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Dispositions and Other Income (Expense)
12 Months Ended
Oct. 01, 2011
Dispositions and Other Income (Expense)
5 Dispositions and Other Income (Expense)

Miramax

On December 3, 2010, the Company sold Miramax Film NY, LLC (Miramax) for $663 million. Net proceeds which reflect closing adjustments, the settlement of related claims and obligations and Miramax’s cash balance at closing were $532 million, resulting in a pre-tax gain of $64 million, which is reported in “Other income” in the fiscal 2011 Consolidated Statement of Income. The book value of Miramax included $217 million of allocated goodwill that is not deductible for tax purposes. Accordingly, tax expense recorded in connection with the transaction was approximately $103 million resulting in an after tax loss of $39 million.

 

Other Dispositions

The following dispositions occurred during fiscal 2011, 2010 and 2009:

 

  •  

On November 1, 2010, the Company sold its interest in Bass LLC for $5 million, resulting in a pre-tax gain of $11 million

 

  •  

On May 12, 2010, the Company sold the rights and assets related to the Power Rangers property for $65 million, resulting in a pre-tax gain of $43 million

 

  •  

On January 27, 2010, the Company sold its investment in a pay television service in Europe for $78 million, resulting in a pre-tax gain of $48 million

 

  •  

On November 25, 2009, the Company sold its investment in a television service in Europe for $37 million, resulting in a pre-tax gain of $27 million

 

  •  

On December 22, 2008, the Company sold its investment in two pay television services in Latin America, for approximately $185 million, resulting in a pre-tax gain of $114 million

These gains are reported in “Other income (expense)” in the Consolidated Statements of Income.

Other income

Other income is as follows:

 

     2011      2010      2009  

Gain on sale of Miramax

      $ 64               $ —               $ —         

Gain on sale of Bass

      11               —               —         

Gain on sales of investments in television services in Europe

      —               75               —         

Gain on sale of Power Rangers property

      —               43               —         

Gain related to the acquisition of The Disney Store Japan

      —               22            

Gain on Lifetime/AETN transaction

      —               —               228         

Gain on sale of investment in two pay television services in Latin America

      —               —               114         
  

 

 

     

 

 

     

 

 

  

Other income

      $             75               $             140               $             342