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Volume 24 No. 156


          The Walt Disney Co. reported Wednesday that earnings
     rose 22% in its fiscal 2Q ended March 31 "as theme-park and
     ESPN operations more than offset lower creative content
     segment results and film write-downs," according to Jeffrey
     Daniels of the HOLLYWOOD REPORTER.  For the quarter, Disney
     earned $384M, or $0.55 a diluted share, up 22% from pro-
     forma net of $316M, or $0.46 a share, in the year-earlier
     period.  The latest quarter included a gain of $24M from the
     sale of its interest in Scandanavian Broadcasting System SA. 
     (HOLLYWOOD REPORTER, 4/23).  In N.Y., Bruce Orwall reports
     that Disney also announced a 3-for-1 stock split for
     shareholders of record May 1.  The split, to be effected by
     means of a special dividend, will "probably be completed in
     July" (Bruce Orwall, WALL STREET JOURNAL, 4/23).

          Reebok Int'l said Wednesday that its first-quarter
     profit fell 49% and company officials "predicted another
     tough quarter ahead with no improvement expected until
     autumn at the earliest," according to Gregg Krupa of the
     BOSTON GLOBE.  Net income fell from $40.2M, or $0.69 per
     share, in 1Q '97 to $20.3M, or $0.36 per share in 1Q '98. 
     Net sales were down from $930M in 1Q '97 to $880.1M.  Krupa
     writes that Reebok's performance was "about what analysts
     had expected."  Reebok Exec VP Operations & Finance Kenneth
     Watchmaker: "We're not writing off 1998, but we are
     realistic about our position." Reebok stock closed yesterday
     at 31 9/16 per share, down 7/8 (BOSTON GLOBE, 4/23).