EXHIBIT 99.4
 
                [LOGO OF THE WALT DISNEY COMPANY APPEARS HERE]


                                                              November 13, 1995
 
Dear Disney Owner:
 
  You are cordially invited to attend a Special Meeting of Stockholders (the
"Special Meeting") of The Walt Disney Company ("Disney") to be held on January
4, 1996, at 10:00 a.m., local time, at The Waldorf-Astoria Hotel, 301 Park
Avenue, New York, New York.
 
  At the Special Meeting, you will be asked to approve the acquisition by
Disney of Capital Cities/ABC, Inc. ("Capital Cities") pursuant to an Amended
and Restated Agreement and Plan of Reorganization (the "Reorganization
Agreement") dated as of July 31, 1995.
 
  Upon completion of this acquisition:
 
  . Disney and Capital Cities will become wholly owned subsidiaries of a new
    holding company to be renamed "The Walt Disney Company" ("New Disney");
 
  . each outstanding share of Disney Common Stock will be converted into one
    share of New Disney Common Stock; and
 
  . each outstanding share of Capital Cities Common Stock will be converted
    into the right to receive one share of New Disney Common Stock plus $65
    in cash or, at the shareholder's election (and subject to proration)
    either cash or shares of New Disney Common Stock with a value equal to
    the value of $65 plus one share of Disney Common Stock (calculated over a
    ten trading day period preceding the effective time of the acquisition).
    The maximum amount of cash to be paid as merger consideration to Capital
    Cities shareholders may be increased in Disney's sole discretion at any
    time prior to the fifth business day following the deadline for
    submission of elections by Capital Cities shareholders. See "THE
    REORGANIZATION AGREEMENT--Capital Cities Merger Consideration" in the
    accompanying Joint Proxy Statement/Prospectus.
 
  A detailed description of the Reorganization Agreement and the proposed
acquisition of Capital Cities is set forth in the accompanying Joint Proxy
Statement/Prospectus, which you should read carefully.
 
  After careful consideration, your Board of Directors has determined that the
transactions contemplated by the Reorganization Agreement are in the best
interests of the stockholders of Disney. Accordingly, the Board has approved
the Reorganization Agreement and recommends that all Disney stockholders vote
for its approval. I firmly believe--as does your entire Board of Directors--
that combining the complementary production and distribution capabilities,
management and financial resources of Disney and Capital Cities will create a
company that is even better positioned to meet the increased challenges of a
rapidly changing entertainment and media industry.
 
  At the Special Meeting, you also will be asked to consider and approve the
adoption of the 1995 Stock Incentive Plan and the rules relating thereto (the
"1995 Plan"), and an amendment to the 1990 Stock Incentive Plan and the rules
relating thereto (the "1990 Plan"), to conform the 1990 Plan (the "Amended
1990 Plan") to the proposed 1995 Plan (collectively, the "Disney Option
Proposal"). The terms of the 1995 Plan and the Amended 1990 Plan are described
in the accompanying Joint Proxy Statement/Prospectus, which you should read
carefully. Your Board of Directors also recommends that all Disney
stockholders vote for the Disney Option Proposal.

 
  Your vote is important. FAILURE TO VOTE OR TO RETURN YOUR PROXY CARD WILL
HAVE THE SAME EFFECT AS A VOTE AGAINST THE ACQUISITION. THEREFORE, WHETHER OR
NOT YOU PLAN TO ATTEND THE SPECIAL MEETING IN PERSON AND REGARDLESS OF THE
NUMBER OF SHARES YOU OWN, I URGE YOU TO COMPLETE, SIGN AND DATE THE ENCLOSED
PROXY CARD AND RETURN IT IN THE ENCLOSED PREPAID ENVELOPE AS SOON AS POSSIBLE.
You may, of course, attend the Special Meeting and vote in person, even if you
have previously returned your proxy card.
 
                                          Sincerely yours,

                                          /s/ Michael D. Eisner
 
                                          Michael D. Eisner
                                          Chairman of the Board and Chief
                                          Executive Officer
 
                            YOUR VOTE IS IMPORTANT
                    PLEASE SIGN, DATE AND RETURN YOUR PROXY