Disney sees key growth in international markets
ORLANDO, Fla., Feb. 1 (Reuters) - Walt Disney Co. laid out ambitious plans for international expansion, including television networks in China and India, as a cornerstone of long-term growth in presentations on Tuesday to Wall Street analysts.
Chief Operating Officer and President Bob Iger told Reuters on the sidelines of the company's analyst meeting that Disney targeted bringing in 50 percent of revenue outside North America, although he declined to set a time frame. North America currently accounts for 78 percent of Disney revenue.
Iger, who is the internal candidate to succeed Chief Executive Michael Eisner, took the lead role in many of the discussions with analysts. Eisner praised his deputy and often let Iger take the lead role in presentation of strategy.
One analyst said that Iger had made Disney's international expansion the cornerstone of his bid to succeed Eisner Separately, Disney Chairman George Mitchell said that the company's board was on track to name a successor to Eisner by June.
Disney is in a "somewhat ironic position" of being a global brand with a relatively small amount of revenue from international sources, said Sanders Morris Harris analyst David Miller. "That has to be corrected. Bob Iger has made that a central thesis" of his bid to succeed Eisner, he added.
Disney is rolling out its Disney Channel television in India, China, and eventually Russia, Disney's Media Networks Co-Chair Anne Sweeney told analysts.
Disney parks chief Jay Rasulo reiterated that Disney was considering a theme park in Shanghai, but first would expand the Hong Kong park due to open later this year.
Eisner began the day with a strong defense of the last year, in which Disney fought off a hostile takeover bid from Comcast Corp and faced a shareholder revolt that cost Eisner his role as chairman and arguably helped spur the board to look for a successor.
"Our management is the same management we had last year. Strong, committed, professional," he said.
A parade of division executives promised double digit growth in coming years, buttressing the company's vow that earnings would post double-digit percentage growth through at least fiscal 2007.
"The kind of growth we created inside the United States we now anticipate creating outside the United States," Eisner said.
"Bob Iger," he said, was "more than anybody responsible for the success of the Walt Disney Co."
02/02/05 02:25 ET
ORLANDO, Fla., Feb. 1 (Reuters) - Walt Disney Co. laid out ambitious plans for international expansion, including television networks in China and India, as a cornerstone of long-term growth in presentations on Tuesday to Wall Street analysts.
Chief Operating Officer and President Bob Iger told Reuters on the sidelines of the company's analyst meeting that Disney targeted bringing in 50 percent of revenue outside North America, although he declined to set a time frame. North America currently accounts for 78 percent of Disney revenue.
Iger, who is the internal candidate to succeed Chief Executive Michael Eisner, took the lead role in many of the discussions with analysts. Eisner praised his deputy and often let Iger take the lead role in presentation of strategy.
One analyst said that Iger had made Disney's international expansion the cornerstone of his bid to succeed Eisner Separately, Disney Chairman George Mitchell said that the company's board was on track to name a successor to Eisner by June.
Disney is in a "somewhat ironic position" of being a global brand with a relatively small amount of revenue from international sources, said Sanders Morris Harris analyst David Miller. "That has to be corrected. Bob Iger has made that a central thesis" of his bid to succeed Eisner, he added.
Disney is rolling out its Disney Channel television in India, China, and eventually Russia, Disney's Media Networks Co-Chair Anne Sweeney told analysts.
Disney parks chief Jay Rasulo reiterated that Disney was considering a theme park in Shanghai, but first would expand the Hong Kong park due to open later this year.
Eisner began the day with a strong defense of the last year, in which Disney fought off a hostile takeover bid from Comcast Corp and faced a shareholder revolt that cost Eisner his role as chairman and arguably helped spur the board to look for a successor.
"Our management is the same management we had last year. Strong, committed, professional," he said.
A parade of division executives promised double digit growth in coming years, buttressing the company's vow that earnings would post double-digit percentage growth through at least fiscal 2007.
"The kind of growth we created inside the United States we now anticipate creating outside the United States," Eisner said.
"Bob Iger," he said, was "more than anybody responsible for the success of the Walt Disney Co."
02/02/05 02:25 ET