student, and Breck, who
attends graduate school.
By Sunday morning, people close to Eisner said, he had recovered from
his surgery sufficiently to ask Katzenberg over the phone for the weekend
grosses of Disney films. The news was relatively good: ``Lion King,'' the
animated musical which is one of the year's biggest hits, came in third
place after ``True Lies,'' the Arnold Schwarzenegger adventure that just
opened this past weekend, and ``Forrest Gump,'' the comedy-drama starring
Tom Hanks.
``Lion King,'' grossed an estimated $17 million. In fourth place, a new
Disney film, ``Angels in the Outfield,'' grossed $9.2 million, which was
better than expected.
Eisner, the former president of Paramount Pictures, was brought in by
the Disney board in 1984 to revive the famous company that had slipped
into the doldrums. To financial analysts, his success has been remarkable,
despite setbacks like persistent problems at Euro Disney, which opened in
April 1992. The theme park has been recapitalized, with Disney reducing
its stake from 49 percent to 38 percent.
Still, the company's operating income climbed from $242 million in 1984
to $1.7 billion last year. Its stock has risen proportionally. Richard
Nanula, the company's senior vice president and chief financial officer,
told stockholders earlier this year that a $1,000 investment in Disney in
1984, would have climbed to $15,158 by early this year.
Along with Katzenberg, Nanula is listed as one of the possible
successors to Wells. Others include Sanford Litvack, an executive vice
president and chief counsel; Lawrence Murphy, the head of the company's
strategic planning and development, and Richard Nunis, chairman of Walt
Disney Attractions.
23:52 EDT JULY 17, 1994
|
| 86.32 | Roy's In Charge | WREATH::SCOPA | | Tue Aug 23 1994 19:44 | 42 |
| By SALLIE HOFMEISTER
c.1994 N.Y. Times News Service
LOS ANGELES - The Walt Disney Co. said on Monday that Roy E. Disney,
its vice chairman, was ``minding the store,'' along with company divisional
heads, as Michael D. Eisner, its chairman, recuperated from the emergency
quadruple heart-bypass surgery he underwent on Saturday.
John Dreyer, a company spokesman, said Eisner had taken a short walk
and had spoken to several of his executives by telephone on Monday morning
to talk about company management issues. Dreyer reiterated that Eisner was
expected to leave the hospital, the Cedars-Sinai Medical Center, within
a few days.
Some media analysts said Eisner's condition should press the company
to act more quickly to name a successor to Frank G. Wells, the Disney
president who died in a helicopter crash on April 3. Eisner had assumed
Wells' responsibilities, but some in the industry say the company is to
big for one person to manage.
``The company is more likely to appoint a president today than it
was a week ago,'' said Harold Vogel, an analyst with Merrill Lynch & Co. in
New York.
Although some analysts predicted that Disney might take a couple of
weeks to make such an appointment, Dreyer said that no special board
meeting had been scheduled and that the board would not convene again
until Sept. 26. With the death of Wells, the issue of succession has
likely already been addressed by the board.
A leading contender for Wells' job is thought to be Jeffrey Katzenberg,
the chairman of the company's studios unit. Although some on Wall Street
say Katzenberg's relations with Eisner are often tense, others say the
tension is healthy and has yet to break apart an affiliation that has
lasted two decades. Also, analysts said, Katzenberg would leave the
company if he did not get the job, a loss Disney would not want to
risk.
Wall Street did not seem to be unnerved by Eisner's surgery or the
possibility of management changes. Disney's stock gained 25 cents on
Monday, closing at $42.
``This is the normal transition that all corporations go through in
making sure there is an orderly succession at the top,'' said
Christopher Dixon, an analyst at Paine Webber Inc. ``And at Disney, you have
extraordinary depth of management in each division - from the studio to
the theme park. This team has grown up at Disney. They have years of
experience together.''
00:22 EDT JULY 19, 1994
|
| 86.33 | Who's #2 at Disney? | WREATH::SCOPA | | Tue Aug 23 1994 19:52 | 57 |
| Eisner's Surgery Underscores Lack Of Succession Planning
By Joann S. Lublin
Staff Reporter of The Wall Street Journal
The heir is less than apparent in more executive suites than you
might think.
The lack of succession planning was underscored over the weekend,
when Walt Disney Co.'s 52-year-old chairman and chief executive officer,
Michael D. Eisner, underwent quadruple coronary-bypass surgery. Mr.
Eisner has run the entertainment giant's executive office alone since the
death in April of Frank Wells, the company's longtime president and chief
operating officer. Mr. Eisner had said he didn't have any plans to name
a successor to Mr. Wells, though his plans could change now.
