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MOUSETRAPPED? DISNEY WARNS WALL STREET OF LOWER EARNINGS

          Walt Disney Co. on Friday "warned Wall Street" that its
     earnings in the fourth quarter "will be sharply off as a
     result of slower business overseas, poor prime-time ratings
     at the ABC network and various costs to shrink some
     businesses and start new ones," according to James Bates of
     the L.A. TIMES.  Bates reported that while Disney's ABC unit
     continues to suffer from poor prime-time ratings, both ABC
     and ESPN "are being socked with huge costs" to broadcast the
     NFL and NHL.  Disney's results in both the fourth quarter
     and the year have also been "hurt by start-up costs" for a
     number of new ventures, including ESPN Magazine, ESPN
     Classic Sports Network and the ESPN Zone restaurants (L.A.
     TIMES, 9/12).  Disney's broadcast operating income for the
     year is projected to "be flat" compared with fiscal '97,
     with growth at ESPN "offset" by lower results at ABC.
     Josephthal & Co. analyst Dennis McAlpine: "The magnitude of
     this is worse than expected" (HOLLYWOOD REPORTER, 9/13).

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