The Disney Company is at the forefront of various financial reports as the Company's 2004 Annual Stockholders' meeting takes place in Philadelphia. Over the past few months its chairman and CEO has come under fire from former Board members, Roy E Disney and Stanley Gold. The focus has grown over the past few weeks as more and more pension funds and groups have announced their plans and recommendations to withhold votes from Eisner's reelection.

Due to the unique nature of the events in Philadelphia, we've established this page for frequent news updates from the various events. Please check back often. We will do our best to update the news as it happens.

March 3rd Annual Stockholders' Meeting Coverage
The 2004 Annual Stockholders' Meeting webcast is still available online. To access the webcast, please visit the official site (link below) until 5:00 p.m. PST on March 10th. CNBC continues to provide ongoing coverage.
Full Story

LPWire: Disney Board of Directors Separates Positions of CEO and Chairman  (General) posted: 3/3/04 6:30p
The Walt Disney Company Board of Directors, mindful of the shareholder vote today, announced that it is separating the positions of CEO and Chairman. Effective immediately, the Board created the position of Chairman of the Board. The Board has unanimously elected former Sen. George Mitchell to serve in that non-executive position.

SaveDisney: Disney Shareholders Withhold Votes  (General) posted: 3/3/04 3:10p
SaveDisney.com announced percentage of Disney Shareholders withhold votes for the various Board of Directors members that were the focus of their online campaign:
John Bryson 22.3%
Judith Estrin 22.5%
George Mitchell 24.1%
Michael Eisner 43.4%.

LP: CALPERS Calls For Eisner's Resignation  (General) posted: 3/3/04 1:52p
Noting that a stunning 43 percent of shareholder votes were withheld from Michael Eisner, the California Public Employees' Retirement System (CalPERS) today said it now believes he should step down as Chairman and Chief Executive Officer of The Walt Disney Company by year's end and urged the Disney board to begin a succession plan immediately. CalPERS is also calling on the board to end the era of a combined chairman and CEO and split the two positions to promote true independence and accountability in the future (source: CalPERS release)

CNBC: Comcast Response to Disney Shareholders Vote  (General) posted: 3/3/04 1:30p
CNBC reports Comcast response to the Disney shareholder vote, "Today's unprecedented withholding vote by Disney shareholders sends a powerful message taht Disney's board and Disney's management need to focus more on shareholder interests, consistent with this focus Disney's independent directors should immediately meet with Comcast so we can directly present our full and generous proposal and the benefits of this merger."

CBSMW: Disney Shareholders Vote 43% of shares against Eisner  (General) posted: 3/3/04 1:20p
The March 3rd CBS MarketWatch reports the preliminary results show 43 percent of the votes cast so far going against Eisner. But those votes already represent 38 percent of Disney shares.
Full Story

LP: Eisner Sums Up Presentations and Opens Floor to Questions (General) posted: 3/3/04 12:00p
Disney CEO Michael Eisner described the company's presentations as excellent and illustrations that "the company is in good hands with clear vision on strong creative path." He then opened the floor to questions.

LP: ESPN's George Bodenheimer Addresses Shareholders (General) posted: 3/3/04 11:52a
ESPN chief George Bodenheimer describes the successes of ESPN and outlines their strategies for strengthening and extending the reach of ESPN. He announced ESPN has experienced eight straight quarters of year to year total growth.

LP: ABC Cable Networks and Disney Channel Worldwide's Anne Sweeney Addresses Shareholders (General) posted: 3/3/04 11:50a
Anne Sweeney discussed the strategies in place to strengthen ABC Family. She described the Disney Channel's successful transformation as an example of showcasing Disney traditional values with what kids today want to see and highlighted the successes of Lizzie McGuire and Kim Possible as well as the newly launched JETIX.

LP: Disney Internet Group's Steve Wadsworth Addresses Shareholders (General) posted: 3/3/04 10:25a
The Disney Internet Group has seen a steady growth in revenue. Steve Wadsworth highlighted DIG's focus on utilizing wireless and broadband including Motion, which utilizes broadband technologies that allows traditional static images with video clips. Motion, developed by Disney was introduced on ESPN.com and is now featured on ABC. com, Movies.com, and Disney.com. The Disney Internet Group has also introduced ABC News on Demand which features full presentations of World News Tonight & Nightline. They also launched a streaming 24/7 news channel. Switching to the wireless platform, the Disney Internet Group is moving closer to their goal of becoming the premiere developer of wireless content. Later this year they will introduce ESPN branded wireless packages. Wadsworth concluded his remarks focusing on the Disney Internet Group committment to continuing the legacy of Disney always inventing and adopting new technology.

