ESPN HELPS WALT DISNEY CO. TO PROFITABLE QUARTER

          Walt Disney reported net income of $755M, or $1.10 a
     share, on revenue of $6.34B for the quarter ended December
     31, '97, according to Bruce Orwall of the WALL STREET
     JOURNAL.  That compares with the net income of $749M, or
     $1.09 per share, in '96, which included the $135M sale of
     L.A. TV station KCAL.  Orwall reports that Disney "showed
     gains across the board" (WALL STREET JOURNAL, 1/28).  In
     N.Y., Phyllis Furman adds that Disney's ESPN and the Disney
     Channel "helped pump up profits" 7.7% to $505M, while ABC TV
     "barely eked out a dime."  PaineWebber's Christopher Dixon:
     "ESPN and Disney's other cable investments more than offset
     weakness at ABC" (N.Y. DAILY NEWS, 1/28).