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Walt Disney World (WDW) News Discuss Comcast offers to buy Disney! in the News & Rumors forums; Comcast makes $66B offer to buy Walt Disney http://story.news.yahoo.com/news?tmp...comcast_disney In a stunning move, cable TV giant Comcast Corp. proposed early Wednesday to buy Walt Disney Co., the iconic entertainment powerhouse, ...
  1. #1
    adambreakey's Avatar
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    Comcast offers to buy Disney!

    Comcast makes $66B offer to buy Walt Disney

    http://story.news.yahoo.com/news?tmp...comcast_disney

    In a stunning move, cable TV giant Comcast Corp. proposed early Wednesday to buy Walt Disney Co., the iconic entertainment powerhouse, for stock valued at about $54 billion. It said Disney chief Michael Eisner had rebuffed its request for talks.

    The nation's biggest cable systems operator said it would also assume $11.9 billion in debt held by Disney, which also owns ABC and ESPN television networks
    Of course Eisner has already said he isn't interested... but still. I thought it was interesting news.

    adamb
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    Lou Mongello's Avatar
    Lou Mongello is offline Lou Mongello (AKQJ10) - WDW Trivia Book Author and Site Owner/Admin
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    Wow...

    My initial reaction is... no way! Keep Disney a Disney company... Once youget a company like Comast in, I believe the entire philosphy of the company will change. Although I am a Disney shareholder, I don't like it, even though the stock may rise. I would rather see the integrity of the company stay intact, rather than gain a few points here and there.

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    adambreakey's Avatar
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    ACE - I couldn't agree more. However, Disney has expanded too much in recent times for my taste... how about Disney sells off ABC, ESPN, ABC family, Miramax, etc - -and they focus on family movies, family TV shows and the parks?

    just a thought

    adamb
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    Lou Mongello's Avatar
    Lou Mongello is offline Lou Mongello (AKQJ10) - WDW Trivia Book Author and Site Owner/Admin
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    Absolutely!!! Get back to their "roots" as they were... theme parks, animated CLASSICS, etc.

    Less X-Games, The Bachelor, etc!!

    Disney is an example of yet another company trying to do too much and getting away from what made it such as success and part of culture that it is. :lookaroun
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    adambreakey's Avatar
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    Here is an article that shows a snapshot of the two companies involved...

    http://www.reuters.com/newsArticle.j...toryID=4336160

    Pretty interesting day for Disney news and rumors....



    adamb
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    marty3d's Avatar
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    Much as I don't agree with Eisner's decisions lately - I really hope this doesn't happen.

    I'd really like to see Roy Disney's opinion on this (though it should be remembered that Roy was instrumental in recruiting Eisner in the first place).

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    Good article - and links to more.

    Stanley Gold and Roy Disney say its too early to comment.

    http://money.cnn.com/2004/02/11/news...ex.htm?cnn=yes

  8. #8
    Lou Mongello's Avatar
    Lou Mongello is offline Lou Mongello (AKQJ10) - WDW Trivia Book Author and Site Owner/Admin
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    Here's a take on it from the BBC:

    The BBC has a good view on this.... they seem to point their finger at Eisner!

    The end of the Disney fairytale?
    By Will Smale
    BBC News Online business reporter

    Disney has always aimed to be a sugar-coated microcosm of American life.
    Its theme parks serve up a rose-tinted image of the classic American dream, a place where everyone is happy and wholesome, friendly and fun.

    It is a vision of perfect 1950s America, an apparently more simple time when the front lawns were manicured and the little fences were always bright white in the sunshine.

    Yet Disney, which now faces a hostile takeover bid from US cable television giant Comcast, is being reminded of the American dream's downside - you have to make more and more money, and woe betide you if you don't.

    It does not matter if you are a much-loved iconic institution and home to Mickey Mouse - the laws of capitalism demand ever increasing profits.

    Abrasive

    And on that front Disney just hasn't been doing the business in recent years.

    Yes, it still makes pots of cash, but profits have been constantly getting smaller.
    So where did it all go wrong?

    Many analysts would immediately point the finger at Disney's 61-year-old chief executive Michael Eisner, and it has to be said that there is a great deal of evidence against him.

    In the position for the past 20 years, ex-Disney employees have long accused him of having a brusque personal style, and running the company like a gulag.

    'Midget'

    So much so that Disney employees have in recent years come up with a rather distasteful nickname for the company - "Mousewitz".


    Mr Eisner himself gave a glimpse of his management technique during a highly publicised 1999 compensation trial brought against Disney by former director Jeffrey Katzenberg.
    "I hate the little midget," was what Mr Eisner admitted to the court he may very well have said about Mr Katzenberg.

    And in more recent times Mr Eisner has faced a continual campaign for him to stand down, led by former Disney directors Roy Disney, nephew of the founder Walt, and Stanley Gold.

    They now want him to step down at Disney's 3 March annual meeting, and have received support from a number of Wall Street heavyweights, such as fund adviser Institutional Shareholder Services (ISS).

    Pixar

    "While Mr Eisner may indeed be trying, he still hasn't gotten it quite right," said ISS.

    It added: "Sadly, it has often appeared that reconstituting the board was aimed at quieting healthy boardroom dissent rather than creating it."

    But perhaps most damaging for Mr Eisner was his recent failure to renegotiate Disney's distribution deal with leading computer animation firm Pixar.
    Pixar's films, such as Toy Story and Monsters Inc, have made more than $2.5bn at the box office since 1995, but Disney ended the partnership after failing to come to agreement on how to split future revenues.

    The failure to renew the deal was said to have particularly incensed Roy Disney.

    Pirates

    "This is the beginning of the end for the chief executive reign for Michael Eisner," said Michael Holland, head of New York money management firm Holland & Company.

    Yet Mr Eisner is nothing if not tough, and his fightback has already begun.

    On Wednesday, just hours after Comcast announced its takeover bid, Disney rush-released its quarterly financial results, which showed that profit for the quarter to 31 December jumped to $688m, from $36m for the same period of 2002.

    And despite the inevitable financial pain of losing Pixar when the current deal ends in 2005, it is an understatement to say that Disney still has its own successful film-making studio.

    Yes, it has had a few flops in recent times, but last year's Pirates of the Caribbean made more than $261m in the US and $100m overseas.

    Blood

    And overall Disney still made a profit of $1.27bn in 2003.

    Yet again however, this was down on previous years, something Wall Street investors do not like to see.

    Added to this is the ever growing exasperation at Mr Eisner's reported abrasive style, and you would not bet against Disney losing its independence for the first time in its illustrious history.

    Analyst James McGlynn from the company Summit Fund, which has owned Disney shares, said continuing with the status quo was impossible.

    "Comcast smells blood in the water at Disney," he said.

    The fairytale may be over at the house of Mickey Mouse.


    Interesting... :speechles
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  9. #9
    marty3d's Avatar
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    This is interesting, other media giants including Time Warner and Pixar are considering bids for Disney.

    Pixar? Yes, Pixar. Must be Steve Jobs' way of getting back at Eisner. They apparently hate each other.

    Somehow I think that one way or the other, a year from now, Disney will no longer exist as an independent company.



    http://business.timesonline.co.uk/ar...999660,00.html

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