ANALYST  REPORT     STRONG  BUY    

         

JOMC  551:  Digital  Media  Economics  and  Behavior  

Analyst  Report  –  WALT  DISNEY  CO  (THE)  

STRONG  BUY  

 

 

 

C.  Lucian  Crockett  IV  

UNC-­‐Chapel  Hill  

April  25,  2012  

                       

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CORPORATE  OVERVIEW  

At  nearly  90  years  old,  the  Walt  Disney  Co  has  been  a  mainstay  in  American  

entertainment  for  quite  some  time.  Today  it  stands  as  one  of  the  leading  media  

conglomerates  in  the  world,  operating  through  five  different  segments:  Media  

Networks,  Parks  &  Resorts,  Studio  Entertainment,  Consumer  Products  and  

Interactive  Media.  Each  segment  works  in  conjunction  with  the  others,  such  as  

theme  park  rides  based  off  of  characters  in  Disney  movies,  which  reinforces  brands  

throughout  the  company.

 

  Despite  its  history  as  an  animation  studio,  nearly  half  of  Disney  Co’s  revenue  

comes  from  its  Media  Networks.  These  include  the  ABC  broadcast  network,  10  TV  

stations  and  the  cable  networks  The  Disney  Channel  and  ABC  Family,  as  well  as  a  

42%  stake  in  A&E  Television/Lifetime  Network  and  an  80%  stake  in  ESPN.  Parks  &  

Resorts  contains  Disney  Co’s  most  familiar  assets,  Disney  World  and  Disneyland,  but  

also  includes  the  growing  Disney  Cruise  Line,  Euro  Disney,  Hong  Kong  Disneyland  

28.30%  

46.20%  

16.10%  

7.20%  2.20%  

2011  Segment  Revenues  

Parks  &  Resorts  

Media  Networks  

Studio  Entertainment  

Consumer  Products  

Interactive  Media  

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and  other  resort  properties  throughout  the  world.  Consumer  Products  includes  over  

350  international  retail  stores,  merchandise  licensing  and  children’s  book  

publishing.  Interactive  Media  incorporates  all  of  Disney  Co’s  websites,  interactive  

online  virtual  worlds  and  video  game  production  businesses.  

 

EXECUTIVE  SUMMARY  

  As  the  head  of  a  media  conglomerate,  Disney  CEO  Robert  Iger  must  keep  his  

eye  on  several  different  industries  and  sub  industries  in  order  to  run  a  successful  

company.  For  instance,  with  sluggish  ad  revenues  and  decreasing  viewership  in  the  

broadcast  and  cable  television  industries  in  recent  years,  Iger  has  to  stay  current  on  

emerging  streaming  technologies.  Even  though  ad  revenues  are  up  after  a  significant  

slump  in  2009,  Internet  streaming  services  continue  to  threaten  the  established  

business  models  of  broadcast  and  cable  television.  Disney  needs  to  take  a  proactive  

role  when  it  comes  to  streaming  its  content  online  by  investing  in  research  and  

development  for  these  services  and  realizing  creative,  innovative  ad  opportunities  

in  this  sector.  Iger  must  also  revamp  his  Studio  Entertainment  segment,  especially  

after  the  flop  of  John  Carter  and  the  departure  of  studio  chief  Rich  Ross.  Iger  needs  

to  recruit  a  veteran  studio  executive  that  can  bring  the  live-­‐action  and  animated  

blockbusters  to  Disney  by  focusing  on  its  core  brands,  as  well  as  those  of  Marvel  and  

Pixar.  In  addition,  Disney  is  currently  implementing  several  additions  to  its  Parks  &  

Resorts  segment,  including  a  new  cruise  ship,  a  resort  in  Hawaii,  expansion  of  its  

current  resorts  and  the  groundbreaking  of  a  new  resort  in  Shanghai,  China.    

