Comcast bids for Disney

[Brian Turner]

A rather aggressive move - but as we saw before, the Disney CE Eisner is hardly in anyone's good books anyway. Will this help improve his standing with shareholders?

Comcast launches bid for Disney

Disney is the target of a hostile takeover approach from Comcast, the largest US cable-television operator.

Comcast has revealed that it has made an initial informal offer to purchase the iconic movie to theme park group for a deal worth $66bn (£35bn).

A union between the two companies would create the world's biggest media firm. But while Disney said its board would evaluate the offer, Comcast said Disney chief executive Michael Eisner was "unwilling" to enter merger talks.

http://news.bbc.co.uk/1/hi/business/3479743.stm

[Suzanne]

Eisner's not going to help his position at all. Losing Pixar was a big loss and the shareholders have every right to hold that against him. I say they're holding out for the grand-nephew Roy Disney to bring something of the name back to the business.

[Brian Turner]

I'm amazed that Disney were so strong-headed as to demand a continued 50% cut of Pixar profits in the new distribution contract. That was the sort of decision you wouldn't expect a top executive to make - or maybe, shouldn't.

Anyway, here's the earlier story: Pixar to leave Disney

[Brian Turner]

And Comcast walks away....

http://newsvote.bbc.co.uk/1/hi/business/3666749.stm

US cable TV firm Comcast has scrapped its takeover bid for Walt Disney after the entertainment giant showed "no interest" in the deal. Comcast launched its bid for Disney in February with an offer which - at the time - was worth $66bn (£37bn).

A union between the two companies would have created the world's biggest media firm.

But resistance to the approach by Disney's board meant it was now time to "walk away", Comcast said.



However, I never actually noticed in the news that Disney had chastised Eisner officially - it's old news now but I want to keep a record of it:


http://newsvote.bbc.co.uk/1/hi/business/3528103.stm

The Walt Disney entertainment group has restructured its leadership after a major revolt by its shareholders.

It has split the roles of chairman and chief executive, reducing the power of Michael Eisner, who formerly held both positions.

Mr Eisner will remain chief executive, while the former United States senator, George Mitchell, will become chairman.

But 43% of shareholders withheld their votes during Mr Eisner's re-election to the board.

He had faced barbed comments from rebel shareholders at the company's annual meeting in Philadelphia on Wednesday.

The result is far worse than any other chief executive has had to face in a shareholder revolt.