"CEOs hate to do this," says Dana G. Mead, chairman and chief executive
of Tenneco Inc., a conglomerate based in Houston.
The list of companies where the CEO hasn't publicly designated a
successor includes International Business Machines Corp., Baxter
International Inc., AlliedSignal Inc., Coca-Cola Co. and Eastman Kodak
Co. IBM, Baxter and AlliedSignal haven't filled their recently vacated
positions of president and chief operating officer. At Coke, the
succession race was thrown wide open last spring when Roberto Goizueta
decided to delay his retirement indefinitely beyond 1996, the year he
turns 65. And George Fisher, who took the helm of Kodak last year, has
been too busy to designate a second in command, a spokesman says. "It's
not an immediate priority."
But while Kodak and other companies without a clear front-runner for
the No. 1 job insist that their boards are privately crafting CEO succession
strategies, management experts say there's usually much more talk than
action about the touchy issue.
With succession planning in vogue, businesses want "to say this is a
thoughtful planning process. But it really isn't happening," says
Elaine Eisenman, a vice president of Personnel Decisions Inc., an employee
development and assessment firm in Minneapolis.
A major reason: Succession scares even the most successful CEO. Only
34% of the chief executives at 348 big companies say they have identified
their successors, concludes a recent survey by Korn/Ferry International,
an executive-search firm in New York.
Relishing their plentiful pay, power and perks, many corporate chiefs
resist the idea of sharing the limelight. "None of these guys think
they can be replaced," says Mortimer Feinberg, chairman of BFS Psychological
Associates, a New York management consulting firm. They have "almost a
pathological paranoia about giving up power," Dr. Feinberg adds.
And like others, many relatively young and healthy CEOs have trouble
confronting their mortality. For chief executives in their prime, there
may also be little indication that succession could become an immediate
issue. Disney's Mr. Eisner didn't have any history of heart problems,
for instance. He was suddenly taken ill late last week.
Some CEOs do act quickly, however. No one expected Michael H. Walsh,
Mr. Mead's predecessor at Tenneco, to develop a fatal brain tumor. Yet he
had the foresight to recruit Mr. Mead from International Paper Co. as his
heir apparent in spring 1992, a few months after he became Tenneco's chief
executive. Mr. Walsh, whose tumor was diagnosed in January 1993, died
this spring at age 51. The 58-year-old Mr. Mead succeeded him as CEO in
February and as chairman upon his death.
(END) DOW JONES NEWS 07-19-94
6 05 AM
|
| 86.34 | The Michael and Jeffrey Show | WREATH::SCOPA | | Tue Aug 23 1994 20:00 | 113 |
|
By BERNARD WEINRAUB
c.1994 N.Y. Times News Service
HOLLYWOOD - Has the longstanding business relationship between Michael
D. Eisner, the chairman of Walt Disney Co., and his associate, Jeffrey
Katzenberg, the chairman of Walt Disney Studios, reached a fraying
point?
One of the most successful and durable partnerships in the entertainment
industry, the Eisner-Katzenberg relationship has turned tense, with
questions emerging Tuesday across Hollywood about the line of succession
at the normally stable Walt Disney as well as Katzenberg's future there.
Should Eisner fail to promote Katzenberg soon to the No.2 job at the
company - which was left vacant by the death of Frank G. Wells in April
- executives and friends of Katzenberg said he would probably leave Walt
Disney.
Such a step would stir turmoil not only at Disney, one of the largest
entertainment companies in the world, but at rival Hollywood studios.
Katzenberg, 43, would be almost certain to land a top job in the
entertainment industry.
What has bought the tensions in the relationship to the surface is
Eisner's emergency quadruple heart-bypass surgery Saturday. Disney
officials said Eisner, 52, was expected to leave the Cedars-Sinai Medical
Center in Los Angeles later this week and return to work by the end of the
month.
But the sudden illness, coupled with the death of Wells in a helicopter
crash, has unleashed a tide of speculation about Katzenberg's future,
the reasons Eisner failed so far to promote him and the nature of the
complex relationship between the two men that spans more than two decades.
In addition, Eisner's illness has raised questions for the first
time about the depth of Disney Co.'s team, financial analysts and rival
studio executives said Tuesday.
Since taking over the once-lagging company in 1984, Eisner has been
viewed as a virtual one-man show: a hugely successful businessman who
has turned the company into one of the most formidable entertainment
businesses in the world, but one who failed to groom a younger successor
or even build a powerful team that could take over.
