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Wednesday,
February 11th,
2004
Die-hard Mouseketeers
gnashed their teeth and rent their three-fingered white gloves on
Wednesday amid fears that the Magic Kingdom that Walt Disney built
could be overrun by a cable TV giant named Comcast.
It was the latest chapter in the
unfolding corporate drama of Walt Disney Co. -- home of Mickey
Mouse, a top film studio, broadcaster ABC, sports network ESPN and
several theme parks -- which received a $50 billion takeover bid
from cable operator Comcast Corp.
One fan on a Web site said the proposed
deal would only make things worse at beleaguered Disney, further
threatening the rule of embattled Chief Executive Michael Eisner.
"I don't like Eisner but this hostile
takeover by Comcast has me on the brink of tears," said the fan on
a Web site called MousePlanet. "It feels like they just killed the
dream, magic and (founder) Walt (Disney). Will it still be
Disneyland next week or Comcastland?"
Eisner, already under fire from Disney
founding-family shareholders bent on ousting him, personally
turned down the deal on Monday.
Another fan wrote on MousePlanet that
while it was time for a change of the guard at Disney, a corporate
sale to Comcast would be "un-American."
"Eisner needs to go, there's no question
about that. He was wonderful in the beginning, but he's developed
tunnel vision," the fan from Arkansas wrote.
"But the sellout to Comcast would be
going from bad to worse... The Walt Disney Co's an American
institution. Selling it would be un-American. Old Walt must must
be spinning in his grave today," the fan said.
CHANGE NEEDED, BUT THIS?
Indeed, many people with lifelong and
emotional ties to Disney expressed the view that a change was
needed, but fell short of endorsing a sale to Comcast or a change
in ownership.
"I am concerned about the future of the
company for many reasons and not just because of the discord
between Roy and Michael," said Michael Broggie, author of "Walt
Disney's Railroad Story" detailing Walt Disney's passion for
trains.
Broggie's father, Roger Broggie, a studio
machine shop manager and "Imagineer," help build a railroad in
Disney's backyard, which along with his fascination with detailed
miniatures and mechanical animation inspired his "Magic Kingdom,"
according to Broggie, who rode the train as a child.
"I'm concerned as a lot of people who
work in the company and a lot of people who have a vested interest
in the future, like stockholders and cast members are concerned,"
he said.
Broggie is also a Disney shareholder and
founding chairman of the Carolwood Pacific Historical Society, a
group aimed at preserving the Disney legacy, comprised of about
500 families, including some Disney relatives.
"The company has been in a state of
steady decline in terms of revenues, direction and theme park
quality," he said.
"Disney represents the cultural fabric of
this country. It's more than just an investment. It established a
standard of family entertainment and quality and a lot of people
who evaluate the Disney performance determined the company had
lost its direction," he said.
About 100,000 people each day ride on
steam engine trains at Disney theme parks around the world as a
testimony to Disney's passion for railroading, which is also
evident in much of his animation, exhibitions and other works.
"Certainly the name Disney conjures a lot
of things," said Paul Hammond, director of marketing for the
California State Railroad Museum in Old Sacramento, which last
year hosted an exhibit centered around Disney's home railroad.
"The Disney that Walt created had a very
personal touch, which has been gone for decades," he said. "I
don't think it would have been possible for Disney to remain goody
two-shoes and non-corporate because of the marketplace," he said.
"It's inevitable these things happen and
that the ownership will transfer from one media giant to another,"
he said.
