Financial Status of Euro Disney SCA, France

Euro Disney is a US$3.7 billion theme park located outside of Paris (Reina, 1992, pp. 31-32). The entertainment enterprise was patterned after the Walt Disney Company's successful theme parks in the United States. The Walt Disney Company assumed a 49 percent ownership stake in Euro Disney, while the remaining 51 percent of the ownership is held publicly through common stock (Toy and Dwyer, 1994, p. 52).

The Walt Disney Company paid US$160 million into Euro Disney SCA for its 49 percent equity share of the venture (Toy and Dwyer, 1994, p. 52). The public stock offering raised US$167 million. A consortium of 60 banks lent Euro Disney US$3.4 billion to complete the theme park.

One of the major problems for Euro Disney was the assumption by The Walt Disney Company and other investors that American popular culture could simply be transported lock, stock, and barrel to France with non diminution of public interest and support (Toy, March 1992, p. 32). From the very beginning, the French public threw cold water on t

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This deal was put together by the Walt Disney Company and a steering committee representing the consortium of 60 lending banks. All 60 of the participating banks, however, must individually approve the deal before it becomes effective (Euro Disney bailout, 1994, p. B10). Role of the Walt Disney Company in Euro Disney The Walt Disney Company is the largest single equity shareholder in Euro Disney (Swort, 1994, p. 1758). The firm also provides management services for Euro Disney. In effect, thus, Euro Disney is a de facto subsidiary of the Walt Disney Company, although 51 percent of the common shares of Euro Disney are publicly held. The Walt Disney Company is the direct successor to the business founded by Walt Disney in Hollywood in the 1920s. In 1994, Disney is (1) a major producer of motion pictures, (2) the owner and operator of a cable television channel--The Disney Channel--and of a television station--KCAL-TV, (3) a producer and marketer of video tapes, music tapes, music records, and publications, (4) a licenser of rights for merchandise production and marketing, (5) the owner and operator of major amusement theme parks in California and Florida, (6) a joint venturer in the ownership and ope
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