Disney, Wenner Media, Form New Company

Posted on March 2, 2001

The Walt Disney Company and Wenner Media have formed a new entertainment publishing company through which Disney has acquired a 50 percent interest in US Weekly. Under the agreement, Disney and Wenner Media each owns a 50 percent interest in the new venture, named US Weekly LLC. It will remain in New York City and be managed by existing US Weekly executives.

``The value of a magazine like US Weekly is immense, and we believe this value will now be compounded as US is integrated with the wide-ranging media holdings of The Walt Disney Company,'' said Michael D. Eisner, Disney's chairman and CEO. ``Jann Wenner is a master publisher, who created Rolling Stone magazine as a voice for an entire generation. This new entertainment publishing company should benefit tremendously from the powerful combination of Jann's insights, the US Weekly brand and Disney's media assets.''

Said Jann S.Wenner, chairman and owner of US Weekly, ``We are thrilled to be forming this partnership with The Walt Disney Company. We look forward to working with Disney in maximizing their marketing expertise and unique ability to cross-promote through their businesses to help to make US Weekly the leading brand name in entertainment publications.''

Eisner said US Weekly will have several tie-ins to ABC broadcast and online activities including an annual US Weekly-branded entertainment awards special and a Good Morning America segment featuring an US Weekly correspondent. Started as a bi-monthly publication in 1977, US Weekly was acquired by Wenner Media in 1986. Wenner Media also owns Rolling Stone and Men's Journal, which are not involved in the new venture.

Disney has been active in publishing worldwide since 1930. In the United States, Disney publishes such family and general magazines as FamilyFun, Disney Magazine, Disney Adventures, Discover, talk and ESPN The Magazine. In addition, Disney publishes a variety of general and children's books under several Hyperion labels, including ESPN Books, Talk/Miramax Books, ABC Daytime Press and Hyperion East.