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EXHIBIT 12.1

The Walt Disney Company

Ratios of Earnings to Fixed Charges

Nine Months Ended June 30, 2001 and 2000

Five Years Ended September 30, 2000
(Amounts in millions, except ratios)

		Nine Months Ended June 30,						Year Ended September 30,
Earnings
		2001			2000			2000			1999		1998			1997		1996
Income from continuing operations before income taxes and cumulative effect of accounting changes		$	1,113.0		$	2,077.0		$	2,633.0		$	2,403.0	$	3,229.0			3,386.7		2,060.0
Plus
	Equity in (earnings) loss of less than 50% equity investments		(234.0	)		(155.0	)		(208.0	)		127.0		(116.0	)		62.2		90.0
	Dividends		196.4			145.9			212.4			154.3		140.0			103.1		65.6
	Interest expense, amortization of debt discounts and premium on all indebtedness and amortization of capitalized interest		422.8			523.7			694.4			783.1		775.2			750.4		485.3
	Imputed interest on operating leases		120.7			118.3			163.0			130.8		109.3			140.8		106.8
TOTAL EARNINGS		$	1,618.9		$	2,709.9		$	3,494.8		$	3,598.2	$	4,137.5		$	4,443.2	$	2,807.7
FIXED CHARGES
	Interest expense and amortization of debt discounts and premium on all indebtedness	$	383.4		$	480.4		$	639.7		$	725.5	$	718.1		$	750.4	$	485.3
	Capitalized interest		80.5			69.9			109.9			59.6		68.8			73.0		44.5
	Imputed interest on operating leases		120.7			118.3			163.0			130.8		109.3			140.8		106.8
TOTAL FIXED CHARGES		$	584.6		$	668.6		$	912.6		$	915.9	$	896.2		$	964.2	$	636.6
RATIO OF EARNINGS TO FIXED CHARGES			2.8			4.1			3.8			3.9		4.6			4.6		4.4

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The Walt Disney Company Ratios of Earnings to Fixed Charges Nine Months Ended June 30, 2001 and 2000 Five Years Ended September 30, 2000 (Amounts in millions, except ratios)