Jeff Bewkes – Page 4

January 13, 2011April 3, 2011

The Trouble With Groupon

I believe Groupon is headed for failure.

Even if they somehow survive, I fear they are doomed to be a company we all view with complete indifference.

I don’t write this lightly. I was amazed and sort of proud that they had the balls to turn down Google’s $6 billion offer.

Founders and senior management becoming fabulously wealthy excepted, there really is no upside to signing away your soul to a giant soulless corporation (take that Manka Bros.!) if you have a solid business or at least unique concept that absolutely cannot fail.

I was rooting for this upstart that had the guts to resist billions. I signed up and started to get the daily deals that were offered – “40% off a facial ($75 value!)”; “Pay $10 for $20 worth of hair products (not my brand)”, etc… these horrible “deals” kept coming and coming and I kept NOT BUYING. Now I believe they should have sold.

Groupon is not a terrible business – a little annoying, a notch above Spammer – but it’s basically a business that pushes all this crap on people that they don’t need (and from my experience, mostly stuff that I don’t even want). The brilliance they have is that they make you think you’re getting these amazing deals and you’d better buy soon or they’re gone forever. Consumers will wise up to this fairly quickly.

Sure, millions are buying (with Groupon keeping well over 50% of the proceeds) and it’s probably good for some of the small businesses that are participating (though I have heard of several disaster stories) – but it’s really just a sexier online version of Valpak – those blue envelopes of local coupons that we all get in the mail and we mostly ignore.

If Groupon really wanted to add value to my life, they would offer “50% off my Trader Joe’s bill”; “$5,000 off a 2011 Prius”; “$10 will get you $20 in cash”, etc. Things like that would be valuable to me. I would buy those. But Groupon can’t offer these things because Trader Joe’s and Toyota would be crazy to do it (and wouldn’t even dream of it) and the shit Groupon actually has to offer isn’t really… real. It’s just made up facts and figures to make you believe you’re getting a great deal.

Let’s say I own a Day Spa and offer $50 off a $300 massage. What makes it a $300 massage? I own the Spa, I set the price – there is no $50 value to be saved. I could go to another spa and get a $50 massage and save $200 more than I would have buying the Groupon. Groupon’s genius is convincing consumers that they are saving money on these great services when, really, the cheapest option is NOT TO BUY GROUPONS. That costs zero ($0) dollars.

And now, because the business model is so easy to replicate, I’m getting offers from Groupilicious, CouponYou, My Little Deuce Coupon, CouponDeville, Grouper With A Squeeze of Lemon, etc. and it will never stop because local businesses will always try to drum up sales by knocking 40% off a price that they set themselves. Buy it wholesale, mark up the price 100%, offer a Groupon for 40% off – still make 20% on the sale. It’s not difficult.

Right now Groupon is sexy. Even sexier after turning down Google. They are hiring an army of MBAs in their 20s, everybody dresses down – it’s a real startup mentality, it’s Chicago, it’s exciting. Hell, an IPO is coming!

But I look into the future, and all I see is Valpak. Ever been to a Valpak office? Not sexy. Not exciting. No roller skates, no ping pong – the only perks there are 20% off bagels when you buy one dozen.

Jill Kennedy – OnMedea

November 15, 2010August 10, 2011

TBS – Go Get Your Shinebox

What is it going to take for TBS (or any other Basic Cable channel) to get a little respect?

I watched the premiere week of Conan and thought it was fine and exactly what I expected (which is a slight disappointment, right?). (Also, why was it on at 10pm on DirecTV when every advertisement in the world says 11pm?… but I digress.)

The one thing that did stand out was the constant bashing of TBS and Basic Cable in general (I know it is a joke, I get it – I also got it in 1985 when the Basic Cable jokes started). But times have changed.

I was a proponent of Conan leaving NBC and for Jeff Zucker to be fired for many MANY reasons (including the handling of the Jay/Conan affair and for having anything to do with Ben Silverman. Please, someone wash everything Ben touched, it’s filthy!).

