Exhibit 99.1

Exhibit 99.1

CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except for per share amounts)

	3 Months Ended June 30,						12 Months Ended June 30,
	2003			2002			2003			2002
Revenues	$	2,801		$	2,431		$	11,002		$	9,725
Expenses
Operating		1,929			1,773			7,693			7,226
Selling, general and administrative		398			372			1,343			1,293
Depreciation and amortization		44			98			183			400
Other operating charge		—			—			—			909
Operating income (loss)		430			188			1,783			(103	)
Other income (expense):
Interest expense, net		(16	)		(49	)		(136	)		(241	)
Equity earnings (losses) of affiliates		17			(9	)		(1	)		(144	)
Minority interest in subsidiaries		(8	)		(8	)		(29	)		(37	)
Other, net		—			(45	)		—			1,540
Income before provision for income taxes and cumulative effect of accounting change		423			77			1,617			1,015
Provision for income tax expense on stand-alone basis		(165	)		(37	)		(586	)		(408	)
Income before cumulative effect of accounting change, net of tax		258			40			1,031			607
Cumulative effect of accounting change, net		—			—			—			(26	)
Net income	$	258		$	40		$	1,031		$	581
Basic and diluted earnings per share before cumulative effect of accounting change	$	0.29		$	0.05		$	1.17		$	0.72
Basic and diluted cumulative effect of accounting change, net of tax, per share		—			—			—			(0.03	)
Basic and diluted earnings per share	$	0.29		$	0.05		$	1.17		$	0.69
Basic and diluted weighted average number of common equivalent shares outstanding		900			850			881			838

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SEGMENT INFORMATION

(in millions)

	3 Months Ended June 30,					12 Months Ended June 30,
	2003		2002			2003			2002
Revenues
Filmed Entertainment	$	1,106	$	927		$	4,498		$	4,048
Television Stations		545		518			2,115			1,875
Television Broadcast Network		513		453			2,244			2,048
Cable Network Programming		637		533			2,145			1,754
Total Revenues(1)	$	2,801	$	2,431		$	11,002		$	9,725
Operating Income (Loss) Before Depreciation and Amortization
Filmed Entertainment	$	105	$	92		$	717		$	544
Television Stations		260		237			983			798
Television Broadcast Network		34		(55	)		(81	)		(263	)
Cable Network Programming		106		44			472			243
Provision for Sports Contracts		—		—			—			(909	)
Total Operating Income (Loss) Before Depreciation and Amortization	$	505	$	318		$	2,091		$	413
Operating Income (Loss)
Filmed Entertainment	$	92	$	77		$	662		$	485
Television Stations		245		189			921			598
Television Broadcast Network		29		(60	)		(100	)		(283	)
Cable Network Programming		64		(18	)		300			6
Provision for Sports Contracts		—		—			—			(909	)
Total Operating Income (Loss)	$	430	$	188		$	1,783		$	(103	)

⁽¹⁾ In January 2002, the Company adopted EITF No. 01-09 “Accounting for the Consideration Given by a Vendor to a Customer or a Reseller of the Vendors’ Products” and as a result has reclassified the amortization of cable distribution investments against revenue as detailed in the following table:

	3 Months Ended June 30,						12 Months Ended June 30,
	2003			2002			2003			2002
	$ Millions						$ Millions
Gross revenues	$	2,832		$	2,463		$	11,127		$	9,841
Amortization of cable distribution investments		(31	)		(32	)		(125	)		(116	)
Revenues	$	2,801		$	2,431		$	11,002		$	9,725

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SUPPLEMENTAL FINANCIAL DATA

Operating income before depreciation and amortization, defined as operating income (loss) plus depreciation and amortization and the amortization of cable distribution investments, eliminates the variable effect across all business segments of non-cash depreciation and amortization. Since, operating income before depreciation and amortization is a non-GAAP measure it should be considered in addition to, not as a substitute for, operating income, net income, cash flow and other measures of financial performance reported in accordance with GAAP. Operating income before depreciation and amortization does not reflect cash available to fund requirements, and the items excluded from operating income before depreciation and amortization, such as depreciation and amortization, are significant components in assessing the Company’s financial performance. Management believes that operating income before depreciation and amortization is an appropriate measure for evaluating the operating performance of the consolidated Company and its business segments. Operating income before depreciation and amortization, which is the information reported to and used by the Company’s chief decision maker for the purpose of making decisions about the allocation of resources to segments and assessing their performance, provides management, investors and equity analysts a measure to analyze operating performance and enterprise value against historical and competitors’ data.

The following table reconciles operating income before depreciation and amortization to the presentation of operating income.

	3 Months Ended June 30,				12 Months Ended June 30,
	2003		2002		2003		2002
	$ Millions				$ Millions
Operating income (loss)	$	430	$	188	$	1,783	$	(103	)
Depreciation and amortization		44		98		183		400
Amortization of cable distribution investments		31		32		125		116
Operating income (loss) before depreciation and amortization	$	505	$	318	$	2,091	$	413

	For the Three Months Ended June 30, 2003 ($ Millions)
	Operating Income (loss)		Depreciation and Amortization		Amortization of cable distribution investments		Operating income (loss) before depreciation and amortization
Filmed Entertainment	$	92	$	13	$	—	$	105
Television Stations		245		15		—		260
Television Broadcast Network		29		5		—		34
Cable Network Programming		64		11		31		106
Consolidated Total	$	430	$	44	$	31	$	505

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SUPPLEMENTAL FINANCIAL DATA (continued)

	For the Three Months Ended June 30, 2002 ($ Millions)
	Operating Income (loss)			Depreciation and Amortization		Amortization of cable distribution investments		Operating income (loss) before depreciation and amortization
Filmed Entertainment	$	77		$	15	$	—	$	92
Television Stations		189			48		—		237
Television Broadcast Network		(60	)		5		—		(55	)
Cable Network Programming		(18	)		30		32		44
Consolidated Total	$	188		$	98	$	32	$	318
	For the Twelve Months Ended June 30, 2003 ($ Millions)
	Operating Income (loss)			Depreciation and Amortization		Amortization of cable distribution investments		Operating income (loss) before depreciation and amortization
Filmed Entertainment	$	662		$	55	$	—	$	717
Television Stations		921			62		—		983
Television Broadcast Network		(100	)		19		—		(81	)
Cable Network Programming		300			47		125		472
Consolidated Total	$	1,783		$	183	$	125	$	2,091
	For the Twelve Months Ended June 30, 2002 ($ Millions)
	Operating Income (loss)			Depreciation and Amortization		Amortization of cable distribution investments		Operating income (loss) before depreciation and amortization
Filmed Entertainment	$	485		$	59	$	—	$	544
Television Stations		598			200		—		798
Television Broadcast Network		(283	)		20		—		(263	)
Cable Network Programming		6			121		116		243
Provision for Sports Contracts		(909	)		—		—		(909	)
Consolidated Total	$	(103	)	$	400	$	116	$	413

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