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  According  to  IBISWorld,  The  Walt  Disney  Co  enjoys  the  largest  market  share  

in  seven  separate  industries:  Children’s  TV  Channels,  Intellectual  Property  Licensing  

in  the  US,  Television  Production  in  the  US,  Movie  &  Video  Production  in  the  US,  

Amusement  Parks  in  the  US,  Television  Broadcasting  in  the  US  and  Cable  Networks  

in  the  US  (SEE  APPENDIX).  Disney’s  main  competitors  consist  of  several  other  large  

media  conglomerates,  including  Viacom  Inc.,  Time  Warner  Inc.,  News  Corporation,  

NBC  Universal  and  Comcast  Corporation.  Even  though  Disney  currently  holds  the  

top  spot  in  several  of  the  competing  industries,  the  margins  are  small  for  the  most  

part  and  the  conglomerates  usually  swap  the  highest  market  share  in  each  industry  

from  year  to  year  in.  These  conglomerates  have  a  stronghold  on  these  industries  due  

to  the  high  costs  involved  in  producing,  distributing  and  marketing  these  products.  

This  high  barrier  to  entry,  along  with  Disney’s  recent  investments,  improving  ad  

revenues  and  a  projected  increase  in  disposable  income,  leads  me  to  give  The  Walt  

Disney  Co  a  Strong  Buy  rating.      

 

RECENT  HISTORY  

  As  of  April  24,  2012,  The  Walt  Disney  Co  (DIS)  trades  on  the  New  York  Stock  

Exchange  for  $42.18,  with  a  52-­‐week  high  of  $44.50  and  a  low  of  $28.19.  Its  current  

market  cap  sits  at  $75.906  billion.  Besides  minor  setbacks  in  2009  due  to  the  

recession  and  low  ad  revenues,  Disney  has  seen  both  revenue  and  earnings  per  

share  increase  over  the  past  five  years.  Revenue  was  at  $35.5  billion  in  2007  and  

increased  11.4%  to  $40.9  billion  in  2011.  Meanwhile,  earnings  per  share  increased  

12.5%,  from  $2.24  in  2007  to  $2.52  in  2011.    

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Graph  And  Statistics  Courtesy  of  Bloomberg  

 Disney  also  raised  its  annual  dividend  by  50%,  from  $0.40  to  $0.60,  in  2011,  the  

largest  increase  in  20  years.  The  company  has  recently  executed  several  share  

buybacks,  including  a  $5  billion  buyback  in  October  2011.  As  of  December  31,  2011,  

Disney  had  a  total  debt  of  $14.4  billion,  while  cash  and  equivalents  equaled  $3.8  

billion,  giving  it  a  net  debt  of  $10.6  billion.  Disney  had  an  EBITDA  of  $9.912  billion  in  

2011,  with  a  24.20%  EBITDA  margin,  compared  with  an  EBITDA  of  $8.320  billion,  

with  a  23.43%  margin,  in  2007.  Disney  has  the  largest  market  cap  in  the  

Entertainment  Content  Providers  Peer  Group,  with  Time  Warner  Inc  falling  far  

behind  in  second  with  $35.489  billion.  Meanwhile,  Disney’s  P/E  Ratio  matches  with  

competitors,  who  all  share  a  P/E  Ratio  of  16,  besides  Time  Warner  who  stands  at  14.  

 

CURRENT  MARKET  AND  COMPETITIVE  OVERVIEW  

  As  a  media  conglomerate,  The  Walt  Disney  Co  has  stakes  in  several  different  

industries  and  sub  industries,  which  it  defines  through  the  five  segments  of  its  

company:  Media  Networks,  Parks  &  Resorts,  Studio  Entertainment,  Consumer  

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Products  and  Interactive  Media  (SEE  CHART  ABOVE).  For  this  section,  I  will  focus  on  

the  three  main  revenue  generators:  Media  Networks,  Studio  Entertainment  and  

Parks  &  Resorts.  

