Disney Speaker: Bob Igercdn.media.ir.thewaltdisneycompany.com/2009/events/...production, a series of other films, Tron, which we're bringing back and Alice in Wonderland that Johnny

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Deutsche Bank Media and Telecommunications Conference

MARCH 3 2009

Disney Speaker

Bob Iger President and Chief Executive Officer

The Walt Disney Company

P R E S E N T A T I O N

Doug Mitchelson ndash Analyst Deutsche Bank

All right So we are ready to get started with our keynote dinner Very pleased to have with us the Chief Executive Officer of The Walt Disney Company Bob Iger Thank you very much for coming Bob Bob Iger ndash President and Chief Executive Officer The Walt Disney Company

Thanks Doug

Deutsche Bank Securities Inc Media and Telecom Conference

March 3 2009

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So look obviously a difficult environment and environments like this have caused a lot of companies to rethink their strategies rethink their outlooks Can you give us what your updated vision is for The Walt Disney Company given this environment Bob Iger ndash President and Chief Executive Officer The Walt Disney Company

Well we havent had to rethink our strategy Although in this environment I think its fair to say that other than sacrificing quality and integrity everythings on the table But in our case we see ourselves as a company focused on delivering long-term shareholder value by creating high-quality branded - very important - branded content thats leveragable over most of our businesses in most territories of the world on virtually every platform technologically that exists over a long period of time And most of that obviously stems from the investment in brands - the focused investment in brands like Disney and ABC and ESPN - that have the ability to actually create real value over long periods of time over territories over platforms Doug Mitchelson ndash Analyst Deutsche Bank

So when you think about I mean not just this situation but media trends in general what are the challenges to achieving this vision Bob Iger ndash President and Chief Executive Officer The Walt Disney Company

Well first of all we take a long-term perspective versus a short-term Thats not to say were ignoring whats going on day-to-day ndash you cant do that obviously -- but we tend to look at sort of the three-to-five year timetable -- the time horizon in terms of the impact of our strategies and how were running the businesses That said I think the biggest challenge for us always is creativity We thrive on great creativity and the brand umbrella - whether its ESPN or Disney - gives you a little bit of room creates an environment thats a little more forgiving perhaps than the typical environment But without creativity you suffer from a loss of value And I probably spend well certainly more than 50 of my time really working to not only exhort people to drive higher levels of creativity and more success but making sure that its


March 3 2009

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considered the number one value of the company in terms of what we expect from our executives Doug Mitchelson ndash Analyst Deutsche Bank

So if you think about creativity one of the concerns out there right now is that the companys at a bit of a creative lull if you will Now do you sort of agree with that sentiment and where do you think creativitys headed for the company Bob Iger ndash President and Chief Executive Officer The Walt Disney Company

I dont agree with that sentiment but I have been around long enough in our businesses - whether its Disney or ABC - to know that there are good years and there are tough years and fortunately for us not all businesses have bad years at the same time Although we did have a couple of years when all of our businesses had great years at the same time As I said I tend to look ahead Maybe the Studios the best example because there seems to be some focus on that from a creative perspective But weve got a great Pixar movie coming out this summer called Up a really good Disney animated film first African-American princess Princess and the Frog later in the year Bob Zemeckiss first film for us which is A Christmas Carol we have sequels to Cars Toy Story and Pirates in production a series of other films Tron which were bringing back and Alice in Wonderland that Johnny Depp is in So when I look at the Studio as a for instance I try not to look at a quarter or even a year I look at a period of a fairly longer period of time The Disney Channel has been on a roll for a long time and continues to be A new series coming on the air in a couple weeks Jonas Brothers and another strong series that just went on starring Demi Lovato called Sonny with a Chance doing quite well I look at television ABC obviously had a string of great hits in Lost Desperate Housewives Greys Anatomy Dancing with the Stars They have not developed shows of that caliber from a success perspective in the last few years but thats not to say there havent been others that have come up that have done fairly well and I know that eventually they will come I cant tell you whether its going to be next quarter or next year but well see them again


March 3 2009

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So I think as I look at the company we have a lot of creative engines and the ability to create a lot of high-quality content and a lot of value both in the United States and outside the US and I have real confidence in the companys ability to generate shareholder value or bottom line value from creativity Doug Mitchelson ndash Analyst Deutsche Bank

So lets talk a little bit about secular change On the last conference call you talked about competition for consumers time and abundance of choice When you think about your various businesses how do you think that theyre positioned relative to secular versus cyclical Bob Iger ndash President and Chief Executive Officer The Walt Disney Company

Well I think I obviously made a little news I guess when I referenced the fact that I thought we saw the potential of secular change in the home entertainment space or the home video space And I think its important for me to say that I dont intend to get in to a debate with the rest of the industry on whether secular or cyclical change is going on But we take a fairly analytical -- we create a fairly analytical perspective on whats going on in our various marketplaces and Im blessed with a great team that is not only analytical but theyre good solid realists This is not a team that puts their heads in the sand under any circumstances And as we look at the world we see some pretty interesting trends that we feel if were going to take a longer term view on how were going to run this company we have to be mindful of And I can name many of them Well start with competition that affects all entities at our company in the entertainment space There is significant growth in competition for peoples time in particular for peoples time in an entertainment way and while we occupy a lot of that space by moving content to different platforms -- in effect competing with ourselves -- weve seen that digital technology has helped enable -- or has enabled new entrance into the marketplace And so lets just define what we call entertainment Entertainment today is not just going to the movies watching a TV show listening to a song or popping a DVD in a player Entertainment is social networking and that form of interaction obviously a plethora of not just games on a game platform but casual games that are free on the Internet


