Here's what Roy and Stanley think about Comcast

[NemoRocks78]

Burbank, CA--February 11th, 2004--Roy E. Disney and Stanley Gold said that "the Comcast presentation today highlighted many of the same issues that we have raised for weeks with shareholders. The areas Comcast listed as needing improvement are basically the same ones we have highlighted-animation, the theme parks, ABC and the ABC Family channel.

"We have long maintained that the inherit value in Disney's assets has not been realized by current management and that this Board has failed to take the necessary steps to restore long-term shareholder value and to hold management accountable for its failures," Disney and Gold said. "We believe those failures have made Disney an attractive target for those that recognize, as we do, that with the right leadership the extremely valuable assets of Disney can be properly utilized to create lasting and significant value.

"Today's action by Comcast makes it more important than ever that shareholders send a message to management and the Board by withholding their votes on Michael Eisner, John Bryson, George Mitchell and Judith Estrin. Disney's shareholders deserve a board that looks at what is best for the company and its shareholders," they stated.


Well said Roy and Stan!:sohappy:

 

[CTXRover]

So, are they then for the merger? I might just be tired (it was a long day even BEFORE I learned about this whole ComCast thing :lol: ), but they never really answered that question. That statement kind of walks around the issue, mentioning that the announcement just shows how the Disney company is being mishandled (which is why ComCast took this chance now anyway) and that "under new leadership" (ComCast???) Disney could thrive again. But it doesn't seem to say they are really for or against the new leadership being ComCast. I would have thought they would have been more adamant and vocal about keeping Disney, "Disney". That release doesn't make it sound that way. What's up?

After listening and reading all the news on this, I'm beginning to think I am in the minority who feels this is absolutely awful for Disney. I can see the possible benefits of a merger and with the very recent assurance that ComCast has all intentions of keeping the theme parks and everything together, I know it *could* work. But I still don't want it to happen.

 

[jcrb]

He dancing around the issue (what does he really feels) - HELL he almost as bad as a politician.

My question is - Is Roy for the Comcast bid or for Disney keeping its own identity?

 

[MouseRight]

They need to come out loud and clear that Comcast is not the one! Disney must stay independent, with or without the current management.

That is unless they have already decided to back Comcast and are not revealing their true intentions in this memo. I sure hope that is not the case.

 

[General Grizz]

I would think that they're against Comcast because of their articles posted that advocated Independence.

The report was not specific in regard to Comcast, but I think they are taking advantage of the POSSIBLE result of Eisner's removal and don't want to get on the "bad list" if Comcast DOES merge...

Comcast-Disney. Oh gosh.

 

[CTXRover]

Originally posted by MouseRight
They need to come out loud and clear that Comcast is not the one! Disney must stay independent, with or without the current management.

That is unless they have already decided to back Comcast and are not revealing their true intentions in this memo. I sure hope that is not the case.

I hope not either, but I thought if they really wanted to "Save Disney" they would have been more vocal with the fact that the right thing is not a merger with ComCast. Unless they actually believe that...this statement combined with Gold's praise for the President of Comcast earlier today has me a little worried. Do they actually think this is the right path to fix Disney? Are they so consumed with ousting Eisner that they will support anything that shines badly on the man? I wish they would just take a firm stance on this. We know to vote No already...I think there might be a bigger problem with Disney right now than getting rid of Eisner, but maybe that is just me. I don't know what Roy or Stan could do about preventing the merger beyond letting shareholders know to let the board know they are just as much against Eisner as they are with the thought of a merger....but then again....the merger might just be the right thing for shareholders that only worry about what will make them the most $$$.

 

[CTXRover]

Originally posted by General Grizz
I would think that they're against Comcast because of their articles posted that advocated Independence.

The report was not specific in regard to Comcast, but I think they are taking advantage of the POSSIBLE result of Eisner's removal and don't want to get on the "bad list" if Comcast DOES merge...

Comcast-Disney. Oh gosh.

I really believe now is not the time to worry about being on the "bad list". The very company they are championing for is in the mist of a takeover and all they can do is release a statement that basically says...we told you so. I'm sorry, but I don't think what Roy and Stan have said today regarding this whole ordeal should be praised at all. I have the utmost respect for Roy and I have already praised him for how well he has done in putting the pressure on Eisner....but I think things have gone a little too far. I am truly worried that some type of merger, be it with ComCast or another company, is on the horizon. I fear that ComCast's offer , which was done now due to the instability among the board that has been put on public display by Roy's efforts, has just opened the flood gates.