 

Media  Networks    

  Disney  currently  holds  the  largest  markets  shares  of  TV  Production  in  the  US  

(19.1%),  Children’s  TV  Channels  (43.3%),  Television  Broadcasting  in  the  US  

(17.6%)  and  Cable  Networks  in  the  US  (15.3%)  according  to  IBISWorld  industry  

reports.  Disney  holds  stakes  in  ABC,  Starz,  ESPN  (80%),  A&E/Lifetime  (40%),  

SOAPNet  and  the  Disney  Channel.  ABC,  with  its  234  local  affiliates,  currently  reaches  

99%  of  all  U.S.  TV  households,  while  the  Disney  Channel  sits  in  the  top  three  of  

ratings  for  average  viewers.  ABC’s  “Good  Morning  America”  recently  beat  NBC’s  

“Today”  show  for  the  first  time  in  16  years  in  the  television  morning  show  market.  

Broadcast  TV  brought  in  $6.4  billion  in  revenue  for  Disney  in  2011,  with  $841  

million  in  operating  income.  News  Corporation  came  in  second  in  market  share  

(13.5%)  with  $4.9  billion  in  revenue  and  an  operating  income  of  $921  million.  Ad  

revenues  for  broadcast  TV  bottomed  out  in  2009,  but  Disney  saw  an  ad  revenue  

growth  of  11.8%  in  2011.  Ad  revenues  are  projected  to  continue  to  grow  in  2012  

with  the  presidential  campaign  and  the  Summer  Olympics  coming  up.      

 

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Disney’s  most  valuable  cable  assets  are  ESPN  and  the  Disney  Channel,  both  of  

which  constantly  find  themselves  in  the  top  ten  of  cable  viewership.  Through  new  

cable  affiliate  fees,  ESPN  is  projected  to  make  $5  per  subscriber  per  month.  ESPN  is  

also  the  leading  developer  of  3D  television  with  its  ESPN  3D  network,  which  

broadcasts  over  100  3D  programs  a  year.  The  Disney  Channel  holds  a  43%  market  

share  in  Children’s  TV,  while  Viacom’s  Nickelodeon  comes  in  a  close  second  at  42%.  

The  Disney  Channel  overtook  Nickelodeon  in  viewership  of  ages  2  to  11  in  2012  for  

the  first  time  ever.  The  Disney  Channel  came  in  second  for  primetime  viewership  for  

cable  networks  and  first  in  daytime  viewership.  Cable  TV  brought  in  $2.6  billion  in  

revenue  for  Disney  in  2011,  with  $1  billion  in  operating  income.  Viacom  Inc.  came  in  

second  in  market  share  (13.4%)  with  $2.2  billion  in  revenue  and  $795  million  in  

operating  income  in  2011.  Cable  subscriptions  and  ad  revenue  are  expected  to  

increase  through  2012,  ensuring  growth  in  the  industry.  

 

  Disney  also  holds  the  highest  market  share  in  TV  Production,  with  19.1%,  

bringing  in  $6.3  billion  in  revenue  and  an  operating  income  of  $2.1  billion.  NBC  

Universal  falls  behind  Disney  at  17.5%  of  market  share  with  $5.8  billion  in  revenue  

and  $2.2  billion  operating  income.    

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Industry  growth  will  mainly  come  from  ad  revenue,  which  will  increase  as  

online  streaming  platforms  increase  in  popularity.  Disney,  with  its  diverse  catalog  of  

television  genres  and  networks,  stands  in  a  comfortable  position  to  ensure  revenue  

growth  into  the  future.  

 

Parks  &  Resorts  

With  a  41%  market  share,  The  Walt  Disney  Co  has  a  stronghold  on  the  

amusement  park  industry  in  the  United  States.  Disney  brought  in  $11.8  billion  from  

its  parks  in  2011,  with  an  operating  income  of  $1.6  billion.  Comcast,  which  owns  

