Dis Corporate

A Progressive Digital Media business
MarketLine Strategy, SWOT and Corporate Finance Report
The Walt Disney

Company
New York Stock Exchange, Inc. (DIS)
August 2017
REFERENCE CODE: 34B107EE-1DDF-422A-9DCD-8A619C89E801

PUBLICATION DATE: August 2017
WWW.MARKETLINE.COM
MARKETLINE. THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED
COMPANY SNAPSHOT
COMPANY SNAPSHOT
Reference Code : 34B107EE-1DDF-422A-9DCD-8A619C89E801 Publication Date: August 2017
The Walt Disney Company Phone: 1 818 5601000
500 South Buena Vista Street Website: www.thewaltdisneycompany.com
Burbank
California
United States
91521
Overview
The Walt Disney Company (Walt Disney or 'the company'), together with its subsidiaries, is a diversified
worldwide entertainment and media company. The company's key products and services include entertainment
and educational books, magazines, comic books, media networks, cable programming services, radio
broadcasting, television broadcasting, and operations of internet sites. The company also operates resorts,
hotels and other facilities, vacation club, and cruise lines and provides studio entertainment such as animated
motion pictures, direct-to-video content, musical recordings, and live stage plays. The company has operations
in the US, Canada, Europe, Asia pacific and Latin America. It is headquartered in Burbank, California.
The company reported revenues of (US Dollars) US$55,632 million for the fiscal year ended October 2016
(FY2016), an increase of 6% over FY2015. In FY2016, the companys operating margin was 25.5%, compared
to an operating margin of 25.1% in FY2015. In FY2016, the company recorded a net margin of 16.9%, compared
to a net margin of 16% in FY2015.
SWOT
Strengths Weaknesses
Extensive Customer Reach of Walt Disney's Cable Overdependence on North America

Networks
Unfunded Pension Obligations
Market Positioning Through a Portfolio of Strong Brands
Increasing Profits and Margins
Diversified Entertainment Businesses
Opportunities Threats
Growing Global Broadcasting and Cable TV Market Intense Competition

Strong Outlook for the Global Leisure Attractions Market Increasing Piracy Could Impact Revenues
Growing Global Movies and Entertainment Market Changing Consumer Tastes and Preferences
Key Employees
The Walt Disney Company - STRATEGY, SWOT AND CORPORATE FINANCE REPORT 34B107EE-1DDF-422A-9DCD-8A619C89E801 / Published 08/2017
MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 2

COMPANY SNAPSHOT
Employee Name Job Title Board
Robert A. Iger Chairman-and Chief Executive Officer Executive Board
Executive Vice President-General

Alan Braverman Senior Management
Counsel and Secretary
Alan F. Horn Chairman of The Walt Disney Studios Senior Management
Alan Horn Chairman of The Walt Disney Studios Senior Management
Financial Deals Activity Overview
The Walt Disney Company: Deal Activity by Deal Type The Walt Disney Company: Recent Deal Activity
(2013 - YTD*2017)
Walt Disney acquires additional 9%
10 Feb 2017
stake in Euro Disney
Walt Disney to acquire 33% stake in

09 Aug 2016
BAMTech
31 Mar 2016 Playbuzz secures $15 million in funding
Atom Tickets secures Series B

01 Feb 2016
financing
StatMuse secures $10 million in Series

27 Jan 2016
A round of funding
SOURCE: MARKETLINE
SOURCE: MARKETLINE
Recent Developments
Date Headline Category
Strategy and Operations;Strategy and

Massive Gas Supply Project Could Be Running In Cork
Jul 23, 2017 Operations-->Customer;Strategy and
Harbour By 2019
Operations-->Others
Tesco and Disney launch new sleeve format for Beauty Business Expansion-->Products/
Jul 18, 2017
and the Beast DVD brands launch
Walt Disney Parks and Resorts announces new

Jul 15, 2017 Strategy and Operations-->Strategy
experiences planned for parks and resorts
Jul 11, 2017 Walt Disney introduces 2017 Disney Accelerator Strategy and Operations;Strategy and
Operations-->Customer;Strategy and

COMPANY SNAPSHOT
Operations-->Others

TABLE OF CONTENTS
TABLE OF CONTENTS
Company Snapshot __________________________________________________________________ 2

Table of Contents ____________________________________________________________________ 5
The Walt Disney Company: Company Overview __________________________________________ 9
The Walt Disney Company: Overview and Key Facts ___________________________________ 9
The Walt Disney Company: Overview _______________________________________________________ 9
The Walt Disney Company: Key Facts ______________________________________________________ 9
The Walt Disney Company: Key Employees _________________________________________ 10
The Walt Disney Company: Key Employee Biographies _______________________________ 12
The Walt Disney Company: Major Products and Services ______________________________ 20
The Walt Disney Company: Company History _______________________________________ 22
The Walt Disney Company: Management Statement __________________________________ 26
The Walt Disney Company: Locations and Subsidiaries _______________________________ 29
The Walt Disney Company: Key Competitors ________________________________________ 30
The Walt Disney Company: Company Analysis __________________________________________ 31
The Walt Disney Company: Business Description ____________________________________ 31
The Walt Disney Company: SWOT Analysis _________________________________________ 34
The Walt Disney Company: SWOT Overview ________________________________________________ 34
The Walt Disney Company: Strengths _____________________________________________________ 34
The Walt Disney Company: Weaknesses ___________________________________________________ 36
The Walt Disney Company: Opportunities __________________________________________________ 36
The Walt Disney Company: Threats _______________________________________________________ 37
The Walt Disney Company: Corporate Financial Deals Activity _____________________________ 40
The Walt Disney Company: Financial Deals Overview _________________________________ 40
The Walt Disney Company: Targets and Partners ____________________________________ 42
The Walt Disney Company: Top Deals 2013 - 2017YTD* _______________________________ 43
The Walt Disney Company: Advisors _______________________________________________ 44
The Walt Disney Company: Top Legal Advisors ______________________________________________ 44
The Walt Disney Company: Mergers and Acquisitions ________________________________ 45
The Walt Disney Company: Corporate Venturing _____________________________________ 46
The Walt Disney Company: Partnership ____________________________________________ 47
The Walt Disney Company: Recent Developments _______________________________________ 48
The Walt Disney Company: News and Events Summary _______________________________ 48

TABLE OF CONTENTS
The Walt Disney Company: Business Expansion _____________________________________ 50

The Walt Disney Company: Corporate Governance ___________________________________ 51
The Walt Disney Company: Financial Performance ___________________________________ 52
The Walt Disney Company: Red Flags/DistressSignals ________________________________ 52
The Walt Disney Company: Strategy and Operations _________________________________ 52
Appendix __________________________________________________________________________ 55
Contact Us _____________________________________________________________________ 55
Methodology ___________________________________________________________________ 55
About MarketLine _______________________________________________________________ 56

TABLE OF CONTENTS
LIST OF TABLES
Table 1: The Walt Disney Company: Key Facts ..................................................................................................................... 9
Table 2: The Walt Disney Company: Key Employees ......................................................................................................... 10
Table 3: The Walt Disney Company: Locations and Subsidiaries ..................................................................................... 29
Table 4: The Walt Disney Company: Key Competitors ....................................................................................................... 30
Table 5: The Walt Disney Company: Deal Activity by Deal Type - Volume (TTM*) ........................................................... 40
Table 6: The Walt Disney Company: M&A Activity by Geography (TTM*) ......................................................................... 40
Table 7: The Walt Disney Company: Deal Activity by Deal Type - Volume (2013 - YTD*2017) ........................................ 41
Table 8: The Walt Disney Company: M&A Average Deal Size - Value (US$m) .................................................................. 41
Table 9: The Walt Disney Company: Targets and Partners ................................................................................................ 42
Table 10: The Walt Disney Company: Top Deals 2013 - 2017YTD* .................................................................................... 43
Table 11: The Walt Disney Company: Legal Advisor Ranking by Value (US$m) .............................................................. 44
Table 12: The Walt Disney Company: M&A Volume and Value Trend (2013 - YTD*2017) ................................................ 45
Table 13: The Walt Disney Company: M&A Activity by Geography (2013 - YTD*2017) .................................................... 45
Table 14: The Walt Disney Company: Corporate Venturing Volume and Value Trend (2013 - YTD*2017)...................... 46
Table 15: The Walt Disney Company: Corporate Venturing by Geography (2013 - YTD*2017) ....................................... 46
Table 16: The Walt Disney Company: Partnership Volume and Value Trend (2013 - YTD*2017) .................................... 47
Table 17: The Walt Disney Company: Partnership Trend by Deal Type (2013 - YTD*2017) ............................................. 47
Table 18: The Walt Disney Company: News and Events Summary ................................................................................... 48
Table 19: The Walt Disney Company: Business Expansion ............................................................................................... 50
Table 20: The Walt Disney Company: Corporate Governance ........................................................................................... 51
Table 21: The Walt Disney Company: Financial Performance ............................................................................................ 52
Table 22: The Walt Disney Company: Red Flags/DistressSignals ..................................................................................... 52
Table 23: The Walt Disney Company: Strategy and Operations ........................................................................................ 53

TABLE OF CONTENTS
LIST OF FIGURES
Figure 1: The Walt Disney Company: Deal Activity by Deal Type - Volume (TTM*).......................................................... 40
Figure 2: The Walt Disney Company: M&A Activity by Geography (TTM*) ....................................................................... 40
Figure 3: The Walt Disney Company: Deal Activity by Deal Type - Volume (2013 - YTD*2017) ....................................... 41
Figure 4: The Walt Disney Company: M&A Average Deal Size - Value (US$m) ................................................................ 41
Figure 5: The Walt Disney Company: M&A Volume and Value Trend (2013 - YTD*2017) ................................................ 45
Figure 6: The Walt Disney Company: M&A Activity by Geography (2013 - YTD*2017) .................................................... 45
Figure 7: The Walt Disney Company: Corporate Venturing Volume and Value Trend (2013 - YTD*2017) ...................... 46
Figure 8: The Walt Disney Company: Corporate Venturing by Geography (2013 - YTD*2017)........................................ 46
Figure 9: The Walt Disney Company: Partnership Volume and Value Trend (2013 - YTD*2017) ..................................... 47
Figure 10: The Walt Disney Company: Partnership Trend by Deal Type (2013 - YTD*2017)............................................ 47

THE WALT DISNEY COMPANY: COMPANY OVERVIEW
The Walt Disney Company: Overview and Key Facts
The Walt Disney Company: Overview
worldwide entertainment and media company. The company's key products and services include entertainment
and educational books, magazines, comic books, media networks, cable programming services, radio
broadcasting, television broadcasting, and operations of internet sites. The company also operates resorts,
hotels and other facilities, vacation club, and cruise lines and provides studio entertainment such as animated
motion pictures, direct-to-video content, musical recordings, and live stage plays. The company has operations
in the US, Canada, Europe, Asia pacific and Latin America. It is headquartered in Burbank, California.
The company reported revenues of (US Dollars) US$55,632 million for the fiscal year ended October 2016
(FY2016), an increase of 6% over FY2015. In FY2016, the companys operating margin was 25.5%, compared
to an operating margin of 25.1% in FY2015. In FY2016, the company recorded a net margin of 16.9%, compared
to a net margin of 16% in FY2015.
The Walt Disney Company: Key Facts
Table 1: The Walt Disney Company: Key Facts
Corporate Address: 500 South Buena Vista Street
Burbank
California
Country: United States
91521
Phone: 1 818 5601000
Web Address: www.thewaltdisneycompany.com
Turnover (US$m): 55,632
Employees: 195,000
Financial Year End: October
Primary Stock Exchange (Ticker): New York Stock Exchange, Inc. (DIS)
SOURCE: MARKETLINE

