Disney board rejects Comcast deal

The Walt Disney Company rejected Monday an unsolicited Comcast take-over bid because it said the leading US cable giant's offer was not high enough.
Comcast's 66-billion-dollar offer last week would combine Comcast's 21 million cable subscribers and broadband Internet services with a media universe that includes Hollywood films, television and sports programming.
The Comcast-Disney tie-up would have created a titan with 45 billion dollars in annual revenues, topping industry leaders Time Warner (39.6 billion) and Viacom (26.6 billion).
But the Disney board of directors said Comcast's offer was short 6.6 billion dollars.
"The interests of Disney shareholders, which represent the fundamental priority of the board, would not be served by accepting any acquisition proposal that does not reflect fully Disney's intrinsic value and earnings prospects," the board said in a statement.