Disney To Focus On DVD And The Internet

Michael Eisner Chairman and Chief Executive Officer for Walt Disney announced its first quarter earnings which ended December 31, 1999. Eisner stated ""We are very pleased that the quarter came in ahead of expectations and we intend to exploit technologies such as DVD and the Internet."" Entertainment revenues for the quarter were $1.6 billion, a decrease of 10 percent compared to the prior-year quarter while operating income was $23 million, compared to $143 million. Disney also named Robert Iger as President/COO making him the second in command. Meanwhile Greg Probert has resigned as Executive Vice President International Home Entertainment.