0000950157-19-000949.txt : 20190829 0000950157-19-000949.hdr.sgml : 20190829 20190829170254 ACCESSION NUMBER: 0000950157-19-000949 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20190823 ITEM INFORMATION: Completion of Acquisition or Disposition of Assets ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190829 DATE AS OF CHANGE: 20190829 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Walt Disney Co CENTRAL INDEX KEY: 0001744489 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990] IRS NUMBER: 830940635 STATE OF INCORPORATION: DE FISCAL YEAR END: 0928 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38842 FILM NUMBER: 191067083 BUSINESS ADDRESS: STREET 1: 500 SOUTH BUENA VISTA STREET CITY: BURBANK STATE: CA ZIP: 91521 BUSINESS PHONE: (818) 560-1000 MAIL ADDRESS: STREET 1: 500 SOUTH BUENA VISTA STREET CITY: BURBANK STATE: CA ZIP: 91521 FORMER COMPANY: FORMER CONFORMED NAME: TWDC Holdco 613 Corp. DATE OF NAME CHANGE: 20180702 FORMER COMPANY: FORMER CONFORMED NAME: TWDC Holdco 613 Corp DATE OF NAME CHANGE: 20180622 8-K 1 form8k.htm CURRENT REPORT

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 
FORM 8-K
 

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 23, 2019

  
THE WALT DISNEY COMPANY
Walt Disney Co
(Exact name of registrant as specified in its charter)


Delaware
001-38842
  
83-0940635
(State or other jurisdiction of
incorporation)
  
(Commission
File Number)
  
(IRS Employer
Identification No.)

500 South Buena Vista Street
Burbank, California
 91521
 (Address of principal executive offices)  (Zip Code)

(818) 560-1000
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
  
Trading Symbol(s)
  
Name of each exchange on which registered
Common Stock, $0.01 par value
  
DIS
  
New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.01.
Completion of Acquisition or Disposition of Assets.

As previously announced, on May 3, 2019, The Walt Disney Company (“Disney”), Fox Cable Networks, LLC (“FCN”), a Delaware limited liability company and a wholly owned subsidiary of Disney, and Diamond Sports Group, LLC (“Buyer”), a Delaware limited liability company and a wholly owned subsidiary of Sinclair Broadcast Group, Inc. (“Sinclair”), entered into an Equity Purchase Agreement (the “Purchase Agreement”). Pursuant to the Purchase Agreement, Disney and FCN agreed to sell FCN’s interests in Fox Sports Net, LLC (“FSN”) to Buyer for a purchase price equal to $9.6 billion in cash, subject to adjustments as set forth in the Purchase Agreement (the “FSN Sale”).

On August 23, 2019 (the “Closing Date”), upon the terms and conditions set forth in the Purchase Agreement, the FSN Sale was completed. In connection with the Purchase Agreement, certain additional agreements were entered into on the Closing Date, including, among others, (i) a transition services agreement pursuant to which Disney will provide certain transition services to the regional sports networks and (ii) agreements for the licensing of intellectual property used in the operation of the regional sports networks.

FSN and its subsidiaries operate the regional sports networks Fox Sports Arizona, Fox Sports Detroit, Fox Sports Florida, Fox Sports Sun, Fox Sports North, Fox Sports Wisconsin, Fox Sports Ohio, SportsTime Ohio, Fox Sports South, Fox Sports Carolina, Fox Sports Tennessee, Fox Sports Southeast, Fox Sports Southwest, Fox Sports Oklahoma, Fox Sports New Orleans, Fox Sports Midwest, Fox Sports Kansas City, Fox Sports Indiana, Fox Sports San Diego, Fox Sports West and Prime Ticket. FSN and its subsidiaries also operate the network Fox College Sports.

Disney acquired FSN and the regional sports networks on March 20, 2019 when it consummated the transactions contemplated by the Amended and Restated Agreement and Plan of Merger, dated as of June 20, 2018 (the “Acquisition Agreement”), among Twenty-First Century Fox, Inc. (now known as TFCF Corporation) (“21CF”), TWDC Enterprises 18 Corp. (formerly known as The Walt Disney Company) (“Legacy Disney”), Disney, WDC Merger Enterprises I, Inc. and WDC Merger Enterprises II, Inc., pursuant to which, among other things, (i) WDC Merger Enterprises I, Inc. merged with and into Legacy Disney, with Legacy Disney surviving such merger as a wholly owned subsidiary of Disney and (ii) WDC Merger Enterprises II, Inc. merged with and into 21CF, with 21CF surviving such merger as a wholly owned subsidiary of Disney (the “Acquisition”). As a result of the transactions contemplated by the Acquisition Agreement, among other things, Disney became the ultimate parent of Legacy Disney, 21CF and their respective subsidiaries.

The consummation of the FSN Sale, together with the separate sale of Disney’s interests in the YES Network, which was consummated on August 29, 2019, resulted in the divestment of all of the regional sports networks acquired by Disney as a result of the Acquisition, as required by the Proposed Final Judgment filed in United States v. The Walt Disney Company and Twenty-First Century Fox, Inc. in the Southern District of New York, Case No. 1:18-cv-05800 on June 27, 2018.

