Comcast scuttles bid for Disney
Valuing the bottom line over empire, Comcast has withdrawn
its bid to buy Disney. The unsolicited offer, rejected by Disney as
"too low," was initially valued at $66 billion, but fell to $54
billion as Comcast stock slid due to chilly investor support. Comcast
CEO Brian Roberts said:
We have always been disciplined in our approach to
acquisitions... [b]eing disciplined means knowing when it is time to
walk away. That time is now.
After that announcement, Roberts said that his company would be
looking at other acquisition opportunities, including Adelphia
Communications, but didn't didn't feel any pressure to expand:
The Adelphia situation did not factor into today's
announcement... That's a new situation for sure. We've always looked at
cable systems so I suspect we'll look at those.
Behind his back, Roberts' fraternity brothers are alleged to have
made whip-cracking sounds.