Universal  Studios,  comes  in  second  with  18%  market  share,  including  $2.0  billion  in  

revenue  from  its  parks  and  an  operating  income  of  $859  million.  Disney’s  resorts,  

particularly  Disney  World  in  Orlando,  FL,  and  Disneyland  in  Anaheim,  CA,  are  some  

of  the  company’s  most  recognized  assets  and  Disney  World  is  North  America’s  most  

visited  tourist  destination.  Heavy  spending  went  into  the  Parks  &  Resorts  segment  

over  the  past  few  years,  including  Cars  Land  at  Disneyland’s  California  Adventure,  a  

mixed-­‐use  resort  in  Hawaii,  expansions  at  Disney  World  and  Hong  Kong  Disneyland,  

a  new  cruise  ship,  and  a  new  resort  in  Shanghai,  China.  With  already  stellar  

performance  from  its  parks,  Disney  continues  to  pump  money  into  this  industry  as  

consumer  disposable  income  and  domestic  travel  are  projected  to  increase  over  the  

next  few  years.  

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 Universal  Studios  has  seen  tremendous  growth  over  the  past  few  years,  especially  

with  its  new  Wizarding  World  of  Harry  Potter  at  its  Islands  of  Adventure  park  in  

Orlando,  FL.  With  Disney’s  current  expansions  and  investments  in  its  Parks  &  

Resorts  segment,  however,  we  believe  it  will  maintain  its  strong  market  share  well  

into  the  future.  

 

Studio  Entertainment  

  Even  though  Disney  built  itself  as  a  production  studio  in  1936,  this  segment  

of  the  media  conglomerate  has  seen  less  than  stellar  box  office  performance  in  

recent  years.  Disney  lost  15%  of  its  box  office  market  share  in  2011,  landing  in  

fourth  place  in  domestic  box  office  performance.  Viacom’s  Paramount  Studios  

occupied  the  top  spot,  while  Warner  Bros.  and  Sony/Columbia  took  the  second  and  

third  places,  respectively.  Disney  has  not  fared  much  better  in  2012  with  the  flop  of  

John  Carter,  which  is  projected  to  be  a  $120  million  loss  for  the  studio  and  resulting  

in  the  ousting  of  studio  chief  Rich  Ross.  Despite  lackluster  box  office  performance,  

Disney  still  holds  the  highest  market  share  of  Movie  and  Video  Production  in  the  U.S.  

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with  18.8%  of  market  share,  including  $5.7  billion  in  revenue  and  $286  million  in  

operating  income  in  2011.  NBC  Universal  came  in  second  with  16.6%  market  share,  

including  $5.1  billion  in  revenue.  Both  revenue  and  operating  income  have  steadily  

decreased  for  Disney  over  the  past  five  years  where  they  stood  at  $6.9  billion  and  

$605  million,  respectively,  in  2006.  Several  of  the  major  studios,  including  Time  

Warner,  News  Corporation  and  Sony,  have  all  seen  decreased  revenues  in  the  past  

few  years,  as  recession  related  issues  stifled  production  and  ticket  sales.  Disney  has  

a  positive  outlook  for  the  remainder  of  2012,  with  The  Avengers  and  Brave  hoping  to  

garner  summer  blockbuster  success,  while  a  3D  re-­‐release  of  Finding  Nemo  hopes  to  

attract  fans  of  the  film  in  the  fall.    

 

OVERVIEW  OF  STRATEGIC  AND  FINANCIAL  OPTIONS  

Despite  Disney’s  high  market  share  in  broadcast  TV,  cable  TV  and  TV  

production,  ABC  has  performed  poorly  in  primetime  in  recent  years,  consistently  

falling  in  second  or  third  place  behind  Fox  and  CBS.  Dancing  With  The  Stars  is  one  of  

its  more  popular  primetime  reality  shows,  but  it  constantly  loses  in  ratings  to  reality  

counterparts  American  Idol  and  The  Voice,  on  Fox  and  NBC,  respectively.  Primetime  

hours  bring  in  the  highest  viewership,  and  therefore  the  highest  ad  revenues,  so  

continued  lackluster  performance  will  begin  to  result  in  decreased  market  share.  