The foregoing description of the Purchase Agreement is qualified in its entirety by the full text of the Purchase Agreement, which was attached as Exhibit 2.1 to Disney’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 3, 2019, and is incorporated by reference herein.

The Purchase Agreement has been included to provide investors with information regarding its terms. It is not intended to provide any other factual information about Disney, Buyer or their respective subsidiaries or affiliates. The representations, warranties and covenants contained in the Purchase Agreement were made only for purposes of the Purchase Agreement and as of specific dates, were solely for the benefit of the parties to the Purchase Agreement, may be subject to limitations agreed upon by the contracting parties, including being qualified by confidential disclosures made for the purposes of allocating contractual risk between the parties to the Purchase Agreement instead of establishing these matters as facts, and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to investors. Investors are not third-party beneficiaries under the Purchase Agreement and should not rely on the representations, warranties and covenants or any descriptions thereof as characterizations of the actual state of facts or condition of the parties thereto or any of their respective subsidiaries or affiliates. Moreover, information concerning the subject matter of representations and warranties may have changed after the date of the Purchase Agreement, which subsequent information may or may not be fully reflected in Disney’s public disclosures.

Item 8.01.
Other Events.  

On August 23, 2019, Disney and Sinclair issued a press release announcing the consummation of the FSN Sale, a copy of which is attached hereto as Exhibit 99.1 and is incorporated by reference herein. On August 29, 2019, Disney issued a press release announcing the consummation of the sale of Disney’s interests in the YES Network, a copy of which is attached hereto as Exhibit 99.2 and is incorporated by reference herein.

Item 9.01.
Financial Statements and Exhibits.

(b) Pro Forma Financial Information.
 
The unaudited pro forma condensed combined statements of income of Disney, after giving pro forma effect to the Acquisition (including the consolidation of Hulu LLC as a result of gaining control), the FSN Sale, the sale of Disney’s interests in the YES Network, and the planned divestiture of the Brazil and Mexico sports media operations, is filed as Exhibit 99.3 to this Current Report on Form 8-K and incorporated by reference herein.

Assuming the FSN Sale and the sale of Disney’s interests in the YES Network (collectively the “RSNs”) had been completed as of June 29, 2019, the pro forma effect of the dispositions on the Condensed Consolidated Balance Sheet would have been an increase to cash and cash equivalents of $11.7 billion, a decrease to current assets other than cash of $1.8 billion, a decrease to noncurrent assets of $13.3 billion, a net increase to current liabilities of $1.7 billion, which includes an increase to income taxes payable of $2.0 billion, a decrease to noncurrent liabilities of $4.4 billion, and a decrease to noncontrolling interest of $0.7 billion. The results of the operations of RSNs have been included in discontinued operations in the Condensed Consolidated Statements of Income since the Acquisition.

This information should be read in conjunction with the historical financial statements and notes of Disney included in the Quarterly Report on Form 10-Q for the period ended June 29, 2019 and in the Annual Report on Form 10-K for the fiscal year ended September 29, 2018.
 
(d) Exhibits.

Exhibit Number
  
Description of Exhibit
     

 
 
 
104
  
Cover Page Interactive Data File (embedded within the Inline XBRL document).
     
     
* Certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule or exhibit will be furnished supplementally to the SEC upon request.



SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

  THE WALT DISNEY COMPANY  
       

By:
/s/ Brent A. Woodford  
    Name: Brent A. Woodford  
    Title: Executive Vice President, Controllership, Financial Planning and Tax  
       
Date:  August 29, 2019




 EX-99.1 2 ex99-1.htm PRESS RELEASE, DATED AUGUST 23, 2019
Exhibit 99.1


News Release

SINCLAIR COMPLETES ACQUISITION OF REGIONAL SPORTS
NETWORKS FROM DISNEY

Byron Allen is an Equity and Content Partner in the RSN Holding Company

BALTIMORE, MD and BURBANK, CA (August 23, 2019) -- Sinclair Broadcast Group, Inc. (Nasdaq: SBGI) (“Sinclair” or the “Company”) and The Walt Disney Company (NYSE: DIS) (“Disney”) today announced the completion of the previously announced acquisition by Sinclair of the equity interests in 21 Regional Sports Networks (the “RSNs”) and Fox College Sports, which were acquired by Disney in its acquisition of Twenty-First Century Fox, Inc. (“21st Century Fox”). The transaction ascribed a total enterprise value to the RSNs equal to $10.6 billion, which, after adjusting for minority interests, reflects an aggregate purchase price of $9.6 billion. The aggregate purchase price is subject to certain adjustments.

The RSN portfolio, which excludes the YES Network, is the largest collection of RSNs in the    marketplace today, with an extensive footprint that includes exclusive local rights to 42 professional teams consisting of 14 Major League Baseball (MLB) teams, 16 National Basketball Association (NBA) teams, and 12 National Hockey League (NHL) teams.

Chris Ripley, President & CEO of Sinclair, commented, “We are very excited about the transformational aspects the RSN acquisition will have on Sinclair and are eager to bring those opportunities to life. We welcome Jeff Krolik, President of the RSNs, and the rest of the RSN management team and staff to the Sinclair family. We have an exciting future ahead of us.”

The acquisition received the approval of the U.S. Department of Justice. Last year, Disney and 21st Century Fox entered into a consent decree with the Department of Justice that allowed Disney’s acquisition of 21st Century Fox to proceed while requiring the subsequent sale of the RSNs.