March 3 2009

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Entertainment is what we create ourselves mash-ups and home videos -- and I put home videos on the air in 1989 at ABC by the way and little did I know I was seeing the beginning of a huge secular trend Today weve seen an explosion in what Ill call personal-created entertainment It not only entertains the person who creates it while theyre creating it but it entertains others Watch YouTube and youll see countless examples of that So weve seen huge growth in entertainment competition Weve also seen a pretty dramatic shift in how people consume entertainment The computer and the mobile device are media devices today Now Ill sort of -- this is very relevant but we did a study and we asked people this question ldquoIs your computer more of an entertainment device than your TVrdquo Millenials those young puppies from -- whatever they are -- 13 to 24 80 of them said ldquoyesrdquo Gen X - well call them the 25 to 41 year old -- 74 said ldquoyesrdquo Baby Boomers - of which I am blessed to still be one -even 45 to - 40-something to 60hellip Doug Mitchelson ndash Analyst Deutsche Bank

Still booming Bob Iger ndash President and Chief Executive Officer The Walt Disney Company

64 of Baby Boomers answered that question ldquoyesrdquo They believe that their computer is more of an entertainment device than the TV So again Im not debating the rest of the industry but from our perspective the computer is a very very important place to entertain people and if we dont occupy space on that platform others will and well be further marginalized So again big change in consumer behavior We also think from a secular perspective that piracy is increasing This is particularly relevant obviously to the music business but also to the movie business when it comes to selling home video And The Walt Disney Company is going to try really hard not to follow the path that the music industry followed and that means that we have to be mindful of change we have to be mindful of price-to-value relationships that were offering and where that comes in to play is very very interesting We have to be mindful of margins but to an extent and Ill give you one example of that


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Theres a pretty big debate about how moving video content into a VOD or rental model is margin destructive and revenue destructive So not only are margins per sale going to go down but the total revenue we may reap from that business is going to go down compared to the business that were used to But what people arent realizing is that the business that were used to may be over and the business that were going to see may be quite different So when it comes to piracy are we better off with a lower price point if we moved content faster -- maybe cheaper too -- and in more convenient ways to a consumer than if we get nothing for it if they steal it Now the music industry made a decision a long time ago that they were going to try to hold pricing on the sort of multi-song CD and not move content cheaply one song at a time or a la carte or whatever to new technology platforms And I would argue that they had a better ability to monetize the new platform Even though it didnt feel right to them I think they were comparing it to what was and not what was going to come And so again Im raising this because when we think of secular change its not just competition and changing consumer behavior itrsquos things like piracy We also believe that theres still confusion out there about what digital technology is and high-def and as it relates to home video and Blu-Ray and what Blu-Ray is And that I think contributes a little bit to the hesitancy that you see in the marketplace to buy the new -- basically to buy the new formats even though the format is very compelling So from our perspective were definitely seeing in terms of media consumption and entertainment secular change and were taking a number of steps to contend with that I would argue - since you asked me to look at it from business to business we have a lot of businesses it would take too long But I would argue on the advertising side that were probably seeing less secular change than many people predicted and were seeing much more profound cyclical change And there Im not suggesting there isnt any change going on in advertising but businesses that need to sell product to people or to other businesses have to figure out efficient and effective ways to market that product -- to sell that product in the marketplace And advertising has proven over generations to be a very effective way to do that And while the form of advertising may change from time to time advertising is not going away at all and Id argue that actually its probably gone away or going away less in a traditional sense than a lot of people predicted Weve seen huge growth obviously in search advertising but other than that -- which Id consider a secular


March 3 2009

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change -- we havent really seen that much other -- I dont have that many other examples of secular change in the advertising field What youre seeing is cyclical obviously You see it with US automotive consumer electronics financial services etc There are issues there in terms of the viability of some of those businesses thats causing to spend less on advertising but a product has to find its way into the marketplace and product messaging has to find its way effectively into the marketplace And I actually think this speaks well for media in general Whether youre a cable network or a broadcaster or a local TV station its really important that advertising -- well its really important for advertising to use those platforms Doug Mitchelson ndash Analyst Deutsche Bank

So lets go back to the secular comments more on sort of the home entertainment side -- you think about your package goods broadly You mentioned the drivers how is Disney positioned relative to that And to sort of feed that question I mean we think about the fact that a lot of your movies are family-oriented movies where the utility of a DVD is much higher than say a live-action film that you might watch one time and go put it in the closet Bob Iger ndash President and Chief Executive Officer The Walt Disney Company

Well on a macro level I believe that in the world -- at least we envision -- with all this change the value of brands increases And when you have a world where theres more competition the price-to-value relationship becomes more important value propositions become more important And when youre a brand and you have the ability to tell people what your product is and they have a reasonable expectation that theyre going to get what you say it is thats really important The value of brands goes up in my opinion And in fact Id say the best brands not only win but actually grow in this environment And thats due to a lot of things Some cases its simply enabled by technology in other cases enabled by international development in others cases enabled by sheer population growth So we begin with a focus on brands and thats where were spending most of our capital Were focusing our capital investment on branded creativity or branded content because we think that -- the equation that I just described


March 3 2009

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When it comes to Disney in particular since that name is over most of our businesses Id begin with a very simple premise and that is that people are going to have babies and babies are going to want to be entertained particularly as they grow to be kids and parents want to entertain their babies and their kids -- and by the way grandparents want to as well I benefit from being a grandparent so Im now understanding that demographic while I hang on with fingernails to the Baby Boomer generation that I am Im now a grandfather And so when youre Disney and youre a trusted brand and people -- parents and grandparents -- know that theyre going to get high-quality family entertainment with a reasonable set of values from basically anything that we deliver theme park experience an online experience a game experience a TV experience a movie experience That is very differentiated very distinctive extremely valuable and positions us in my opinion extremely well in todays world and in tomorrows world So weve spent a lot of time really focused on Disney and its one of the reasons why the Studio is making more Disney movies than non-Disney its why we focus so much on launching Disney channels around the world and creating programming under that umbrella its why we focus so much on Disney-branded games and why we built up our Web sites not just in the United States but around the world That brand had meaning by the way when I was a child to my parents to my grandparents to me It had meaning when I was a parent to my first generation of kids It has meaning to me as a grandparent to my grandchild So I would say more than anything else that brand focus the value of brands the value of Disney and the way were positioned not just in this marketplace but in marketplaces for a long time because of this wonderful thing called childbirth -- even though I have never experienced it directly -- I think that sets us apart and gives us an advantage Doug Mitchelson ndash Analyst Deutsche Bank

