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ID # 103010
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12-31-69
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12-31-69
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"Our goal would be to again place Disney animation in the center of the company
Under the merger, Comcast said it would issue 0
The letter from Roberts called it "unfortunate" that Eisner was not willing to enter into discussions Disney, the nephew of Disney founder Walt Disney, and Stanley E disney Comcast's Class A shares tumbled $2 "
Analysts were not surprised that Comcast, which has access to cable subscribers, would be interested in Disney, with its suite of top-rated cable channels and visible brand Disney's stock, which has lagged over the past six years or so, has risen sharply over the past 12 months and earnings have also climbed on the strength of Disney's film slate and a turnaround at its theme parks "I think they underestimate the complexity of being a broad-based media company," he said 3 billion purchase of Fox Family Worldwide, a deal Eisner has admitted was a mistake at that price
In a conference call Wednesday, Comcast's Steve Burke, the head of the company's cable division and a former Disney executive, sounded many of the same notes as dissident shareholders Roy Disney and Stanley Gold comcast 52, or 15 percent to $27 60 in very heavy trading on the New York Stock Exchange, above Comcast's current offer 70, or 8 percent, to $31 "I think it's probably not a good deal for Disney shareholders at the price on the table today
But the board cautioned shareholders not to take any action in the meantime
Disney shareholders will gather for their annual meeting March 3 in Philadelphia, where, coincidentally, Comcast is based It has majority stakes in Comcast-Spectacor, the owner of the Philadelphia Flyers and 76ers; Comcast SportsNet, E! Entertainment Television, the Style Network, Golf Channel, Outdoor Life Network and G4
That's a relatively small premium for a takeover offer, but Comcast may be counting on the fact that other potential suitors in the media industry would surely face tougher regulatory scrutiny in Washington 49, a 10 percent premium over their closing price Tuesday 78 of a share of its Class A stock for each Disney share, and Disney shareholders would retain 42 percent of the combined company "</ p>
In a news conference in New York, Roberts said he hoped to make the deal "as friendly and amicable as possible, as fast as possible," but he also noted that he was ready to abandon the proposed merger if need be 6 billion in revenues last year, atop the heap of media and communications companies "We can help address this underperformance "He (Roberts) is using this vulnerable time to force Disney's hand Gold about his performance and lack of a succession plan as Disney's chief executive
"We think restoring Disney animation to its rightful place is important," Burke said, echoing a major criticism levied by Roy Disney "
Kim also said Comcast is basically a cable company, and might be biting off more than it can chew 9 billion in debt from Disney, which also owns ESPN, movie studios and theme parks
"It's going for the jugular," said Paul Kim, senior media analyst at Tradition Asiel Securities that would create the world's biggest media conglomerate and likely spell an end to the 20-year career of Disney chief Michael Eisner
But they were taken off guard by the timing "
Analysts said the combination made sense, but questioned whether Comcast would sweeten its offer sufficiently
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Disney's board released a statement saying it would "carefully evaluate" Comcast's offer If a deal is reached to combine the companies, they would edge out Time Warner, which had $39
Comcast also released a letter sent to Eisner indicating that Eisner had personally rejected Roberts' offer to enter into discussions about a merger earlier in the week The offer valued each Disney share at $26
The proposal came as Eisner is fending off criticism from former board members Roy E
The bid was initially valued at $54 billion, but investors bid up the price of Disney stock beyond the Comcast offer â€â€? a signal that Comcast would have to sweeten its bid to be successful
"Strategically, from Comcast's point of view, it would be a terrific move," said Janna Sampson, co-Manager of the AmSouth Select Equity Fund and director of Portfolio Management at Oakbrook Investments
Comcast, which said Eisner had rejected the idea of private talks, stunned the media world with its announcement early Wednesday Most of Comcast's holdings are in cable TV systems, while Disney's are in broadcast, cable and "content" businesses like movie studios The company has not succeeded in boosting ratings or profits at its renamed ABC Family Channel made a surprise bid for The Walt Disney Co
In a sign that investors expect an extended fight, Disney's shares shot up $3 "
As if to answer the bid, Disney released its first quarter earnings hours before originally planned
Comcast has several holdings in media content, but has made no secret of its ambitions to acquire more
Eisner made a brief reference to the bid at the beginning of a conference call to discuss the earnings, saying the board had asked Disney's management and advisers to "to provide an in-depth analysis of the proposal to enable the board to respond appropriately That pressure increased late Wednesday, when Institutional Shareholder Services, an influential shareholder group, recommended against Eisner's re-election to the Disney board, citing "blurred" lines between the board and management Comcast Makes Unsolicited Bid for Disney
Feb 11, 6:53 PM EST
Cable television giant Comcast Corp Roberts said the combination "would create one of the world's premier entertainment and communications companies, and, we believe, restore the Disney brand to prominence and the company to growth com
23 on the Nasdaq Stock Market It was made just before Disney started two days of meetings with analysts at its flagship Walt Disney World theme park and hours before Disney was set to announce strong first quarter earnings
The earnings easily beat analyst expectations and, Eisner said in a statement, showed the company was firmly on a turnaround that would see 30 percent earnings growth this year and double digit growth until at least 2007
Comcast is moving at a time that Disney is struggling with internal strife over corporate governance concerns and Eisner's plans for succession, as well as lagging performance at key businesses such as ABC
Comcast, the nation's biggest cable systems operator, said it would also assume $11
Disney and Comcast together had $45 billion in revenues last year
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AP business writers Lisa Singhania and Seth Sutel in New York contributed to this report
"This is a very exciting moment," Comcast CEO Brian Roberts said in a conference call with investors and analysts
Comcast merged with AT&T Broadband in November 2002, making it the largest cable TV company in the country with 21 million subscribers
"We believe it operates at around break even," Burke said Life goes on," Roberts said "
Burke also criticized Disney's $5 "We've walked away from big things before "Given this, the only way for us to proceed is to make a public proposal directly to you and your board," the letter stated
But Eisner has been under heavy pressure as talks to extend Disney's lucrative deal with Pixar Animation Studios collapsed and dissident shareholders raised questions about the independence of Disney's board com
http://www
Comcast said Eisner declined earlier this week to discuss a possible merger