The  comedy  Modern  Family  continues  to  perform  well  and  the  drama  Grey’s  

Anatomy  has  had  tremendous  success  in  the  past,  but  its  success  will  not  last  much  

longer  with  the  departure  of  star  Patrick  Dempsey.  After  seeing  several  years  of  

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declining  news  ratings,  Disney  also  cut  the  ABC  News  staff  by  25%,  opening  up  

funds  for  the  more  lucrative  primetime  hours.  

According  to  Nielsen,  97%  of  U.S.  households  will  own  a  television  in  2012,  

down  from  99%  in  2011.  This  trend  is  expected  to  continue  well  into  the  future  as  

viewers  begin  to  use  computers  and  mobile  devices  to  stream  content.  In  addition,  

ad  revenues  from  broadcast  and  cable  television  are  at  risk  as  gaming  consoles,  DVD  

and  Blu-­‐ray  players,  Smart  TVs  and  other  electronic  components  begin  to  offer  more  

online  streaming  options  away  from  the  computer.  Disney  has  taken  a  strong  stance  

in  the  digital  streaming  marketplace  over  the  past  few  years,  a  necessary  approach  

to  survive  as  a  content  producer  and  distributor.  Disney  was  the  first  company  to  

host  a  full  episode  player  on  ABC.com,  as  well  as  the  first  to  offer  a  streaming  iPad  

app,  both  of  which  show  new  episodes  a  few  days  after  initial  airing  as  well  as  the  

five  prior  episodes  in  a  series.  Disney  brings  in  revenue  by  airing  ads  during  

streaming  and  it  also  has  a  distribution  deal  with  Hulu,  which  streams  in  a  similar  

fashion.  In  addition,  Disney  sells  its  content  in  digital  stores  such  as  Apple’s  iTunes  

and  Microsoft’s  Xbox  Live.    

Disney’s  acquisition  of  Pixar  in  2006  for  $7.5  billion  also  turned  the  late  Steve  

Jobs  into  its  largest  shareholder.  His  direction  made  it  the  first  movie  production  

company  to  release  an  iPad  app,  and  he  also  encouraged  Disney  to  invest  in  

Keychest,  a  cloud-­‐based  video  storage  service  that  allows  playback  across  platforms  

and  devices.  Disney  also  has  large  stakes  in  the  expanding  cable  markets  of  India  

and  China,  two  countries  with  burgeoning  middle  classes  that  now  have  disposable  

income  to  spend  on  cable  subscriptions.    

12  

  Disney  has  made  several  moves  to  refocus  its  studio  efforts  and  concentrate  

on  its  own  core  brands,  as  well  as  those  of  Marvel  and  Pixar.  This  restructuring  

caused  some  hampering  at  the  studio,  but  these  changes  and  investments  are  

projected  to  pay  off  over  the  next  five  years.  Disney  also  sold  off  its  stake  in  

Miramax,  which  focuses  on  independent  and  foreign  films,  for  $663  million.  Disney  

also  has  several  strategic  publishing  deals  with  Dreamworks,  providing  advanced  

knowledge  of  release  dates  of  direct  competition  from  other  studios.  Disney  made  

concerted  efforts  to  give  big  time  producer  and  director  teams,  such  as  Steven  

Spielberg,  Robert  Zemeckis  and  Jerry  Bruckheimer,  more  creative  freedom  in  hopes  

of  increased  creative  development  through  collaboration.  With  big  name  producers  

and  directors,  as  well  as  further  development  of  its  investments  and  restructuring,  

and  a  focus  on  proven  core  brands,  we  expect  Disney’s  movie  production  

performance  to  improve  over  the  next  few  years.  

