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Pixie Dust or Bust!!
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Comcast launches $66B bid for Disney
The top U.S. cable company makes hostile bid for the media giant. Disney CEO Eisner, already under fire, refuses to talk, Comcast says. Disney stock soars. Greenspan hits the Hill.
Cable behemoth Comcast (CMCSK, news, msgs) has the House of Mouse in its sights. Comcast stunned Wall Street this morning with a $54 billion all-stock hostile bid for Walt Disney (DIS, news, msgs) that would put some of the premier names in entertainment under its control. The deal was valued initially at $66 billion, including the assumption of $11.9 billion in Disney debt.
The announcement caused a flurry of before-hours activity, and Disney was up 15% by midday. That big gain helped push the Dow up more than a half-percent; the S&P 500 and Nasdaq indexes edged only slightly higher. Your money, fast.
File your taxes online.
It's easy at H&R Block.
Comcast said it would exchange 0.78 share of its stock for each share of Disney, a nearly 10% premium on Disneys close on Tuesday. Comcast shares dropped nearly 9%, revealing at least some unease about the combination.
The deal would bring Disneys movie studios, ABC television, ESPN cable network and theme parks together with Comcasts 21 million cable subscriber base, the biggest in the United States, Reuters reported. Disney's animation business is key to its interest, a Comcast executive said.
Comcast had said Disney CEO Michael Eisner refused to enter into discussions; this morning Disney's board said it would "carefully evaluate" the offer, Reuters reported. "In the meantime, there is no action for shareholders to take'' on the offer, said Disney, which begins a two-day conference with investors on Wednesday.
A combined Comcast/Disney would compete against the top media and distribution companies like Time Warner (TWX, news, msgs) and News Corp.
The top U.S. cable company makes hostile bid for the media giant. Disney CEO Eisner, already under fire, refuses to talk, Comcast says. Disney stock soars. Greenspan hits the Hill.
Cable behemoth Comcast (CMCSK, news, msgs) has the House of Mouse in its sights. Comcast stunned Wall Street this morning with a $54 billion all-stock hostile bid for Walt Disney (DIS, news, msgs) that would put some of the premier names in entertainment under its control. The deal was valued initially at $66 billion, including the assumption of $11.9 billion in Disney debt.
The announcement caused a flurry of before-hours activity, and Disney was up 15% by midday. That big gain helped push the Dow up more than a half-percent; the S&P 500 and Nasdaq indexes edged only slightly higher. Your money, fast.
File your taxes online.
It's easy at H&R Block.
Comcast said it would exchange 0.78 share of its stock for each share of Disney, a nearly 10% premium on Disneys close on Tuesday. Comcast shares dropped nearly 9%, revealing at least some unease about the combination.
The deal would bring Disneys movie studios, ABC television, ESPN cable network and theme parks together with Comcasts 21 million cable subscriber base, the biggest in the United States, Reuters reported. Disney's animation business is key to its interest, a Comcast executive said.
Comcast had said Disney CEO Michael Eisner refused to enter into discussions; this morning Disney's board said it would "carefully evaluate" the offer, Reuters reported. "In the meantime, there is no action for shareholders to take'' on the offer, said Disney, which begins a two-day conference with investors on Wednesday.
A combined Comcast/Disney would compete against the top media and distribution companies like Time Warner (TWX, news, msgs) and News Corp.
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