The Walt Disney Company: Key Employees
Table 2: The Walt Disney Company: Key Employees
Employee Name Job Title Board Age Since
Chairman-and Chief Executive

Robert A. Iger Executive Board 65 2012
Officer
Executive Vice President-

Alan Braverman Senior Management 68 2003
General Counsel and Secretary
Chairman of The Walt Disney

Alan F. Horn Senior Management
Studios
Chairman of The Walt Disney

Alan Horn Senior Management
Studios
Chairman of Walt Disney

Andy Bird Senior Management
International
Co-chair of Disney Media

Ben Sherwood Networks, and President of Senior Management
Disney|ABC Television Group
Senior Vice President-

Beth Stevens Environment and Conservation, Senior Management
Corporate Citizenship
Chairman of Walt Disney Parks

Bob Chapek Senior Management
and Resorts
Executive Vice President-

Brent A. Woodford Controllership, Financial Senior Management
Planning and Tax
Senior Executive Vice

Christine M. McCarthy President-and Chief Financial Senior Management 61 2005
Officer
Chairman of Disney Consumer

James Pitaro Senior Management 2016
Products and Interactive Media
Executive Vice President-and

Jayne Parker Senior Management 55 2009
Chief Human Resources Officer
President-of ESPN, and Co-

John Skipper Chairman of Disney Media Senior Management 2012
Networks
Vice President-Corporate
Kevin Callahan Senior Management
Citizenship
Kevin Mayer Senior Executive Vice Senior Management 54 2015

President-and Chief Strategy

Officer
Senior Vice President-and

Latondra Newton Senior Management
Chief Diversity Officer
Senior Vice President-Global

Ronald L. Iden Senior Management 2004
Security
Executive Vice President-and

Zenia Mucha Senior Management
Chief Communications Officer
Aylwin B. Lewis Director Non Executive Board 62 2004
Fred H. Langhammer Director Non Executive Board 73 2005
Jack Dorsey Director Non Executive Board 40 2013
John S. Chen Director Non Executive Board 61 2004
Maria Elena Lagomasino Director Non Executive Board 67 2015
Mark G. Parker Director Non Executive Board 61 2016
Orin C. Smith Independent Lead Director Non Executive Board 74 2012
Robert W. Matschullat Director Non Executive Board 69 2002
Sheryl Sandberg Director Non Executive Board 47 2010
Susan E. Arnold Director Non Executive Board 62 2007
Operational
Veronica Espinosa-Cabalinan Philippine manager
Management
SOURCE:MARKETLINE

The Walt Disney Company: Key Employee Biographies
Robert A. Iger
Robert A. Iger has been the Chairman and Chief Executive Officer at Walt Disney since 2012. Prior to that, Mr.
Iger served as the President and Chief Executive Officer in 2005 and President and Chief Operating Officer from
2000 to 2005. He joined the company in 1996 and served as the Chairman of the Disney-owned ABC Group. Mr.
Iger was the President of Walt Disney International at the company in 1999. He began his career at ABC in
1974. Mr. Iger joined the Apple Board of Directors in 2011 and became a Board Member of the US-China
Business Council in 2011. He also serves on the Boards at the National September 11 Memorial & Museum and
Bloomberg Philanthropies.
Board: Executive Board
Job Title: Chairman-and Chief Executive Officer
Salary (US$): 43,882,396
Since: 2012
Age: 65
Alan Braverman
Alan Braverman has been the Executive Vice President and General Counsel and Secretary at Walt Disney
since 2003. Mr. Braverman also serves as the Chief Legal Officer at the company. He was the Executive Vice
President and General Counsel at ABC and Deputy General Counsel at the company. Mr. Braverman served as
the Senior Vice President and General Counsel at ABC. He served as the Vice President and General Counsel
at ABC in 1994. Mr. Braverman joined ABC in 1993 and served as the Vice President and Deputy General
Counsel. He served at Wilmer, Cutler & Pickering in 1976 and also served as a Partner in 1983. Previously, Mr.
Braverman was a Law Clerk to the Thomas W. Pomeroy, Jr., Justice, Pennsylvania Supreme Court. He worked
for two years as a Vista volunteer in Gary, Indiana.
Board: Senior Management
Job Title: Executive Vice President-General Counsel and Secretary
Salary (US$): 11,118,951
Since: 2003
Age: 68
Alan F. Horn
Alan F. Horn currently serves as the Chairman of The Walt Disney Studios at Walt Disney. Mr. Horn served as
the President and Chief Operating Officer at Warner Bros. He Co-founded Castle Rock Entertainment in 1987
and also served as the Chairman and Chief Executive Officer. Mr. Horn previously served as the President and
Chief Operating Officer at Twentieth Century Fox Film and Chairman and Chief Executive Officer at Embassy
Communications. He is a Co-founder of the Environmental Media Association and the Vice Chairman of the
Natural Resources Defense Council. Mr. Horn serves on the American Film Institute Board of Directors and the
Harvard Business School Board of Dean's Advisors.

Job Title: Chairman of The Walt Disney Studios
Andy Bird
Andy Bird currently serves as the Chairman of Walt Disney International at Walt Disney. Mr. Bird joined the
company in 2004. Prior to that, he spent nearly a decade with Time Warner, joined in 1994 and served as the
Senior Vice President. Mr. Bird served as a General Manager at Turner Entertainment Networks. He served as
the President at TBS International in 2000. Mr. Bird held a number of positions in radio and television in Europe
from 1989 to 1994. He began his career at Piccadilly Radio in Manchester, the UK. Mr. Bird also served at Virgin
Broadcasting Company and Music Box.
Job Title: Chairman of Walt Disney International
Bob Chapek
Bob Chapek currently serves as the Chairman of Walt Disney Parks and Resorts at Walt Disney. Mr. Chapek
previously served as the President of Disney Consumer Products. He also served as the President of
Distribution for The Walt Disney Studios and President of Walt Disney Studios Home Entertainment. Prior to
that, Mr. Chapek worked in brand management at H.J. Heinz Company, and in advertising at J. Walter
Thompson.
Job Title: Chairman of Walt Disney Parks and Resorts
Christine M. McCarthy
Christine M. McCarthy has been the Senior Executive Vice President and Chief Financial Officer at Walt Disney
since 2005. Ms. McCarthy served as the Executive Vice President, Corporate Real Estate, Alliances and
Treasurer at the company. Prior to that, she was the Executive Vice President and Chief Financial Officer at
Imperial Bancorp from 1997 to 2000. Ms. McCarthy held various finance and planning positions at First
Interstate Bancorp from 1981 to 1996 and also served as the Executive Vice President in Finance at First
Interstate in 1993. She served as the Representative on the Board of FM Global at the company since 2010.
Job Title: Senior Executive Vice President-and Chief Financial Officer
Salary (US$): 10,198,510
Since: 2005
Age: 61
James Pitaro

James Pitaro has been the Chairman of Disney Consumer Products and Interactive Media at Walt Disney since
2016. Mr. Pitaro previously served as the President of Disney Interactive at the company. Prior to that, he served
as the Vice President and Head at Yahoo Media. Mr. Pitaro also served as the Vice President of business affairs
at LAUNCH Media.
Job Title: Chairman of Disney Consumer Products and Interactive Media
Since: 2016
Jayne Parker
Jayne Parker has been the Executive Vice President and Chief Human Resources Officer at Walt Disney since
2009. Previously, Ms. Parker served as the Senior Vice President of Human Resources, Diversity and Inclusion
for Walt Disney Parks and Resorts worldwide. She joined the company in 1988. Ms. Parker also served as a
Director and Vice President of Organization Improvement and Vice President of Organization and Professional
Development at the company. Prior to that, she was a Consultant at Wilson Learning Corporation.
Job Title: Executive Vice President-and Chief Human Resources Officer
Salary (US$): 5,604,394
Since: 2009
Age: 55
Kevin Mayer
Kevin Mayer has been the Senior Executive Vice President and Chief Strategy Officer at Walt Disney since
2015. Mr. Mayer served as the Executive Vice President, Corporate Strategy and Business Development at the
company since 2005. He served as a Partner and Head of the Global Media and Entertainment practice at
L.E.K. Consulting. Prior to that, Mr. Mayer held leading positions at interactive and Internet businesses, including
the Chairman and Chief Executive Officer of Clear Channel Interactive. He first joined the company in 1993 and
served as a Manager, Strategic Planning. Mr. Mayer also served as the Executive Vice President of the Internet
group at the company.
Job Title: Senior Executive Vice President-and Chief Strategy Officer
Salary (US$): 10,125,349
Since: 2015
Age: 54
Ronald L. Iden
Ronald L. Iden has been the Senior Vice President of Global Security at Walt Disney since 2004. Mr. Iden

worked at the California Office of Homeland Security and later served under Governor Arnold Schwarzenegger.
He worked at the Federal Bureau of Investigation and held several roles including as a Deputy Assistant Director
at FBI's Los Angeles. Mr. Iden served as the Chief of the Public Corruption Unit at FBI. He also served as a
Special Agent with the FBI in 1978.
Job Title: Senior Vice President-Global Security
Since: 2004
Zenia Mucha
Zenia Mucha currently serves as the Executive Vice President and Chief Communications Officer at Walt
Disney. Ms. Mucha joined the company in 2001 and served as the Senior Vice President of Communications, for
the ABC Broadcast Group and the ABC Television Network. Prior to that, she served as a Director of
communications and Senior Policy Advisor to New York State Governor George Pataki. Ms. Mucha previously
served as a Communications Director for the US Senator Alfonse DAmato. She joined Senator DAmatos team
in 1982 and served as a Press Representative.
Job Title: Executive Vice President-and Chief Communications Officer
Aylwin B. Lewis
Aylwin B. Lewis has been a Director at Walt Disney since 2004. Mr. Lewis served as the Chairman, Chief
Executive Officer and President at Potbelly Sandwich Works since 2011. Prior to that, he served as the
President and Chief Executive Officer at Sears Holdings from 2005 to 2008. Mr. Lewis was the President at
Sears Holdings and Chief Executive Officer at Kmart and Sears Retail following Sears. He served as the
President and Chief Executive Officer at Kmart since 2004. Previously, Mr. Lewis held a variety of leadership
positions at YUM! Brands from 2000 to 2004. He served on the Board of Directors at Sears Holding from 2005 to
2008. Mr. Lewis served on the Board of Directors at Kmart from 2004 to 2008 and on the Board of Directors at
Potbelly Sandwich Works since 2008. He was a Director at Starwood Hotels & Resorts Worldwide from 2013 to
2016. Mr. Lewis has been a Director at Marriott International since 2016.
Board: Non Executive Board
Job Title: Director
Salary (US$): 304,849
Since: 2004
Age: 62
Fred H. Langhammer
Fred H. Langhammer has been a Director at Walt Disney since 2005. Mr. Langhammer serves as the Chairman,
Global Affairs at The Estee Lauder Companies. Prior to that, he was the Chief Executive Officer from 2000 to
2004; President from 1995 to 2004 and Chief Operating Officer from 1985 to 1999 at The Estee Lauder
Companies. Mr. Langhammer joined The Estee Lauder Companies in 1975 and served as the President of its

operations in Japan. He served as a Managing Director of its operations in Germany in 1982. Mr. Langhammer
was a Director at Central European Media Enterprises from 2009 to 2014. He served as a Director at The
Shinsei Bank Limited from 2005 to 2009. Mr. Langhammer served as a Director at AIG from 2006 to 2008.
Job Title: Director
Salary (US$): 329,560
Since: 2005
Age: 73
Jack Dorsey
Jack Dorsey has been a Director at Walt Disney since 2013. Mr. Dorsey served as the Chief Executive Officer at
Twitter since 2015. He served as the Co-Founder and Chief Executive Officer at Square since 2009. Mr. Dorsey
served as the Chairman of the Board at Square since 2010. He also served as the President and Chief
Executive Officer from 2007 to 2008, and Chairman of the Board from 2008 to 2015 at Twitter. Mr. Dorsey has
been a Director at Twitter since 2007. He also serves as a Director at Square since 2009.
Job Title: Director
Salary (US$): 295,679
Since: 2013
Age: 40
John S. Chen
John S. Chen has been a Director at Walt Disney since 2004. Mr. Chen has been the Executive Chair and Chief
Executive Officer at Blackberry since 2013. He was a Senior Advisor at Silver Lake from 2013 to 2016. Mr. Chen
served as the Chairman and Chief Executive Officer at Sybase from 2010 to 2012. He had been the Chairman of
the Board, Chief Executive Officer and President at Sybase since 1998. Mr. Chen served as the Co-Chief
Executive Officer at Sybase in 1998. He also serves on the Board at Wells Fargo & Company since 2006.
Job Title: Director
Salary (US$): 297,169
Since: 2004
Age: 61