The RSNs were acquired via a newly formed, indirect subsidiary of Sinclair, Diamond Sports Group, LLC (“Diamond”). Byron Allen has agreed to become an equity and content partner in a newly formed indirect subsidiary of Sinclair and an indirect parent of Diamond (“RSN Holding Company”). Mr. Allen, who bought The Weather Channel in 2018, is the Founder, Chairman, and Chief Executive Officer of Entertainment Studios, a global media, content and technology company.

The aggregate purchase price, transaction costs, and an additional cash amount contributed to Diamond was funded through a $1.4 billion cash contribution from Sinclair, $1.0 billion of preferred equity issued by a parent company of Diamond (also an indirect subsidiary of Sinclair), a $3.3 billion secured term B loan facility entered into by Diamond, and $3.1 billion of secured notes and $1.8 billion of senior notes issued by Diamond and Diamond Sports Finance Company.

The RSN brands acquired by Sinclair are: Fox Sports Arizona, Fox Sports Detroit, Fox Sports Florida, Fox Sports Sun, Fox Sports North, Fox Sports Wisconsin, Fox Sports Ohio, SportsTime Ohio, Fox Sports South, Fox Sports Carolina, Fox Sports Tennessee, Fox Sports Southeast, Fox Sports Southwest, Fox Sports Oklahoma, Fox Sports New Orleans, Fox Sports Midwest, Fox Sports Kansas City, Fox Sports Indiana, Fox Sports San Diego, Fox Sports West, and Prime Ticket. Also included in the acquisition is Fox College Sports.

 
About Sinclair Broadcast Group, Inc.

Sinclair is a diversified media company and leading provider of local sports and news. The Company owns and/or operates 22 regional sports network brands; owns, operates and/or provides services to 191 television stations in 89 markets; is a leading local news provider in the country; owns multiple national networks; and has TV stations affiliated with all the major broadcast networks. Sinclair’s content is delivered via multiple-platforms, including over-the-air, multi-channel video program distributors, and digital platforms. The Company regularly uses its website as a key source of Company information which can be accessed at www.sbgi.net.

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 Products; and Direct-to-Consumer and International. Disney is a Dow 30 company and had annual revenues of $59.4 billion in its Fiscal Year 2018.

About Entertainment Studios/Allen Media

Chairman and CEO Byron Allen founded Entertainment Studios, one of the largest independent media companies, in 1993. The Entertainment Studios portfolio includes nine television networks serving nearly 150 million subscribers: THE WEATHER CHANNEL, THE WEATHER CHANNEL EN ESPAÑOL, PETS.TV, COMEDY.TV, RECIPE.TV, CARS.TV, ES.TV, MYDESTINATION.TV, and JUSTICE CENTRAL.TV, as well as the LOCAL NOW streaming service. The company also owns Entertainment Studios Motion Pictures -- one of the world’s leading independent movie finance and theatrical distribution companies.

Forward-Looking Statements:

Certain statements and information in this communication may be deemed to be “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, statements relating to objectives, plans and strategies, and all statements (other than statements of historical facts) that address activities, events or developments that management intends, expects, projects, believes or anticipates will or may occur in the future. These statements are often characterized by terminology such as “will,” “future,” “believe,” “hope,” “may,” “anticipate,” “should,” “intend,” “plan,” “expect,” “estimate,” “project,” “positioned,” “strategy” and similar expressions, and are based on assumptions and assessments made by management in light of their experience and their perception of historical trends, current conditions, expected future developments, and other factors they believe to be appropriate. Any forward-looking statements in this communication are made as of the date hereof, and Disney and Sinclair undertake no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance. Whether actual results will conform to expectations and predictions is subject to known and unknown risks and uncertainties, including: general economic, market, or business conditions; pricing fluctuations in local and national advertising; future regulatory actions and conditions in the television stations’ operating areas; competition from others in the broadcast television markets; volatility in programming costs; the ability to successfully integrate the RSN operations and employees; the ability to realize anticipated benefits of the RSN acquisition; the potential impact of the consummation of the transaction on relationships, including with employees, customers and competitors; and other circumstances beyond management’s control. Refer to the section entitled “Risk Factors” in Disney’s and Sinclair’s annual and quarterly reports filed with the SEC for a discussion of important factors that could cause actual results, developments and business decisions to differ materially from their respective forward-looking statements, if any.



Sinclair Investor Contact:
Lucy Rutishauser, SVP & CFO
(410) 568-1500

Sinclair Media Contact:
Robert Ford
rford@5wpr.com

Disney Investor Contact:
Lowell Singer
lowell.singer@disney.com
(818) 560-6601

Disney Media Contacts:
Zenia Mucha
zenia.mucha@disney.com
(818) 560-5300

David Jefferson
david.j.jefferson@disney.com
(818) 560-4832

 EX-99.2 3 ex99-2.htm PRESS RELEASE, DATED AUGUST 29, 2019
Exhibit 99.2

FOR IMMEDIATE RELEASE


THE WALT DISNEY COMPANY SELLS ITS INTEREST IN THE YES
NETWORK TO INVESTOR GROUP INCLUDING YANKEE GLOBAL
ENTERPRISES AND SINCLAIR BROADCAST GROUP


BURBANK, Calif., August 29, 2019 – The Walt Disney Company (NYSE: DIS) (“Disney”) today announced that it has sold its equity interest in the YES Network (“YES”) to a newly formed investor group that includes Yankee Global Enterprises (the “Yankees”) and Sinclair Broadcast Group (Nasdaq: SBGI) (“Sinclair”), among others. The group acquired the 80 percent of the YES Network not already held by the Yankees at a total enterprise value of $3.47 billion.