Eisner was unavailable for comment Tuesday, and Katzenberg declined to
respond to telephone calls about his future.
Katzenberg's contract with Disney expires this year. ``The question
is, does Michael want to share power with Jeffrey?'' one of Katzenberg's
closest friends said. ``If he doesn't, Jeffrey will leave the company
by the end of the year.''
An unresolved issue, said Jeffrey Logsdon, a financial analyst and
managing director of Seidler Cos. in Los Angeles, is that Katzenberg
seeks Wells' title: president and chief operating officer. Wells, a Rhodes
Scholar, dealt almost exclusively with Disney's investments, businesses,
theme parks and labor and government relations.
``It's one thing to say someone aspires to the title,'' Logsdon
said. ``It's another to ask whether they want the role. Does Jeffrey really
want to change jobs?''
The answer seems to be yes.
One of the most successful movie executives in decades, Katzenberg
took over a relatively dormant studio in 1984 and helped transform it into
one of the most prolific and aggressive in Hollywood. Of Disney's revenues
of $8.5 billion last year, filmed entertainment accounted for $3.6
billion.
Katzenberg has been most successful in animated films. ``The Little
Mermaid,'' ``Beauty and the Beast,'' ``Aladdin'' and ``The Lion King''
have been huge hits.
Disney's animated movies are the most successful products in the
history of the entertainment business, earning more than $1 billion in
worldwide grosses, video sales, merchandising and theme-park spinoffs.
Katzenberg's record in live-action films, however, has been spottier.
Disney executives and top producers who know both men said Tuesday
that the 20-year relationship between Eisner and Katzenberg was far more
formal and not quite as friendly as believed.
The two men shared a complicated history. Katzenberg started his career
in 1974 at Paramount Pictures as a personal assistant to Barry Diller,
who was the chairman. Eisner was the studio's president at the time.
Although Katzenberg rose rapidly in the Paramount ranks - and later
joined Eisner in a move to Disney in 1984 - the relationship was viewed
then as now as a business relationship, as one of employer and employee
and not one of friendship.
Eisner has always viewed - and treated - Katzenberg as an underling,
close friends said, and can be both dismissive of and competitive with
Katzenberg. (The two men, who are nine years apart, grew up within
several blocks of each other on Park Avenue in Manhattan.)
``On some fundamental level,'' a top producer who is very friendly
with both men said, ``they don't like each other too much.'' Other top
Hollywood executives say that this is not quite the case, noting that
the two have very different personalities. Eisner is secretive, and has few
close friends; Katzenberg is vocal, and has a range of acquaintances
and relationships.
Friends of Katzenberg said that he was somewhat disturbed to be
treated as less a friend than an employee even while Eisner was in the
hospital, recovering from heart surgery. ``Michael just tends to relate to
Jeffrey that way,'' a close friend of Katzenberg said. ``It comes with the
territory.''
The decision on a succession is likely to be made on the basis of
cold business sense and have nothing to do with friendship. Still, the
situation is strikingly different at Warner Brothers, perhaps the most
stable Hollywood studio, where Robert A. Daly, the chairman and co-chief
executive, decided last year to share his title and responsibilities
with his No.2 executive, Terry Semel.
Since the death of Wells in a helicopter crash in April, Eisner has
plainly been reluctant to fill the No.2 job at the company. Rival studio
executives said Eisner had said that Disney's board - and especially
Roy E. Disney, vice chairman of the company and a nephew of Walt Disney -
had been reluctant to appoint Katzenberg to the post.
The reason given was Katzenberg's experience was limited largely to
movies. Other executives, however, said Eisner had the leverage to
appoint whomever he wanted.
Losing Katzenberg would leave Eisner with a significant void at Walt
Disney and would come at a time when the company is in turmoil following
years of stability and profits. The company's operating income climbed
to $1.7 billion last year from $242 million in 1984.
In many ways, Eisner faces a quandary, a top studio executive said.
``Katzenberg is really too much like Eisner and doesn't complement
him the way Frank Wells did,'' the executive said. ``Michael and Jeffrey
are not really business people. Their strengths are on the creative side.
So what does Michael do now? Does he really want to lose Jeffrey?''
00:41 EDT JULY 20, 1994
|
| 86.35 | Katzenberg's resigning | IMTDEV::GULLIKSEN | Longing to be at WDW | Thu Aug 25 1994 11:48 | 4 |
|
There was a short article in the paper today (Colorado Springs Gazette
Telegraph) that Jeffrey Katzenberg is resigning from Disney.
|