Oriental Land Company to Acquire The Disney Store Japan

Oriental Land Company to Acquire The Disney Store Japan
Acquisition Scheduled for Completion in April 2002

Oriental Land Co., Ltd. (OLC) of Urayasu City, Chiba Prefecture, Japan, will acquire The Disney Store Japan, it was announced today by OLC and Walt Disney International Japan (WDIJ), a wholly owned subsidiary of The Walt Disney Company.

Under the terms of the agreement, WDIJ will spin off The Disney Store Japan operation to a newly created subsidiary. OLC will acquire the shares of the new company, assume operating responsibility for The Disney Store Japan business and enter into a long-term license for The Disney Store brand in Japan. OLC will pay Disney $51 million for the new company, plus annual royalties based on retail sales. The transaction is targeted for completion in April 2002.

OLC and Disney's relationship began more than two decades ago with the development of Tokyo Disneyland, which opened to guests on April 15, 1983, and is the highest attended theme park in the world. To strengthen the Disney brand presence in the marketplace, and further meet the needs of Japanese guests, Disney and OLC also developed Tokyo DisneySea, a 100-acre theme park located next to Tokyo Disneyland that is themed to myths and legends of the sea. Tokyo DisneySea, and its associated Disney-branded hotel, the Tokyo DisneySea MiraCosta Hotel, opened to enthusiastic crowds and extensive media attention on September 4, 2001.

"Through our relationship, our two companies have achieved yet another tremendous goal," said Toshio Kagami, president of OLC. "Acquiring The Disney Store Japan provides an excellent platform for the future growth of OLC's operations and we hope to develop opportunities for synergy between The Disney Store Japan and Tokyo Disney Resort."

Said Koji Hoshino, president of WDIJ, "This new arrangement is a natural extension of the long-standing relationship between The Walt Disney Company and OLC. OLC will continue to enhance and grow The Disney Store Japan business, as well as uphold the traditions of quality merchandise and excellent guest service that have long been synonymous with the Disney name."

--Posted on September 10, 2001

Source: Disney Consumer Products Press Release