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Disney facing takeover battle
POSTED 12 Feb 2004 . BY
Disney, one of the world’s leading family entertainment companies, is today recovering from a hostile takeover bid.

Cable television company, Comcast, tabled a $62bn (£30bn) bid for Disney in what could be the beginning of one of the bloodiest coups in recent corporate history.

Disney immediately rejected the bid, but shares in the group soared as traders expected a rival suitor to join the battle.

The news of the takeover bid came just hours before Disney announced sharply improved results for its parks and resorts business.

Revenue from the theme parks increased five per cent to $1.6bn (£848m) during the first quarter, while operating income rose three per cent to $232m (£123m).

The company said that higher visitor numbers in the US were helped by promotional programs and the opening of the Mission:SPACE attraction at Epcot.

Disney also said that Euro Disney is having discussions with its agent banks to obtain supplemental financing. However, the company concluded that it will have to consolidate Euro Disney and Hong Kong Disneyland in the second quarter of 2004.

Should Comcast succeed in its efforts to capture the Disney empire, it would acquire a wide range of assets, ranging from the ABC television network and a number of film studios to branded toys and accessories as well as the theme parks.

Announcing its bid yesterday, Comcast said it planned to “restore the Disney brand to prominence”.

The takeover bid increases the unease of Disney chief executive, Michael Eisner, who was recently blamed for the termination of the company's relationship with Pixar.

With Pixar, Disney produced a number of hit movies including Finding Nemo and Toy Story. The breakdown of the association was blamed on the personal relationship between Eisner and Pixar chief, Steve Jobs.

If successful – and measured by market value – the bid would create the world’s largest media group, surpassing Time Warner and combining leading brands such as ABC, ESPN and E!.

Comcast has a market value of around $69bn, and has over five million broadband and 40 million cable customers.

The takeover bid comes just a week after John Hench, the 'guru of Disney design', died at the age of 95.

Hench contributed to designing the Disney theme parks worldwide, while becoming the official portrait artist of Mickey Mouse. Details: www.disney.com
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Jobs   News   Products   Magazine
NEWS
Disney facing takeover battle
POSTED 12 Feb 2004 . BY
Disney, one of the world’s leading family entertainment companies, is today recovering from a hostile takeover bid.

Cable television company, Comcast, tabled a $62bn (£30bn) bid for Disney in what could be the beginning of one of the bloodiest coups in recent corporate history.

Disney immediately rejected the bid, but shares in the group soared as traders expected a rival suitor to join the battle.

The news of the takeover bid came just hours before Disney announced sharply improved results for its parks and resorts business.

Revenue from the theme parks increased five per cent to $1.6bn (£848m) during the first quarter, while operating income rose three per cent to $232m (£123m).

The company said that higher visitor numbers in the US were helped by promotional programs and the opening of the Mission:SPACE attraction at Epcot.

Disney also said that Euro Disney is having discussions with its agent banks to obtain supplemental financing. However, the company concluded that it will have to consolidate Euro Disney and Hong Kong Disneyland in the second quarter of 2004.

Should Comcast succeed in its efforts to capture the Disney empire, it would acquire a wide range of assets, ranging from the ABC television network and a number of film studios to branded toys and accessories as well as the theme parks.

Announcing its bid yesterday, Comcast said it planned to “restore the Disney brand to prominence”.

The takeover bid increases the unease of Disney chief executive, Michael Eisner, who was recently blamed for the termination of the company's relationship with Pixar.

With Pixar, Disney produced a number of hit movies including Finding Nemo and Toy Story. The breakdown of the association was blamed on the personal relationship between Eisner and Pixar chief, Steve Jobs.

If successful – and measured by market value – the bid would create the world’s largest media group, surpassing Time Warner and combining leading brands such as ABC, ESPN and E!.

Comcast has a market value of around $69bn, and has over five million broadband and 40 million cable customers.

The takeover bid comes just a week after John Hench, the 'guru of Disney design', died at the age of 95.

Hench contributed to designing the Disney theme parks worldwide, while becoming the official portrait artist of Mickey Mouse. Details: www.disney.com
MORE NEWS
Texas Kalahari Water Park scheduled for November 2020 opening
A new US$550m (€509m, £426m) African-themed water park and resort from Kalahari Resorts & Conventions is due to open in Round Rock, Texas, in November 2020.
Northern Ireland's The Gobbins in line for £11m development
Plans for an £11m (US$14.2m, €13m) extension to The Gobbins, a famous cliff-face path at Islandmagee, County Antrim, Northern Ireland, have made significant progress, according to the local borough council.
London's V&A Museum of Childhood to close for two-year redevelopment
Creating an "unforgettable first museum experience for children" is the aim of the V&A Museum of Childhood in London, which has announced it will close in May 2020 to undergo a two-year, £13m (US$16.9m, €15.7m) transformation.
Hassell's grass-covered dome will celebrate the stars at Jodrell Bank
Construction has begun on a Hassell-designed grass-covered dome pavilion at Jodrell Bank to help celebrate the site’s heritage and the beginnings of radio astronomy when it opens in 2021.
£900k Coastal Forces museum to open in Gosport
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Carles Enrich Studio's timber scaffolding reactivates 13th-century lookout tower
Carles Enrich Studio have created a timber frame for the ruin of a 13th-century tower in Catalonia, Spain, that not only helps to support it, but that also provides a means for visitors to explore the heritage structure.
+ More news   
 
COMPANY PROFILES
Sally Corporation

Our services include: Dark ride design & build; Redevelopment of existing attractions; High-quality [more...]
WhiteWater

WhiteWater was born in 1980 to create places where families unite and make joyful lasting memories [more...]
Simworx Ltd

The company was initially established in 1997. Terry Monkton and Andrew Roberts are the key stakeh [more...]
Gantner Ticketing

GANTNER Ticketing was established in 1990. [more...]
+ More profiles  
FEATURED SUPPLIER

Global Solutions for Clothing creates award-winning costumes
Global Solutions for Clothing (GSC) is a multi-award winning costume specialist that has been creating high quality costume for more than 60 years. [more...]
VIDEO GALLERY

instantprint - Online Print Made Easy!
We're the only online printing company who really gets your business. Find out more...
More videos:
Experience the experience – Polin Waterparks & Pool Systems
Trailer Aladdin - The Bachelor Party VR – Red Raion
Jurassic War - Immersive tunnel movie trailer – Red Raion
+ More videos  

CATALOGUE GALLERY
+ More catalogues  
DIRECTORY
+ More directory  
DIARY

 

23-25 Mar 2020

MuseumNext Europe

Edinburgh Festival Hub, Edinburgh,
23-25 Mar 2020

Dubai Entertainment Amusement and Leisure Exhibition (DEAL)

Dubai World Trade Centre, Dubai, United Arab Emirates
+ More diary  
 


ADVERTISE . CONTACT US

Leisure Media, Portmill House, Portmill Lane,
Hitchin, Hertfordshire SG5 1DJ Tel: +44 (0)1462 431385

©Cybertrek 2020

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