Maria Elena Lagomasino
Maria Elena Lagomasino has been a Director at Walt Disney since 2015. Ms. Lagomasino is the Chief Executive
Officer and Managing Partner at WE Family Offices since 2013. She served as the Chief Executive Officer at
GenSpring Family Offices from 2005 to 2012. Ms. Lagomasino was the Chairman and Chief Executive Officer at
JPMorgan from 2001 to 2005. Prior to that, she was a Managing Director at The Chase Manhattan Bank. Ms.
Lagomasino had been with Chase Manhattan since 1983 in various positions in private banking. She is a
Founder of the Institute for the Fiduciary Standard. Ms. Lagomasino is a Director at the Americas Society and
served as a Trustee at the National Geographic Society from 2007 to 2015. She served as a Director at the
Coca-Cola Company from 2003 to 2006. Ms. Lagomasino served as a Director at Avon Products from 2001 to
2016.
Job Title: Director
Salary (US$): 246,687
Since: 2015
Age: 67
Mark G. Parker
Mark G. Parker has been a Director at Walt Disney since 2016. Mr. Parker has been the President and Chief
Executive Officer since 2006 and Chairman since 2016 at NIKE. He joined Nike in 1979 and held variety of
positions. Mr. Parker has been a member of the Board of Directors at NIKE since 2006.
Job Title: Director
Salary (US$): 205,708
Since: 2016
Age: 61
Orin C. Smith
Orin C. Smith has been the Independent Lead Director at Walt Disney since 2012. Mr. Smith has been a
Director at the company since 2006. He served as the President and Chief Executive Officer at Starbucks
Corporation from 2000 to 2005. Mr. Smith joined Starbucks as the Vice President and Chief Financial Officer in
1990 also served as the President and Chief Operating Officer in 1994; Director in 1996. Prior to that, he spent a
total of 14 years at Deloitte and Touche. Mr. Smith served on the Board of Directors at NIKE from 2004 to 2015.
He served on the Board at Washington Mutual from 2005 to 2012. Mr. Smith also serves on the Board of
Directors at Conservation International.
Job Title: Independent Lead Director
Salary (US$): 385,217

Since: 2012
Age: 74
Robert W. Matschullat
Robert W. Matschullat has been a Director at Walt Disney since 2002. Mr. Matschullat served as the Vice
Chairman of the Board of Directors and Chief Financial Officer at The Seagram Company from 1995 to 2000.
Prior to that, he was the Head of worldwide investment banking at Morgan Stanley. Mr. Matschullat served as a
Director at Morgan Stanley Group. He is a Director at The Clorox Company, also served as the Interim
Chairman of the Board and Interim Chief Executive Officer in 2006. Mr. Matschullat is a Director and Chairman
of the Board at Visa.
Job Title: Director
Salary (US$): 385,709
Since: 2002
Age: 69
Sheryl Sandberg
Sheryl Sandberg has been a Director at Walt Disney since 2010. Ms. Sandberg served as the Chief Operating
Officer at Facebook since 2008. She was the Vice President of Global Online Sales and Operations at Google
from 2001 to 2008. Ms. Sandberg also is a former Chief of Staff of the US Treasury Department and previously
served as a Management Consultant at McKinsey & Company and as an Economist at The World Bank. She
served as a Director at Starbucks from 2009 to 2012. Ms. Sandberg also serves on a number of nonprofit boards
including Women for Women International, and V-Day. She served as a Director at eHealth from 2006 to 2008.
Ms. Sandberg served as a Director at Facebook since 2012 and SurveyMonkey since 2015.
Job Title: Director
Salary (US$): 305,584
Since: 2010
Age: 47
Susan E. Arnold
Susan E. Arnold has been a Director at Walt Disney since 2007. Ms. Arnold has been an Operating Executive at
The Carlyle Group since 2013. She served as the President of Global Business Units at Procter & Gamble from
2007 to 2009. Prior to that, Ms. Arnold was the Vice Chair of P&G Beauty and Health in 2006; Vice Chair of P&G
Beauty in 2004 and President Global Personal Beauty Care and Global Feminine Care in 2002. She served as a
Director at McDonalds from 2008 to 2016. Ms. Arnold has been a Director at NBTY since 2013.

Job Title: Director
Salary (US$): 337,545
Since: 2007
Age: 62

The Walt Disney Company: Major Products and Services
worldwide entertainment and media company. The company's key products, services and brands include the
following:
Products:
Consumer Products
Publishing entertainment and educational books

Magazines
Comic books
Services:
Media networks
Cable programming services

Radio Broadcasting
Television broadcasting
Operations of internet sites
Parks and Resorts
Operation of resorts
Hotels and other resort facilities
Vacation club
Cruise line
Pixar
Studio Entertainment
Animated motion pictures

Direct-to-video content
Musical recordings
Live stage plays
Products and Interactive Media
Production and distribution of multi-platform games

Licensing of content for games
Website management and designing
Development and distribution of online video content
Publishing
Merchandise Licensing
Retail Store Services
Game development and publishing services
Online and wholesale distribution
Brands:

Disney Channel
Disney Junior
Disney XD
Disney Cinemagic
Disney Cinema
DLife
ESPN
ABC
UTV
Walt Disney Pictures
Pixar, Marvel
Lucasfilm
Touchstone

The Walt Disney Company: Company History
Year 1923 : Corporate Changes/Expansions; The history of The Walt Disney Company (Walt Disney or "the
company") can be traced back, when Walt Disney and Roy Disney set up Disney Brothers Studio in Hollywood,
California.
Year 1928 : Corporate Changes/Expansions; Plane Crazy, directed by Walt Disney, was the first cartoon
produced by Disney studios.
Year 1937 : Corporate Changes/Expansions; The studio produced its first animated feature film, Snow White
and the Seven Dwarves.
Year 1940 : Stock Listings/IPO; The company went public and later went on to produce other classic animation
films such as Pinocchio and Fantasia.
Year 1955 : Corporate Changes/Expansions; The Disney Land Theme Park was opened.
Year 1971 : Corporate Changes/Expansions; Disney World opened in Florida.
Year 1980 : New Products/Services; The company launched the Disney Channel and established theme park in
Tokyo, Japan.
Year 1984 : Contracts/Agreements; The Bass family of Texas, in alliance with Roy Disney, acquired a controlling
stake in the company.
Year 1985 : Corporate Changes/Expansions; The company established Disney MGM studio
Year 1986 : Corporate Changes/Expansions; The business changed its name to the Walt Disney Company.
Year 1990 : Acquisitions/Mergers/Takeovers; The company had a number of successes with animated films
such as the Lion King.Subsequently, the company bought the remaining 57% interest in Infoseek and formed
GO.com, a web portal, which eventually became Walt Disney Internet Group.
Year 1992 : Corporate Changes/Expansions; Walt Disney continued its international expansion by opening
Disneyland Paris.
Year 1996 : Acquisitions/Mergers/Takeovers; The company bought Capital Cities/ABC for $19 billion which
included 10 television stations, 21 radio stations, seven daily newspapers and ownership positions in the cable
networks A&E, Lifetime, History Channel and the sports network, ESPN.
Year 1998 : Acquisitions/Mergers/Takeovers; It purchased web services from Starwave, a Seattle based
software company.
Year 1999 : Acquisitions/Mergers/Takeovers; The Company acquired 43% stake in internet search engine
Infoseek for $70 million and launched the GO network.
Year 2001 : Corporate Changes/Expansions; Walt Disney expanded its theme parks in Anaheim, the US and
restructured its internet business.
Year 2002 : Contracts/Agreements; The company re-entered into a multi-year agreement with Eastman Kodak,
a technology company focused on imaging for business, to make Kodak the exclusive imaging supplier of film
and related products at Disney theme parks and resorts in the US and France as well as for the Disney Cruise
Line. Walt Disney, Bank One, a leading bank in the US, and Visa, an American multinational financial services

corporation, announced two multi-year, strategic alliances that created Disney-branded Visa card with Disney
rewards, as well as provided Visa with joint marketing opportunities across Walt Disney's various business units.
Year 2003 : Contracts/Agreements; Walt Disney entered into a 10 year strategic alliance with Hewlett-Packard,
an American multinational information technology corporation, to develop new technologies and enhanced
entertainment experiences.
Year 2004 : Contracts/Agreements; The Children's Place Retail Stores and Walt Disney entered into an
agreement for the Children's Place to acquire and operate the Disney Store retail chain in North America, which
included 313 stores.
Year 2004 : Contracts/Agreements; Walt Disney ended the partnership with Pixar after failing to reach an
agreement on how to split future revenues.
Year 2005 : Contracts/Agreements; The Monday Night Football moved to ESPN under an eight-year agreement
with the National Football League. Buena Vista Games (BVG), the interactive entertainment arm of Walt Disney,
strengthened game development capabilities through the acquisition of Salt Lake City-based video game
developer, Avalanche Software, and established a start-up development studio in Vancouver, Canada.
Year 2005 : Acquisitions/Mergers/Takeovers; Mr. Henry Samueli and his wife, Orange County entrepreneurs
and philanthropists, purchased the Mighty Ducks of Anaheim, the National Hockey League Club based in
Orange County, California from Walt Disney. Walt Disney's internet group acquired Minds Eye, one of the
leading interactive television games developers.
Year 2006 : New Products/Services; In addition, Comcast launched ESPN Deportes, a stand-alone Spanish-
language sports network, and the companies formalized their ESPN2 HD agreement.
Year 2006 : Contracts/Agreements; Comcast and Walt Disney entered into a long-term distribution agreement
that extended their relationship into the next decade for the 10 ABC-owned broadcast television stations and
Disney's leading networks and services including Disney Channel, ABC Family, Toon Disney, ESPN, ESPN2,
ESPN Classic, ESPNEWS, ESPN HD and SOAPnet.
Year 2006 : Acquisitions/Mergers/Takeovers; Walt Disney and Citadel Broadcasting, a broadcast holding
company, combined ABC Radio, which included 22 radio stations and the ABC Radio Networks, with Citadel
Broadcasting. The company acquired computer animation company, Pixar. Subsequently, Walt Disney acquired
Hungama TV, an Indian children's television channel, and also acquired an equity interest in media company,
UTV Software Communications. Wenner Media acquired the US Weekly from Walt DisneyComcast also
acquired Walt Disney's stake in E! Networks. ESPN acquired NASN, the European channel dedicated to North
American sports, from Setanta Sport Holdings and Benchmark Capital Europe.
Year 2007 : Spin-off; The company spun-off its wholly owned subsidiary, ABC Radio Holdings
Year 2007 : Corporate Changes/Expansions; The Disney-ABC Television Group renamed its in-house
production company, Touchstone Television, as the ABC Television Studio, the company's international
television licensing arm, Disney-ABC International Television, entered a multi-year partnership with Russian
state broadcaster, Channel One.
Year 2007 : Acquisitions/Mergers/Takeovers; The company merged it with a wholly-owned subsidiary of Citadel.
The company acquired Club Penguin, one of the fastest-growing online virtual worlds for kids.
Year 2008 : New Products/Services; The company launched Disney En Familia, a new Spanish-language
magazine.
Year 2008 : Corporate Changes/Expansions; The Walt Disney Studios announced the debut of Earth, the first
feature-length nature documentary from its new production banner, Disneynature. The company entered into

