Walt Disney Co

Walt Disney Co. said Tuesday that its profit rose 3% in the October-December quarter, led by a 15% growth in the company's film business that was driven by the box-office smash "Toy Story." The entertainment company earned $496 million, or 93 cents per share, in its fiscal first quarter, beating by a penny a share the average estimate of 10 analysts surveyed by Zacks Investment Research. Disney earned $483 million, or 91 cents a share, in the same period a year ago. For the quarter ended Dec.

Premiere magazine Editor in Chief Susan Lyne has been hired as a top executive at Walt Disney Co.'s Motion Pictures Group, where she will acquire and develop material for films. Lyne, who will be based in New York, plans to buy books, screenplays and stage plays for Disney. Her formal title in the newly created job will be executive vice president in charge of acquisition and development of intellectual material and new opportunities.

An Antelope Valley woman who was a performer on television's original "Mickey Mouse Club" has sued the Walt Disney Co., alleging that she and her family were robbed in the Disneyland parking lot and then held for hours against their will as park security officers questioned them.

Disney to Sell Property: The Burbank-based media giant has put about 600 acres near Haymarket, Va., up for sale after plans for a $650-million theme park there were terminated amid opposition, the Washington Post said. Quoting sources familiar with Walt Disney Co., the paper said the company is dismantling operations in the area.

Walt Disney Co., looking to rein in costs at its Hollywood studio as it focuses on mainstream movies, is slashing staff by 70% at its Miramax Films specialty label and is substantially reducing the number of pictures it releases. The retrenchment, which has been foreshadowed in Disney Chief Executive Robert Iger's strategy to emphasize family and "branded" films, comes quickly on the heels of the recent ouster of former Disney Studios Chairman Dick Cook. The former movie chief left abruptly last month under pressure from Iger, who had been unhappy with the studio's direction and performance.

Disney unveiled plans today for the largest expansion in the history of the Magic Kingdom at Walt Disney World, provided updates on its $1-billion expansion of Disney's California Adventure and said it would modernize the popular Star Tours ride at its domestic parks. Walt Disney Parks and Resorts Chairman Jay Rasulo chose the D23 Expo in Anaheim, the first-ever gathering of Disney devotees, to announce the ambitious new project in Orlando, Fla., that will nearly double the size of Fantasyland.

Walt Disney Co. Chief Executive Bob Iger must act quickly to replace studio head Dick Cook to avoid further destabilizing the Burbank-based movie operation. Cook's abrupt departure Friday is upsetting employees, many of whom are finding it difficult to focus on work because they are anxious about their future. In addition, stars and filmmakers do not like to face uncertainty and want assurances that their projects will remain on track. Iger is not tipping his hand about whom he will name to fill the job. One executive that's a subject of speculation is Disney Channel President Rich Ross.

Days before his hotel-condominium plan was to be reviewed by Anaheim city planners, a developer said he may scrap his project over concerns about the crumbling housing and hotel markets and the pressure of a looming Disney-backed ballot initiative. Derek Baak's proposal is one of at least two residential projects in Anaheim's Resort District that would face a citywide vote if an anti-housing initiative passes in June.

Walt Disney Co., the second-largest U.S. media company, gave Chief Executive Robert A. Iger an 11% raise to $27.7 million last year after he expanded profit for eight straight quarters. The salary and other compensation for Iger, 56, was disclosed in a regulatory filing Thursday by Burbank-based Disney. In 2006, Iger received $24.9 million, according to the filing. Disney stock gained 14% for the fiscal year ended Sept. 29. Fourth-quarter profit rose 12%.