Table of Contents
Comcast Bid for Disney 3
Industry Background 3
Convergence of industries …may two become one… 3
The Target-Disney 4
Disney History-Mouse in the making 4
Disney’s European Operations 5
Management style/strategy 6
Corporate Governance issues 6
Recent Performance 7
The Acquirer –Comcast Got Cheese? 7
DEAL DETAILS 8
The Hostile Bid 8
Rationale 8
The Situation Today…(April 2004) 9
EXHIBIT 1 HISTORY OF THE CABLE INDUSTRY 10
EXHIBIT 2 Disney on the Ropes 11
Exhibit 2a Board Members 12
EXHIBIT 3 Disney Facts and Fundamentals 13
3.1 Revenue by Business Segments 13
3.2 Income Statement 14
3.3 Balance Sheet 15
3.4 Cash Flow 16
3.5 Stock Price Performance ( last two years) 18
Exhibit 4 Summary Operating Forecast 19
Exhibit 5 Selected Events Timeline for Disney 20
Exhibit 6 Letter to Disney 21
Exhibit 7 Combined Company Portfolios 23
Exhibit 8 Monthly Closing Share Price 24
Exhibit 9 Comcast Historical Chronology 24Exhibit 11 Comcast Facts and Fundamentals 2811.2 Balance Sheet 29
11.3 Cash Flows 30
Web Reference Material 31