agreements to acquire outstanding shares of Jetix Europe, a pan-European media company comprising
television channels, program distribution and consumer products businesses.
Year 2008 : Acquisitions/Mergers/Takeovers; Walt Disney acquired an 18% interest in UTV Software
Communications, a media company headquartered and publicly traded in India, for approximately $197 million.
Year 2009 : Contracts/Agreements; Walt Disney studios entered into an exclusive long-term distribution
agreement with DreamWorks Studios, a film studio which develops, produces, and distributes films, video
games and television programming. Under the terms of the arrangement, Disney would handle distribution and
marketing for approximately six DreamWorks films each year. Walt Disney, through a subsidiary of ABC
Enterprises, agreed to join NBC Universal, News Corporation and Providence Equity Partners as a joint venture
partner and equity owner of Hulu, a leading online aggregator of video content. Subsequently, Disney Interactive
Studios acquired Wideload Games, a Chicago-based producer and developer of original interactive
entertainment.
Year 2009 : Acquisitions/Mergers/Takeovers; The company completed its acquisition of Marvel Entertainment,
an entertainment company known for its comic books and film productions.
Year 2010 : Divestiture; The company announced the sale of Miramax Films to Filmyard Holdings for over $660
million, subject to certain adjustments. The sale was completed in the second half of the year.
Year 2010 : Acquisitions/Mergers/Takeovers; Walt Disney acquired Playdom, a company engaged in online
social gaming business.
Year 2011 : Contracts/Agreements; Walt Disney and its Chinese joint venture partner, Shanghai Shendi Group,
started work on the Shanghai Disney Resort following approval from the Chinese central government in Beijing.
The company and UTH Russia, a commercial television broadcasting company, entered into an agreement to
launch an ad-supported free-to-air Disney Channel in Russia. Under the terms of the agreement, Walt Disney,
through one of its subsidiaries, would acquire a 49% stake in the Seven TV network from UTH Russia. The
transaction would increase Disney Channel's presence in Russia.
Year 2013 : Contracts/Agreements; The company, 21st Century Fox, a cable, broadcast, film, pay television and
satellite provider, and NBCUniversal, a media and entertainment company, jointly announced to maintain their
respective ownership positions in Hulu and together provided a cash infusion of $750 million in order to propel
future growth.
Year 2013 : Contracts/Agreements; Walt Disney and Comcast announced a long-term distribution agreement
that would deliver the company's sports, news and entertainment content to Comcast's Xfinity TV customers.
The new agreement enhances the multichannel business model and supports the companies' mutual goal to
deliver video content to customers across multiple platforms using the latest technology and cloud innovation.
Walt Disney, the Ministry of Culture's China Animation Group, and Tencent, China's largest internet service
provider, formed a partnership to create "The National Animation Creative Research and Development
Cooperation," to advance the country's animation industry. The company acquired Lucasfilm, a fully-integrated
entertainment company. This acquisition significantly enhanced the company's ability to serve consumers with a
broad variety of content.
Year 2013 : Acquisitions/Mergers/Takeovers; Walt Disney acquired a controlling interest in UTV Software
Communications in India. This acquisition expanded the company's footprint significantly and allowed it to build,
monetize and brand multi-platform franchises, and deliver a rich library of content.
Year 2014 : Plans/Strategy; Comcast, a mass media and communications company, announced plans to
acquire Walt Disney in a deal worth around $66 billion million in the same year. The offer was later turned down.
Year 2014 : New Products/Services; The company unveiled Disney Imagicademy, an educational application
designed to guide the parents on how to expose their children to fundamental educational concepts in a fun and

unique way.
Year 2014 : Contracts/Agreements; The company entered into an agreement to acquire Maker Studios, a
network of online video content on YouTube, for approximately $500 million, and a performance-linked earn-out
of up to $450 million. The acquisition provides advanced technology and business intelligence capability
regarding consumers' discovery and interaction with short-form online videos, including Walt Disney content.
The company signed an agreement with Shanghai Shendi Group, its joint venture partner in China, to accelerate
the expansion of Shanghai Disney Resort with additional investment of approximately CNY5 billion ($0.8 billion).
This investment will be used primarily for additional attractions, entertainment and other offerings to increase
capacity at the theme park. Subsequently, Disney Interactive partnered with Marvel Entertainment for the
second version of Disney Infinity: Marvel Super Heroes hybrid video game.
Year 2015 : Contracts/Agreements; The company signed an agreement with United Negro College Fund
(UNCF) to provide scholarships worth $1 million to African American students and also provide tools to achieve
their professional goals.
Year 2015 : Contracts/Agreements; The Walt Disney Company, USAA and General Motors, in cooperation with
the Michigan Veterans Affairs Agency (MVAA), signed an agreement to bring Disney's Veterans Instituteto
Detroit at the General Motors Headquarters.
Year 2015 : Acquisitions/Mergers/Takeovers; The Walt Disney Company realigned two of its divisions, Disney
Consumer Products and Disney Interactive. The new combined segment, Disney Consumer Products and
Interactive Media (DCPI), are managed jointly by Leslie Ferraro, Co-Chair, Disney Consumer Products and
Interactive Media and President, Disney Consumer Products; and Jimmy Pitaro, Co-Chair, Disney Consumer
Products and Interactive Media and President, Disney Interactive.
Year 2015 : New Products/Services; The company launched DisneyLife, a digital membership service in the UK,
which allows families to connect with Disneys collection of entertainment in one place, both at home and on-the-
go.
Year 2016 : Acquisitions/Mergers/Takeovers; The company acquired 33% stake in BAMTech, a leading
technology services and video streaming company for approximately $1 billion.
Year 2016 : Contracts/Agreements; ESPN and Tencent, a provider of online products and services signed an
agreement. Through the collaboration, ESPNs content will be localized and exclusively distributed and
promoted by Tencents digital platforms in China.
Year 2016 : Corporate Changes/Expansions; The Shanghai Disney Resort was opened in China. ABC
transformed its streaming application with seven original digital short-form series, full seasons of 38 throwback
shows, and a re-designed user interface exclusively for iPhone, iPad, iPod touch and Apple TV.

The Walt Disney Company: Management Statement
An excerpt from the 'managements discussion and analysis of financial condition and results of operations
name of the section of 10-K' section is given below. The statement has been taken from The Walt Disney
Companys 10-K filing for fiscal year 2016.
CONSOLIDATED RESULTS AND NON-SEGMENT ITEMS
2016 vs. 2015
Revenues for fiscal 2016 increased 6%, or $3.2 billion, to $55.6 billion; net income attributable to Disney
increased 12%, or $1.0 billion, to $9.4 billion; and diluted earnings per share attributable to Disney (EPS) for the
year increased 17%, or $0.83 to $5.73. The EPS increase in fiscal 2016 was due to segment operating income
growth driven by Studio Entertainment, Parks and Resorts and Consumer Products & Interactive Media, a
decrease in weighted average shares outstanding as a result of our share repurchase program, a decrease in
our effective income tax rate, which reflected a deferred tax asset write-off in the prior year, and the benefit of
the Vice Gain (See Note 3 to the Consolidated Financial Statements). These increases were partially offset by
higher net interest expense, the Infinity Charge (see Note 1 to the Consolidated Financial Statements) and
higher restructuring and impairment charges in the current year. Segment operating results benefited from
growth in services, partially offset by the impact of foreign currency translation due to the movement of the U.S.
dollar against major currencies including the impact of our hedging program (FX Impact).
Fiscal 2016 included fifty-two weeks of operations, while fiscal 2015 results included the benefit from a fifty-third
week of operations (Fiscal Period Impact) due to the timing of our fiscal period end. The estimated EPS impact
of the additional week of operations in the prior year was approximately $0.13 and the majority of the impact
was at our cable networks business, followed by our parks and resorts and, to a lesser extent, consumer
products businesses.
Revenues
Service revenues for fiscal 2016 increased 7%, or $3.2 billion, to $47.1 billion, due to higher theatrical
distribution revenues. The increase in service revenue was also driven by higher merchandise and game
licensing revenue, average guest spending and attendance growth at our domestic parks and resorts, higher
affiliate fees, growth in TV/ subscription video on demand (SVOD), revenues from the opening of Shanghai
Disney Resort, growth in digital distribution of film content and higher advertising revenue. These increases
were partially offset by lower attendance at Disneyland Paris. Service revenue growth reflected an approximate
1 percentage point decrease due to an unfavorable FX Impact.
Product revenues for fiscal 2016 decreased 1%, or $69 million, to $8.5 billion, due to the discontinuation of the
Infinity business and lower retail store volumes, partially offset by higher average guest spending at our
domestic parks and resorts, higher net effective pricing at home entertainment and revenues from the opening
of Shanghai Disney Resort. Lower product revenue reflected an approximate 1 percentage point decline due to

an unfavorable FX Impact.
Costs and expenses
Cost of services for fiscal 2016 increased 6%, or $1.5 billion, to $24.7 billion, due to higher film cost
amortization and distribution expense, increased media programming and production costs, the impact of the
opening of Shanghai Disney Resort and cost inflation and higher infrastructure and labor costs at our domestic
parks and resorts. These increases were partially offset by efficiency initiatives at our domestic parks and
resorts. Cost of services reflected an approximate 1 percentage point benefit due to a favorable FX Impact.
Cost of products for fiscal 2016 increased 3%, or $167 million, to $5.3 billion, due to the Infinity Charge, higher
guest spending and cost inflation at our domestic parks and resorts and higher film cost amortization due to
home entertainment revenue growth, partially offset by lower costs from the discontinuation of the Infinity
business.
Selling, general, administrative and other costs for the fiscal year increased 3%, or $231 million, to $8.8 billion,
driven by increased marketing costs at our Studio Entertainment segment, partially offset by lower marketing
spend at our Media Networks segment. Selling, general, administrative and other costs reflected an
approximate 1 percentage point benefit due to a favorable FX Impact.
Depreciation and amortization costs increased 7%, or $173 million, to $2.5 billion due to the opening of
Shanghai Disney Resort and depreciation of new attractions at our domestic parks and resorts.
Restructuring and Impairment Charges
The Company recorded $156 million and $53 million of restructuring and impairment charges in fiscal years
2016 and 2015, respectively. Charges in fiscal 2016 were due to asset impairments and severance and contract
termination costs. Charges in fiscal 2015 were primarily due to a contract termination and severance costs.
Equity in the Income of Investees
Equity in the income of investees increased 14% or $112 million, to $0.9 billion due to the $332 million Vice
Gain (See Note 3 to the Consolidated Financial Statements). The benefit of the Vice Gain was partially offset by
a higher loss at Hulu and lower operating results at A+E. The increased equity loss at Hulu was due to higher
programming, marketing and labor costs, partially offset by growth in subscription and advertising revenues.
The decrease at A+E was due to lower advertising revenue and the impact of the conversion of the H2 channel
to Viceland.