So does your view on some of the secular trends -- again sort of sticking with film in this case -- change your view on the number of live-action films you release and the amount of money you invest in live-action films that arent under the Disney brand or the Disney umbrella


March 3 2009

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Bob Iger ndash President and Chief Executive Officer The Walt Disney Company

Yes Weve definitely reduced investment in non-Disney live-action films and youre likely to see that trend continue We made a deal with DreamWorks which wersquore very very happy about but thats not really using our money Thats using other peoples money and we have an ability to distribute their films for very little investment and fairly decent returns at the same time be in business with some really fine movie executives and film makers notably Steven Spielberg and Stacey Snider So I dont know -- thats not an off-strategy move for us but everything else weve done in the movie business is away from non-Disney-branded films and in the direction of Disney-branded Live-action and animation both create value for us Over decades animation has tended to create more value for us because its a little bit more leveragable across more of our businesses and it seems as though it holds its value longer but that doesnt mean were going to decrease our investment in live-action except for dealing with some of the secular change that we talked about I think costs have to come out of the system whether its the system that distributes home video or the system that makes movies As the secular change kind of bakes in to the marketplace it does require adjustment in terms of level of investment per film whether its in production or in marketing The other thing I want to note by the way when it gets back to Disney and the secular change that I cited on home video I didnt mention the impact of library building or lack thereof The average home in the United States that owns a DVD already owns 80 DVDs and there are many homes that own well over 125 So we saw in the last decade a fair amount of growth in library building Thats not to suggest there isnt room for people to continue to add to their library but once you own 80 movies I believe youre going to be more selective No matter what the economy is youre going to be more selective about movies that you buy In Disneys case there are two aspects of a Disney movie on DVD that are very very valuable One is collectability particularly on the animation side When you make classic films -- WallE Ratatouille Cars going all the way back to Little Mermaid Lion King Beauty and the Beast Cinderella Peter Pan etc -- you tend to make things that people want to collect Thats really important The other thing thats important is playability Owning a physical DVD gives you the ability to play that in many more places and much more easily particularly for your kid than if youve downloaded a copy of it onto a hard drive


March 3 2009

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And so the combination of collectability and playability really works Im not suggesting were the only ones in the space that have that There are other movies that are being made by other companies that have that as well but not every movie has that Our goal is to make as many movies as possible that do Doug Mitchelson ndash Analyst Deutsche Bank

And I want to circle back to one more comment on the secular change in home video You mentioned sort of the online rental business model and the implications of piracy causing you to price at the right value relationship for that versus traditional sell-through plus rental And others I think are hoping that online sell-through will be a robust business as well that the balance might not change as much it might not be all online rental it might be plenty of online sell-through as well where your economics there are better than online rental right now for digital I mean is it -- is that fair Do we know what the digital online model is yet for film Bob Iger ndash President and Chief Executive Officer The Walt Disney Company

I think the whole business is still somewhat nascent really but what were seeing so far -- and I noted comments from one of my counterparts at this conference the other day about this -- is that the sell-through model -- meaning the digital sell-through model -- is delivering on a per-click basis roughly margin-neutral circumstances for us What were making per click is about the same as what we make in physical good sell-through That was very purposeful On the rental side we make less But I think we have to be again careful -- I think we make mistakes when we try to get in the way of technological change and Im not accusing anyone else of doing this but were really trying hard to figure out ways to make it work for us and not fight it from happening And I actually believe that well get to a point where therell be growth ndash and well call it online rental model -- that might be better than the alternative which is piracy Not necessarily as good as what were used to but may end up being from a volume perspective pretty damn good still I also think that -- and were looking at this pretty hard -- that theres a possibility of creating a subscription business too and were focused on it because of the Disney brand Id like to see a day when you can have a very very robust online Disney movie club or movie subscription that gives you the ability to have the digital good sent to you or download a digital file But it also may stretch beyond just movies to TV and all kinds of other Disney experiences


March 3 2009

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And thats also one of the reasons why were so focused on developing a more robust CRM strategy for the company Because the Disney consumer is not a consumer of just one Disney product it typically is a consumer of almost all Disney products And when you have a consumer thats willing to buy packaged goods that are electronic in nature like movies or video games or packaged goods like clothing and pajamas and toys and games and a variety -- and food and all kinds of other things or a theme park experience or other forms of vacation experiences -- you have some interesting opportunities in the marketplace for subscription and affinity clubs and the like Doug Mitchelson ndash Analyst Deutsche Bank

How do you balance your desire to go along that route with the Disney brand -- your content library -- against sort of the distribution that you already have in place So on the cable side with the Disney Channel you have cable and satellite operators that would like on-demand theyre thinking about how do they get that online streaming working for pay-TV subscribers you have TV shows that are more and more available online -- certainly the broadcasters are putting a lot of stuff out there -- ABC as well -- different forms Youve always sort of struck down your own path initially and then sort of as you figured out the waves youve adjusted Is your strategy youre talking about in terms going down with the Disney umbrella mean that youre going to go separate from the industry or you think theres a way to work together Bob Iger ndash President and Chief Executive Officer The Walt Disney Company