 

[General Grizz]

...keep in mind with their schedules Roy and Stan have to have time to come out with something, just like Disney is right now . . . remember, it's just the first day.

 

[MouseRight]

Disney has been put in play. Many believe that the current state of affairs of the company have caused that to happen and that Eisner is the one responsible. Yes, the buck stops on Eisner's desk, but the "Chicken Little" (Pun Intended) screaming that Roy and Stan have been doing for the last two months have not helped the situation and they must take some of the blame. They have been out there meeting with institutional investors, and who knows who else, trying to drum up support and a white knight. I have been one of those on the fence about their actions - agreeing with most of their issues but not their tactics. Now those tactics have helped to open the flood gates and none of it can be good for The Disney Company and those who are big fanatics like us.

 

[CTXRover]

Originally posted by General Grizz
...keep in mind with their schedules Roy and Stan have to have time to come out with something, just like Disney is right now . . . remember, it's just the first day.

Yea, I know. I shouldn't accuse them of anything...they have only wanted the best for the Disney company since, well, forever. Just the thought of ComCast/Disney has me so agitated that I want some public acknowledgment that it isn't the right thing to do. I'll give them time, I know they probably have to do their "homework" too, but I would have thought Roy and Stan would be completely against the idea of a merger, yet they seem to just be using it as more evidence that Eisner has to go...and if a merger happens, that will probably be the case. I hope to hear some encouraging news from their side soon. Their response has me questioning that all they want is Eisner gone...at any cost..and that scares me.

 

[General Grizz]

I'm scared, too. I'm very confident Roy and Stan will address it . . . and we'll have to wait until that happens.

But Comcast itself has got me worked up....eeeeeeek!!!!

 

[CTXRover]

Originally posted by MouseRight
Disney has been put in play. Many believe that the current state of affairs of the company have caused that to happen and that Eisner is the one responsible. Yes, the buck stops on Eisner's desk, but the "Chicken Little" (Pun Intended) screaming that Roy and Stan have been doing for the last two months have not helped the situation and they must take some of the blame. They have been out there meeting with institutional investors, and who knows who else, trying to drum up support and a white knight. I have been one of those on the fence about their actions - agreeing with most of their issues but not their tactics. Now those tactics have helped to open the flood gates and none of it can be good for The Disney Company and those who are big fanatics like us.

I agree with your post a lot. In reality, if Eisner and the board had done their job, Disney wouldn't be in a position where the idea of a takeover would even be possible. The blame for putting the company in that position is their fault. But, I have the feeling that all Roy and Stan might have done in their "innocent" campaign to oust Eisner 'and friends' is make public the real instability that exists within the company, especially the board....which has led to ComCast realizing that now is opportunity to cash in on it.

I'm not sure what is worse. ComCast owning Disney or Eisner running it for a few more years until his contract is up. Oh my. I probably would have rathered seen Eisner in charge for a few more years. Whatever happens with this whole merger thing...one thing is for sure...Eisner's days are numbered either way.

But who knows, maybe a ComCast/Disney merger could be really good for Disney. I really don't believe that right now, but if ComCast did what it said it wants to with the company, from improving its animation division, to re-opening talks with Pixar to "revitalizing" the theme parks, creatively, it may be good. But I have some serious doubts that it is nothing more than PR fluff.

 

[DMC-12]

Originally posted by General Grizz
But Comcast itself has got me worked up....eeeeeeek!!!!

How so? Welcome to the world of consolidation. BIG companies buy others and become HUGE companies. I see this as a possible good thing. Has to be better than the current situation.

Dont worry, they are not going to blow up WDW... DLP, maybe... because its a huge money pit... :lol: :animwink:

 

[Blair]

Comments of Roy Disney and Stanley Gold From Glass Lewis Call With Institutional Investors

SAN FRANCISCO, Feb 11, 2004 /PRNewswire via COMTEX/ -- Glass, Lewis & Co., On the Proxy Talk conference call, Glass Lewis analysts questioned Roy Disney, the former vice chairman of the board and former chairman of the feature animation division of the Company, and former member of the board Stanley Gold.