Effective Income Tax Rate
The decrease in the effective income tax rate was primarily due to a write-off of a $399 million deferred income
tax asset in the prior year as a result of the increase in the Companys ownership of Euro Disney S.C.A. in
connection with the Disneyland Paris recapitalization (Disneyland Paris Tax Asset Write-off) (See Notes 6 and 9
to the Consolidated Financial Statements for further discussion). This decrease was partially offset by an
increase in foreign losses for which we are not recognizing a tax benefit.
Noncontrolling Interests
Net income attributable to noncontrolling interests for the year decreased $71 million to $399 million due to
higher preopening expenses at Shanghai Disney Resort and a decrease related to Disneyland Paris, partially
offset by higher results at ESPN. The decrease related to Disneyland Paris was driven by lower results, partially
offset by the impact of an increase in the Companys ownership interest.
Net income attributable to noncontrolling interests is determined on income after royalties and management
fees, financing costs and income taxes.

The Walt Disney Company: Locations and Subsidiaries
Table 3: The Walt Disney Company: Locations and Subsidiaries
Marvel Entertainment, LLC

Hong Kong Disneyland Resort
135 W. 50th Street, 7th Floor
Lantau Island
New York
Hong Kong Special Administrative Region of China
New York 10020
852 3510 6000
United States
www.hongkongdisneyland.com
http://marvel.com/
Disney Vacation Club Villas

Preview Center
Marvel Characters B.V.
92-1185 Ali'inui Drive
2240 Palm Beach Lakes Blvd.
Kapolei
Suite 101, West Palm Beach
Hawaii 96707
United States
United States
1 808 674 6400
The Walt Disney Company CIS LLC

"Lotte Plaza"
Pixar Animation Studios
Novinsky Boulevard 8
1200 Park Avenue
Moscow
United States
121099
1 510 9223000
Russian Federation
1 510 9223151
495 646 90 00
www.pixar.com
495 646 90 01
http://www.waltdisney.ru/
Model showroom Tokyo Disney Vacation Club

Ikspiari 2F Theater Front 1960 Broadway
1-4 Maihama Lake Buena Vista
Urayasu-shi Florida 32830
Chiba-ken 279-8529 279-8511
Japan United States
0120 07 8940 1 407 827 1100
Disney Store Disney Store - New York

Arden Fair Smith Haven Mall
1689 Arden Way 313 Smith Haven Mall Road
Sacramento Lake Grove
California 95815 New York 11755-1201
United States United States
1 916 923 9165 1 631 724 4509
http://www.disneystore.com www.disneystore.com
SOURCE: MARKETLINE

The Walt Disney Company: Key Competitors
Table 4: The Walt Disney Company: Key Competitors
CBS Corporation Comcast Corporation
DreamWorks Animation SKG, Inc. Lions Gate Entertainment Corp.
Marriott International Inc Starwood Hotels & Resorts Worldwide, Inc.
Time Warner Inc. Twenty-First Century Fox, Inc.
Viacom, Inc.
SOURCE: MARKETLINE

THE WALT DISNEY COMPANY: COMPANY ANALYSIS
The Walt Disney Company: Business Description
The Walt Disney Company (Walt Disney or 'the company') is a diversified international family entertainment and
media enterprise based in the US. The company primarily operates a portfolio of broadcast, cable, radio,
publishing and digital businesses. In addition, Walt Disney is engaged in the operation of theme parks and
resorts; film production; consumer entertainment products; and interactive entertainment business. The
company has operations in the US and Canada, Europe, Asia Pacific, Latin America and Other.
The company operates through four segments: Media Networks, Parks and Resorts, Studio Entertainment,
Consumer Products and Interactive Media.
Walt Disney's Media Networks segment includes cable and broadcast television networks; television production
operations; television distribution; domestic television stations; and radio networks and stations.
The cable networks business includes ESPN, the Disney Channels and Freeform (formerly ABC Family). The
company also operates the Hungama and UTV/Bindass networks in India. The cable networks group produces
its own programs or acquires rights from third-parties to air programs on its networks. In addition, it has interests
in joint ventures that operate cable and broadcast programming services. The segment primarily sells
programming to cable, satellite and telecommunications service providers. Programming developed by the
company's cable networks is also sold to television markets worldwide to subscription video-on-demand (SVOD)
services, such as Netflix, Hulu and Amazon, and in home entertainment formats such as DVD, Blu-ray and
iTunes.
Media Networks segment's broadcasting business includes a domestic broadcast network, television production
and distribution operations and eight owned domestic television stations. The company has a 33% interest in
Hulu, a venture that acquires and produces film and television content and distributes it on the internet. The
company's domestic broadcast television network comprises of the ABC Television Network (ABC), which has
affiliation agreements with 242 local television stations reaching 100% of all the US television households.
ABC produces its own programs and also acquires programming rights from third parties as well as entities that
are owned by or affiliated with the company. ABC also broadcasts its programs through its official website,
ABC.com. The television production business is engaged in the production of original live-action television
programs under the ABC Studios label. In addition, the company distributes its productions in television markets
worldwide to SVOD services and in electronic, physical formats. The operations of domestic television stations
include eight television stations. In FY2016, the Media Networks segment reported revenues of $23,689 million,
which accounted for 42.6% of the company's total revenue.
Walt Disney's Parks and Resorts business segment owns and operates the Walt Disney World Resort in Florida;
the Disneyland Resort in California; Aulani, a Disney Resort and Spa in Hawaii; the Disney Vacation Club; the
Disney Cruise Line; and Adventures by Disney. In addition, the company manages and has ownership interests
of 81% in Disneyland Paris, 47% in Hong Kong Disneyland Resort and 43% in Shanghai Disney Resort. The

company also licenses the operations of the Tokyo Disney Resort in Japan. The company sells admissions to
theme parks; offers food, beverage and merchandise; provides rooms at hotels; sales of cruise and other
vacation packages and sales and rentals of vacation club properties. The Walt Disney Imagineering unit
provides master planning, real estate development, attraction, entertainment and show design, engineering
support, production support, project management and other development services, including research and
development for the companys Parks and Resorts operations. In FY2016, the Parks and Resorts segment
reported revenues of $16,974 million, which accounted for 30.5% of the company's total revenue.
The company's Studio Entertainment Business segment produces and acquires live-action and animated motion
pictures, direct-to-video content, musical recordings and live stage plays. Walt Disney distributes films primarily
under the Walt Disney Pictures, Pixar, Marvel, Touchstone and Lucasfilm banners. The company produces and
distributes Indian movies worldwide through its UTV banner.
For the theatrical market, Walt Disney produces and distributes both live-action films and full-length animated
films. As of October 1, 2016, the company released domestically approximately 1,000 full-length live-action
features and 100 full-length animated features. For the home entertainment market, the company distributes
home entertainment releases directly under each of its motion picture banners. In addition, it acquires and
produces original content for direct-to-video release. As of October 1, 2016, the company had approximately
1,400 active produced and acquired titles, including 1,000 live-action titles and 400 animated titles in the
domestic home entertainment marketplace; and approximately 2,200 active produced and acquired titles,
including 1,600 live-action titles and 600 animated titles in the international marketplace.
For the television market, Walt Disney licenses titles to Video-on-Demand (VOD), pay television, free television
and International Television service providers for electronic delivery to consumers for a specified rental period. It
also licenses its films outside the US. The company's Disney Music Group includes Walt Disney Records,
Hollywood Records, Disney Music Publishing and Buena Vista Concerts. The segment also includes the
operations of Disney Theatrical Group, which develops, produces and licenses live entertainment events. In
FY2016, the Studio Entertainment segment reported revenues of $9,441 million, which accounted for 17% of the
company's total revenue.
Walt Disney's Consumer Products and Interactive Media segment licenses the companys trade names,
characters and visual and literary properties to various manufacturers, game developers, publishers and retailers
throughout the world. The segment also develop and publish games, primarily for mobile platforms, and books,
magazines and comic books as well as the distribution of branded merchandise directly through retail, online
and wholesale businesses. The company perform these activities through Merchandise Licensing, Retail,
Games and Publishing businesses. In addition, the segments operations include website management and
design, primarily for other company businesses, and the development and distribution of online video content.
The company's merchandise licensing operations cover a range of product categories, including toys, apparel,
home decor and furnishings, stationery, accessories, health and beauty, food, footwear and consumer
electronics. The companys publishing business, creates, distributes, licenses and publishes children's books,
magazine and learning products in print and digital formats and storytelling apps in multiple countries and
languages based on the company's branded franchises. It also operates Disney English, which develops and
delivers an English language learning curriculum for Chinese children using the company's content in 27
learning centers in eight cities across China. The company's retail business markets Disney, Marvel and
Lucasfilm-themed products through retail stores operated under the Disney store name and through internet

sites in North America (DisneyStore.com and MarvelStore.com), Western Europe, Japan and China. The
company owns and operates 223 stores in North America, 78 stores in Europe, 48 stores in Japan and one in
China. The company also offers retailers merchandise under wholesale arrangements. In FY2016, the
Consumer Products and Interactive Media segment reported revenues of $5,528 million, which accounted for
9.9% of the company's total revenue.
The companys operations also include Maker Studios, a leading network and developer of online video content
distributed primarily on YouTube and other digital platforms. The company also licenses Disney properties and
content to mobile phone carriers in Japan. The company also develops, publishes and distributes interactive
family content through a portfolio of platforms, including Disney.com, Disney on YouTube, Babble.com and
various Disney-branded apps.
Geographically, the company classifies its operations into four segments, namely the US and Canada, Europe,
Asia Pacific, Latin America and Other. In FY2016, the US and Canada segment accounted for 76.6% of the
company's total revenues, followed by Europe with 12.1%; Asia Pacific with 8.2%; Latin America and Other with
3.1%.