Not necessarily We have liked experimenting and innovating Its part of the heritage and the culture of the company dating all the way back to Walts days and weve found that by experimenting and innovating one we learn faster which is a good thing Two its energizing and motivating and we like running the company that way And I think these times call for that anyway because sometimes when you do that you discover things that either were counter to your preconceived notions or that you didnt even think about in the first place When it comes to moving content onto new platforms theres an inevitability to it Theres also an inevitability to the tension created between traditional partners and what Ill call new partners or new avenues of distribution Were trying to -- you cant please everybody all the time but were trying to maintain some level of equilibrium


March 3 2009

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because were still getting a huge amount of value from our traditional partners whether theyre big-box retailers or multichannel providers -- MCPDs I guess theyre now called And that means not only respecting the business that we have with them already but being flexible with them as well and making product available to them selectively to experiment with Weve done some of that So I dont have any real solution here in a sense but I think youre going to see a fair amount of experimentation trial and error and a fair amount of change And were open There are some things that we will be a little bit more conservative about Weve created a destination with Disneycom which we think is a real value creator for us Were somewhere in the neighborhood of 30 million uniques a month now Its grown significantly since we re-launched a couple of years ago and as we launch the new iteration of that platform in new territories around the world which were doing were essentially discovering that we can create a real Disney affinity destination -- a real Disney destination When it comes to getting to know who your customers are in CRM that becomes really valuable Its very valuable from a marketing perspective which is tied to CRM And so were probably not going to do anything that is exclusive in nature that precludes us from strengthening or favoring that platform The same is probably true for ESPN and its new platform plays Id say ABC is going to be more expansive in that regard Even though to date its been a little less so itll probably be more expansive and less protective -- or less proprietary in nature in terms of where its content lives online Doug Mitchelson ndash Analyst Deutsche Bank

Since were talking about online well start to dig in to a few questions about some of the operations I think weve gotten there on sort of the digital secular issues By my estimates I think for fiscal 09 the interactive segment will have losses that add up to about $013 a share of earnings You talked about sort of using that as RampD and important investment for the company Is that the right level of spending I think were all wondering when digital becomes a profitable enterprise


March 3 2009

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Well were not using it as RampD Were investing in RampD in that business but we dont view that business as RampD We view that business as ultimately a growth business for us online or offline meaning interactive games or interactive Web sites And I would say that our investment spend is going to grow somewhat this year Weve not made determinations about its growth trajectory beyond this year Id also say that were maybe slightly behind where we thought wed be in terms of revenue generation Part of that has to do with cyclical change that were seeing in the marketplace and some minor secular change as well But we still believe that Disneys presence and ESPNs presence in new technology space is really important and that were going to have to make some investment before we really deliver real value I dont think it would be right for me to say its an appropriate amount or not in terms of steady state We believe its an appropriate amount to spend in todays marketplace and well continue to evaluate that as we learn as we go and if we see more opportunities we may invest more Although I think it would be more likely that we either maintain a steady state in terms of level of investment or decrease slightly as we let the marketplace settle down a little bit Doug Mitchelson ndash Analyst Deutsche Bank

And one of the reasons I asked the question on the amount of the losses is youre already a leader in online for kids and so Im trying to figure out if its a scale issue -- so being bigger in video games for example or being bigger just on online content -- or whether its simply youre running pretty fast right now building out a global presence in these businesses and so the losses are just a natural part of the business Bob Iger ndash President and Chief Executive Officer The Walt Disney Company

Its a combination of all of that I would say that the bulk of the investment is interactive games where weve discovered some -- we learned some things as weve gone notably that the Disney brand works much better on the Wii and the Nintendo DS platforms for instance than it does on the Xbox 360 and the Playstation3 platform and our investment was a little out of whack in terms of where we were putting our development so we might be better off shifting some of the expense to platforms that are more compatible with the Disney brand So youll see some shifting and maybe a


March 3 2009

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decrease in spending because of that dynamic Thats not to say we dont intend to go after those other platforms but maybe not as aggressively as we have been Were going to continue to invest in games though online and offline because we think its a growing business globally and that Disney should be in that space On the Internet side -- or the online side -- we look at the investment in that space in a slightly different way than I think maybe the outside world looks at it because when you have a brand that gives you somewhat of a competitive advantage -- and I think I articulated at least how we see it -- then you have an ability to create a destination using that brand for multiple businesses in multiple places So Disneycom is not just a movie platform or a movie-branded space or TV its everything Disney Thats pretty unique You can go to one site and access Disney heritage Disney movies Disney DVDs theme parks games whatever And by doing that not only are we greatly increasing circulation but we think were developing a pretty robust marketing platform for CRM -- or robust marketing platform in general and were using it more aggressively which is important We also believe that were ultimately developing a destination that we can sell a variety of different kinds of product including digital products And the notion of again that a Disney consumer that subscribes to -- thats a Disney subscriber -- whether its movies or DVD -- movies and DVDs or TV shows or a channel of some sort or theyre simply a member of a Disney affinity club which is something I think youll be able to see sometime soon maybe even as early as a few days buthellip you can start to see opportunities in terms of revenue generation that are a little bit different than just creating a Web site and selling advertising on it And thats how were looking at it And thats true not just in the United States but around the world and in particular in countries where access to traditional media isnt what it is in the United States So ultimately Disneycom in China is a very very important platform for the company and for consumers to access Disney media So theres going to be investment spending in that space for quite a while and it could be that the kind of revenue that we generate is very different than typical revenue generation from -- what Ill call -- media online sites -- media companies in the online space


March 3 2009

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So why dont we shift over to ESPN arguably the most valuable sort of set of cable networks out there Theres always sort of two discussion topics One is affiliate revenue going to slow I think people go back to Cox when they cut the first of the new affiliate deals -- 5 affiliate fee growth in later years And then second arent costs going to rise I know that was sort of brought up again recently I sort of still wonder about that Given the pressure on broadcasters you would think sports rights would get cheaper not more expensive but dont want to sort of lead the witness here I mean what do you think about the growth outlook for ESPN in those two regards Bob Iger ndash President and Chief Executive Officer The Walt Disney Company

