Comcast Corp. officially scrapped its fizzled bid to take over The Walt Disney Co., saying Wednesday that Disney's board showed
no interest in the deal.
Philadelphia-based Comcast announced in February its surprise offer, a stock-based package Comcast initially valued at $66
billion. The stock portion of the deal, worth $54 billion at the time of the proposal's announcement, slid to $48 billion
based on yesterday's closing prices, as Comcast's share price slipped following its bid.
Some analysts and investors endorsed a merger that would bring together Comcast's delivery networks with Disney's content
to create what Comcast's executives envisioned as a dominant media force. Disney's board, however, swiftly rejected the officer
as too low.
"Being disciplined means knowing when it is time to walk away. That time is now," Comcast Chief Executive Officer (CEO) Brian
Roberts said Wednesday in a prepared statement.
After its initial saber rattling in February, Comcast went quiet while Burbank, California-based Disney dealt with internal
critics. Investor discontent at the company led to Disney CEO Michael Eisner's ouster in March as the board's chairman.
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