 

RECOMMENDATIONS  FOR  INVESTMENT  

  The  most  important  area  of  investment  for  Disney  right  now  is  dealing  with  

emerging  streaming  technologies.  It  already  has  a  broad  offering  of  streaming  

options  available  for  viewers,  but  its  revenue  is  spread  pretty  thin  because  Hulu,  

iTunes,  or  Microsoft  are  all  taking  a  cut  from  the  ad  revenue.  ABC  offers  streaming  

on  its  website,  but  it  doesn’t  have  the  exposure  or  the  cross-­‐platform  compatibility  

of  Hulu,  iTunes  or  Xbox  Live.  Disney  needs  to  invest  heavily  in  research  and  

development  of  streaming  technologies,  as  well  as  invest  in  startup  companies  that  

offer  these  services  to  improve  its  own  streaming  services.  Having  Steve  Jobs  as  a  

13  

board  member  helped  Disney  to  stay  up  to  date  on  emerging  technologies  and  it  has  

to  continue  that  savvy  well  into  the  future.  Television  ad  revenues  will  decrease  as  

online  viewing  options  become  more  popular,  more  convenient  and  more  prevalent.  

Staying  ahead  of  the  technology  curve  with  new  viewing  methods  is  absolutely  

necessary  if  Disney  wants  to  drive  its  ad  demand.  

  Disney  also  needs  to  refocus  its  content  production,  especially  in  primetime  

TV  and  blockbuster  films.  With  Grey’s  Anatomy’s  lifespan  shortening,  finding  a  new  

dramatic  brand  to  build  upon  is  absolutely  necessary  to  drive  ad  revenues  during  

primetime  hours  and  ensure  syndication  into  the  future.  Disney  already  has  a  

strong,  diverse  catalog  of  televised  content,  but  it  has  a  lot  of  room  for  improvement  

in  TV’s  most  coveted  primetimes  slots.  Disney  faces  a  similar  situation  at  the  box  

office.  It  saw  decent  performance  from  ancillary  titles  such  as  The  Help,  The  Muppets  

and  The  Lion  King  3D,  but  its  big  blockbuster  films,  including  The  Pirates  of  the  

Caribbean  and  Cars  franchises,  both  underperformed  in  2011.  Pouring  money  into  

the  production  and  marketing  worked  out  horribly  for  John  Carter,  so  Disney  needs  

to  seriously  reevaluate  its  studio  logistics.  The  recent  ousting  of  Rich  Ross  is  the  

perfect  time  for  Disney  to  completely  revamp  its  studio  efforts.  Bringing  in  a  veteran  

studio  executive  that  has  experience  in  promoting  not  just  films,  but  also  marketing  

brands,  is  absolutely  vital.  Focusing  on  proven  Disney,  Pixar  and  Marvel  brands,  

while  staying  price-­‐conscious,  is  imperative  for  Disney  to  see  success  in  the  future.  

Its  divestment  of  Miramax  was  a  move  in  the  right  direction  by  improving  the  

bottom  line  and  cutting  back  on  the  number  of  non-­‐Disney  films  released  each  year.  

14  

In  addition,  its  re-­‐release  of  its  past  popular  films  in  3D  has  proven  lucrative,  

especially  with  the  low  costs  of  production.      

 

CONCLUSION  

  With  its  stellar  performance  across  several  industries,  and  a  promising  

outlook  for  consumer  disposable  income  and  increased  ad  revenues,  Disney  is  a  

promising  investment.  The  backlash  of  the  recession  was  felt  through  weak  ticket  

sales  and  ad  revenues,  but  Disney  took  advantage  of  the  down  economy  by  investing  

in  strong  brands  such  as  Marvel  and  emerging  markets  in  China  and  India.  Disney’s  

Parks  &  Resorts  segment  stands  as  a  staple  of  American  tourism  and  its  new  resorts  

in  China  will  increase  international  revenues  and  salience  of  brands  in  that  growing  

market.  Disney  has  a  strong  history  of  keeping  up  with  new  technologies,  a  trend  it  

has  to  continue  if  it  wants  to  maintain  a  steady  stream  of  ad  revenues  through  

streaming  video.  Disney  wasn’t  afraid  to  shed  legacy  costs  at  ABC  News  and  

Miramax,  which  it  had  owned  for  nearly  20  years,  which  is  a  good  sign  for  investors  

worried  about  attached  executives.  Disney  already  has  a  diverse  catalog  of  content  

to  offer  viewers,  and  it  seems  to  be  heading  in  the  right  direction  of  refocusing  on  its  

main  brands,  affirming  its  position  as  a  Strong  Buy.  