The Walt Disney Company: SWOT Analysis
The Walt Disney Company: SWOT Overview
worldwide entertainment and media company. The company's strong brand portfolio and established presence
enables it to attract new customers while retaining existing ones, thus enhancing revenues and margins. The
company's large subscriber base and reach provide stability to the company's operations. The changing
consumer preferences may adversely affect the company's financial condition in the coming years.
Strengths Weaknesses
Extensive Customer Reach of Walt Disney's Cable Overdependence on North America

Networks
Opportunities Threats
Growing Global Broadcasting and Cable TV Market Intense Competition

Strong Outlook for the Global Leisure Attractions Market Increasing Piracy Could Impact Revenues
Growing Global Movies and Entertainment Market Changing Consumer Tastes and Preferences
The Walt Disney Company: Strengths
Extensive Customer Reach of Walt Disney's Cable Networks
The company's cable network business enjoys significant reach. Walt Disney's cable networks group
operates the ESPN, Disney Channels Worldwide, and Freeform (formerly ABC Family). ESPN is a
multimedia, multinational sports entertainment company that operates eight 24-hour domestic television
networks. ESPN networks reach customers in 60 countries and territories in four languages. ESPN owns
19 television networks outside the US which further enhances its appeal adding positively to its ability to
reach a large audience. The company's ESPN cable network had a subscriber base of 90 million in the US
at the end of FY2016. During the same period, ESPN2, ESPNU, ESPNEWS, and ESPN Channels had 89
million, 71 million, 70 million, and 141 million subscribers, respectively. In addition, according to Walt
Disney, ESPN Radio Network is the largest sports radio network in the US and is carried on more than
500 terrestrial stations.
The company's Disney Channels Worldwide cable network operates Disney Channel, Disney Junior,
Disney XD, Disney Cinemagic, Disney Cinema, DLife and Radio Disney. Disney Channels Worldwide
includes 100 channels available in 34 languages and 163 countries/territories. Disney Channel airs original
and acquired series and movie programming targeting children and families. During FY2016, Disney XD
had 78 million subscribers in domestic markets and approximately 127 million subscribers in the
international markets. In addition, Disney Junior had 74 million subscribers domestically and 140 million
customers in the international markets at the end of FY2016. Moreover, Walt Disney's Freeform had a
subscriber base of 91 million. The A&E Television Networks (AETN), part of the company's cable network
operations, includes A&E, HISTORY, H2, Lifetime, Lifetime Movie Network (LMN), FYI and Lifetime Real
Women. Internationally, A&E programming is distributed in over 150 countries. During FY2016, A&E and

Lifetime Television had approximately 92 million subscribers and HISTORY TV networks had 93 million
subscribers. The LMN, FYI and Lifetime had 79 million, 68 million and 92 million subscribers, respectively
by the end of FY2016.
Extensive customer reach of the company's cable networks operations provides a competitive advantage
that is not easily replicable. The large subscriber base therefore enables higher margins for the company.
The company's large customer reach also highlights Walt Disney's appeal which facilitates better
bargaining power with multi-channel video programming distributors (MVPDs), the primary revenue source
for Walt Disney. Additionally, the companies which have broader reach enjoy higher pricing for the
advertisement sales on the channels. Accordingly, the company's large subscriber base and reach provide
stability to the company's operations.
The company has a strong brand portfolio. The company has built a collection of some of the world's best
media brands, including Disney, ESPN, Freeform (formerly ABC Family), Pixar, Marvel, Lucasfilm and
Touchstone that provide enormous opportunities for the company to continue to create high-quality
content. Also, Walt Disney's theme parks and resorts are not easily replicable, considering the tie-ins with
its other business lines. ESPN is a leader in sports programming and leads the industry when it comes to
digital innovation and expansion. ESPN owns 19 television networks outside the US and reaches
audience in 60 countries and territories in four languages. Further ABC News in collaboration with Yahoo!
News provides news content. Also WABC is considered as the most watched television station in the US.
The company's strong brand portfolio and established presence enables it to attract new customers while
retaining existing ones, thus enhancing revenues and margins.
Walt Disney has witnessed a strong growth in profitability. The company's operating profit increased from
$12,246 million in FY2014 to $14,868 million in FY2016, representing a compound annual growth rate
(CAGR) of 10% during that period. In FY2016, its operating profits increased by 7.2% over FY2015. The
increase was primarily due to strong performance of Parks and Resorts, Studio Entertainment, and
Consumer Products & Interactive Media business segments. In addition, the company's net profits
increased at a CAGR of 12% during FY2014-16 periods to reach $9,391 million in FY2016. Walt Disney's
net profits increased by 12% over FY2015. This indicates that the company has effective control of costs.
For the company, growth in profits will provide a cushion to protect itself during the cyclical downturns.
Increasing profits and margins reflect the efficient cost management and sound decision making.
Walt Disney has diversified entertainment businesses. The company operates across various business
areas including the Media Networks, Parks and Resorts, Studio Entertainment, Consumer Products and
Interactive. Further the company maintains a well-balanced revenue stream in terms of its segments. For
instance, in FY2016, the Media Networks segment reported revenues of $23,689 million, which accounted
for 42.6% of the company's total revenue. This was followed by Parks and Resorts (30.5%), Studio
Entertainment (17%), Consumer Products and Interactive (9.9%). The diversified entertainment
businesses enable the company to spread its business risks. It also provides cross selling opportunities for
the company enabling it to maximize its revenue per customer.

The Walt Disney Company: Weaknesses
Overdependence on North America
Although, the company has operations across North America, Europe, Asia-pacific, and Latin America, it
still derives a majority of its revenues from a single region. In FY2016, the company generated
approximately 76.6% of its revenues from the US and Canada. Overdependence on North American
markets makes it susceptible to changes associated with the economic and political situation of the region.
Concentrated operations could also make Walt Disney uncompetitive against rivals who have globally
diversified operations.
The company has considerable unfunded pension benefit obligation. The company provides defined
benefit as well as defined contribution retirement pension systems to majority of its employees. In FY2016,
total pension obligations amounted to $12,379 million as compared to the fair value of plans assets of
$10,401million resulting into a net liability recognized in the balance sheet amounting to $4,039 million.
The unfunded status of the plans resulted in $4,079 million in FY2016.
Unfunded pension benefit obligation forces the company to make additional cash contributions toward
bridging the gap between pension obligations, which, in turn, reduces cash flow available for growth
initiatives.
The Walt Disney Company: Opportunities
Growing Global Broadcasting and Cable TV Market
The global broadcasting and cable TV market has been producing moderate growth overall and will
continue to produce strong growth through to the end of the forecast period in 2020. According to
MarketLine, the global broadcasting & cable TV market had total revenues of $420.5 billion in 2016,
representing a compound annual growth rate (CAGR) of 4% between 2011 and 2016. Furthermore, the
performance of the market is forecast to remain strong, with an anticipated CAGR of 3.7% for the 2016-
2020 periods, which is expected to drive the market to a value of $535.4 billion by the end of 2020.
Additionally, the subscription video on demand (SVOD) revenues is forecasted to increase to
approximately $1.1 billion in 2020 and pay-per-view (PPV) PPV revenues would reach $2.8 billion during
the same period. The growth is expected to be driven by proliferation of broadband access and expanding
viewership in emerging markets. The online video market in the US is projected to witness significant
growth primarily driven by the increased options for viewing videos among online consumers.
Walt Disney distributes programming through its network-branded websites and licenses programming for
distribution through online video distributors. In addition, the company has an equity interest of
approximately 33% in Hulu, an online video service that offers video content from Walt Disney's
businesses. Hulu's other two stakeholders include 21st Century Fox and NBCUniversal. Growing end
market and the company's increasing focus will provide it an opportunity to expand its market share and
revenues in the coming years.
Strong Outlook for the Global Leisure Attractions Market
The global leisure attractions sector has been growing strongly in recent years and the market is expected

to record double digits growth within the forecast period. According to MarketLine, the global leisure
attractions sector generated total revenues of approximately $104.6 billion in 2015, representing a CAGR
of 7.7% between 2011 and 2015. Moreover, the US leisure attractions sector is generated total revenues
of $37.9 billion in 2015, at a CAGR of 8.9% between 2011 and 2015. Furthermore, the performance of the
sector is forecast to accelerate, with an anticipated CAGR of 10% for the 2015-2020 periods, which is
expected to drive the sector to a value of $168.2 billion by the end of 2020. Moreover, the US leisure
attractions market is expected to grow at a CAGR of 7.9% for the 2015-2020 periods to $55.5 billion by the
end of 2020.
The company is well positioned to benefit from the robust outlook for the end markets. Walt Disney is on
the leading providers of leisure attractions. The companys Parks and Resorts business segment owns
and operates the Walt Disney World Resort in Florida; the Disneyland Resort in California; Aulani, a
Disney Resort and Spa in Hawaii; the Disney Vacation Club; the Disney Cruise Line; and Adventures by
Disney. In addition, the company manages and has ownership interests of 81% in Disneyland Paris, 47%
in Hong Kong Disneyland Resort and 43% in Shanghai Disney Resort. Thus, the strong outlook for the
global leisure attractions market provides incremental growth opportunities in the medium to long term.
Growing Global Movies and Entertainment Market
The global movies & entertainment market has seen fluctuating growth rates in recent years. Growth is
expected to accelerate slightly throughout the forecast period to 2020. According to MarketLine, The
global movies & entertainment market had total revenues of $78,850.8 million in 2015, representing a
CAGR of 2.5% between 2011 and 2015. Furthermore, the performance of the market is forecast to
accelerate, with an anticipated CAGR of 3.4% for the 2015-2020 periods, which is expected to drive the
market to a value of $93,321.5 million by the end of 2020.
The company's Studio Entertainment Business segment produces and acquires live-action and animated
motion pictures, direct-to-video content, musical recordings and live stage plays. Walt Disney distributes
films primarily under the Walt Disney Pictures, Pixar, Marvel, Touchstone and Lucasfilm banners. The
company produces and distributes Indian movies worldwide through its UTV banner. As of October 1,
2016, the company released domestically approximately 1,000 full-length live-action features and 100 full-
length animated features. Thus, the company is well positioned to capitalize on the growing global movies
& entertainment market to enhance its topline performance.
The Walt Disney Company: Threats
Intense Competition
The company operates in highly competitive markets. Walt Disney's Media Network business competes
for viewers primarily with other TV and cable networks, independent TV stations and other media, such as
online video services and video games. Its TV and radio stations primarily compete for audiences and
advertisers in individual market areas. The growth in the number of networks distributed Multi-channel
Video Programming Distributors (MVPDs) resulted in increased competitive pressures for advertising
revenues for both the company's broadcasting and cable networks. The company's cable networks also
faces competition from other cable networks for carriage by MVPDs. In addition, the media network
business competes for the acquisition of sports and other programming. The market for programming is
competitive, particularly for live sports programming. Moreover, its internet web sites and digital products
compete with other web sites and entertainment products in their respective categories.