The transaction received the approval of the U.S. Department of Justice. Last year, Disney and Twenty-First Century Fox, Inc. (“21st Century Fox”) entered into a consent decree with the Department of Justice that allowed Disney’s acquisition of 21st Century Fox to proceed while requiring the subsequent sale of 21st Century Fox’s interests in 22 regional sports networks (“RSNs”), including the YES Network.  On August 23, Sinclair completed its acquisition of 21 of the RSNs from Disney, excluding the YES Network.


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 Products; and Direct-to-Consumer and International. Disney is a Dow 30 company and had annual revenues of $59.4 billion in its Fiscal Year 2018.

###

Media Contacts:
Zenia Mucha
zenia.mucha@disney.com
(818) 560-5300

David Jefferson
david.j.jefferson@disney.com
(818) 560-4832

Investor Contact:
Lowell Singer
lowell.singer@disney.com
(818) 560-6601

 EX-99.3 4 ex99-3.htm THE UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF INCOME
Exhibit 99.3


UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENTS OF INCOME OF THE WALT DISNEY COMPANY

The following unaudited pro forma condensed combined statements of income (the “Disney Pro Forma Statements of Income”) of The Walt Disney Company (formerly known as TWDC Holdco 613 Corp.) (“Disney” or “we”) present Disney, TWDC Enterprises 18 Corp. (formerly known as The Walt Disney Company) (“Legacy Disney”) and its subsidiaries combined with Twenty-First Century Fox (“21CF”) after giving effect to the Separation (as defined herein) and the Distribution (as defined herein) (“RemainCo”). These pro formas are derived from the historical consolidated information of Disney, Legacy Disney and RemainCo including historical financial information of the regional sports networks (“RSNs”) of 21CF. The Disney Pro Forma Statements of Income give effect to (1) the completion of the acquisition of RemainCo (the “Acquisition”), (2) the incurrence of approximately $35.7 billion in new indebtedness (the “New Indebtedness”) to fund the cash portion of the 21CF Merger consideration (as defined herein) and (3) the repayment by Disney of approximately $16.1 billion of the New Indebtedness using cash acquired from RemainCo, as if these transactions had been completed on October 1, 2017. Additionally, we have eliminated the revenues and expenses of the RSNs and the Brazil and Mexico sports media operations from the statements of income for the twelve months ended September 29, 2018 and nine months ended June 29, 2019.

The Disney Pro Forma Statements of Income are based on the audited consolidated statement of income contained in Legacy Disney’s Annual Report on Form 10-K for the year ended September 29, 2018, Disney’s unaudited consolidated statements of income for the nine months ended June 29, 2019 and the unaudited statements of income of RemainCo for the twelve months ended September 30, 2018 and for the period October 1, 2018 through March 19, 2019 (the day prior to the Acquisition).

We have made certain adjustments to the historical book values of the assets and liabilities of RemainCo to reflect preliminary estimates of their fair values, with the excess of the purchase price over the adjusted historical net assets of RemainCo recorded as goodwill. These adjustments impact the amount of intangible asset amortization recorded in the Disney Pro Forma Statements of Income. We are in the process of obtaining additional information necessary to finalize the valuation of the assets acquired and the liabilities assumed including income tax related amounts. Therefore, the preliminary fair values are subject to adjustment as additional information is obtained and the valuations are completed. After we finalize the valuations, any increases or decreases in the fair value adjustments could materially impact the amount of amortization presented in the Disney Pro Forma Statements of Income.

The Disney Pro Forma Statements of Income have been prepared to reflect adjustments to Disney and Legacy Disney’s historical consolidated financial information that (i) are directly attributable to the Acquisition (including the consolidation of Hulu LLC (“Hulu”) as a result of gaining control), (ii) reflect the divestiture of the RSNs and the planned divestiture of the Brazil and Mexico sports media operations, (iii) are factually supportable and (iv) are expected to have a continuing impact on Disney’s results. Disney applied the proceeds from the divestiture of the RSNs to repay a portion of the New Indebtedness.

The Disney Pro Forma Statements of Income are provided for illustrative purposes only and do not purport to represent what the actual consolidated results of operations of Disney and Legacy Disney would have been had the Acquisition occurred on October 1, 2017, nor are they intended to be a projection of future results.

The Disney Pro Forma Statements of Income reflect the divestiture of the RSNs as agreed to with the U.S. Department of Justice, the planned divestiture of the Brazil sports media operations as agreed to with the Conselho Administrativo de Defesa Economica, and the planned divestiture of the Mexico sports media operations as agreed to with the Instituto Federal de Telecomunicaciones. The Disney Pro Forma Statements of Income do not include integration costs expected to result from the Acquisition or the realization of any cost synergies or revenue synergies expected to result from the Acquisition. The effects of the foregoing excluded items could, individually or in the aggregate, materially impact the Disney Pro Forma Statements of Income.

