<!doctype html public "-//w3c//dtd html 4.0 transitional//en">
<html>
<head>
   <title>SECURITIES AND EXCHANGE COMMISSION</title>
</head>
<body>
&nbsp;
<table BORDER=0 CELLSPACING=0 WIDTH="542" >
<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">
<center>SECURITIES AND EXCHANGE COMMISSION</center>
</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">
<center>WASHINGTON, D.C. 20549</center>
</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">
<center>__________</center>
</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">
<center>FORM 8-K</center>
</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">
<center>CURRENT REPORT</center>
</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">
<center>PURSUANT TO SECTION 13 OR 15(d)</center>
</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">
<center>OF THE SECURITIES EXCHANGE ACT OF 1934</center>
</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">
<center>Date of Report (Date of Earliest Event Reported):</center>
</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">
<center>October 15, 2001</center>
</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">
<center>__________</center>
</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">
<center>THE WALT DISNEY COMPANY</center>
</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">
<center>(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)</center>
</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">
<center>DELAWARE</center>
</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">
<center>(STATE OF JURISDICTION OF INCORPORATION)</center>
</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP WIDTH="50%">
<center>1-11605</center>
</td>

<td VALIGN=TOP COLSPAN="2" WIDTH="50%">
<center>95-4545390</center>
</td>
</tr>

<tr>
<td VALIGN=TOP WIDTH="50%">
<center>(COMMISSION FILE NUMBER)</center>
</td>

<td VALIGN=TOP COLSPAN="2" WIDTH="50%">
<center>(IRS EMPLOYER</center>
</td>
</tr>

<tr>
<td VALIGN=TOP WIDTH="50%">&nbsp;</td>

<td VALIGN=TOP COLSPAN="2" WIDTH="50%">
<center>IDENTIFICATION NO.)</center>
</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500
South Buena Vista Street, Burbank, California&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
91521</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;&nbsp;&nbsp; (ADDRESS OF PRINCIPAL EXECUTIVE
OFFICES)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ZIP CODE)</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">
<center>(818) 560-1000</center>
</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">
<center>(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)</center>
</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">
<center>Not applicable</center>
</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">
<center>(FORMER NAME OR ADDRESS, IF CHANGED SINCE LAST REPORT)</center>
</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">Item 5.&nbsp;&nbsp;&nbsp; Other Events.
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On October 15, 2001, Standard &amp; Poor's lowered its ratings on The Walt
Disney Company (the "Company") to "A-" with a negative current outlook
and simultaneously removed the Company from CreditWatch with negative implications.
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Private Securities Litigation Reform Act of 1995 (the Act) provides
a safe harbor for "forward-looking statements" made by or on behalf of
the Company.&nbsp; The Company and its representatives may from time to
time make written or oral statements that are "forward-looking", including
statements contained in this report and other filings with the Securities
and Exchange Commission and in reports to the Company's shareholders. Management
believes that all statements that express expectations and projections
with respect to future matters are forward-looking statements within the
meaning of the Act.&nbsp; These statements are made on the basis of management's
views and assumptions, as of the time the statements are made, regarding
future events and business performance.&nbsp; There can be no assurance,
however, that management's expectations will necessarily come to pass.
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For an enterprise as large and complex as the Company, a wide range of
factors could materially affect future developments and performance. A
list of such factors is set forth in the Company's Annual Report on Form10-K
for the year ended September 30, 2000 under the heading "Factors that may
affect forward-looking statements" and in subsequent SEC filings made by
the Company.
<br>&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">Item 7.&nbsp;&nbsp;&nbsp; Financial Statements
and Exhibits.</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">
<center>SIGNATURE</center>
</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="2" WIDTH="54%">&nbsp;</td>

<td VALIGN=TOP WIDTH="46%">THE WALT DISNEY COMPANY</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="2" WIDTH="54%">&nbsp;</td>

