STRONG REVENUES FROM ESPN HELP DISNEY TOP EXPECTATIONS

          The Walt Disney Co. reported a "higher-than-expected
     third-quarter profit," up 18%, according to Jill Jorden
     Spitz of the ORLANDO SENTINEL.  Spitz adds that "growth" in
     Walt Disney's cable TV offerings, including "increased
     advertising revenue and affiliate fees at the ESPN sports
     network ... helped the company's broadcasting division post
     a healthy profit despite weak ratings" at ABC TV.  Walt
     Disney's cable division reported sales up 5% to $1.6B, and
     operating profit up 7% to $337M (ORLANDO SENTINEL, 7/23). 
     Merrill Lynch & Co. media analyst Jessica Reif said she
     "believed profits jumped about" 30% at ESPN (N.Y. TIMES,
     7/23).  Shares of Walt Disney closed Tuesday at $77.625, up
     $2.43 per share (WALL STREET JOURNAL, 7/23).