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Disney Board Rejects Proposal from Comcast

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Monday
, February 16th, 2004
Comcast / Disney Disney Board Rejects Proposal from Comcast The board of directors of the Walt Disney Company has rejected a proposal from cable giant Comcast to buy the entertainment company.

The unanimous vote by Disney's board follows an offer from Comcast last week to trade Disney stockholders about three-fourths of a Comcast share for each Disney share.

A statement released by the Disney board of directors says Comcast's offer values their company at less than what Disney shares are selling for on the stock market.

Also, Disney officials say they're confident that embattled CEO Michael Eisner is leading the company in the right direction.

Eisner is facing calls for his resignation -- particularly from Roy Disney, nephew of the company's founder Walt -- after the company performed poorly over the last seven years.

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