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RPT-Comcast seen bringing few changes to Magic Kingdom
February 11, 2004 10:00:00 PM ET
By Bob Tourtellotte
LOS ANGELES, Feb 11 (Reuters) - Keep your ears on, Mickey -- you and your fellow Disney "cast members" won't be leaving the Magic Kingdom anytime soon.
News of Philadelphia-based cable TV operator Comcast Corp's (CMCSA) surprise $50 billion bid for the Walt Disney Co. (DIS) dominated Hollywood water cooler talk on Wednesday, but while Disney workers fretted over lost jobs, industry veterans and even Comcast Chief Executive Brian Roberts said Disney's units and their key players won't be leaving town in the near future if the bid succeeds.
"We are still going to be in Philadelphia, but the Disney Co. is still going to be in Los Angeles," Roberts said at a news conference.
"I think the vibrancy of the Walt Disney Co. in Los Angeles is pretty important on a going-forward basis, and we will certainly continue that," he added.
That news brought a sigh of relief from studio workers who, asking for anonymity, said the mood on the Disney lot was glum with most employees keeping heads down.
Comcast President Steve Burke, a former Disney executive, said Comcast sees $200 million to $300 million in "synergies," which often means cost cutting, in cable TV, and by cutting corporate overhead and achieving certain economies of scale, the companies can save another $300 million to $400 million.
But Burke said Comcast wants to rebuild Disney's storied animation division and sees opportunities in boosting the performance at the "Magic Kingdom" theme parks.
"One of the first things we'd like to do ... is do everything we can to empower the existing animation group," Burke said.
"The second area we think there is room for revitalization and improvement are the Disney theme parks." He talked about about more aggressively promoting the parks and restoring the "creative spark" in the Magic Kingdom playgrounds.
DON'T TOUCH THE BRAND
Hollywood veterans and industry players said Comcast would make a mistake in changing the Disney brand and should work hard to retain key employees.
"They should try very, very hard to maintain Disney brand equity," said Elizabeth Marks, chief marketing officer for media planner and buyer MPG USA. "It's one thing to do a business deal. It's another thing to mess with that brand."
Jim Berkus, chairman of top talent group United Talent Agency, said a big challenge will be retaining key managers who have performed well with their units.
In French company Vivendi's (V) acquisition of Universal Studios, Vivendi retained Universal's management led by industry veteran Ron Meyer, and he and his team are credited with keeping Universal running smoothly as Vivendi floundered.
"The biggest challenge is retaining the current management that makes you attractive in the first place, and (film studio heads) Dick Cook and Nina Jacobsen, and Susan Lynne and Lloyd Braun on the TV side are world class executives," Berkus said.
Unlike Sony Corp.'s purchase of Columbia Pictures or Matsu****a Electric Industrial Co.'s acquisition of MCA Inc (owner of Universal Pictures), Roberts, Burke and Comcast are not viewed as outsiders in Hollywood.
One question is whether Disney unit Miramax Films might try to bolt under independent-minded co-chiefs and brothers Harvey and Bob Weinstein. A Miramax spokesman declined to comment.
Disney acquired Miramax in 1993, and Disney Chief Michael Eisner and Harvey Weinstein have often been at odds. In recent months, speculation has mounted that Weinstein might try to take Miramax private again, and Disney has balked because Miramax has a large library of hit films to its credit.
Weinstein and Roberts are friends, socially, and a deal could either pave the way out for Weinstein or make it easier to work at Disney. Sources were unsure which way he might go. REUTERS
February 11, 2004 10:00:00 PM ET
By Bob Tourtellotte
LOS ANGELES, Feb 11 (Reuters) - Keep your ears on, Mickey -- you and your fellow Disney "cast members" won't be leaving the Magic Kingdom anytime soon.
News of Philadelphia-based cable TV operator Comcast Corp's (CMCSA) surprise $50 billion bid for the Walt Disney Co. (DIS) dominated Hollywood water cooler talk on Wednesday, but while Disney workers fretted over lost jobs, industry veterans and even Comcast Chief Executive Brian Roberts said Disney's units and their key players won't be leaving town in the near future if the bid succeeds.
"We are still going to be in Philadelphia, but the Disney Co. is still going to be in Los Angeles," Roberts said at a news conference.
"I think the vibrancy of the Walt Disney Co. in Los Angeles is pretty important on a going-forward basis, and we will certainly continue that," he added.
That news brought a sigh of relief from studio workers who, asking for anonymity, said the mood on the Disney lot was glum with most employees keeping heads down.
Comcast President Steve Burke, a former Disney executive, said Comcast sees $200 million to $300 million in "synergies," which often means cost cutting, in cable TV, and by cutting corporate overhead and achieving certain economies of scale, the companies can save another $300 million to $400 million.
But Burke said Comcast wants to rebuild Disney's storied animation division and sees opportunities in boosting the performance at the "Magic Kingdom" theme parks.
"One of the first things we'd like to do ... is do everything we can to empower the existing animation group," Burke said.
"The second area we think there is room for revitalization and improvement are the Disney theme parks." He talked about about more aggressively promoting the parks and restoring the "creative spark" in the Magic Kingdom playgrounds.
DON'T TOUCH THE BRAND
Hollywood veterans and industry players said Comcast would make a mistake in changing the Disney brand and should work hard to retain key employees.
"They should try very, very hard to maintain Disney brand equity," said Elizabeth Marks, chief marketing officer for media planner and buyer MPG USA. "It's one thing to do a business deal. It's another thing to mess with that brand."
Jim Berkus, chairman of top talent group United Talent Agency, said a big challenge will be retaining key managers who have performed well with their units.
In French company Vivendi's (V) acquisition of Universal Studios, Vivendi retained Universal's management led by industry veteran Ron Meyer, and he and his team are credited with keeping Universal running smoothly as Vivendi floundered.
"The biggest challenge is retaining the current management that makes you attractive in the first place, and (film studio heads) Dick Cook and Nina Jacobsen, and Susan Lynne and Lloyd Braun on the TV side are world class executives," Berkus said.
Unlike Sony Corp.'s purchase of Columbia Pictures or Matsu****a Electric Industrial Co.'s acquisition of MCA Inc (owner of Universal Pictures), Roberts, Burke and Comcast are not viewed as outsiders in Hollywood.
One question is whether Disney unit Miramax Films might try to bolt under independent-minded co-chiefs and brothers Harvey and Bob Weinstein. A Miramax spokesman declined to comment.
Disney acquired Miramax in 1993, and Disney Chief Michael Eisner and Harvey Weinstein have often been at odds. In recent months, speculation has mounted that Weinstein might try to take Miramax private again, and Disney has balked because Miramax has a large library of hit films to its credit.
Weinstein and Roberts are friends, socially, and a deal could either pave the way out for Weinstein or make it easier to work at Disney. Sources were unsure which way he might go. REUTERS
That's World Championship Wrestling! 
Gotta love profanity filters. LOL!!
