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Disney revises Q4 profit

Los Angeles, Dec. 4: Walt Disney Co. said Tuesday it has lopped $ 47 million off its previously reported fourth-quarter earnings because ‘Treasure Planet’ is barren at the box office.

Separately, the entertainment giant said it is co-operating with a Securities and Exchange Commission inquiry into whether it should have publicly revealed earlier than last August that four of its directors had relatives working for the company or its affiliates.

Walt Disney also announced several changes to its board, including one that could reduce the influence of a chief critic of Michael D. Eisner, the chief executive.

It also took further steps to increase the independence of its directors, and reclassified one of its chief critics, Stanley P. Gold, as non-independent, meaning he won’t have as much influence because he won’t serve on any board committees.

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