But, I must say, I’m disappointed with the way Conan has handled the transition to TBS. It was a very difficult decision, I’m sure, but why bash your new home?

Why is Basic Cable still struggling for any sort of respect?

It’s all very reminiscent of the scene from “Goodfellas” with Billy Batts (Frank Vincent) and Tommy DeVito (Joe Pesci) in the bar. Imagine Billy Batts is the “Broadcast Networks” and Tommy DeVito is “Basic Cable”:

Basic Cable: No more shines, Broadcast Networks.

Broadcast Networks: What?

Basic Cable: I said, no more shines. Maybe you didn’t hear about it, you’ve been away a long time. I don’t shine shoes anymore.

Broadcast Networks: Relax, will ya? Ya flip out, what’s got into you? I’m breaking your balls a little bit, that’s all. I’m only kidding with ya…

Basic Cable: Sometimes you don’t sound like you’re kidding, you know, there’s a lotta people around…

Broadcast Networks: I’m only kidding with you. I’m breaking your balls, and you’re getting fucking fresh. I’m sorry. I didn’t mean to offend you.

Basic Cable: I’m sorry, too. It’s okay. No problem.

Broadcast Networks: Now go home and get your fuckin’ shinebox!

Basic Cable: Mother fuckin’ mutt! You fucking piece of shit!

If you remember the movie, Tommy then kicked and stabbed Billy about a thousand times, threw him in the trunk of his car and buried him in some disgusting pit. I’m not saying Basic Cable will completely bury the Broadcast Networks – but it seems to be headed that general direction – so Broadcast Networks had better cut it out with the “shinebox attitude”.

And seriously, to watch Conan, you would think the year is 1985 and the only programming on TBS was really bad VHS copies of really bad 1970s movies and a few Body By Jake infommercials.

This is 2010 and Basic Cable Channels are a key driver and profit center helping to keep the Hollywood machine afloat.

So how about a little respect, Conan? I know you’re only getting $10 million from that suckass TBS that gives you “no budget” (other than a very large one) but come on!

And are you taping this show from some local station in Palmdale or in a very nice soundstage on a very nice Burbank studio lot? And do you have one blimp to promote your show or zero blimps?

And the last I checked, Mad Men on AMC (Basic Cable) won the Emmy for Best Drama; TBS just paid upwards of $2 million/episode for Big Bang Theory (among others); and the ACE Awards (which was a popular punchline for comedians about FIFTEEN YEARS AGO) haven’t been on the air for FIFTEEN YEARS!

I would also argue that with its scripted reruns and movies, TBS and the other top Basic Cable Channels have better daytime programming than any of the Broadcast Station Groups (unless you like Judge shows) and the primetime lineups are equally as creative and catching up in the ratings.

In fact, Broadcast Networks are deep into the 5 Stages of Grief from “On Death and Dying” – and they have been in denial about Basic Cable for years. Retrans is one final pathetic attempt to stay competitive.

So, Conan, I’m sorry you are stuck on lowly TBS when all your life you dreamed of being on NBC (now worth negative $690 million on NBC Universal’s balance sheet) – but the truth is, in today’s media environment, it’s not which channel you are on but the programming you produce.

Remember, even a show shot in a shack in Palmdale can be relevant (and widely seen) today.

Jill Kennedy – OnMedea

P.S. – Why doesn’t anyone ever bash MTV for being “Basic Cable”? Just wondering.

November 5, 2010December 9, 2011

Advertise On Facebook – Reach More People Than 10 Super Bowls!

Does this mean an ad will cost $40 million dollars per spot?

So, I was just on Facebook – along with 800+ million of my friends (soon to be be 7.3 billion) – and couldn’t help notice the sidebar banner ad pitch to “Advertise On Facebook” (see left).

