BURBANK
— 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.