In 2005, Disney's merchandise licensing business, the largest business under the Consumer Products umbrella, was able to deliver revenue and operating income growth for the year by tapping the popularity of Disney's enduring properties like Mickey Mouse and Winnie the Pooh, and newer hits like Disney Princess.

Notwithstanding this growth from our licensing operation, overall operating income growth for Consumer Products was tempered by continued development spending at Buena Vista Games, our non-sports video games business. We continue to believe that video gaming presents an excellent opportunity to further leverage and nurture our content in a fast-growing medium, and we expect it to provide a source of attractive returns down the road. We remain focused on generating broad-based growth in Consumer Products through our targeted licensing strategies, new franchise development, and investment in new product categories, such as video gaming and Disney-branded electronics.