Now, I’ve never noticed an ad on Facebook. Not one. And I don’t think I’m alone.

So why would I pay anything to advertise on Facebook? Because you can’t afford NOT to have your product or brand in front of 800 MILLION POTENTIAL CUSTOMERS. Right?

Because fear works when you’re pitching your platform to advertising agencies – “You need us more than we need you.” So it’s better to make an expensive ad buy on Facebook, even though no one will see your ad, than to be left behind.

Do they think we’re idiots? At least on television, even if the ad is being skipped in fast motion, you see the product. On Facebook, you don’t even notice the ad and, if you did, you wouldn’t care because you don’t want to see advertising when you’re on Facebook.

The only ad tactic that seems to work on Facebook is the one where hot young girls (old dudes pretending to be hot young girls) to “Friend” guys and then post non-stop about how they “LOVE THEIR NEW NISSAN SENTRA” and how much “The New Coke Zero ROX!”

Let I said before, Facebook, unless they start to charge user fees or do those horribly annoying ads that pop right in your face when you log in, is on the road to becoming worthless.

Jill Kennedy – OnMedea

October 21, 2010April 3, 2011

Juan Williams Had TWO JOBS!

Remember, whichever side you are on in this debate, Juan Williams had TWO JOBS during the worst economy since the Great Depression when so many people out there can’t even get ONE JOB.

I think it was good of NPR to fire Juan Williams if only for the simple fact that they can now hire an out of work Political Commentator who can get off the public dole.

Interesting that Fox News would reward a guy with a $2 million dollar contract who basically said that Muslims who are dressed as their religion requires(!!) make him nervous on an airplane.

Juan Williams perfectly fits the mold of the “Fox News Liberal”.

Jill Kennedy – OnMedea

October 8, 2010April 11, 2011

Digg – R.I.P.

Lesson #1: If Google offers you $200 million for a business that has no real focus or vision – TAKE IT.

Lesson #2: If the due diligence doesn’t back up a $200 million valuation and someone else offers you $80 million – TAKE IT.

Lesson #3: If you ignore Lessons #1 and #2 and decide to redesign your very popular (but unprofitable) website – MAKE SURE IT DOESN’T SUCK.

Lesson #4: If the redesign of the website sucks and the entire world complains – DO SOMETHING ABOUT IT.

Lesson #5: If Lesson #4 is ignored and senior management continues to party like its 2006, YOUR COMPANY IS DYING.

Lesson #6: If your company is dying and you don’t have the cure, LET IT DIE WITH DIGNITY AND START OVER.

I’m afraid we’re at Lesson #6.

DIGG IS DEAD – R.I.P.

If only the Business Week cover from 2006 were true.

While many of the employees of Digg will find it difficult to start over, the founders and senior management team probably will not. Especially Kevin Rose, who is an early investor in Twitter and Zynga. So don’t cry for dude. Dude is fine.

Now I’ve Dugg many stories over the years – mostly an endless link-fest of Slide Shows and Superhero complaints – but it’s time to move on.

I suppose I’ll just have to “Like” instead of “Digg” (until Facebook becomes worthless – and they are on that path!). After that, I’ll probably have to “Shout Out” or “Yeah, Baby” or whatever other little button some company wants me to click whenever I like the new taste of Coke Zero.

“Digg” was cool and nobody can take 2006-2008 away from you guys. That was your time!

So long Kevin, Matt and Jay – who cares if you’re not Billionaires? Remember, Millionaires can still get chicks and buy drinks at any bar in the world.

Jill Kennedy – OnMedea

September 15, 2010April 3, 2011

Facebook To Reach 7.3 Billion Users By 2015

OK, it’s September. The power players in the media world have completed their ‘summering’ and can now return to the passion of their lives – ridding the world of boredom and malaise by producing films, TV shows, games and websites. So… it’s great to be back.

The title of this blog is truly remarkable and, frankly, bullshit.