Well weve had some interesting opportunities these last few years -- and notably this last year -- to increase the quality of ESPNs live sports coverage by both investing in production and marketing but also investing in licensing rights And were big believers in competitive advantages in terms of the long-term value creation that a competitive advantage delivers And so these opportunities are opportunities that weve seized and thats increased ESPNs rights fees somewhat in the recent past Weve also invested for the long term Meaning we probably couldve cut in some cases deals that might have been a little bit cheaper for shorter-term deals but opted for longer-term deals and paid a little bit for that because we liked the known versus the unknown and stability and if youre looking to create a competitive advantage the certainty of having all these great events is a very important factor So the long-term NFL deal which was an eight-year deal versus the six-year deals that were made by the broadcast networks and the NBA and baseball and the recent deal that was made with the BCS -- and I could cite many -- all are part of a strategic play to strengthen the competitive advantage We see ESPN as a brand that delivers great value to its consumers tremendous value to its distributors -- which is important as it relates to your question -- tremendous value to advertisers even though were facing some cyclical issues these days and also great value to sports organizations Its important to be on ESPN if youre a sports organization because of the exposure that that delivers


March 3 2009

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So when you ask the question about long-term value for ESPN we dont really look at a snapshot of our world and what our rights fees are this year versus last year or even these last three years versus the three years prior We look at the long term which is how do we continue to grow this unbelievably valuable property And we are really taking kind of the long-term point of view in that regard and believe because of the investment that we made that we actually have the ability to continue to grow ESPN nicely Im not going to predict whether the margins expand or contract during that period of time because we just dont do that But were focused on growing in more territories were focused on growing in more households growing on more platforms in the United States making ourselves more valuable to distributors and to advertisers because were more valuable to consumers and the sports leagues Thats the play and Im very optimistic about it Doug Mitchelson ndash Analyst Deutsche Bank

Theres a couple interesting dynamics One is that its quite possible before your cable and satellite affiliate deals come up at ESPN bidding could have been completed to see who the next broadcaster of the Olympics might be And as you sort of think about that big-ticket item do you think the Olympics is at this stage more sort of a trophy sport or a sport that could actually create a lot of value at ESPN And the obvious is to some extent ESPN could pay whatever it wanted for the Olympics and how could cable and satellite say no to the Olympics Bob Iger ndash President and Chief Executive Officer The Walt Disney Company

Well ESPN never had the Olympics and theyve done fairly well to date last I checked ABC had them I actually worked on six Olympic games in my days at ABC Sports The last one was in Calgary in 1988 which I struggle sometimes to remember So I dont put the Olympics in the -- kind of the must-have category But that said I think they deliver real value from a programming perspective and value to distributors and ESPN will assess basically what the bidding is and what the opportunity is and what the value might be and decide whether its right for them or not But I dont think its something Im going to predict right now in terms of how much interest theyll show or whether theyll show interest I watched the Olympics this summer from Beijing and enjoyed them thoroughly and there were moments I thought wow it would be great to have them on ESPN -- for


March 3 2009

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both ESPN and as a viewer I actually think that it would be a great thing for the Olympic movement to have a relationship with ESPN because ESPN has the ability to promote Olympic sports on a 24-hour 7-day-a-week 52-week-a-year basis and going back to my Wide World of Sports days when we promoted Olympic sports and Olympic athletes in the years between the Olympics I think that theres real value there and that goes back to the notion that I mentioned about ESPN providing value to sports organizers and I hope that the Olympics Committee would take that into consideration But I have no ability to predict right now where ESPN will come out on that Doug Mitchelson ndash Analyst Deutsche Bank

Id hate to be the producer on the Olympics with you looking over my shoulder having done ithellip Bob Iger ndash President and Chief Executive Officer The Walt Disney Company

My experience is so old I dont -- I cant -- it wasnt in black and white but I think we were still promoting live via satellite I also think by the way that NBC has done a terrific job so I didnt mean to -- in talking about the value ESPN could create - I didnt mean to take away anything that NBC has delivered Doug Mitchelson ndash Analyst Deutsche Bank

So theres another dynamic in there thats not talked about much yet and you can correct me if Im wrong on this but I believe the deals were set up in such a way with ESPN deals coming up in -- call it -- 2013 or so that ABC retrans were five-year deals that are all coming up in 2010 Do you look at that as an interesting opportunity Bob Iger ndash President and Chief Executive Officer The Walt Disney Company

Well I look at retrans as part of a whole I look at it very holistically I think that were creating with our own TV stations unbelievable value for distributors and weve in the past -- as I think everybody knows -- bundled -- weve given distributors an ability to buy stations on their own but weve also given them an ability to bundle those stations with all the other services and weve always felt good about that dating back to the


March 3 2009

Page 18

early 90s when the decision was made to launch ESPN2 and use ABC retrans as sort of the trade with the cable operators I think that theres likely to be more focus on specific value that stations generate for these cable operators than in the past which I guess is a means of my saying that its probably more likely than not that theyll be some form of direct payment for these stations Part of that comes from the push by other companies in that direction But Im not going to predict how much and our goal would be to create a real collection of products that multichannel providers can use to better sell our product to their consumers You know that partnership has been really healthy for both sides Weve experienced great growth over the years as have the cable and satellite providers and the equilibrium that exists is a good one We create and invest in great product they repackage it and sell it to consumers for decent prices -- by the way prices that I think are still great for the consumer And again as I said well continue to look at the holistic -- well take a holistic point of view on that Doug Mitchelson ndash Analyst Deutsche Bank

So the two areas we havent touched on -- Parks and Consumer Products -- any update you can give us on the parks Bob Iger ndash President and Chief Executive Officer The Walt Disney Company