Highlights of the call include:

-- With respect to the Comcast Corp. presentation and the areas that Comcast cited as operations of the Walt Disney Co. that could improved, Mr. Gold stated:

[Mr. Disney and I] could not have had a greater validation than the presentation Comcast gave this morning. If anybody looks at our flip-chart presentation and theirs you will see, although theirs is in color and a little fancier, quite honestly, [it contains] the same basic information about under-performance and, concurrent with that, an ability to improve those operations, [specifically,] animation, theme parks, ABC and ABC Family Channel, to name a few.

-- With respect to Michael Eisner's reported response to the Comcast offer, Mr. Gold stated:

I would ask ... whether or not, when Michael turned down this offer, which appears to have been Monday, he even called his board to tell them that that was what he was doing and when the board actually knew about it. I think there [are] still big problems with governance here and governance over a meaningful issue.

-- Comcast Cable President Steve Burke is a former Disney executive. Mr. Gold had the following to say about Mr. Burke:

[Steve] is a very able executive. During his tenure at Disney he did some creative things -- he ran a park. He is really the driving force behind the Disney stores and the merchandising in the days in which they were growing -- in "the great days" as Roy says -- and when he left they began to fall on bad times and have a real poor product selection. Steve himself is the kind of guy that Disney ought to be populating all of its divisions with ... Maybe the most important reason he left the company was Michael Eisner.

Mr. Disney said: "[Steve] was really a Disney kind of guy."

-- With respect to Pixar and the termination of Pixar's relationship with the Walt Disney Co., Mr. Gold said:

And you cannot get the right people to come to Disney today with Michael Eisner there. I mean, look, Steve Jobs was there -- he left. [Steve Jobs] has turned down a deal that is better than he will receive somewhere else because he cannot work in an atmosphere created by Michael [Eisner] ... I have reason to believe that if Michael Eisner were gone, you could do a deal with Pixar on acceptable terms.

-- With respect to the directors of the Walt Disney Co., Mr. Disney and

Mr. Gold were reminded of their letter to the Securities and Exchange Commission dated Dec. 21, 2003. In it, they wrote:

We have too often encountered board members who know very little about the Company on whose board they sit, are unwilling or unable to invest the time and effort necessary to learn and, as a consequence, attempt to "hide" from dialogue that might expose their shortcomings and insecurities.

Mr. Disney and Mr. Gold were asked, "Is that the Disney board?"

Mr. Disney responded: "You bet."

And Mr. Gold said: "Yes. True. It's true." He continued:

[T]here are people on this board who don't know the difference between box office gross and distributors' net and don't know between a share rating point and a percent of the audience.

-- With respect to a prospective replacement for Michael Eisner, Mr. Gold was asked whether he and Mr. Disney have a particular person in mind.

Mr. Gold responded: "Sure."

When asked for the name of the person, Mr. Gold said, "Can't tell you."

Mr. Disney added, "You need to [understand that Mr. Eisner] spent a lot of time creating this myth of irreplaceability."

And, Mr. Gold said: "They're five, six people who come to mind.... The fact is, that there is at least a half a dozen very good people out there that I think could do this job and probably would do it if it were offered."

http://stocks.usatoday.com/custom/u...p?guid={1285C6EC-3351-4988-A50B-4AAF2EFE9BE9}

I think they seem to be backing it... this whole thing makes me unhappy. Can't Eisner be ousted without a giant cable corporation consuming Disney? Once that happens, it's pretty much going to lose the indviduality that has defined it for so many decades.

Of course with Pixar and traditional animation gone, and Miramax heading out the door, creativity under Eisner is dying faster than any megacorporation could sell it off at a premium.

 

[dlfan1313]

Just a thought and I could be way off base on this but according to the numbers I've seen Disney shareholders would own 42% of Comcast. After the deal went through would it be completely impossibe for Shamrock to buy back it's shares, find a white kinght investor and and buy 9% of th shares in the new company so Disney would be the controling party?? Just wishful thinking.

 

[jcrb]

That Sucks - I want Disney sharholders to own at least 51% of the new company!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


Lets put it this way - I don't want the comapny sold.