I received the chart to the left from a friend of mine at Facebook (which was pulled from a recent management presentation).

Takeaway: The number of Facebook users by 2015 will EXCEED THE EARTH’S POPULATION.

Sounds impossible I know. But I suppose nothing is impossible when it comes to Facebook. Because at Facebook it’s not “Impossible”, it’s “I’m Possible”.

A couple of months ago, I wrote a blog titled “Facebook Is Worthless”. I stand by the arguments in that blog (even though I received the wrath of many a Facebook insider who doesn’t want to see the value of their stock options go down) because, no matter what Facebook senior management tries to tell the press, no one seriously believes they are profitable. I believe the real numbers would freak too many people out who are praying for an IPO in the near future.

Just because everyone is on it doesn’t mean the future is bright. Just look at the AOL and Microsoft monopolies in the 1990s.

Jill Kennedy – OnMedea

July 13, 2010April 4, 2011

The Woman Of Sun Valley

Allen & Company retreat, Anne Mulcahy, Ari Emanuel, Barry Diller, Ben Silverman, Bill Bradley, Bob Iger, Bobby Kotick, Brian Grazer, Brian Roberts, Candice Bergen, Carol Bartz, Charlie Rose, Chase Carey, Chris Silbermann, Cory Booker, Diane Von Furstenberg, Don Graham, DumbDumb, Electus, Eric Eisner, Eric Schmidt, Erin Burnett, George Bodenheimer, Gina Bianchini, Gordon Crawford, Haim Saban, Hank Vigil, Harvey Weinstein, Herb Allen, Herb Allen Sun Valley Conference, Herbert Allen, Jean-Bernard Levy, Jeff Berg, Jeff Bewkes, Jeff Bezos, Jeff Weiner, Jeff Zucker, Jeffrey Immelt, Jerry Yang, Jim Berkus, Jim Gianopulos, Jim Robinson, John Donahue, Jon Miller, Jonathan Dolgen, Ken Auletta, Ken Chenault, Khan Manka, Lachlan Murdoch, Lady Gaga, Larry Page, Leslie Moonves, Lionel Barber, Lloyd Grohl, Manka Bros., Marc Andreessen, Marissa Mayer, Mark Pincus, Mark Zuckerberg, Martin Sorrell, Mathias Dopfner, Michael Ovitz, Mike Bloomberg, Niall FitzGerald, Owen Van Natta, Patt Morrison, Peter Chernin, Phillippe Dauman, Rachael Ray, Reid Hoffman, Richard Parsons, Ricky Van Veen, Rob Wiesenthal, Robbie Bach, Robert L. Johnson, Ron Meyer, Rupert Murdoch, Sergey Brin, Sheryl Sandberg, Steve Burke, Steve Jobs, Sun Valley Retreat, Sun Valley Retreat 2010, Terry Semel, Tim Armstrong, Tom Freston, Tom Friedman, Tom Glocer, Tom Rothman, Ursula Burns, Vivi Nevo, Warren Buffett, World's Largest Media Company

Being a member of the fringe press, I have no idea how many people attended the Herb Allen Sun Valley Retreat last week and I certainly don’t know a complete gender breakdown – but from everything I’ve seen in the press (including from the blogs written by my mogul boss, Khan Manka, Jr., from inside the event), there were very very very few women represented.

By my count, there were three (and two were from Xerox – Ursula Burns and Anne Mulcahy [retired]) and only one, Sheryl Sandberg got any sort of attention at all.

And, no, mogul wives don’t count.

[If Allen & Co. can please email me an invited guest list, I’ll be happy to post an update with other names.]

Yes, Facebook is the hot company of the moment with a giant spotlight on senior management, but (and we all know this is a Hollywood / New York / Silicon Valley problem and not a Herb Allen problem) this was a pretty pathetic effort no matter the situation.

This is not to slight the accomplishments of Sheryl Sandberg. I have a great admiration for her (even though I think she’s on a sinking ship).