The Disney Pro Forma Statements of Income and accompanying notes should be read in conjunction with the separate historical consolidated financial statements and accompanying notes of Disney and 21CF.



THE WALT DISNEY COMPANY
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF INCOME
FOR THE TWELVE MONTHS ENDED SEPTEMBER 29, 2018
(In Millions, Except Per Share Data)

   
Disney/Legacy
Disney
    
RemainCo
    
Pro Forma
Adjustments
          
Divestitures (c)
    
Combined
  
Revenues
  
$
59,434
    
$
20,721
    
$
1,662
      
a1
    
$
(4,658
)
  
$
76,380
  
                     
(498
)
    
a2
                  
                     
(281
)
    
a15
                  
Operating expenses
    
(32,726
)
    
(13,731
)
    
(2,084
)
    
a1
      
2,476
      
(46,700
)
                     
459
      
a2
                  
                     
(1,094
)
    
a5
                  
Selling, general, administrative and other
    
(8,860
)
    
(2,798
)
    
(1,046
)
    
a1
      
147
      
(12,431
)
                     
48
      
a2
                  
                     
(21
)
    
a7
                  
                     
99
      
a11
                  
Depreciation and amortization
    
(3,011
)
    
(426
)
    
(69
)
    
a1
      
158
      
(5,135
)
                     
(1,787
)
    
a6
                  
Restructuring and impairment and Other income
    
568
      
(679
)
    
—
              
(5
)
    
(116
)
Interest expense, net
    
(574
)
    
(1,146
)
    
(616
)
    
a3
      
45
      
(2,094
)
                     
166
      
a4
                  
                     
31
      
a11
                  
Equity in the income (loss) of investees, net
    
(102
)
    
(625
)
    
1,026
      
a1
      
—
      
236
  
                     
(63
)
    
a13
                  
Income from continuing operations before income taxes
    
14,729
      
1,316
      
(4,068
)
            
(1,837
)
    
10,140
  
Income taxes from continuing operations
    
(1,663
)
    
227
      
845
       b

   
551
      
(40
)
Net Income from continuing operations
    
13,066
      
1,543
      
(3,223
)
            
(1,286
)
    
10,100
  
Less: Net income from continuing operations attributable to noncontrolling interests
    
(468
)
    
(97
)
    
886
      
a1
      
—
      
321
  
Net income from continuing operations attributable to Disney
  
$
12,598
    
$
1,446
    
$
(2,337
)
          
$
(1,286
)
  
$
10,421
  
Earnings per share from continuing operations attributable to Disney:
                                                
Diluted
  
$
8.36
                                    
$
5.74
  
Basic
  
$
8.40
                                    
$
5.77
  
Weighted average number of common and common equivalent shares outstanding:
                                                
Diluted
    
1,507
              
310
      
a14
              
1,817
  
Basic
    
1,499
              
307
      
a14
              
1,806
  

The accompanying notes are an integral part of the Disney Pro Forma Statements of Income.

2


THE WALT DISNEY COMPANY
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF INCOME
FOR THE NINE MONTHS ENDED JUNE 29, 2019
(In Millions, Except Per Share Data)

   
Disney/Legacy
Disney(1)
    
RemainCo(2)
    
Pro Forma
Adjustments
          
Divestitures (c)
    
Combined
  
Revenues
  
$
50,470
    
$
9,606
    
$
1,320
      
a1
    
$
(2,102
)
  
$
59,017
  
                     
(285
)
    
a2
                  
                     
8
      
a15
                  
Operating expenses
    
(30,196
)
    
(6,633
)
    
(1,388
)
    
a1
      
1,112
      
(37,396
)
                     
264
      
a2
                  
                     
(555
)
    
a5
                  
Selling, general, administrative and other
    
(7,844
)
    
(1,399
)
    
(512
)
    
a1
      
61
      
(9,497
)
                     
22
      
a2
                  
                     
17
      
a7
                  
                     
158
      
a11
                  
Depreciation and amortization
    
(2,864
)
    
(209
)
    
(44
)
    
a1
      
63
      
(3,892
)
                     
(838
)
    
a6
                  
Restructuring and impairment and Other income
    
3,971
      
135
      
(4,794
)
    
a10
      
20
      
305
  
                     
262
      
a9
                  
                     
608
      
a8
                  
                     
103
      
a12
                  
Interest expense, net
    
(617
)
    
(354
)
    
(290
)
    
a3
      
20
      
(1,063
)
                     
78
      
a4
                  
                     
100
      
a11
                  
Equity in the income (loss) of investees, net
    
(234
)
    
(277
)
    
483
      
a1
      
—
      
(57
)
                     
(29
)
    
a13
                  
Income from continuing operations before income taxes
    
12,686
      
869
      
(5,312
)
            
(826
)
    
7,417
  
Income taxes from continuing operations
    
(2,687
)
    
(287
)
    
1,139
       b

   
261
      
(1,574
)
Net Income from continuing operations
    
9,999
      
582
      
(4,173
)
            
(565
)
    
5,843
  
Less: Net income from continuing operations attributable to noncontrolling interests
    
(343
)
    
(35
)
    