Similarly, Walt Disney's Theme Parks and Resorts as well as Disney Cruise Line and Disney Vacation
Club compete with other forms of entertainment, lodging, tourism and recreational activities. The Studio
Entertainment businesses compete with all forms of entertainment. A number of companies produce
and/or distribute theatrical and television films, exploit products in the home entertainment market, provide
pay television programming services, produce music and sponsor live theater. The company also
competes to obtain creative and performing talents, story properties, advertiser support and broadcast
rights which crucial for the Studio Entertainment business.
In the Consumer Products and Interactive Media segment, Walt Disney's merchandise licensing,
publishing and retail business compete with other licensors, publishers and retailers of character, brand
and celebrity names. The companys game business competes primarily with other publishers of game
software and other types of home entertainment. The company's key competitors include CBS
Corporation, Comcast Corporation, DreamWorks Animation SKG, Lions Gate Entertainment, Marriott
International, Starwood Hotels & Resorts Worldwide, Time Warner, Twenty-First Century Fox and Viacom.
Competition in each of these areas may divert consumers from the company's services, which could
impact its revenues and market share.
Increasing Piracy Could Impact Revenues
Piracy of motion pictures, television programming, and video content poses significant challenges to
several of the company's businesses. Technological advances allowing the unauthorized dissemination of
motion pictures, television programming and other content in unprotected digital formats, including through
the internet, increases the threat of piracy. Such technological advances make it easier to create, transmit
and distribute high quality unauthorized copies of such content. Piracy may affect the company's revenues
as it may impact the sale of the DVD's. The company develops and maintains systems in an effort to
prevent intrusion, tampering and theft which increases the cost of development and maintenance.
The proliferation piracy and loss of information will impair the companys business and may lose profitable
opportunities or the value may diminish and it loses the revenue because of unlicensed use of its
intellectual property. In addition, developments in software or devices that circumvent encryption
technology increase the threat of unauthorized use and distribution of digital broadcast satellite
programming signals.
Changing Consumer Tastes and Preferences
The changing consumer tastes and preferences play a major role in the sustainability of the company's
business. The company offers entertainment, travel or consumer products whose success depends
substantially on consumer tastes and preferences that change in often unpredictable ways. In order to
remain competent the company should consistently create and distribute filmed entertainment, broadcast
and cable programming, online material, electronic games, theme park attractions, hotels and other resort
facilities and travel experiences and consumer products that meet the changing preferences of the broad
consumer market. The company should also respond to competition from an expanding array of choices
facilitated by technological developments in the delivery of content. Furthermore the company also derives

substantial revenues from outside the US. This requires the company to understand and adapt to the local
preferences and tastes of consumers.
Moreover, the company must often invest substantial amounts in film production, broadcast and cable
programming, electronic games, theme park attractions, cruise ships or hotels and other resort facilities
with regard to customer acceptance. If its entertainment offerings and products do not achieve sufficient
consumer acceptance, the revenue from advertising sales or subscription fees for broadcast and cable
programming and online services, from theatrical film receipts or home video or electronic game sales,
from theme park admissions, hotel room charges and merchandise, food and beverage sales, from sales
of licensed consumer products or from sales of the company's other consumer products and services may
decline or fail to grow affecting the investment decisions and the profitability. The changing consumer
preferences may adversely affect the company's financial condition in the coming years.

THE WALT DISNEY COMPANY: CORPORATE FINANCIAL DEALS ACTIVITY
The Walt Disney Company: Financial Deals Overview
Figure 1: The Walt Disney Company: Deal Activity by Figure 2: The Walt Disney Company: M&A Activity by
Deal Type - Volume (TTM*) Geography (TTM*)
SOURCE: MARKETLINE SOURCE: MARKETLINE
Table 5: The Walt Disney Company: Deal Activity by Table 6: The Walt Disney Company: M&A Activity by
Deal Type - Volume (TTM*) Geography (TTM*)
Deal Type Deal Volume Geography Deal Volume
Acquisition 2 Asia-Pacific -
Partnership - Europe 1
Corporate Venturing - Middle East and Africa -
Capital Raising - North America 1
Divestments - South and Central

-
America
Private Equity -
SOURCE: MARKETLINE
SOURCE: MARKETLINE

Figure 3: The Walt Disney Company: Deal Activity by Figure 4: The Walt Disney Company: M&A Average
Deal Type - Volume (2013 - YTD*2017) Deal Size - Value (US$m)
Table 7: The Walt Disney Company: Deal Activity by Table 8: The Walt Disney Company: M&A Average
Deal Type - Volume (2013 - YTD*2017) Deal Size - Value (US$m)
Deal Type 2013 2014 2015 2016 2017 Average Deal

Year Deal Volume
Size (US$m)
ACQ - 1 - 1 1
2013 - -
CR - - - - -
2014 1 950
CV - 1 4 3 -
2015 - -
DIV - - - - -
2016 1 1,000
P'SHIP 1 - 2 - -
2017 1 151
PE - - - - -
SOURCE: MARKETLINE
Total 1 2 6 4 1
SOURCE: MARKETLINE
*ACQ = Acquisition; CR = Capital Raising; CV = Corporate Venturing; DIV = Divestment; P'SHIP = Partnership; PE =Private
Equity & Ownership

The Walt Disney Company: Targets and Partners
Table 9: The Walt Disney Company: Targets and Partners
The Walt Disney

Deal Value Deal Date
Company-Target/Partner Deal Headline Deal Type (US$m)
(Country)
Euro Disney S.C.A. Walt Disney acquires additional 9% stake in Feb 10,
Acquisition 151
(France) Euro Disney 2017
Aug 09,
BAMTech (United States) Walt Disney to acquire 33% stake in BAMTech Acquisition 1,000
2016
Venture Mar 31,

PlayBuzz (Israel) Playbuzz secures $15 million in funding 15
Financing 2016
Atom Tickets, LLC (United Venture Feb 01,

Atom Tickets secures Series B financing -
States) Financing 2016
StatMuse Inc. (United StatMuse secures $10 million in Series A round Venture Jan 27,
10
States) of funding Financing 2016
Alibaba Group Holding Alibaba Group signs licensing agreement with Dec 15,
Partnership -
Limited (China) Walt Disney Company 2015
Vice Media, Inc. (United VICE Media secures additional $200 million Private Dec 09,
200
States) funding from Walt Disney Placement 2015
Little Star Media, Inc. Little Star Media (Littlstar) secures $0.75 million Venture Dec 03,
1
(United States) in seed funding Financing 2015
Venture Sep 21,

Jaunt Inc. (United States) Jaunt secures $65 million in Series C funding 65
Financing 2015
Apr 28,
Kudelski SA (Switzerland) Kudelski partners with Walt Disney Partnership -
2015
DraftKings Inc. (United Private Apr 03,

Walt Disney to invest $250 million in DraftKings 250
States) Placement 2015
Plumzi, Inc. (United Venture Dec 03,

Plumzi secures funding -
States) Financing 2014
Maker Studios, Inc. Mar 24,

Walt Disney to acquire Maker Studios Acquisition 950
(United States) 2014
Electronic Arts Inc. (United Walt Disney signs licensing agreement with May 06,
Partnership -
States) Electronic Arts 2013
SOURCE:MARKETLINE

The Walt Disney Company: Top Deals 2013 - 2017YTD*
Table 10: The Walt Disney Company: Top Deals 2013 - 2017YTD*
Target/Partner Deal Value

Deal Headline Deal Date Deal Status Deal Type (US$m)
(Country)
Euro Disney S.C.A. Walt Disney acquires additional

10 Feb 2017 Completed Acquisition 151
(France) 9% stake in Euro Disney
BAMTech (United Walt Disney to acquire 33% stake

09 Aug 2016 Announced Acquisition 1,000
States) in BAMTech
Playbuzz secures $15 million in Venture

PlayBuzz (Israel) 31 Mar 2016 Completed 15
funding Financing
Atom Tickets, LLC Atom Tickets secures Series B Venture

01 Feb 2016 Completed -
(United States) financing Financing
StatMuse Inc. (United StatMuse secures $10 million in Venture

27 Jan 2016 Completed 10
States) Series A round of funding Financing
VICE Media secures additional

Vice Media, Inc. Private
$200 million funding from Walt 09 Dec 2015 Completed 200
(United States) Placement
Disney
Little Star Media, Inc. Little Star Media (Littlstar) secures Venture
03 Dec 2015 Completed 1
(United States) $0.75 million in seed funding Financing
Jaunt Inc. (United Jaunt secures $65 million in Series Venture

21 Sep 2015 Completed 65
States) C funding Financing
DraftKings Inc. Walt Disney to invest $250 million Private

03 Apr 2015 Announced 250
(United States) in DraftKings Placement
Maker Studios, Inc. Walt Disney to acquire Maker

24 Mar 2014 Announced Acquisition 950
(United States) Studios
SOURCE:MARKETLINE

The Walt Disney Company: Advisors
The Walt Disney Company: Top Legal Advisors
Table 11: The Walt Disney Company: Legal Advisor Ranking by Value (US$m)
Company Name Deal Volume Deal Value (US$m)
Latham & Watkins LLP 2 950
SOURCE:MARKETLINE

The Walt Disney Company: Mergers and Acquisitions
Figure 5: The Walt Disney Company: M&A Volume Figure 6: The Walt Disney Company: M&A Activity by
and Value Trend (2013 - YTD*2017) Geography (2013 - YTD*2017)
Table 12: The Walt Disney Company: M&A Volume Table 13: The Walt Disney Company: M&A Activity by
and Value Trend (2013 - YTD*2017) Geography (2013 - YTD*2017)
Deal Value Geography Deal Volume

Year Deal Volume
(US$m)
Asia-Pacific -
2013 - -
Europe 1
2014 1 950
Middle East and Africa -
2015 - -
North America 2
2016 1 1,000
South and Central
2017 1 151 -
America
SOURCE: MARKETLINE
SOURCE: MARKETLINE

The Walt Disney Company: Corporate Venturing
Figure 7: The Walt Disney Company: Corporate Figure 8: The Walt Disney Company: Corporate
Venturing Volume and Value Trend (2013 - YTD*2017) Venturing by Geography (2013 - YTD*2017)
Table 14: The Walt Disney Company: Corporate Table 15: The Walt Disney Company: Corporate
Venturing Volume and Value Trend (2013 - YTD*2017) Venturing by Geography (2013 - YTD*2017)
Deal Value Geography Deal Volume

Year Deal Volume
(US$m)
Asia-Pacific -
2013 - -
Europe -
2014 1 -
Middle East and Africa 1
2015 4 516
North America 7
2016 3 25
South and Central
2017 - - -
America
SOURCE: MARKETLINE
SOURCE: MARKETLINE

The Walt Disney Company: Partnership
Figure 9: The Walt Disney Company: Partnership Figure 10: The Walt Disney Company: Partnership
Volume and Value Trend (2013 - YTD*2017) Trend by Deal Type (2013 - YTD*2017)
Table 16: The Walt Disney Company: Partnership Table 17: The Walt Disney Company: Partnership
Volume and Value Trend (2013 - YTD*2017) Trend by Deal Type (2013 - YTD*2017)
Deal Value Deal Type Deal Volume

Year Deal Volume
(US$m)
Licensing Agreement 3
2013 1 -
SOURCE: MARKETLINE
2014 - -
2015 2 -
2016 - -
2017 - -
SOURCE: MARKETLINE

THE WALT DISNEY COMPANY: RECENT DEVELOPMENTS
The Walt Disney Company: News and Events Summary
Table 18: The Walt Disney Company: News and Events Summary
Date Headline Category
Massive Gas Supply Project Could Be Running In Cork Harbour By

Strategy and
2019
Operations;Strategy
and Operations--
Jul 23, 2017 A major gas supply project costing hundreds of millions of euro could be
>Customer;Strategy
operational in Cork Harbour by the end of 2019. An American company
and Operations--
and the Port of Cork are to outline their plans to officials from the
>Others
Departments of the Marine and Energy, Bord Ga...
Tesco and Disney launch new sleeve format for Beauty and the
Beast DVD
Business Expansion--
Jul 18, 2017 >Products/ brands
Tesco has introduced a new limited edition DVD and Blu-ray collection
launch
for Disneys recent blockbuster film, Beauty and the Beast, in more than
400 stores across the UK.
Walt Disney Parks and Resorts announces new experiences

planned for parks and resorts Strategy and
Jul 15, 2017 Operations--
Walt Disney Parks and Resorts has announced a lineup of new >Strategy
attractions and experiences coming to Disney parks around the globe.
Strategy and
Operations;Strategy
Walt Disney introduces 2017 Disney Accelerator
and Operations--
Jul 11, 2017
>Customer;Strategy
The Walt Disney Company has introduced the 2017 Disney Accelerator.
and Operations--
>Others
The Walt Disney Company launch new mobile ordering system