“The Women In Technology” panel (moderated by Tom Brokaw) must have been fascinating. Perhaps it was set up as a way to inform the white male moguls that there are ‘Women in Technology’. Who knew?

Here’s hoping that next year I can report on “The WOMEN of Sun Valley”.

Jill Kennedy – OnMedea

July 1, 2010July 26, 2012

Facebook Is Worthless

MORE RECENT FACEBOOK POSTS:

Should We Believe Facebook’s Earnings?

Facebook and the Disappearing Valuation (A Fairy Tale)

Facebook Must Be Stopped

Advertise On Facebook – Reach More People Than 10 Super Bowls!

Facebook To Reach 7.3 Billion Users By 2015

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Original Post (Facebook Is Worthless):

Salacious headline? Yes. True? Also yes.

This is not a slam against the EXTREME popularity and unprecedented GROWTH story that is Facebook. This is a reality check of an unsustainable business model.

Much like a homeowner who can no longer afford an overinflated house purchased during the height of the bubble and decides to walk away, Facebook (with claims that it will hit ONE BILLION users in the not too distant future) has given it all away for free for far to long to change.

But change it must or Facebook Is Worthless.

Imagine the cable networks at their inception (especially premium channels like HBO) giving the channel to anyone for free at the beginning and then trying to convince customers to pay down the line. It’s a daunting task. One that Hulu is going through now – but they made the hard decision, and even though traffic and video streams will certainly fall, it will soon be profitable because it wasn’t too late to right the ship.

Imagine Disney/Pixar putting out Toy Story 3 for free in theaters and trying to make up their costs by throwing up billboards along the walls. What kind of idiot would do that? It would never be considered.

People love (and some actually depend on) Facebook, but it is too late to right the ship – and not just because no one cares or pays any attention to the banner ads that are thrown up against everyone’s status updates. It’s because people are starting to get really bored with it.

There are some late adapters that are still in the ecstasy phase of seeing their old high school friends as they look today (Facebook has ruined surprise factor of high school reunions forever, but I digress), but for the most part – at least in my case – most of my Facebook friends have stopped participating. They will pop on once a day or so just to see if anyone has posted any new drunken pictures or family photos of the new baby, but that’s about it.

My Facebook experience now is basically the same five people posting the same boring crap.

The Bored Office Worker who posts about “needing coffee” – and “can’t wait for Happy Hour!”

The Super Mom who claims every morning – “Went to 8 museums adn made banana bread all before 10am! My kids are awesome and sooooo funny!”

The Quoter who searches quotation websites looking for some daily affirmation that will get about 15 “Likes” and a few “I’m going to use that!” replies.

The Reviewer who writes stuff like “Smoke Monster? Shit Monster if you ask me!”

The Pissed Off Traveler with daily pearls like “10 hours on the tarmac!” and “Yet another delay, thank you American Airlines!”

And that’s about it. Every day, the same five people and I have over 300 Facebook friends (even though I only see about three friends actually in person in any given month).

The valuation on Facebook is so high that no one could possibly acquire it now (not even my employer, the insanely deep-pocketed Manka Bros. Studios) especially considering there is really no monetary growth story.

As it becomes more of a digital dumping ground, costs continue to rise. It has peaked as a global fascination. Check the value of Bebo, Myspace, Friendster, etc. and you’ll see the future of Facebook. Even though Mark Zuckerberg claims he’s different than all the others.

So here’s what Facebook needs to do – start charging every current or new user $0.99/month. Just ninety-nine cents per user per month to use all the features they currently use. New services may make it possible to bump that up to a premium fee down the line.

Millions will leave and start some “Facebook Should Be Free” movement, but other millions (like my five daily posters who feel they need to be heard) will definitely pay. Because $0.99 is nothing. It’s the purchase price of a pig on Farmville. There will still be advertising and cross-promotional opportunities and corporate sponsorships, etc. – multi revenue streams.

