October 3, 2005
Dear Fellow Shareholder,
With the start of our new fiscal year, and as new CEO of The Walt Disney Company, I wanted to share our business strategy as well as a few Disney highlights set for the coming months.
Across all of our businesses, Disney's senior management team is focused on three strategic priorities: 1) Creating quality and innovative content that continues to differentiate Disney as best-in-class; 2) Deploying cutting-edge technologies to showcase our content for early competitive advantage while enhancing the customer experience; and, 3) Expanding and adding depth to our global presence, particularly in emerging markets.
These strategic priorities are designed to best position a number of very exciting developments already planned or well underway. Our domestic theme parks are enjoying attendance growth thanks in part to the global celebration of Disneyland's 50th anniversary, "The Happiest Celebration on Earth," and just three weeks ago, we opened Hong Kong Disneyland, our first theme park in the world's most populous nation. Turning to Media Networks, ABC has terrific momentum with hit shows like Desperate Housewives, Lost and Grey's Anatomy, and ESPN continues to be the #1 destination for sports fans. At Consumer Products, the appeal of Disney Princess is driving solid growth in retail sales. Disney Studios has the upcoming films Chicken Little, The Chronicles of Narnia: The Lion, The Witch and The Wardrobe and the sequel to Pirates of the Caribbean. And soon, we will be introducing new wireless services with compelling content from ESPN and Disney Mobile.
Disney also strives for continuous improvement in corporate governance practices as well as shareholder communications.
We are very mindful that Disney is not "just another company," but an enterprise with a unique set of branded assets that are treasured by millions of people the world over. Looking ahead, I am confident that we have everything it takes - the talent, experience and sense of purpose - to continue Disney's strong track record of success.
Robert A. Iger
President and Chief Executive Officer