Comcast stands pat as Disney buys Muppets

  • Business
  • Thursday, 19 Feb 2004

NEW YORK: The Walt Disney Co has clinched its own long-sought deal to buy the Muppets after rejecting a hostile takeover bid by cable TV operator Comcast Corp. The deal to buy Kermit the Frog and the rest of the fabled Muppets from Jim Henson Co was announced late on Tuesday, concluding a courtship that had lasted more than a decade. 

Both Disney and Henson declined to disclose financial terms of the deal, but two sources familiar with the matter said it included a payment of US$40mil to US$60mil plus a share of future Muppet profits.  

Jim Henson’s heirs had paid about US$89mil last year to regain control of the company he had founded. 

Meanwhile, a source close to Comcast said the company did not plan to raise the value of its takeover bid to match Disney's current, higher share price.  

Comcast, whose US$49bil all-stock bid was rejected by the Disney board earlier in the day, is waiting for Disney’s stock to fade from its recent rally before considering new action, according to the source. – Agencies  

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