<td VALIGN=TOP WIDTH="46%">&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="2" WIDTH="54%">&nbsp;</td>

<td VALIGN=TOP WIDTH="46%">&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="2" WIDTH="54%">&nbsp;</td>

<td VALIGN=TOP WIDTH="46%"></td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="2" WIDTH="54%">&nbsp;</td>

<td VALIGN=TOP WIDTH="46%">By:&nbsp;<u>&nbsp; /s/ David K. Thompson&nbsp;</u></td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="2" WIDTH="54%">&nbsp;</td>

<td VALIGN=TOP WIDTH="46%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; David
K. Thompson</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="2" WIDTH="54%">&nbsp;</td>

<td VALIGN=TOP WIDTH="46%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior
Vice President</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="2" WIDTH="54%">&nbsp;</td>

<td VALIGN=TOP WIDTH="46%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assistant
General Counsel</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">&nbsp;</td>
</tr>

<tr>
<td VALIGN=TOP COLSPAN="3">Dated:&nbsp;&nbsp; October 16, 2001&nbsp;</td>
</tr>
</table>

</body>
</html>
[{"type": "8-K", "sequence": "1", "filename": "form8k4.htm", "description": "FORM 8-K", "secsgml_size_bytes": 8246}]
{"company-data": {"conformed-name": "WALT DISNEY CO/", "cik": "0001001039", "assigned-sic": "7990", "irs-number": "954545390", "state-of-incorporation": "DE", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-11605", "film-number": "1760357"}, "business-address": {"street1": "500 SOUTH BUENA VISTA ST", "city": "BURBANK", "state": "CA", "zip": "91521", "phone": "8185601000"}, "mail-address": {"street1": "500 SOUTH BUENA VISTA ST", "city": "BURBANK", "state": "CA", "zip": "91521"}, "former-company": {"former-conformed-name": "DC HOLDCO INC", "date-changed": "19950918"}}
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported):
October 15, 2001
__________
THE WALT DISNEY COMPANY
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE
(STATE OF JURISDICTION OF INCORPORATION)
1-11605
95-4545390
(COMMISSION FILE NUMBER)
(IRS EMPLOYER
IDENTIFICATION NO.)
500
South Buena Vista Street, Burbank, California              
91521
(ADDRESS OF PRINCIPAL EXECUTIVE
OFFICES)      (ZIP CODE)
(818) 560-1000
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
Not applicable
(FORMER NAME OR ADDRESS, IF CHANGED SINCE LAST REPORT)
Item 5.    Other Events.
On October 15, 2001, Standard & Poor's lowered its ratings on The Walt
Disney Company (the "Company") to "A-" with a negative current outlook
and simultaneously removed the Company from CreditWatch with negative implications.
The Private Securities Litigation Reform Act of 1995 (the Act) provides
a safe harbor for "forward-looking statements" made by or on behalf of
the Company.  The Company and its representatives may from time to
time make written or oral statements that are "forward-looking", including
statements contained in this report and other filings with the Securities
and Exchange Commission and in reports to the Company's shareholders. Management
believes that all statements that express expectations and projections
with respect to future matters are forward-looking statements within the
meaning of the Act.  These statements are made on the basis of management's
views and assumptions, as of the time the statements are made, regarding
future events and business performance.  There can be no assurance,
however, that management's expectations will necessarily come to pass.
For an enterprise as large and complex as the Company, a wide range of
factors could materially affect future developments and performance. A
list of such factors is set forth in the Company's Annual Report on Form10-K
for the year ended September 30, 2000 under the heading "Factors that may
affect forward-looking statements" and in subsequent SEC filings made by
the Company.
Item 7.    Financial Statements
and Exhibits.
(a)     Not applicable.
(b)     Not applicable.
(c)     Not applicable.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE WALT DISNEY COMPANY
By:
/s/ David K. Thompson
David
K. Thompson
Senior
Vice President
Assistant
General Counsel
Dated:   October 16, 2001