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MLB APPROVES WALT DISNEY CO.'S BID TO ACQUIRE ANGELS
Published January 19, 1996
MLB announced yesterday that owners approved the Walt Disney Co.'s acquisition of a 25% interest in the Angels, effective March 18. Disney will also assume the role of managing general partner. The Angels will be a part of Disney Sports Enterprises Inc., joining the Mighty Ducks, acquired by Disney in December '92. Disney has the option to purchase the remaining 75% interest in the team at a later date, and the acquisition is contingent upon reaching a lease agreement with Anaheim in the next 60 days (Disney). Jan Hopkins reported Disney stock was up 1/4 to 59 3/4 after the news ("Moneyline," CNN, 1/18). Disney CEO Michael Eisner: "I just come from the theory that when everybody is talking bad about something that's basically good, it's the time to get into it" ("SportsCenter," ESPN, 1/18).