The head of Comcast Corp., the largest U.S. cable operator, Wednesday said a proposed merger with the Walt Disney Co. was not a ”must-have,” even if it would benefit both companies.
Brian Roberts, the cable company’s chief executive, last month made an unsolicited $48 billion offer for Disney, which the Burbank, California entertainment major firmly rejected.
After he made the Feb. 11 offer, which at the time represented a 10 percent to 18 percent premium, Comcast’s stock plummeted while Disney’s soared.
“I do think the idea could add value to both companies but if it can’t be, it’s OK,” Roberts told reporters after a speech before the Boston College Chief Executives Club in Boston. “We don’t feel it’s a must-have.”
He would not comment on reports that Philadelphia-based Comcast would withdraw its offer if an agreement were not reached within the next three to six months.
Disney’s board rejected the original, all-stock offer last month, but Roberts told investors he still wanted a deal at the right price and that a merger could improve Disney’s lackluster performance of recent years.
When asked if he was on the lookout for potential mergers with other cable companies such as bankrupt Adelphia Communications Corp., Roberts said nothing was currently in the works.
“Historically, Comcast has gone for cable acquisitions,” he said. “If you find an opportunity with exceptional returns we’ll always look at it, but there’s nothing imminent.”