 

 

 

 

 

15  

APPENDIX  

Children’s  TV  Channels  Market  Share:  

 

Intellectual  Property  Licensing  in  the  US  Market  Share:    

 

Television  Production  in  the  US  Market  Share:    

 

Movie  &  Video  Production  in  the  US  Market  Share:    

 

Amusement  Parks  in  the  US  Market  Share:  

 

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Television  Broadcasting  in  the  US  Market  Share:    

 

Cable  Networks  in  the  US  Market  Share:  

 

   

 

                                               

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SOURCES    Bloomberg  L.P.  Terminal.  Charts,  Graphs,  Exhibits.  Accessed    Clubert,  Kevin.  IBISWorld.  “Intellectual  Property  Licensing  in  the  US,”  June  2011.  <http://clients.ibisworld.com.libproxy.lib.unc.edu/industryus/default.aspx?indid=1385>    Fixmer,  Andy  and  Rob  Golum.  Bloomberg.  “Disney  Raises  Dividend  Most  in  20  Years,”  December  1,  2011.  <  http://www.bloomberg.com/news/2011-­‐11-­‐30/disney-­‐increases-­‐dividend-­‐50-­‐to-­‐60-­‐cents-­‐a-­‐share-­‐after-­‐record-­‐2011-­‐profit.html>      Kaczanowska,  Agata.  IBISWorld.  “Movie  &  Video  Production  in  the  US,”  Feb.  2012.  <http://clients.ibisworld.com.libproxy.lib.unc.edu/industryus/default.aspx?indid=1245>    Kaczanowska,  Agata.  IBISWorld.  “Television  Production  in  the  US,”  Feb.  2012.  <http://clients.ibisworld.com.libproxy.lib.unc.edu/industryus/default.aspx?indid=1246>    Kaczanowska,  Agata.  IBISWorld.  “Television  Broadcasting  in  the  US,”  March.  2012.  <http://clients.ibisworld.com.libproxy.lib.unc.edu/industryus/default.aspx?indid=1261>    Kelly,  Doug.  IBISWorld.  “Children’s  TV  Channels,”  March  2012.  <http://clients.ibisworld.com.libproxy.lib.unc.edu/industryus/default.aspx?indid=4994>    Kondolojy,  Amanda.  “TV  Ratings  Broadcast  Top  25:  ‘American  Idol,’  ‘Modern  Family’  Top  Week  31  Viewing,”  April  24,  2012.  TVByTheNumbers.  <http://tvbythenumbers.zap2it.com/2012/04/24/tv-­‐ratings-­‐broadcast-­‐top-­‐25-­‐american-­‐idol-­‐modern-­‐family-­‐top-­‐week-­‐31-­‐viewing/130482/>      Panteva,  Nikoleta.  IBISWorld.  “Social  Network  Game  Development,”  August  2011.  <http://clients.ibisworld.com.libproxy.lib.unc.edu/industryus/default.aspx?indid=4564>      Samadi,  Nima.  IBISWorld.  “Amusement  Parks  in  the  US,”  December  2011.  <http://clients.ibisworld.com.libproxy.lib.unc.edu/industryus/default.aspx?indid=1646>    Subers,  Ray.  “Paramount  Wins  2011  Studio  Battle,”  January  11,  2012.  BoxOfficeMojo.  <http://boxofficemojo.com/news/?id=3345&p=.htm>      

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“Walt  Disney  Company,”  Orbis.  <https://orbis-­‐bvdinfo-­‐com.libproxy.lib.unc.edu/version-­‐2012420/Report.serv?_CID=149&context=2EBR7QBKNIY6X4G&sp_parentcontext=ipaddress&SeqNr=0>    “Walt  Disney  Company  S&P  Stock  Report,”  NetAdvantage.  April  21,  2012.  <http://www.netadvantage.standardandpoors.com.libproxy.lib.unc.edu/NASApp/NetAdvantage/sr/showInteractiveStockReport.do>