Well I dont want to go into too much detail I think its safe to assume that circulation in terms of attendance and bookings are charging along reasonably well Pacings have slowed a little bit maybe from our last earnings call But if you look at attendance and you compare it with last year were on par with where we were a year ago but were discounting in the marketplace -- you can see that in our marketing -- and so the bottom line will be affected somewhat by that And youre seeing somewhat decreased per-capita spending Merchandise would be an example of that which we cited in our earnings Theres no question that this economy is having an impact on a lot of businesses and were not immune Whats nice is that we still have a product thats really in demand I cant tell you how many times I get calls from people saying they were just at our parks and it was the most crowded theyve ever seen it or there certainly were a lot of people there and that suggests that one its a product that people really want and two that


March 3 2009

Page 19

were providing value to people even in a tough economy And thats important because the word-of-mouth aspect of that business is really valuable to us So maintaining circulation has long-term benefits and thats what weve tried to do We also continue to invest in improved experiences We opened in Orlando in February an American Idol attraction at the Disney Hollywood Studios thats -- I can attest having experienced it -- fantastic and well continue to look at opportunities like that Even though were clearly experiencing a tough economy were still looking -- again as we do in all of our businesses -- at a long-term horizon and well continue to invest carefully and selectively and strategically in those businesses So the build-out on California Adventure in California continues and the cruise ships will - theyre in full design right now - will start being constructed very quickly and are likely to hit the seas at the end of 11 or beginning of 12 Doug Mitchelson ndash Analyst Deutsche Bank

Is there a tape available of your Idol audition Bob Iger ndash President and Chief Executive Officer The Walt Disney Company

Im sorry Doug Mitchelson ndash Analyst Deutsche Bank


I did not audition No Youre free to audition There are hundreds of people that are auditioning and if you win every night -- Doug Mitchelson ndash Analyst Deutsche Bank

Should we do it right now


March 3 2009

Page 20


-- you get to the front of the queue to be on American Idol on Fox Doug Mitchelson ndash Analyst Deutsche Bank

Im fairly confident no one in this room wants to see me audition Bob Iger ndash President and Chief Executive Officer The Walt Disney Company

I would agree to that Doug Mitchelson ndash Analyst Deutsche Bank

So shifting over to consumer products Andy Mooney had indicated sort of pre the recession he thought consumer products licensing revenue could double over the next five to seven years with the intellectual property he already had up on the shelf Certainly lets give him a mulligan for fiscal year 09 given the environment Bob Iger ndash President and Chief Executive Officer The Walt Disney Company

That would be a good idea Doug Mitchelson ndash Analyst Deutsche Bank

That would be a good idea Do you still think that his comment on the long-term trajectory for consumer products licensing is accurate Is that a business that has substantial growth left in it Bob Iger ndash President and Chief Executive Officer The Walt Disney Company

Its definitely a business that has substantial growth We saw it recently with the Fairies franchise which has shot to the top of the list in terms of sales at places like Walmart for instance We still have robust sales of Hannah MontanaMiley Cyrus as a for instance And when I look at our investment as a company -- I mentioned Cars which were making a sequel to and Toy Story which will be out in 2010 and Pirates and a


March 3 2009

Page 21

Hannah Montana movie thats coming out and a Jonas Brothers series and the activity thats going on at the company around Mickey Mouse and the fact that were going to make a Winnie the Pooh feature sometime in the next few years and we continue to invest in that - and weve seen improvement in not just franchise strength but in brand strength of Disney - I see real growth ahead in that business Whether itll be double what it was -- double in five years -- I dont want to be as specific as Andy in that regard but were investing in Disney-branded content with an eye -- which I said at the beginning -- of leveraging that content across platforms across businesses across territories over time and thats exactly what Consumer Products is capable of doing Doug Mitchelson ndash Analyst Deutsche Bank

Why dont we see if there are a couple questions from the audience We have time for one or two Why dont we work our way up the room Well start with Larry You have to wait for a microphone One is on its way Bob Iger ndash President and Chief Executive Officer The Walt Disney Company

While were waiting I think I would be remiss if I didnt say Doug even though I think youve done a good job of interviewing me I always appreciated the opportunity to come down here when Alan Schwartz was running this session And Im not comparing the two at all but Alan provided media companies with I think a really good forum and I hope he provided all of you with a fair amount of entertainment as well and a little bit of information along the way And Im not suggesting that -- again that you havent done a good job replacing him but -- you made one really big change by the way You moved the podium from over there to over here and that really made a big difference Doug Mitchelson ndash Analyst Deutsche Bank

I thought we had to be pretty bold to try to step in to such big shoes Bob Iger ndash President and Chief Executive Officer The Walt Disney Company

Larry


March 3 2009

Page 22

Larry Haverty ndash GAMCO Investors

Bob in the 20s Lord Keynes in Britain developed a theory called the paradox of thrift Bob Iger ndash President and Chief Executive Officer The Walt Disney Company

Paradox of Larry Haverty ndash GAMCO Investors

Thrift which said that if one individual or corporation saved it was okay but if everyone did it it would be catastrophic And what weve got in this country right now is the paradox of thrift where individuals are saving theyre scared to death of whats going on and worse yet corporations are saving The minute that demand goes down corporations cut capex and make unemployment And its very clear everybody here in the audience if theyve been with the market has lost 55 or more and this is not working And I kind of wonder sitting in your position where you have a company with impeccable reputational quality and very very strong financials whether its time to draw a line in the sand and say ldquohey America if our demand weakens were going to protect our employees were not going to cut costs anymore were going to expand capex were going to try to grow and create jobs because at the end of the day corporations such as the Disney company create jobs the government cantrdquo And Im very worried that the way corporations are being managed right now that were heading in the wrong direction and somebody needs to draw a line in the sand and Im asking ldquoWhy isnt it the Disney companyrdquo Bob Iger ndash President and Chief Executive Officer The Walt Disney Company

