Walt Disney Names Horn Chairman Of Studios Unit

Date : 05/31/2012 @ 4:13PM
Source : Dow Jones News
Stock : Time Warner Inc. New (TWX)
Quote : 99.47  0.05 (0.05%) @ 4:00PM

Walt Disney Names Horn Chairman Of Studios Unit

Walt Disney (NYSE:DIS)
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Walt Disney Co. (DIS) has named film and television industry veteran Alan Horn as the new chairman of Walt Disney Studios, effective June 11.

Horn most recently was the president and chief operating officer of Warner Bros. Entertainment. During his 12-year tenure, Warner Bros. released movies including all eight films in the "Harry Potter" series and titles such as "The Dark Knight" and "Charlie and the Chocolate Factory."

Before joining Warner Bros., Horn co-founded Castle Rock Entertainment, where he also served as chairman and chief executive. He has also served as president and COO of News Corp.'s (NWS, NWSA) Twentieth Century Fox Film Corp. News Corp. owns Dow Jones & Co., publisher of this newswire, and The Wall Street Journal. Horn has also served as chairman and chief executive of Embassy Communications.

"Alan not only has an incredible wealth of knowledge and experience in the business, he has a true appreciation of movie making as both an art and a business," said Disney Chairman and Chief Executive Bob Iger.

Earlier this month, Walt Disney reported its fiscal second-quarter profit rose 21% as higher revenue from the media company's cable networks and theme parks offset losses in its movie studio. Disney's studio entertainment business swung to an $84 million operating loss in the most recent quarter following weak box-office results for "John Carter," which helped push down revenue 12%.

Shares were up 1.9% to $46.05 in recent trading. The stock is up 22% since the start of the year.

-By Nathalie Tadena, Dow Jones Newswires; 212-416-3287; nathalie.tadena@dowjones.com

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