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This excerpt taken from the DIS 10-Q filed Aug 1, 2007. Radio Disposition On June 12, 2007, the Company completed the spin-off of its wholly-owned subsidiary, ABC Radio Holdings, Inc., which was then merged into a subsidiary of Citadel Broadcasting Corporation (Citadel). Prior to the spin-off, the Company consolidated its ABC Radio Business, consisting of 22 large-market radio stations and the ABC Radio Network businesses, under ABC Radio Holdings. The transaction did not include the Company’s ESPN Radio or Radio Disney network and station businesses. The results of the ABC Radio business through June 12, 2007 have been reported as discontinued operations. The Company now includes the ESPN Radio and Radio Disney network and stations businesses with Cable Networks in the Media Networks segment. Prior to the transaction, the Company’s radio businesses were included with Broadcasting in the Media Networks segment. Previously reported results have been reclassified to reflect this presentation.
21
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS—(continued)
Summarized financial information for the discontinued operations is as follows (in millions, except per share data):
This excerpt taken from the DIS 8-K filed Aug 1, 2007. Radio Disposition On June 12, 2007, the Company completed the spin-off of its ABC Radio business, which was then merged into a subsidiary of Citadel Broadcasting Corporation (Citadel). The ABC Radio business includes 22 of the Company’s owned radio stations and the ABC Radio Network. As a result of the spin-off, the operating results of the ABC Radio business will be reported as discontinued operations in the current and prior periods. The transaction did not include the Company’s ESPN Radio and Radio Disney network and station businesses. Summarized financial information for the discontinued operations is as follows (in millions, except per share data):
This excerpt taken from the DIS 10-Q filed May 9, 2006. Radio
Disposition
On February 6, 2006, the Company and Citadel Broadcasting
Corporation (Citadel) announced that their Boards of Directors
approved a definitive agreement to merge ABC Radio assets, which
include 22 radio stations and the ABC Radio Network, with
Citadel. Disney shareholders would own approximately 52% of the
new company and the Company is expecting to retain between
$1.4 billion and $1.65 billion in cash depending on
the market price of Citadel at the date of closing. ESPN Radio
and Radio Disney are not included in the transaction. The
combined transaction value of the 52% ownership interest and the
retained cash is estimated at approximately $2.7 billion.
The transaction is expected to be completed by the end of the
calendar year 2006, subject to regulatory approvals.
13
Table of Contents
THE WALT DISNEY COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited; tabular dollars in millions, except for per share
data)
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