Well I mean thats obviously a complicated circumstance because you know I talked at the beginning about shareholder value and you cant maintain -- one its something you cant look at in a short period of time you have to take a long point of view And you have to manage companies for the long term and not for the short term and in doing so I think you have to think beyond just what the marketplace is experiencing at any one moment in time whether its how youre spending your capex or how youre managing your talent or your employee base


March 3 2009

Page 23

That said in times that are tough -- or in times that are good but its easier in times that are tough -- you have to -- you know a company is not something that stands still Our businesses change consumer behavior changes marketplaces change and you cant stand still in terms of how you are allocating your people capital -- how youre structured how many people you have what jobs youre assigning them to These are living being entities these companies and to suggest that were going to draw a line in the sand suggest that were not going to address all kinds of different dynamics that were seeing in the marketplace whether theyre secular or cyclical -- today we announced -- as a for instance Larry -- that were restructuring our entire European operation putting an executive in charge of Europe across all of our businesses across all of our territories because we felt -- not because of the economy today but we felt in taking a good look at our businesses there is that they werent being managed as cohesively as we thought they could be There wasnt a one-company approach our franchises werent being managed with as much local attention as we needed there was less communication that we wanted and there wasnt as much efficiency as we thought we could get out of that marketplace And by putting one executive in charge locally we thought we had an ability to be more efficient as a company I view that as something that is an essential part of how we have to manage companies And I dont take reducing employment lightly at all For someone whos worked at a company for 35 years if you include my ABC service I developed a lot of very close relationships with a lot of people and one of the hardest things that I have to do is to reduce staff because I know a lot of these people And I dont take it lightly but I have to balance the feeling that I have in terms of responsibility to our people with the responsibility that I have to the shareholders of the company as well and to the board of directors and to creating long-term value So its a very difficult thing We have to be flexible as demand rises and falls Theres no question when you look at our theme parks that if demand is falling that we do not need as many people and maintaining as many people as we maintain in the peak times just is not a responsible thing for us to do even though a price is paid at the employee level So I want to be responsible about it Weve worked really hard to redeploy people Weve worked really hard to protect as many people as we could By the way were a company that is continuing to invest so were still hiring in places were just hiring in different places When we launch Club Penguins and Disneycoms and Disney channels around the world or create local productions in India Russia China and in Latin America were hiring all the time but were not necessarily hiring


March 3 2009

Page 24

in the same places and were not maintaining the same size staff as our businesses shift continually So again I dont mean to in any way show disrespect to your question Its something Ive asked myself And Ive challenged my whole team by the way about as well I asked not all that long ago - is there a way we could redeploy everyone And the answer quickly came back theres not a chance you can do that Theres just too much change in business whether its cyclical in nature or secular to be able to do that But were going to continue to try to behave responsibly as a company The brand that we talk about is not just a brand that we think about with our consumers its a brand that we think about with our shareholders and a brand that we think about with our talent with our employees and with potential employees and how you hire and how you fire and how you manage the size of that staff is a big component of that brands eye that we create whether its to consumers whether its to shareholders or whether its to employees and we have to balance all of that Doug Mitchelson ndash Analyst Deutsche Bank

Anyone want to dare to follow that question up Unidentified Audience Member

I have a question here Two questions about your ndash Bob Iger ndash President and Chief Executive Officer The Walt Disney Company

Wheres it coming from Just so that I can -- Unidentified Audience Member

Way over here Sorry Bob Iger ndash President and Chief Executive Officer The Walt Disney Company

-- even attempt to make eye contact


March 3 2009

Page 25

Unidentified Audience Member

Two questions about your online strategy First of all are you working on and how important is a single sign-on across multiple different product so that people can move easily from say Club Penguin to Toon Town to Black Pearl And the second can you give a little background on Stage 9 and what your plans are to further experiment in that area Bob Iger ndash President and Chief Executive Officer The Walt Disney Company

The answer to your first question is - were absolutely working to have universal registration as we put it so that a Disney customer like Apple does for instance which has taught us great lessons A Disney customer is a Disney customer no matter where theyre buying or no matter what theyre buying and no matter when theyre buying One password one credit card with a simple tradeoff - we obviously want your e-mail address and we want to know how many kids you have and when their birthdates are and a few other things along those lines Yes That is a real goal of ours and were going to be investing continually in CRM Weve got a pretty robust initiative going and were going to step it up even more On the Stage 9 for those of you who dont know Stage 9 was a production effort for original content to be created for mostly new digital new media or the Internet Weve reduced that somewhat The ability to monetize original content on the Internet is still I think somewhat in question and in these times were continuing to invest in original content for the Internet but more on the Disney-branded side That was non-Disney branded And Im a bit of a pessimist when it comes to spending money in that direction particularly under these times Doug Mitchelson ndash Analyst Deutsche Bank

Last question Barry Stewart ndash Principal Capital

Yes Barry Stewart Principal Capital Before I ask my question I think you handled that first question very well and I hope for the sake of your shareholders who want to recover some of the money they might have lost that you do keep managing the


March 3 2009

Page 26

business with an eye on the shareholder returns and not just keeping people in jobs where there isnt demand to keep them fully occupied My question is that on the television business where you own and operate ABC television stations in local markets as you look forward several years do you believe that you need to be in that business or can you reach those -- I guess those -- that part of your audience through other means such as through cable only or through divesting those stations and redeploying the capital elsewhere Bob Iger ndash President and Chief Executive Officer The Walt Disney Company

