"We sought a merger with Capital Cities/ABC in particular because of our tremendous respect for the management team Tom Murphy has assembled and the outstanding collection of broadcasting and publishing assets they have built," Mr. The Walt Disney Company will now have more global outlets to provide the highest quality entertainment, news and sports programming." "The merger positions us for substantial growth worldwide and puts us in a strong competitive position in an industry which, by this transaction, we are helping to define. "This transaction is a once-in-a-lifetime opportunity to create an outstanding entertainment and media company," Mr. The companies had combined annual revenues in 1994 of approximately $16.5 billion. Iger will continue in his role as president of Capital Cities/ABC and also become COO and president of The Walt Disney Company. Murphy, chairman and CEO of Capital Cities/ABC, will relinquish his current titles on the effective date of the merger and join Disney's Board of Directors. Eisner, who will continue as chairman and CEO. The combined enterprise, which will be known as The Walt Disney Company, will be led by Mr. will become a wholly-owned subsidiary of Disney. The combined enterprise will be better equipped to grow, to provide valuable services for our viewers, listeners, readers, sports fans and vacationers, and to capture the imagination of future generations."Īs a result of the merger, Capital Cities/ABC Inc.
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The merger will create tremendous value for the shareholders of each company by taking full advantage of the complementary strengths of each organization. "Disney and Capital Cities/ABC have created some of the most recognized and respected brands in the world. Murphy, chairman and chief executive officer of Disney and Capital Cities/ABC, respectively, said: "The combined company will become a vital and dynamic force in the entertainment and media business, reaching family audiences worldwide and providing them with unparalleled news, information and entertainment both inside and outside the home. At current share prices, the value of the transaction is approximately $19 billion. Under terms of the agreement, which has been approved by the Board of Directors of each company, Capital Cities/ABC shareholders will have the right to receive one share of Disney common stock and $65 in cash for each of their shares. The combined enterprise will have a unique ability in creating, packaging and delivering entertainment, news, and sports - all of which will generate significant new opportunities for domestic and international growth.
(NYSE: CCB), two of the world's leading entertainment and media companies, today announced that they have agreed to merge.
$19 Billion Transaction Will Enhance Value By Creating World's Leading Entertainment And Communications CompanyīURBANK, CA, AND NEW YORK-The Walt Disney Company (NYSE: DIS) and Capital Cities/ABC Inc. "Disney, Capital Cities/ABC Agree To Merge," BusinessWire, July 31, 1995 This Page is Currently Under Construction