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IN BRIEF / MEDIA

Disney to Write Off Investment in UAL Jets

December 24, 2002|From Reuters

Walt Disney Co. said it would take an $83-million charge and write off its investment in airplanes leased to UAL Corp.'s United Airlines because the carrier had filed for bankruptcy protection.

Entertainment conglomerate Disney said it would write off a $114-million investment and take an after-tax charge of $83 million, or 4 cents per share, in its fiscal first quarter ending Dec. 31. UAL filed for bankruptcy protection Dec. 9.

Disney retains investments of about $175 million in planes leased by Delta Air Lines Inc. and FedEx Corp.

Shares of Disney rose 17 cents to $16.63 on the New York Stock Exchange.

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