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Comcast drops disney bid Original Source Link: (May no longer be active)    http://www.heraldsun.news.com.au/common/story_page/0,5478,9419682%255E1702,00.html http://www.heraldsun.news.com.au/common/story_page/0,5478,9419682%255E1702,00.html Comcast drops Disney bid From correspondents in New York 29apr04 US cable giant Comcast dropped its $US66 billion ($90 billion) hostile bid for The Walt Disney Co today, giving some breathing room to embattled Disney chief executive Michael Eisner. "We have always been disciplined in our approach to acquisitions," Comcast president and chief executive Brian Roberts said in a statement. "Being disciplined means knowing when it is time to walk away. That time is now." Roberts noted that it had become "clear that there is no interest on the part of Disney's management and board in putting Comcast and Disney together". "As a result, we have withdrawn our offer," he said. Comcast's surprise $US66 billion February bid sought to pair up its cable services, with 21 million subscribers, and its broadband Internet services with a media universe that includes Hollywood films, television and sports programming. A Comcast-Disney tie-up would have created a titan with $US45 billion ($61.23 billion) in annual revenues, topping industry leaders Time Warner ($US39.6 billion) and Viacom ($US26.6 billion). But the Disney board of directors said Comcast's offer fell short by some $US6.6 billion. While Comcast's dramatic decision is not a surprise now in the face of Disney's resistance, Comcast has a reputation for following through on its takeover attempts. Comcast had initiated the proposal because it wanted to expand its content capabilities as a way of competing more directly against such foes as Time Warner, the world's largest media company. The move came a day after Disney's board reaffirmed its confidence in Eisner, who was given a no-confidence vote recently by 45 per cent of shareholders. "The board is confident that the management team is executing against its strategic plan in order to continue to drive long-term shareholder value," the company said in a statement late yesterday. "The board continues to have complete confidence in Michael Eisner," it said. Eisner, criticised for Disney's lagging financial performance, has fiercely opposed the Comcast bid. But Eisner remains under pressure to boost the bottom line at the media-entertainment powerhouse. Disney has shaken up top management at its ABC television division, but the box office remains a key factor, as well. The disappointing performance of recent Disney movies, including The Alamo, will give fodder to Eisner's critics, who want him out. "Disney's studio division has had a rough start this year with Hidalgo, Ladykillers, Home on the Range, and now The Alamo," Schwab Soundview analyst Jordan Rohan said in a recent report. But Rohan said the weakness in Disney as a result of the latest news should be a buying opportunity; although he lowered his target price on Disney to $US28 from $US31, he said there was room to grow. "We are buyers of Disney shares today, particularly on any weakness related to this announcement," Rohan said. "Disney continues to exhibit strong fundamentals, with particular strength at theme parks and studio ... Valuation is compelling at current levels." Disney shares fell 23 US cents to $US23.95 on the news, while Comcast shares rose 23 cents to $US30.20 at the close of Wall Street trade. © Herald and Weekly Times

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