Disney Whirl

Investors wish upon a star

A shortage of enchantment is beleaguering the Magic Kingdom. Annual profits of Walt Disney Productions have fallen 30% since 1980, when it earned $135 million. Disney has failed to charm audiences with films like Tron, a write-off of $10 million. Even its fantasy lands have lost some of their drawing power. During the first quarter of fiscal 1984, attendance at Florida's Walt Disney World fell 8% from the previous year.

Disney's troubles have kept its stock price low enough that some Wall Streeters believe the company (1983 revenues: $1.3 billion) could soon be a takeover target. Last week...

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