364
      
a1
      
—
      
(14
)
Net income from continuing operations attributable to Disney
  
$
9,656
    
$
547
    
$
(3,809
)
          
$
(565
)
  
$
5,829
  
Earnings per share from continuing operations attributable to Disney:
                                                
Diluted
  
$
5.98
                                    
$
3.06
  
Basic
  
$
6.01
                                    
$
3.07
  
Weighted average number of common and common equivalent shares outstanding:
                                                
Diluted
    
1,616
              
291
      
a14
              
1,907
  
Basic
    
1,607
              
290
      
a14
              
1,897
  



(1)
Net income from continuing operations excludes the financial results of the RSNs and the Brazil and Mexico sports media operations as they were included in Income (loss) from discontinued operations since the date of the Acquisition in Disney’s (or Legacy Disney’s, as applicable) unaudited consolidated statements of income for the nine months ended June 29, 2019.


(2)
Unaudited statements of income of RemainCo for the period of October 1, 2018 through March 19, 2019 (the day prior to the Acquisition).

The accompanying notes are an integral part of the Disney Pro Forma Statements of Income.

3


Note 1. Basis of Presentation

On June 20, 2018, Disney, Legacy Disney and 21CF, among others, entered into the Amended and Restated Agreement and Plan of Merger (the “Acquisition Agreement”). Pursuant to the Acquisition Agreement, following the Distribution (which occurred on March 19, 2019), (1) WDC Merger Enterprises I, Inc. merged with and into Legacy Disney and (2) WDC Merger Enterprises II, Inc. merged with and into 21CF (the “21CF Merger” and, together with the transaction described in clause (1), the “Mergers”). As a result of the Mergers, Legacy Disney and 21CF became wholly owned subsidiaries of Disney. Legacy Disney prepared its statements of income in accordance with accounting principles generally accepted in the United States of America. At the time of the Acquisition, Disney became the successor to Legacy Disney with no change in accounting basis. The 21CF Merger was accounted for by Disney using the acquisition method of accounting. Disney was treated as the acquiror for accounting purposes. Prior to the completion of the Mergers, 21CF and a newly-formed subsidiary of 21CF (“New Fox”) entered into a separation agreement, pursuant to which 21CF transferred to New Fox a portfolio of 21CF’s news, sports and broadcast businesses, including Fox News Channel, Fox Business Network, Fox Broadcasting Company, Fox Sports, Fox Television Stations Group, and sports cable networks FS1, FS2, Fox Deportes and Big Ten Network and certain other assets, and New Fox assumed from 21CF certain liabilities associated with such businesses (the “Separation”). 21CF retained all of the assets and liabilities not transferred to New Fox, including the Twentieth Century Fox film and television studios, certain cable networks, 21CF’s international TV businesses and proceeds from the Sky Sale. Following the Separation and prior to the completion of the Mergers, 21CF distributed all of the issued and outstanding shares of New Fox common stock to 21CF stockholders (other than holders that are subsidiaries of 21CF) on a pro rata basis (the “Distribution”). Prior to the Distribution, New Fox paid 21CF a dividend in the amount of $8.5 billion (the “Dividend”).

When the 21CF Merger became effective on March 20, 2019, each issued and outstanding share of 21CF common stock (other than (i) shares held in treasury by 21CF that are not held on behalf of third parties, (ii) shares held by subsidiaries of 21CF and (iii) shares held by 21CF stockholders who have not voted in favor of the 21CF Merger and perfected and not withdrawn a demand for appraisal rights pursuant to Delaware law) was exchanged for an amount, payable in cash (the “21CF cash consideration”) or shares of Disney common stock (the “21CF stock consideration” and, together with the 21CF cash consideration, the “21CF Merger consideration”), equal to the per share value of $51.572626.

Based on the shares of 21CF common stock outstanding as of March 20, 2019, and an average Legacy Disney stock price of $114.1801, which was the volume weighted average price of Legacy Disney common stock over the 15-trading day period ended on (and including) March 15, 2019 (“15 Day VWAP”), Disney issued 307 million shares of Disney common stock. The exchange ratio, obtained by dividing $38.00 by the average Legacy Disney stock price, was 0.3328. Disney recorded the 21CF Merger consideration at $69.5 billion based upon the cash paid, which was funded from Disney borrowings, plus the value of Disney common stock issued, which was determined by the number of shares issued and Legacy Disney’s closing stock price on March 19, 2019 of $110.00. Upon consummation of the 21CF Merger, Disney acquired approximately $25.7 billion of 21CF cash and assumed approximately $17.4 billion of 21CF debt. 21CF’s debt had an estimated fair value of approximately $21.7 billion as of March 20, 2019. We repaid approximately $16.1 billion of the New Indebtedness shortly after the closing of the Acquisition using cash we acquired from RemainCo.

