Good article on the issues surrounding Comcast's bid for Disney

[Mr. Anderson]

http://www.washingtonpost.com/wp-dyn/articles/A44561-2004Feb15_2.html

There's a lot more at stake here than just Disney. Like the article mentioned

The proposed purchase has sent a chill through the broadcast television industry, which has become reliant on cable systems to distribute programming. With the rise of cable giants such as Comcast, some local affiliates that carry network programming fear they are teetering on irrelevance.

Times are a changing....

D

 

[wdlove]

Sadly as usual the winner will be Comcast & Disney, but the loser will be consumer. The loser is us. An article I read in the Boston Globe stated that cable rates would not be going down. "In fact cable rates will continue to rise at a 5 - 6% rate per year.

 

[Vector]

Rejected

http://biz.yahoo.com/rb/040216/media_disney_3.html

Reuters
Disney Rejects Comcast Offer
Monday February 16, 9:09 pm ET

NEW YORK (Reuters) - Walt Disney Co (NYSE DIS - News). on Monday said it rejected an unsolicited $48.95 billion takeover offer from cable television company Comcast Corp (NasdaqNM CMCSA - News).

Disney's board said it had full confidence in the business, financial and creative direction of the company under the leadership of Chief Executive Officer Michael Eisner.

Comcast, the nation's largest cable TV company, last week made a surprise bid to acquire Disney, an entertainment icon which owns Hollywood's top studio, the ABC television network and the cable sports network ESPN.

"The board has confidence in the business, financial and creative direction of Disney under the leadership of Michael Eisner and his management team," Disney said in a statement.

"The board expects the company's current structure and strategy will maximize shareholder value," the company said.

The voice of support for Eisner comes after independent corporate governance analyst Institutional Shareholder Services, a strong influence on Wall Street, recommended last week that shareholders vote against reelecting Eisner to the board.

The Disney family, led by former director Roy Disney, also is spearheading a campaign for Eisner's ouster.

Comcast's offer valued Disney at about $23 a share, which was below Disney's closing stock price of $26.92 on Friday. The U.S. financial markets were closed on Monday for the President's Day holiday.