Comcast scuttles bid for Disney

— 4:40 PM on April 28, 2004

Valuing the bottom line over empire, Comcast has withdrawn its bid to buy Disney.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.
Tip: You can use the A/Z keys to walk threads.
View options

This discussion is now closed.