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Eisner Says Disney Board Wants to Study Comcast Offer

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Wednesday
, February 11th, 2004
Disney says its board of directors will look at a takeover offer from Comcast.

The cable television giant is offering to buy The Walt Disney Company in a stock-and-debt deal valued at about 66 billion dollars.

In a short statement, Disney said its board will "carefully evaluate" the proposal, which represents a nearly ten percent premium to Disney shareholders.

Comcast indicates that embattled Disney CEO Michael Eisner himself had rejected the offer when it came directly from Comcast chief Brian Roberts.

The offer includes 54 billion dollars in stock and nearly 12 billion in debt assumption.

During a conference call, Comcast's Steve Burke told investors that Comcast believed it could greatly improve the performance of several of Disney's key businesses, including the ABC television network.

NOTE: The Walt Disney Company is the parent company of KABC-TV.