The Walt Disney Company and its subsidiaries is a diversified worldwide entertainment company with operations in four business segments: Media Networks; Parks and Resorts; Studio Entertainment; and Consumer Products. The Walt Disney Company is the second largest media conglomerate in the world, behind Time Warner. Marketing magazine writes that the æDisneyÆ name and logo ranks seventh among the worldÆs most valuable brands (22). The Media Networks section includes the ABC television network in addition to ten broadcast television stations and more than seventy radio stations. The Studio Entertainment group produces live-action and animated motion pictures, television animation programs, musical recordings and live-stage plays. Walt Disney Studios produces films through Walt Disney Pictures, Touchstone, Hollywood Pictures, and Miramax. Walt Disney Parks & Resorts owns some of the most popular resorts in North America. Walt Disney Internet Group oversees the Web entities ABC.com, Disney Online, and ESPN.com. The Consumer Products group licenses Walt Disney characters and other intellectual property to manufacturers, retailers, show promoters and publishers worldwide. Its subsidiaries are ABC Incorporated, Disney Enterprises, Inc., Walt Disney World Company, ESPN Inc., Buena Vista Home Entertainment Inc., and ABC Family Worldwide, Incorporated.
The Walt Disney CompanyÆs primary interactions with government regulators involve its television and radio broadcasting businesses. Both radio and television are subject to extensive regulation by the FCC under Federal laws and regulations. The FCC must license each of the television and radio stations it owns. The FCC grants licenses for periods of up to eight years, and the company must obtain renewal of licenses as they expire in order to continue operating the stations. The Company must also obtain FCC approval whenever it seeks to have a license transferred in connection with the...