The Transaction Tax (as defined in the Acquisition Agreement) is an amount that was calculated by Disney and 21CF to equal the sum of (a) spin taxes (which are defined in the Acquisition Agreement), (b) an amount in respect of divestiture taxes (which are defined in the Acquisition Agreement), and (c) the amount of taxes imposed on 21CF and its subsidiaries as a result of the operations of the New Fox business and assets from and after January 1, 2018 through the closing of the Acquisition, but only to the extent such taxes exceed an amount of cash, which will not be less than zero, equal to (i) $600 million plus (ii) all net cash generated by the New Fox business and assets from and after January 1, 2018 (with, for purposes of this calculation, all intercompany balances of 21CF and its subsidiaries being deemed to be zero on such date) through the Distribution (with the calculation of net cash taking into account an allocation to New Fox of (1) 30% of any cash dividends to 21CF’s stockholders paid from and after the date of the Acquisition Agreement until the Distribution, (2) an allocated amount of shared overhead and corporate costs consistent with 21CF’s historical approach to such allocations and (3) 30% of unallocated shared overhead and corporate costs for the period from the date of the Acquisition Agreement until the Distribution).

On October 3, 2018, 21CF entered into an agreement to sell its existing 39% interest in Sky to Comcast Corporation at a price of £17.28 per each Sky share for a total sales price of approximately £11.6 billion ($15.1 billion). Equity earnings and the gain on sale of Sky, including the estimated income tax impacts, have not been reflected in RemainCo’s statement of income as they are considered to be nonrecurring in nature.

On May 3, 2019, Disney, Fox Cable Networks, LLC (“FCN”), a wholly owned subsidiary of Disney, and Diamond Sports Group, LLC (“Diamond”), a wholly owned subsidiary of Sinclair Broadcast Group, Inc., entered into an Equity Purchase Agreement, pursuant to which, among other things, Disney and FCN have agreed to sell FCN’s interests in Fox Sports Net, LLC (“FSN”) to Diamond (the “FSN Sale”).  The consummation of the FSN Sale, together with the separate sale of Disney’s interests in the YES Network, results in the divestment of all of the RSNs acquired by Disney in the Acquisition, as required by the U.S. Department of Justice.

4


On August 23, 2019, Disney completed the FSN Sale, and on August 29, 2019, Disney completed the sale of YES Network (collectively the “RSN Sales”). If the RSN Sales had been completed as of June 29, 2019, the pro forma effect of the dispositions on the Condensed Consolidated Balance Sheet would have been an increase to cash and cash equivalents of $11.7 billion, a decrease to current assets other than cash of $1.8 billion, a decrease to noncurrent assets of $13.3 billion, a net increase to current liabilities of $1.7 billion, which includes an increase to income taxes payable of $2.0 billion, a decrease to noncurrent liabilities of $4.4 billion, and a decrease to noncontrolling interests of $0.7 billion. The results of the operations of RSNs have been included in discontinued operations in the Condensed Consolidated Statements of Income since the Acquisition.

Following completion of the Acquisition, Disney had a majority interest in Hulu. On May 14, 2019, effective as of that date, Disney and Comcast Corporation (“Comcast”) announced that Disney had assumed full operational control of Hulu in return for Disney and Comcast entering into a “put/call” agreement, pursuant to which, as early as January 2024, Disney can require NBCUniversal (“NBCU”) to sell, and Comcast can require Disney to buy, NBCU’s ownership in Hulu (33% at June 29, 2019), in either case, for fair market value, as assessed by independent experts, at that future time, subject to a floor that represents a minimum total equity value of Hulu at that time of $27.5 billion. In addition, Disney and Comcast agreed to fund Hulu’s purchase on April 15, 2019 of AT&T Inc.’s 9.5% interest in Hulu, pro rata to their two thirds/one third ownership interests. Hulu’s future equity capital calls are limited to $1.5 billion in the aggregate each year, with any excess funding requirements funded with member loans. Comcast has the right, but not the obligation, to fund its proportionate share of future capital calls. If Comcast elects not to fund its share of future equity capital calls, NBCU’s ownership will be diluted. However, Disney has agreed that NBCU’s ownership interest in Hulu cannot be diluted below 21%. Additionally, the agreement provides Comcast with 50% of the tax benefit related to the exercise of the put or call.

Disney Pro Forma Statements of Income for the twelve months ended September 29, 2018 and the nine months ended June 29, 2019 reflect the results of operations of Disney and Legacy Disney combined with RemainCo. The combined company information is based upon historical financial information of Disney, Legacy Disney and RemainCo and gives effect to the Acquisition and adjustments described in these footnotes. The Disney Pro Forma Statements of Income reflect the consolidation of Hulu’s financial results.

The Disney Pro Forma Statements of Income have been adjusted to remove the revenues and expenses of the RSNs and the Brazil and Mexico sports media operations, as we have agreed to divest the RSNs, the Brazil sports media operations and the Mexico sports operations with the U.S. Department of Justice, the Conselho Administrativo de Defesa Economica, and the Instituto Federal de Telecomunicaciones, respectively. The Disney Pro Forma Statements of Income do not give effect to the use of proceeds from the divestitures. Disney applied such proceeds to repay certain indebtedness required to fund the 21CF cash consideration. The divestiture of the RSNs is expected to result in a gain for income tax purposes.

We have made certain adjustments to the historical book values of the assets and liabilities of RemainCo to reflect preliminary estimates of their fair values, with the excess of the purchase price over the adjusted historical net assets of RemainCo recorded as goodwill. These adjustments impact the amount of intangible amortization recorded in the Disney Pro Forma Statements of Income. We are in the process of obtaining additional information necessary to finalize the valuation of the assets acquired and the liabilities assumed including income tax related amounts. Therefore, the preliminary fair values are subject to adjustment as additional information is obtained and the valuations are completed. After we finalize the valuations, any increases or decreases in the fair value adjustments could materially impact the amount of amortization presented in the Disney Pro Forma Statements of Income.

