There's a glut of product in the marketplace. It's actually a business that's showing some growth, but it's showing more challenge for the motion-picture side of the business.

Miramax under them had basically become a major studio. We're still in the Miramax business, but it will be reconstructed to look more like what they started.

Consumers have a lot more authority

[After just three years, it is expected to rake in $3billion of sales this year.] We see tremendous potential with Disney Fairies, ... We believe it will become one of the most successful properties.

When Michael first stepped foot on the Disney lot two decades ago, he inherited a company with four theme parks, and a studio that was last place in the box office and didn't have one show on network television. Thanks to his great leadership and creativity, the Disney of today has grown exponentially, earning us the undisputed reputation for being the world's leader in quality family entertainment, which is why dedicating this remarkable building in Michael's honor is such a fitting tribute to the fantastic contributions he made to the Disney legacy.

This is a particularly interesting time for the Walt Disney Co.. It is interesting because we operate in very dynamic businesses in a world that is changing every day before our eyes. Business is changing at a much faster pace.