But the free culture has to change or Facebook is Worthless.

Deep down, at least to me, this seems to be the reason the IPO hasn’t happened. Zuckerberg says he’s not interested and will delay the IPO as long as possible. Yeah, because it’s a $15 billion company (so they say) with costs that exceed revenue – and no signs of that ever changing.

I wouldn’t be interested in an IPO either.

Someone enlighten me and correct my ignorance.

Jill Kennedy – OnMedea

September 4, 2009April 29, 2011

Nikki Finke’s New Business Strategy Will Fail

Ari Emanuel, Deadline Hollywood, deadline.com, Hollywood gossip, Jeff Bewkes, Jeff Weiner, Jill Kennedy, Khan Manka, Manka Bros., Nikki Finke, OnMedea, Sharon Waxman, Terry Semel, The Wrap, TheWrap.com, Time Warner

Dear Nikki,

Your new business strategy will fail. This morning, a new (unremarkable) web design was revealed along with a new address (Deadline.com) and it is a disappointment. A disappointment to all us bomb throwers out there who are just trying to make a buck with salacious stories about other people’s lives.

I say it’s a disappointment because DHD is a straight-out-of-bed must read for nearly everyone in the business of media. You should resist the urge to turn it into something more than it is.

I don’t understand why people in this industry find it difficult to be content with success.

Nikki, you had an amazing one woman operation (terrible graphics and all – but it worked) with great inside sources, timely scoops and the freedom to say whatever the fuck you wanted.

That’s all going to change now.

You are attempting to become a corporation – a media conglomerate, if you will. You seem to fancy yourself one of those top media executives whose career you could bring down with one click of the “Publish” button. I fear those days are ending.

I believed you when you said nothing would change after being bought by Mail.com Media Corporation (I would have put a link of that last sentence to the blog you wrote after being bought – but it appears to be gone! See what I mean?).

Believe me, I’m not against buyouts. Manka Bros. doesn’t pay me shit and we all need capital to run a successful business. But now you’re opening offices (OK, hiring a couple bloggers in pajamas) in several other world cities under the “Deadline” brand. Plus, you talk about technical people and designers. Please. Can you look at the numbers and tell me that your free cash flow margin isn’t decreasing?

Do you seriously believe you’ll find other “Nikki Finke’s” in London, Hong Kong, Syndey, et al? What the fuck scoops are you going to get in Mumbai? There are plenty of great media muckrakers in that country. They don’t need you. There is only one Nikki Finke and paying other people to digg up fresh scandals in international territories isn’t going to work.

I’m going to miss the freshness, the immediacy and especially that feeling that we’re getting real inside dope.

But it’s not too late to change! Stay small and profitable. Don’t expand and be forced out of business in a year. Or worse, in a year, don’t attempt to go back to your old self in a pathetic display of “Well, I tried!”

Jill Kennedy – OnMedea

August 31, 2009April 29, 2011

Disney Buys Marvel!

Alan Fine, Ari Emanuel, Bob Iger, David Maisel, DC Comics, Deadline Hollywood, Disney, Isaac Perlmutter, Jeff Bewkes, Jeff Weiner, Jill Kennedy, John Turitzin, Kenneth P. West, Khan Manka, Manka Bros., Marvel, Marvel Comics, Nikki Finke, OnMedea, Sharon Waxman, Simon Philips, Terry Semel, Walt Disney Company

My spidey senses nailed this one. Friday I said it would happen – and now it is so!

My colleage Nikki Finke loves to say “TOLDJA” – but she didn’t get this one!

In a deal that shocked everyone in the industry except me, Disney today announced it will purchase Marvel Entertainment – the total value about $50/share or $4 billion for company.

