CABLE COMPANY Comcast withdraws bid for Disney

Comcast instead will go ahead with a $1 billion stock repurchase program.
PHILADELPHIA (AP) -- Cable giant Comcast Corp. pleased investors Wednesday by dropping its repeatedly rebuffed takeover bid for The Walt Disney Co.
The nation's largest cable provider said it would look for other growth opportunities and go ahead with a previously announced $1 billion stock repurchase program sidelined while the Disney bid was pending.
Disney promised to stay the course with its current management.
Brian L. Roberts, president and chief executive of Comcast, said Disney's management made it clear it had no interest in putting the two companies together.
President's comments
"As a result, we have withdrawn our offer," Roberts said. "We have always been disciplined in our approach to acquisitions. Being disciplined means knowing when it is time to walk away. That time is now."
Comcast stunned the industry Feb. 11 when it offered to buy the media and entertainment powerhouse for stock valued at the time at $54 billion. Disney twice rejected the offer, saying it was too low.
Disney, which owns ABC, ESPN, movie studios and theme parks, was in turbulent times. Last month, it split the roles of chairman and chief executive, naming board member George Mitchell chairman and leaving Michael Eisner with the title of CEO.
But Mitchell and other executives said they didn't feel a need to merge with Comcast's distribution network. And late Tuesday, Disney's board issued a statement giving its full support to management, including Eisner and President Robert Iger.
In a conference call, Roberts said Comcast would look at other acquisition targets, including bankrupt Adelphia Communications Corp., but didn't feel pressured to expand. Adelphia said last week it would look at a possible sale of the company as part of its Chapter 11 reorganization.