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The Walt Disney Company Announces Additions to Its Studio Entertainment Management Team, Conditional Upon Closing of 21st Century Fox Acquisition

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Emma Watts to serve as Vice Chairman, Twentieth Century Fox Film
and President, Production, Twentieth Century Fox

Nancy Utley and Stephen Gilula to serve as Chairmen, Fox
Searchlight Pictures

Elizabeth Gabler to serve as President of Production, Fox 2000

Andrea Miloro and Robert Baird to serve as Co-Presidents, Fox
Animation

Vanessa Morrison to serve as President, Fox Family

The Walt Disney Company (NYSE:DIS) announced that several senior film
executives of Twenty-First Century Fox, Inc. ("21st Century Fox"
—NASDAQ: FOXA, FOX) are joining Disney's Studio Entertainment management
team, conditional upon closing of Disney's pending acquisition of 21st
Century Fox.

This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20181018005752/en/

Emma Watts (Photo: Business Wire)

Emma Watts (Photo: Business Wire)

"We're pleased that these talented executives will be joining our
incredible team of studio leaders once the acquisition of 21st Century
Fox is completed," said Robert A. Iger, Chairman and Chief Executive
Officer, The Walt Disney Company. "Under Alan Horn's leadership, Disney,
Pixar, Marvel and Lucasfilm have reached unprecedented levels of
creative and box-office success, and adding Fox's impressive film brands
and franchises to our studio will allow us to create even more appealing
high-quality entertainment to delight audiences."

"The addition of these respected film groups under the umbrella of The
Walt Disney Studios will create endless possibilities as we continue to
deliver first-rate motion pictures to audiences around the world," said
Mr. Horn, Chairman, The Walt Disney Studios. "This is an experienced
group of executives, and Alan Bergman and I look forward to welcoming
them to our leadership ranks upon completion of the acquisition."

Reporting directly to Mr. Horn will be:

  • Emma Watts, Vice Chairman, Twentieth Century Fox Film and President,
    Production, Twentieth Century Fox
  • Nancy Utley and Stephen Gilula, Chairmen, Fox Searchlight Pictures
  • Elizabeth Gabler, President of Production, Fox 2000

Reporting to Mr. Horn and Ms. Watts will be:

  • Andrea Miloro and Robert Baird, Co-Presidents, Fox Animation
  • Vanessa Morrison, President, Fox Family

The executives will join Mr. Horn's existing leadership team that
includes:

  • Alan Bergman, President, The Walt Disney Studios
  • Sean Bailey, President, Walt Disney Studios Motion Picture Production
  • Ed Catmull, President, Pixar and Walt Disney Animation Studios
  • Jennifer Lee, Chief Creative Officer, Walt Disney Animation Studios
  • Pete Docter, Chief Creative Officer, Pixar Animation Studios
  • Kevin Feige, President, Marvel Studios
  • Louis D'Esposito, Co-President, Marvel Studios
  • Kathleen Kennedy, President, Lucasfilm
  • Ken Bunt, President, Disney Music Group
  • Thomas Schumacher, President & Producer, Disney Theatrical Group

Disney's acquisition of 21st Century Fox has received formal approval
from shareholders of both companies, and Disney and 21st Century Fox
have entered into a consent decree with the U.S. Department of Justice
that allows the acquisition to proceed, while requiring the sale of the
Fox Sports Regional Networks. The transaction is subject to a number of
non-U.S. merger and other regulatory reviews.

About The Walt Disney Company

The Walt Disney Company, together with its subsidiaries, is a
diversified worldwide entertainment company with operations in four
business segments: Media Networks; Studio Entertainment; Parks,
Experiences and Consumer Products; and Direct-to-Consumer and
International. Disney is a Dow 30 company and had annual revenues of
$55.1 billion in its Fiscal Year 2017.

FORWARD-LOOKING STATEMENTS

Management believes certain statements in this release may constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are made on
the basis of management's 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 Company's control, including:

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

Such developments may affect entertainment, travel and leisure
businesses generally and may, among other things, affect:

  • the performance of the Company's theatrical and home entertainment
    releases;
  • the advertising market for broadcast and cable television programming;
  • demand for our products and services;
  • expenses of providing medical and pension benefits;
  • income tax expense;
  • performance of some or all company businesses either directly or
    through their impact on those who distribute our products; and
  • the completion of the pending transaction with 21CF.

Additional factors are set forth in the Company's Annual Report on Form
10-K for the year ended September 30, 2017 under Item 1A, "Risk
Factors," in the Company's Report on Form 10-Q for the quarter ended
December 30, 2017 under Item 1A, "Risk Factors," and subsequent reports.

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