Comcast to Withdraw Disney Bid!

[CarnotaurDad]

Just saw this on the wire:

http://story.news.yahoo.com/news?tmpl=story&cid=568&e=5&u=/nm/20040428/bs_nm/media_disney_comcast_dc

 

[ddank]

Now all you comcast haters can have many many more years of Eisner and his subpar additions to disney world!!! Also don't forget all that he adds to the Disney brand and investor goodwill.. I don't bame Comcast for ditching this ship.. Enjoy!


Disney's Board Says It's Confident in Chief Executive Eisner

By Alex Armitage
April 27 (Bloomberg) -- Walt Disney Co.'s board of directors
said it has ``complete confidence'' in Chief Executive Michael
Eisner, President Robert Iger and the management of the second-
largest U.S. media and entertainment company.
The directors, who concluded their annual retreat today,
reviewed each of the company's businesses and the potential of
the top tier of executives, Disney said in an e-mailed statement.
Eisner last month failed to get 45 percent of shares voted
for his re-election to the board at Disney's annual meeting after
a campaign to oust him by former directors Roy Disney and Stanley
Gold. Following the March annual meeting, Eisner gave up his
title of chairman, turning it over to Disney director and former
U.S. Senator George Mitchell.

 

[Captain Crook]

Thanks ddank. At least with Disney as an independent we know Eisner won't be around past 2006. With the comcast clowns Disney would be nothing more than another acquisition and mediocrity would be the highlight.

As for subpar additions I guess you don't think much of Mission:Space, huh? Or Mickey'sPhilharmagic? Does the upcoming Expedition:Everest really sound lame to you? I know there's no pleasing everyone but if you consider all three of these subpar I don't think there's much basis for discussion.

 

[dcentity2000]

Whatever your thoughts on Eisner, Pressler, Iger, Walt, Roy, Gold, ANYONE, Comcast withdrawing the bid is in my opinion a GREAT thing! Whatever happens now is down to Disney and Disney alone



Rich::

 

[LIFERBABE]

Many DVC owners were concerned about this and how it would affect DVC...................

Comcast Drops Takeover Bid for Disney





PHILADELPHIA - The cable giant Comcast Corp. is dropping its takeover bid for The Walt Disney Co., saying Disney management has made it clear it has no interest in putting the two companies together.




The decision was announced Wednesday by Brian L. Roberts, president and chief executive of Comcast, who said the Disney stance led him to conclude it was time to abandon the proposed merger.


Philadelphia-based Comcast stunned the industry Feb. 11 when it offered stock valued at $54 billion at the time for the media and entertainment powerhouse.


But Disney rejected the offer, saying it was too low.


"We have always been disciplined in our approach to acquisitions," Roberts said in Wednesday's statement. "Being disciplined means knowing when it is time to walk away. That time is now."


The decision comes amid turbulent times for the powerful entertainment company, which owns ABC, ESPN, movie studios and theme parks.


The Comcast offer was made as Disney and its longtime leader Michael Eisner were facing pressure from shareholders including one-time board member Roy Disney who were unhappy with the company's financial performance and its stock price.


Shareholders made their dissatisfaction clear at the annual meeting in March when 45.3 percent of all votes cast withheld support from Eisner for re-election to the board.


After the meeting, Disney's board split the roles of chairman and CEO, naming board member George Mitchell as chairman and leaving Eisner as CEO.


Eisner and the board nonetheless have repeatedly insisted Disney is headed in the right direction, and did not need to team up with a distribution company like Comcast.


Comcast is the nation's largest cable company with 21 million subscribers, and has a stake in several cable networks.


Last month, Disney voted to split the roles of chairman and chief executive, naming board member George Mitchell as chairman and leaving Michael Eisner with only the title of CEO.


Calls to Disney spokesman John Spelich were not returned early Wednesday.


But late Tuesday, Disney's board after a two-day retreat issued a statement giving its full support to Disney management, including Eisner and president Robert Iger.

 

[Chuck S]

While many folks don't like Eisner, I must say better the devil you know that the devil you don't. I'd rather have an independent Disney with a limited run of Eisner than a "Welcome to ComCast's Magic Kingdom". This is good news.

 

[lodgelady]

Chuck S. and I finally see eye-to-eye on something! Better the (corporate) devil you know than the (other corporate) devil you don't know. However, I'm still rooting for NO DEVILS at all!!

 

[barbeml]

I was soooooooooooooooooo happy to read that this morning.

:happy2:

 

[Planogirl]

Looks like Comcast's stock is one of the few that actually increased in value today. Comcast may not have been Disney's savior but I'm personally still hoping that there is one out there.

 

[aikodude]

WHOO HOO!

I just joined the DVC and I was plenty worried. Now we need to get Eisner out!

http://www.savedisney.com

3 weeks to go to 1st "Welcome Home"!

 

[Goofyposter]

Chuck S. and I finally see eye-to-eye on something!

Is that news or rumor???

It's no surprize in my book....not even with Ei$ner's failures has the company needed to be owned by someone other than the current owners......we just need a management team that shares the values of the owners!

 

[tkyes]

Goofy! you're alive!

I know this is off topic - sorry to post this here - but goofy doesn't check his pm's anymore! Goofy - check your pm's, clean out your email, and let me know how you are!!!