The accompanying Disney Pro Forma Statements of Income are presented for illustrative purposes only and do not include integration costs nor the realization of any cost or revenue synergies expected to result from the Acquisition.

The Disney Pro Forma Statements of Income have been prepared to reflect adjustments to Disney or Legacy Disney’s historical consolidated financial information that (i) are directly attributable to the Acquisition (including the consolidation of Hulu as a result of gaining control), (ii) reflect the divestiture of the RSNs and the planned divestiture of the Brazil and Mexico sports media operations, (iii) are factually supportable and (iv) are expected to have a continuing impact on Disney’s results.

5


Note 2. Pro Forma Adjustments

The Disney Pro Forma Statements of Income have been adjusted to reflect the following:

(a1)
The Disney Pro Forma Statements of Income have been adjusted to consolidate the historical financial results of Hulu, net of adjustments to eliminate transactions between Hulu on the one hand and Disney (or Legacy Disney, as applicable) or RemainCo on the other hand. In addition, the Disney Pro Forma Statements of Income have been adjusted to eliminate equity losses of Hulu and to record an allocation of Hulu’s losses to noncontrolling interest holders.
   
(a2)
The Disney Pro Forma Statements of Income have been adjusted to eliminate transactions between Disney (or Legacy Disney, as applicable) and RemainCo. Transactions include licensing of film and television content and advertising revenue.
   
(a3)
The Disney Pro Forma Statements of Income have been adjusted to reflect interest expense on Disney borrowings to finance the 21CF Merger consideration, assuming an estimated weighted average interest rate of 3.3% based on Disney’s use of short-term debt. Disney expects to refinance and/or repay such short-term debt in whole or in part with the proceeds from the divestiture of the RSNs and/or long-term debt, such as senior notes.  A 12.5 bps change in interest rates would have a $23 million impact on annual interest expense.
   
(a4)
The Disney Pro Forma Statements of Income have been adjusted to reflect lower interest expense using an effective interest method to adjust RemainCo’s long-term debt to preliminary fair value.
   
(a5)
The Disney Pro Forma Statements of Income have been adjusted to reflect the preliminary estimate of incremental amortization as a result of recording film and television programing and production costs at fair value.
   
(a6)
The Disney Pro Forma Statements of Income have been adjusted to reflect the preliminary estimate of incremental amortization as a result of recording finite lived intangible assets at fair value.
   
(a7)
The Disney Pro Forma Statements of Income have been adjusted to reflect the impact of a multi-year executive compensation arrangement that was contingent on the completion of the Acquisition. Disney increased selling, general, administrative and other expense for the twelve months ended September 29, 2018 and decreased selling, general, administrative and other expense for the nine months ended June 29, 2019.
   
(a8)
The Disney Pro Forma Statements of Income for the nine months ended June 29, 2019 have been adjusted to eliminate severance and related costs in connection with a restructuring and integration plan as a part of its initiative to realize previously announced cost synergies from the acquisition of 21CF.
   
(a9)
The Disney Pro Forma Statements of Income for the nine months ended June 29, 2019 have been adjusted to eliminate equity based compensation primarily for 21CF awards that were accelerated and vested upon the closing of the 21CF acquisition.
   
(a10)
The Disney Pro Forma Statements of Income for the nine months ended June 29, 2019 have been adjusted to eliminate a one-time gain from remeasuring our initial 30% interest in Hulu to its estimated fair value.
   
(a11)
The Disney Pro Forma Statements of Income have been adjusted to eliminate transaction costs and financing fees incurred in connection with the Acquisition.
   
(a12)
The Disney Pro Forma Statements of Income have been adjusted to eliminate RemainCo transaction costs incurred in connection with the Acquisition.
   
(a13)
The Disney Pro Forma Statements of Income have been adjusted to reflect the preliminary estimate of amortization as a result of remeasuring our initial interest in our equity method investments to their estimated fair value.
   
(a14)
The weighted average shares have been increased to reflect the issuance of 307 million shares of Disney common stock for purposes of calculating basic earnings per share.
   
(a15)
The Disney Pro Forma Statements of Income have been adjusted to reflect the preliminary estimated reduction to revenue (and the related amortization expense) from the deferred revenue obligations assumed, reflecting the difference between prepayments related to the arrangements and the fair value of the assumed performance obligations as they are satisfied.
   
(b)
The Disney Pro Forma Statements of Income have been adjusted to reflect the estimated income tax effect of the aggregate pre-tax pro forma adjustments. The aggregate pre-tax effect of these adjustments is taxed at an estimated rate of 26.5% for the twelve months ended September 29, 2018 and 23.05% for the nine months ended June 29, 2019. The twelve month and nine month rates reflect the impact of new federal income tax legislation that was signed into law in December 2017. Certain pro forma adjustments are allocated to noncontrolling interest on a pre-tax basis.
   
(c)
The Disney Pro Forma Statements of Income have been adjusted to reflect the elimination of revenues and expenses of the RSNs and the Brazil and Mexico sports media operations, which for the period prior to March 20, 2019 are included in RemainCo results.


6
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