 

[prberk]

It's all very sad. Twenty years ago, the public was literally against a takeover of Walt Disney Productions. The public sentiment was with the company, and that helped Roy and Stan on Wall Street as they worked to re-new it (with a new CEO) and keep it independent.

But today, so people do not see Disney as a wonderful American institution worth pushing to save (like we do): and it is entirely because of the growth in unrelated acquisitions that Michael heralded over the last ten years.

I do wish to see the company remain independent, but even without Comcast's acquisition, unfortunately much of the damage of image dilution and lack of trust has already happened.... from the inside.

 

[MouseRight]

Originally posted by prberk
It's all very sad. Twenty years ago, the public was literally against a takeover of Walt Disney Productions. The public sentiment was with the company, and that helped Roy and Stan on Wall Street as they worked to re-new it (with a new CEO) and keep it independent.

But today, so people do not see Disney as a wonderful American institution worth pushing to save (like we do): and it is entirely because of the growth in unrelated acquisitions that Michael heralded over the last ten years.

I do wish to see the company remain independent, but even without Comcast's acquisition, unfortunately much of the damage of image dilution and lack of trust has already happened.... from the inside.

You have a valid point - the company may have lost its way a little in recent years. However, your argument ignores the changes in society; changes on Wall Street which force companies to focus on the quarterly results; employers who 'Downsize" employees every year instead of rewarding loyalty; changes in entertainment options (Theme parks all over the place, 100 channels on TV, Satellite TV, 20 Theater Mutiplexes, etc.); society's acceptance of more violence and sexuality. I can go on and on. Many factors go into a public's perception.

To blame the fact that people want to make a buck on the sale of Disney totally on teh fact that Eisner took some risks, is a bit of a stretch. Without taking some of those risks, Disney could not have compteted in the world it found itself in. Some of the best minds in the business world agreed with many of those acquisitions and still do. While ABC Network is struggling, the other properties that Disney got with it are cash cows and major earners (ESPN makes up around 10% of Disney's bottom line and the TV stations bring in lots of cash that helps support invetsment in theme parks. etc.) The money has to come form somwhere.

Mnay factors have gone into putting Disney in teh place it is today.

 

[CTXRover]

Should we be saving Disney FROM Roy?

I've already expressed concerns that Roy and Stanley may be in support of a ComCast merger. Well get this, according to the UK's The Times newspaper...ComCast has reportedly had talks with Stanley Gold. It is believed that Mr Gold is expected to tell Comcast in New York that the takeover bid would be bolstered by the presence of a Disney family member on the proposed new board.

WHAT? I can't believe that these two men may actually want this to go through! It almost sounds to me that they are blindsighted by their goal to oust Eisner they will support anyone or anything that would work. Now Roy will support a deal if he can get back on the board!! It makes me wonder if one of Roy's incentives to his campaign may actually be "revenge" because of his recent removal from Disney's board. I encourage everyone here who wants to "save Disney" to write to Roy now, and let him know that the ComCast takeover is unacceptable. We've let them know before we supported them when we (or at least I) was under the impression they really wanted the best for the Disney company...but I've quickly losing my faith in them...let them know NOW that you don't support their position on this!!

One way or another...Eisner will leave...I can guarentee it, even if he just fulfills the end of his current contract. Under new leadership, Disney can return back to its "glory days". But that new leadership is definetely not a merger/takeover by ComCast. Don't let the short-term benefit of getting rid of Eisner by this merger overpower the long-term disaster this could be.

[EDIT: I'd still like to believe Roy and Stan are really looking out for what is best for the Disney company...since they haven't "officially" said what their position on the takeover is...I could be wrong on their actual support for it. However, it didn't take me long to start pulling together their ambigious comments and reports of meetings to determine they support the idea of a takeover...but again, I could be wrong)

 

[Pat X]

The fact that Roy and/or Stan haven't already come out against this hostile takeover is VERY worrisome. It doesn't make sense though, why would Roy fight against the takeover in the 80's to ensure Disney stayed independent, but be ok with this one? Its funny though how Eisner has already vocally placed himself firmly on our side in regards to fighting Comcast then both Roy and Stan.

Anyways, I really wasn't sure of Roy and Stan's intentions before, but if they are behind this takeover, then it will really be disgraceful! Especially after all the talk of restoring the "magic" etc.

Hopefully I am wrong on this! :veryconfu