The Walt Disney Company Announces Additions to Its Studio Entertainment Management Team, Conditional Upon Closing of 21st Century Fox Acquisition

The Walt Disney Company (NYSE: DIS) announced that several senior film executives of Twenty-First Century Fox, Inc. (“21st Century Fox” —NASDAQ: FOXA, FOX) are joining Disney’s Studio Entertainment management team, conditional upon closing of Disney’s pending acquisition of 21st Century Fox.

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Emma Watts (Photo: Business Wire)

“We’re pleased that these talented executives will be joining our incredible team of studio leaders once the acquisition of 21st Century Fox is completed,” said Robert A. Iger, Chairman and Chief Executive Officer, The Walt Disney Company. “Under Alan Horn’s leadership, Disney, Pixar, Marvel and Lucasfilm have reached unprecedented levels of creative and box-office success, and adding Fox’s impressive film brands and franchises to our studio will allow us to create even more appealing high-quality entertainment to delight audiences.”

“The addition of these respected film groups under the umbrella of The Walt Disney Studios will create endless possibilities as we continue to deliver first-rate motion pictures to audiences around the world,” said Mr. Horn, Chairman, The Walt Disney Studios. “This is an experienced group of executives, and Alan Bergman and I look forward to welcoming them to our leadership ranks upon completion of the acquisition.”

Reporting directly to Mr. Horn will be:

• Emma Watts, Vice Chairman, Twentieth Century Fox Film and President, Production, Twentieth Century Fox
• Nancy Utley and Stephen Gilula, Chairmen, Fox Searchlight Pictures
• Elizabeth Gabler, President of Production, Fox 2000

Reporting to Mr. Horn and Ms. Watts will be:

• Andrea Miloro and Robert Baird, Co-Presidents, Fox Animation
• Vanessa Morrison, President, Fox Family

The executives will join Mr. Horn’s existing leadership team that includes:

• Alan Bergman, President, The Walt Disney Studios
• Sean Bailey, President, Walt Disney Studios Motion Picture Production
• Ed Catmull, President, Pixar and Walt Disney Animation Studios
• Jennifer Lee, Chief Creative Officer, Walt Disney Animation Studios
• Pete Docter, Chief Creative Officer, Pixar Animation Studios
• Kevin Feige, President, Marvel Studios
• Louis D’Esposito, Co-President, Marvel Studios
• Kathleen Kennedy, President, Lucasfilm
• Ken Bunt, President, Disney Music Group
• Thomas Schumacher, President & Producer, Disney Theatrical Group

Disney’s acquisition of 21st Century Fox has received formal approval from shareholders of both companies, and Disney and 21st Century Fox have entered into a consent decree with the U.S. Department of Justice that allows the acquisition to proceed, while requiring the sale of the Fox Sports Regional Networks. The transaction is subject to a number of non-U.S. merger and other regulatory reviews.

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 Consumer Products; and Direct-to-Consumer and International. Disney is a Dow 30 company and had annual revenues of $55.1 billion in its Fiscal Year 2017.

FORWARD-LOOKING STATEMENTS

Management believes certain statements in this release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of management’s views and assumptions regarding future events and business performance as of the time the statements are made. Management does not undertake any obligation to update these statements.

Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including restructuring or strategic initiatives (including capital investments or asset acquisitions or dispositions), as well as from developments beyond the Company’s control, including:

• changes in domestic and global economic conditions, competitive conditions and consumer preferences;
• adverse weather conditions or natural disasters;
• health concerns;
• international, political, or military developments; and
• technological developments.

Such developments may affect entertainment, travel and leisure businesses generally and may, among other things, affect:

• the performance of the Company’s theatrical and home entertainment releases;
• the advertising market for broadcast and cable television programming;
• demand for our products and services;
• expenses of providing medical and pension benefits;
• income tax expense;
• performance of some or all company businesses either directly or through their impact on those who distribute our products; and
• the completion of the pending transaction with 21CF.

Additional factors are set forth in the Company’s Annual Report on Form 10-K for the year ended September 30, 2017 under Item 1A, “Risk Factors,” in the Company’s Report on Form 10-Q for the quarter ended December 30, 2017 under Item 1A, “Risk Factors,” and subsequent reports.

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