Jul 10, 2017 The Walt Disney Company said that, opening of Pandora The World >Products/ brands
of Avatar at Disneys Animal Kingdom saw the launch new mobile launch
ordering system for Walt Disney World restaurants
Disney rolls out Cars 3 merchandise

May 31, 2017 >Products/ brands
Disney has debuted a line-up of new merchandise inspired by the
launch
upcoming animation, Cars 3.
The Walt Disney reports Q2 and six months earnings for fiscal
2017 Financial
May 9, 2017
Performance
The Walt Disney Company reported quarterly earnings for its second

fiscal quarter ended April 1, 2017.
Walt Disney Company Q2 net income increases
The Walt Disney Company has reported that net income attributable to Financial
May 9, 2017
company for the second quarter ended April 1, 2017 was $2.39 billion, Performance
or $1.50 per diluted share, compared to $2.14 billion, or $1.30 per
diluted share, for the same quarter ended April 2, 2016.
Walt Disney appoints new country managers for PHL, Indonesia,

Corporate
Thailand
Governance--
May 3, 2017
>Management
The Walt Disney Company South East Asia said it has appointed
change
Veronica Espinosa-Cabalinan as Philippine manager.
Strategy and
Walt Disney World hiring 1,000 workers
Operations--
Apr 11, 2017
>Staff;Business
Walt Disney World will hire more than 1,000 employees this spring.
Expansion-->Staff
Corporate
News Corp CTO Alisa Bowen joins Disney
Governance-->Board
changes;Corporate
Mar 8, 2017 Ms Bowen has been appointed senior vice president of Digital Media
Governance--
with The Walt Disney Company International, based in the United
>Management
States.
change
Disney cuts about 80 jobs in digital media unit that includes Maker
Studios
Red
Feb 23, 2017 Flags/DistressSignals
Walt Disney Co. is laying off about 80 employees in its digital media unit
-->Downsizing
that includes Maker Studios, according to a person at the company not
authorized to comment publicly.
Disneys Maker Studios facing more layoffs

Red
Feb 15, 2017 Flags/DistressSignals
Maker Studios is headed for another round of layoffs as the Disney
-->Downsizing
division realigns its priorities.
Disney India cuts down on 90 staff members

Red
Jan 11, 2017 Flags/DistressSignals
As part of recalibration and revaluation of their operations in the Indian
-->Downsizing
market, Disney India has cut down on 90 people from its workforce.
Disney's magical new Avatar theme park is set to open

>Others;Strategy and
Jan 2, 2017 Disney World has confirmed its latest mystical attraction The World of
Operations--
Avatar.The theme park based on the luminesce world of Pandora is
>Geography
set to open its doors in summer 2017.
Shanghai Disney Resort to open retails stores at Hongqiao airport Business Expansion--
Nov 28, 2016 >Others;Strategy and
Shanghai Disney Resort will open two new retail stores at Hongqiao Operations--

International Airport in the spring of 2017, the resort announced. >Geography
Contracts;Strategy
and Operations--
>Manufacturing and
Supply;Contracts--
>Supply
contracts;Contracts--
>Commercialization
and distribution
contracts (incl.
franchises);Contracts
-->Others;Contracts--
>Power Purchase
Agreement signed for Hong Kong Disneyland expansion
Agreement;Contracts
Nov 24, 2016 -->Engineering and
Walt Disney Company has signed an agreement with the Hong Kong
Development
government to expand and develop its resort in Hong Kong.
Contracts;Contracts--
>Engineering and
Development
Contracts--
>Engineering,
Procurement and
Construction
(EPC);Contracts--
>Engineering and
Development
Contracts--
>Development
Disney says Avatar land to open in summer of 2017 Business Expansion--

>Others;Strategy and
Nov 21, 2016
Disney announces a summer 2017 opening time frame for Pandora - Operations--
The World of Avatar. >Geography
The Walt Disney reports Q4 and full year earnings for fiscal 2016
Financial
Nov 10, 2016
The Walt Disney Company reported earnings for its fourth quarter and Performance
fiscal year ended October 1, 2016.
Nov 10, 2016
company for the fourth quarter ended October 1, 2016 was $1.77 billion, Performance
diluted share, for the same quarter ended October 3, 2015.
SOURCE: MARKETLINE
The Walt Disney Company: Business Expansion
Table 19: The Walt Disney Company: Business Expansion

Publication Date Headline Category
Tesco and Disney launch new sleeve format for Beauty and the
Beast DVD
Products/ brands
Jul 18, 2017
Tesco has introduced a new limited edition DVD and Blu-ray collection launch
for Disneys recent blockbuster film, Beauty and the Beast, in more than
400 stores across the UK.
The Walt Disney Company launch new mobile ordering system
Products/ brands
Jul 10, 2017 The Walt Disney Company said that, opening of Pandora The World
launch
of Avatar at Disneys Animal Kingdom saw the launch new mobile
ordering system for Walt Disney World restaurants
Disney rolls out Cars 3 merchandise

Products/ brands
May 31, 2017
Disney has debuted a line-up of new merchandise inspired by the launch
upcoming animation, Cars 3.

Apr 11, 2017 Staff
SOURCE: MARKETLINE
The Walt Disney Company: Corporate Governance
Table 20: The Walt Disney Company: Corporate Governance
Walt Disney appoints new country managers for PHL, Indonesia,

Thailand
May 3, 2017 Management change
The Walt Disney Company South East Asia said it has appointed
Veronica Espinosa-Cabalinan as Philippine manager.
Mar 8, 2017 Ms Bowen has been appointed senior vice president of Digital Media Board changes
States.
Mar 8, 2017 Ms Bowen has been appointed senior vice president of Digital Media Management change
States.
SOURCE: MARKETLINE

The Walt Disney Company: Financial Performance
Table 21: The Walt Disney Company: Financial Performance
The Walt Disney reports Q2 and six months earnings for fiscal
2017
Financial
May 9, 2017
Performance
The Walt Disney Company reported quarterly earnings for its second
fiscal quarter ended April 1, 2017.
May 9, 2017
company for the second quarter ended April 1, 2017 was $2.39 billion, Performance
diluted share, for the same quarter ended April 2, 2016.
SOURCE: MARKETLINE
The Walt Disney Company: Red Flags/DistressSignals
Table 22: The Walt Disney Company: Red Flags/DistressSignals
Disney cuts about 80 jobs in digital media unit that includes Maker
Studios
Feb 23, 2017 Downsizing

Walt Disney Co. is laying off about 80 employees in its digital media unit
that includes Maker Studios, according to a person at the company not
authorized to comment publicly.
Disneys Maker Studios facing more layoffs
Feb 15, 2017 Downsizing

Maker Studios is headed for another round of layoffs as the Disney
division realigns its priorities.
Disney India cuts down on 90 staff members
Jan 11, 2017 Downsizing

As part of recalibration and revaluation of their operations in the Indian
market, Disney India has cut down on 90 people from its workforce.
SOURCE: MARKETLINE
The Walt Disney Company: Strategy and Operations

Table 23: The Walt Disney Company: Strategy and Operations

2019
Jul 23, 2017 A major gas supply project costing hundreds of millions of euro could be Customer

2019
Jul 23, 2017 A major gas supply project costing hundreds of millions of euro could be Others

2019
Strategy and
Jul 23, 2017 A major gas supply project costing hundreds of millions of euro could be
Operations
Walt Disney Parks and Resorts announces new experiences

planned for parks and resorts
Jul 15, 2017 Strategy
Walt Disney Parks and Resorts has announced a lineup of new
attractions and experiences coming to Disney parks around the globe.

Jul 11, 2017 Customer

Jul 11, 2017 Others

Strategy and
Jul 11, 2017
Operations

Apr 11, 2017 Staff
SOURCE: MARKETLINE


APPENDIX
APPENDIX
Contact Us
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you have further requirements/feedback please contact us at: assistme@marketline.com
For further information on MarketLine and our range of business information services please visit
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Methodology
MarketLine company reports are prepared under an established and tested methodology, which ensures proper
checks and controls to capture and validate the quality and accuracy of data. The information is primarily sourced
through:
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Company websites
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Media releases
Investors presentations
MarketLine proprietary databases
Notes
*YTD (Year To Date) The period beginning January 1st of the current year up until today's date.
*TTM (Trailing Twelve Months) The timeframe of the past 12 months.

APPENDIX
About MarketLine
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companies, industries and countries across the world. No other business information company comes close to
matching our sheer breadth of coverage.
For further information please visit http://www.marketline.com

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The Walt Disney

REFERENCE CODE: 34B107EE-1DDF-422A-9DCD-8A619C89E801

Reference Code : 34B107EE-1DDF-422A-9DCD-8A619C89E801 Publication Date: August 2017

The Walt Disney Company Phone: 1 818 5601000

500 South Buena Vista Street Website: www.thewaltdisneycompany.com

Extensive Customer Reach of Walt Disney's Cable Overdependence on North America

Growing Global Broadcasting and Cable TV Market Intense Competition

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 2

Employee Name Job Title Board

Robert A. Iger Chairman-and Chief Executive Officer Executive Board

Executive Vice President-General

Alan F. Horn Chairman of The Walt Disney Studios Senior Management

Alan Horn Chairman of The Walt Disney Studios Senior Management

Financial Deals Activity Overview

Walt Disney to acquire 33% stake in

31 Mar 2016 Playbuzz secures $15 million in funding

Atom Tickets secures Series B

StatMuse secures $10 million in Series

Date Headline Category

Strategy and Operations;Strategy and

Walt Disney Parks and Resorts announces new

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 3

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 4

Company Snapshot __________________________________________________________________ 2

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 5

The Walt Disney Company: Business Expansion _____________________________________ 50

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 6

Table 1: The Walt Disney Company: Key Facts ..................................................................................................................... 9

Table 2: The Walt Disney Company: Key Employees ......................................................................................................... 10

Table 3: The Walt Disney Company: Locations and Subsidiaries ..................................................................................... 29

Table 4: The Walt Disney Company: Key Competitors ....................................................................................................... 30

Table 9: The Walt Disney Company: Targets and Partners ................................................................................................ 42

Table 19: The Walt Disney Company: Business Expansion ............................................................................................... 50

Table 20: The Walt Disney Company: Corporate Governance ........................................................................................... 51

Table 21: The Walt Disney Company: Financial Performance ............................................................................................ 52

Table 22: The Walt Disney Company: Red Flags/DistressSignals ..................................................................................... 52

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 7

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 8

THE WALT DISNEY COMPANY: COMPANY OVERVIEW

The Walt Disney Company: Overview and Key Facts

The Walt Disney Company: Overview

The Walt Disney Company: Key Facts

Table 1: The Walt Disney Company: Key Facts

Corporate Address: 500 South Buena Vista Street

Country: United States

Phone: 1 818 5601000

Web Address: www.thewaltdisneycompany.com

Turnover (US$m): 55,632

Financial Year End: October

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 9

The Walt Disney Company: Key Employees

Table 2: The Walt Disney Company: Key Employees

Employee Name Job Title Board Age Since

Chairman-and Chief Executive

Executive Vice President-

Chairman of The Walt Disney

Chairman of The Walt Disney

Chairman of Walt Disney

Co-chair of Disney Media

Senior Vice President-

Chairman of Walt Disney Parks

Executive Vice President-