LP: Lloyd Braun and Susan Lyne Address Shareholders About ABC's Rebuilding Efforts (General) posted: 3/3/04 10:25a
Lloyd Braun outlines the successes and continuing hurdles to raising ABC out of fourth in primetime. Susan Lyne described the success of Extreme Makeover: Home Edition and Who Wants to Be A SuperMillionaire?. Shareholders were also treated to a preview of ABC's Kingdom Hospital which premieres tonight. Susan Lyne describes their lineup as a solid foundation. However without a megahit they have not been able to break out of their current ratings position. Lloyd Braun returned to the microphone to share the success of Touchstone Television, which currently has seven shows on television including According to Jim, My Wife & Kids and Scrubs which airs on NBC. Several Touchstone produced shows are anticipated to reach syndication.

LP: Jay Rasulo, Disney Parks and Resorts Addresses Shareholders (General) posted: 3/3/04 10:25a
Disney Parks and Resorts chief Jay Rasulo discussed recent attractions that opened at the theme parks around the world. He then highlighted their plan to strengthen the parks' performance by investing in unique entertainment, by utilizing high impact marketing, by building closer relations with guests and by entering entirely new markets. He announced the upcoming launch of the 15 month "Happiest Homecomings on Earth" Jay also discussed the various technological advancements at the parks including FastPass, Pal Mickey and various other innovations including upcoming enhancements to the web enabling more user specific options for trip planning. He concluded his remarks highlighting the strong momentum that the Parks have developed over the past few months.

LP: Andy Mooney, Disney Consumer Products Highlights Upcoming Disney Merchandise (General) posted: 3/3/04 10:25a
Disney Consumer Products' Andy Mooney discussed the popularity of Disney Princesses and Buena Vista home games Kingdom Hearts. He also highlighted the Classic Pooh line that's available at Target, the upcoming line W.I.T.C.H. as well as the 75 InspEARations, 6' tall Mickey Mouse statues that will travel the nation.

LP: Dick Cook, Disney Studios Chief Highlights Upcoming Film Projects (General) posted: 3/3/04 10:22a
Disney shareholders were offered previews of numerous upcoming feature films including Home on the Range, Ladykillers, Alamo, The Incredibles and more. They were also treated to footage not previously shown to the public from Ladder 49 and Chicken Little. He also announced Toy Story 3 in development. Dick Cook concluded his remarks calling, "creativity and imagination" their key assets.

LP: Eisner Calls Disney Co Prospects Great (General) posted: 3/3/04 9:22a
Michael Eisner calls the Disney Company prospects "great" and states the "magic is real" and that consumers realize Disney offers consistent quality in its creative product.

LP: Roy Disney's Remarks at the Disney shareholder meeting (General) posted: 3/3/04 8:52a
Roy Disney in his comments to the Disney shareholders shared his views that the Disney Company is more than just a business, that it is an authentic American Icon. He stated their mission should be to be "bringers of joy, the affirmers of the good in each of us." He highlighted storytelling as "the engine that drives the train" and explained that film work is a business, that needs to run on a sound basis, sensible and with sensitivity. He shared his concern that that company had stepped too deep into what he described as "institution think" and that such an environment does not nurture creativity but is in fact an enemy to it. In response to the Disney Company's recent ad campaigns, he stated "branding is something you do to cows" as they all look alike. Roy concluded his remarks by calling for a new management team, one that "believes in the enormously valuable legacy that's been entrusted to all of us."    

LP: Stanley Gold predicts 40% will withhold vote from Michael Eisner during his presentation at the Disney shareholder meeting (General) posted: 3/3/04 7:50a
Stanley Gold describes the anticipated 40% as "unprecendented in the annals of American business" during the Disney shareholder meeting. The SaveDisney.com campaign founded by former Board members Roy Disney and Stanley Gold were allotted 15 minutes at today's shareholders meeting.

LPWire: Roy Disney and Stanley Gold to Hold Press Briefing Follow Shareholders Meeting
Roy Disney and Stanley Gold will host a press briefing at the Loews Philadelphia Hotel, Commonwealth D Room immediately following the Disney shareholders meeting.

