Disney Exec Files to Sell 550,000 Shares

Walt Disney Co. executive Sanford Litvack filed with the U.S. Securities and Exchange Commission to sell 550,000 shares of the second-largest U.S. media company for $18 million.

Litvack resigned last year from his position as Disney vice chairman. Once a key advisor to Chairman and Chief Executive Michael Eisner, Litvack moved at year-end to a part-time role focusing mainly on legal and government affairs, corporate alliances and sports operations, the company said.

Disney said two weeks ago that it expects percentage growth of earnings per share in the “single digits” in its 2001 fiscal year, less than some analysts forecast at the time. A slowing U.S. economy is crimping sales of advertising at the company’s ABC television network and could reduce theme-park attendance, analysts said.

Litvack sold the shares for financial and estate-planning purposes, Disney spokesman John Dreyer said.

Litvack listed the date of sale of the shares as Feb. 12. Insiders, though, don’t always actually sell all the shares listed in a Form 144. Details of the sales are filed the following month with the SEC in a Form 4.

Disney shares fell 86 cents to $31.15 today in New York Stock Exchange trading. The shares have fallen 12% over the past year.