Here’s the press release:

DISNEY TO ACQUIRE MARVEL ENTERTAINMENT

Worldwide leader in family entertainment agrees to acquire Marvel and its portfolio of over 5,000 characters

Acquisition highlights Disney’s strategic focus on quality branded content, technological innovation and international expansion to build long-term shareholder value

Burbank, CA and New York, NY, August 31, 2009 –Building on its strategy of delivering quality branded content to people around the world, The Walt Disney Company (NYSE:DIS) has agreed to acquire Marvel Entertainment, Inc. (NYSE:MVL) in a stock and cash transaction, the companies announced today.

Under the terms of the agreement and based on the closing price of Disney on August 28, 2009, Marvel shareholders would receive a total of $30 per share in cash plus approximately 0.745 Disney shares for each Marvel share they own. At closing, the amount of cash and stock will be adjusted if necessary so that the total value of the Disney stock issued as merger consideration based on its trading value at that time is not less than 40% of the total merger consideration.

Based on the closing price of Disney stock on Friday, August 28, the transaction value is $50 per Marvel share or approximately $4 billion.

“This transaction combines Marvel’s strong global brand and world-renowned library of characters including Iron Man, Spider-Man, X-Men, Captain America, Fantastic Four and Thor with Disney’s creative skills, unparalleled global portfolio of entertainment properties, and a business structure that maximizes the value of creative properties across multiple platforms and territories,” said Robert A. Iger, President and Chief Executive Officer of The Walt Disney Company. “Ike Perlmutter and his team have done an impressive job of nurturing these properties and have created significant value. We are pleased to bring this talent and these great assets to Disney.”

“We believe that adding Marvel to Disney’s unique portfolio of brands provides significant opportunities for long-term growth and value creation,” Iger said.

“Disney is the perfect home for Marvel’s fantastic library of characters given its proven ability to expand content creation and licensing businesses,” said Ike Perlmutter, Marvel’s Chief Executive Officer. “This is an unparalleled opportunity for Marvel to build upon its vibrant brand and character properties by accessing Disney’s tremendous global organization and infrastructure around the world.”

Under the deal, Disney will acquire ownership of Marvel including its more than 5,000 Marvel characters. Mr. Perlmutter will oversee the Marvel properties, and will work directly with Disney’s global lines of business to build and further integrate Marvel’s properties.

The Boards of Directors of Disney and Marvel have each approved the transaction, which is subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act, certain non-United States merger control regulations, effectiveness of a registration statement with respect to Disney shares issued in the transaction and other customary closing conditions. The agreement will require the approval of Marvel shareholders. Marvel was advised on the transaction by BofA Merrill Lynch.

Investor Conference Call:

An investor conference call will take place at approximately 10:15 a.m. EDT / 7:15 a.m. PDT today, August 31, 2009. To listen to the Webcast, turn your browser to http://corporate.disney.go.com/investors/presentations.html or dial in domestically at 800-260-8140 or internationally at 617-614-3672. For both dial-in numbers, the participant pass code is 51214527.

The discussion will be available via replay on the Disney investors website through September 14, 2009 at 7:00 PM EDT/4:00 PM PDT.

About The Walt Disney Company
The Walt Disney Company, together with its subsidiaries and affiliates, is a leading diversified international family entertainment and media enterprise with five business segments: media networks, parks and resorts, studio entertainment, interactive media and consumer products. Disney is a Dow 30 company with revenues of nearly $38 billion in its most recent fiscal year.

About Marvel Entertainment, Inc.
Marvel Entertainment, Inc. is one of the world’s most prominent character-based entertainment companies, built on a library of over 5,000 characters featured in a variety of media over seventy years. Marvel utilizes its character franchises in licensing, entertainment (via Marvel Studios and Marvel Animation) and publishing (via Marvel Comics).

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I think it’s a great deal for Disney. Great for owners of IP in general. It puts a premium on content creation and content ownership. Bully for you, Bob Iger! Electronic Arts is next and then you guys are all set.

Jill Kennedy – OnMedea