Fight over keys to the kingdom?

A possibly bitter battle is expected over ownership of Walt Disney Co. after the nation’s largest cable-television company announced it was launching a $63 billion takeover offer for the entertainment giant. The offer by the Philadelphia-based Comcast Corp. is expected to be particularly volatile over the stewardship of long-time Disney CEO Michael Eisner, who has undergone intense criticism in recent months. Comcast announced its intention to buy $51.1 billion of Disney stock and to assume another $11.9 billion of Disney debt. Under its plan, Disney shareholders would retain 42% of the company stock. Disney owns film companies and other businesses, but it’s perhaps best known for its parks and resorts, which account for about one quarter of its annual revenues. Comcast officials have said they would revive the “creative spark” at Disney’s ten resorts, which draw 90 million visitors a year.–David Wilkening–