Weve been conservative as you know in terms of purchasing broadcast businesses over the last certainly ten years We havent bought a lot of television stations since 1994 That said weve done very well in that space and lead the market both ratings and margins and a variety of other metrics and are very proud of our stations in particular their local news operation in those brands Theyre businesses as I see it that are really important if youre going to be in the network business and so as long as were in the network business I think its really important to own some key stations in key markets for a variety of reasons One it gives you a perspective locally thats important to have when youre running a national network Two it gives you some level of control over your own destiny even though the relationship that we have these days with our affiliates is a good one So as long as were in the network business I believe its important for us to be in the station-ownership business albeit it at a limited level because of the nature of that business in general So Im leaving open the possibility of all kinds of things happening I guess Except the one that you probably shouldnt bet on is that were going to buy more TV stations because I just dont see that I do think by the way theres an opportunity to grow that business Because as you look at the media landscape with newspapers weakening -- in some cases disappearing -- and investment in local radio news decreasing as well and in some cases investment in local television news decreasing I actually believe that we have a strong local news brand in a big market -- like New York Chicago LA Philadelphia San Francisco Houston -- there is an ability to invest more in local news and actually grow your bottom line possibly by using it as your replacement for other programming that costs more money


March 3 2009

Page 27

And so as we look at that business because we have such strong positions in terms of the local news brand in markets were actually looking in an optimistic way at that business We actually think that theres an ability to not only continue to be successful in that business but to actually create some growth by investing in the local news brand Im not going to suggest thats what were going to do but its an opportunity that were looking at Doug Mitchelson ndash Analyst Deutsche Bank

So weve been asking everybody if the last six months has changed at all your view of the long-term growth prospects for The Walt Disney Company Bob Iger ndash President and Chief Executive Officer The Walt Disney Company

No not one bit If anything Im more bullish on the long-term growth aspects for the company Part of it has to do with decisions that were making during this difficult time that are not only aimed at contending with the difficult circumstances that were experiencing but in making the company stronger in the long term Our goal is to bounce back quicker and to emerge stronger Its also causing us to be even more analytical and to focus more on value creation and on changes in the marketplace Because Im sort of an old warhorse and have been around so long Ive seen an awful lot of cyclicality Ive seen ups and downs in programming in primetime and advertising and consumer spending and consumer confidence and you name it And one of the things that I learned through all that -- and Tom Murphy and Dan Burke were great teachers in this regard -- is that in difficult times you can very quickly lose sight of the big picture and of the long term and get so myopic in terms of the short-term that you stop investing for the long term you stop positioning yourself for the long term and you completely -- you almost atrophy when it comes to studying the long term And so weve really tried as a company to contend business by business territory by territory with everything thats going on but to really focus our energy and attention on a big picture and a long picture and I feel that by doing that were going to emerge from all of this just fine And my belief in the company long term particularly in the


March 3 2009

Page 28

strength of the brand and its value and its potential across the world over a long time has only gotten stronger Doug Mitchelson ndash Analyst Deutsche Bank

With that join me in thanking Bob for coming all this way Bob Iger ndash President and Chief Executive Officer The Walt Disney Company

Thank you

Management believes certain statements in this webcast may constitute ldquoforward-looking statementsrdquo within the meaning of the Private Securities Litigation Reform Act of 1995 These statements are made on the basis of managementrsquos views and assumptions regarding future events and business performance as of the time the statements are made Management does not undertake any obligation to update these statements Actual results may differ materially from those expressed or implied Such differences may result from actions taken by the Company including restructuring or strategic initiatives (including capital investments or asset acquisitions or dispositions) as well as from developments beyond the Companyrsquos control including

- adverse weather conditions or natural disasters - health concerns - international political or military developments - technological developments and - changes in domestic and global economic conditions competitive conditions and consumer preferences

Such developments may affect travel and leisure businesses generally and may among other things affect - the performance of the Companyrsquos theatrical and home entertainment releases - the advertising market for broadcast and cable television programming

- expenses of providing medical and pension benefits - demand for our products and - performance of some or all company businesses either directly or through their impact on those who distribute our products

Additional factors are set forth in the Companyrsquos Annual Report on Form 10-K for the year ended September 27 2008 and in subsequent reports on Form 10-Q under Item 1A ldquoRisk Factorsrdquo Reconciliations of non-GAAP measures to closest equivalent GAAP measures can be found at wwwdisneycominvestors


March 3 2009

Page 2


So look obviously a difficult environment and environments like this have caused a lot of companies to rethink their strategies rethink their outlooks Can you give us what your updated vision is for The Walt Disney Company given this environment Bob Iger ndash President and Chief Executive Officer The Walt Disney Company

Well we havent had to rethink our strategy Although in this environment I think its fair to say that other than sacrificing quality and integrity everythings on the table But in our case we see ourselves as a company focused on delivering long-term shareholder value by creating high-quality branded - very important - branded content thats leveragable over most of our businesses in most territories of the world on virtually every platform technologically that exists over a long period of time And most of that obviously stems from the investment in brands - the focused investment in brands like Disney and ABC and ESPN - that have the ability to actually create real value over long periods of time over territories over platforms Doug Mitchelson ndash Analyst Deutsche Bank

So when you think about I mean not just this situation but media trends in general what are the challenges to achieving this vision Bob Iger ndash President and Chief Executive Officer The Walt Disney Company

Well first of all we take a long-term perspective versus a short-term Thats not to say were ignoring whats going on day-to-day ndash you cant do that obviously -- but we tend to look at sort of the three-to-five year timetable -- the time horizon in terms of the impact of our strategies and how were running the businesses That said I think the biggest challenge for us always is creativity We thrive on great creativity and the brand umbrella - whether its ESPN or Disney - gives you a little bit of room creates an environment thats a little more forgiving perhaps than the typical environment But without creativity you suffer from a loss of value And I probably spend well certainly more than 50 of my time really working to not only exhort people to drive higher levels of creativity and more success but making sure that its


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Larry


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Larry


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Larry


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Thank you







March 3 2009

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Thank you






Documents

Disney Speaker: Bob Igercdn.media.ir.thewaltdisneycompany.com/2009/events/...production, a series of other films, Tron, which we're bringing back and Alice in Wonderland that Johnny