WashPost: Heigh-Ho or Heave-Ho? (General) posted: 3/3/04 7:23a
The March 3rd Washington Post offers a lengthy interview with Disney Chairman Michael Eisner
Full Story

DowJones: In Philadelphia, Disney Crowd Tell Eisner to Take Ride (General) posted: 3/3/04 6:46a
The March 2nd Dow Jones offers the views of those who gathered to attend the SaveDisney.com rally.
Full Story

Reuters: Comcast to Withhold Vote from Eisner (General) posted: 3/3/04 6:46a
Sources have told Reuters that Comcast Corp which owns 2 million Disney shares plans to withhold votes from Eisner's reeelection.
Full Story

Bloomberg: Prepared Comments by President and Chief Operating Officer at the Disney Company Bob Iger at Afternoon Press Conference (General) posted: 3/2/04 4:30p
Over the past few months a campaign of misinformation and distortion has been waged against us and tomorrow at our annual shareholders meeting we're going to have the opportunity to set the record straight. The fact is the Walt Disney Company is the number one family entertainment company in the world. A recent survey by Fortune magazine placed us at the top in terms of the most admired entertainment companies. We're predicting that our earnings will increase over 30 percent this year from continued operations. Our stock is up almost 60% since our last shareholders meeting a year ago and we are targeting double-digit increases from continued operations in earnings over the next three years barring any unforeseen circumstances. Our studio is breaking all records. ESPN is the number one sports brand and is certainly thriving. The Disney Channel is a thriving operation which has been extremely successful in the United States and internationally. And Consumer Products, our licensing business is improving. Our theme parks, the number one theme parks in the world are experiencing decent and gradual improvement. We have a profitable internet group, and we have great radio and television assets, radio stations, radio networks, television stations that have great margins. Most importantly, we have fantastic creativity. Creativity, that is the result of a great management team that is dedicated to delivering on shareholder value and continuing the great tradition of the Walt Disney Company. I think it's very, very important for everyone to keep this in perspective the fact of the matter is this is a venerable company one that has a wonderful legacy and one that we know will continue to grow and thrive for many years to come. Tomorrow's going to be I believe an interesting day, but its also a day that I believe gives us an opportunity to prove to everyone that the statements that have been made about us and the campaign that has been waged as I said in the beginning is indeed distorted and one that is ripe with misinformation.

Following the press conference, Bob Iger took several media questions. Click here to listen to the entire conference.

CNBC: Comments by Bob Iger at Afternoon Press Conference  (General) posted: 3/2/04 4:00p
CNBC during their program, "Bullseye" offered a brief clip from Bob Iger's afternoon press conference, where he stated, "I think there's a lot of misinformation out there. I think first and foremost is the fact that we've lost a lot of talented people, the fact of the matter is the Walt Disney Company is a very strong management team. And anyone that asserts that great talent has left the Company is doing a great disservice to the people who are still at the Company and showing a considerable amount of disrespect."

LP: Disney Employee Sends Email Suggesting Participation in CNBC Poll (General) posted: 3/2/04 2:30p
Stanley Gold in a story reported by Jerry Cobb of CNBC highlighted an email sent out by Chris Curtin, reportedly a VP of Synergy at the Disney Company to fellow employees seeking their vote in an ongoing CNBC Power Poll.
Full Story    Discuss this Headline on the Discussion Boards

CBSMW: Tension rises as Disney annual meeting looms (General) posted: 3/2/04 2:30p
Russ Britt of CBS MarketWatch offers highlights from the news conference held by Roy Disney and Stanley Gold.
Full Story    View related articles    Discuss this Headline on the Discussion Boards

OCReg: Show (down) time (General) posted: 3/2/04 2:30p
The March 2nd Orange County Register sets the stage for tomorrow's Disney shareholders meeting.
Full Story    Discuss this Headline on the Discussion Boards

DowJones: Ex-Disney Directors Rally Investors Against Eisner (General) posted: 3/2/04 2:30p
The March 2nd Dow Jones offers comments from the SaveDisney.com press conference held this morning in Philadelphia.
Full Story    View related articles    Discuss this Headline on the Discussion Boards

OrlSen: Who's who on Disney board (General) posted: 3/1/04 2:30p
The March 1st Orlando Sentinel offers brief bios of Disney's Board of Directors.
Full Story    Discuss this Headline on the Discussion Boards