Word: eisner
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Comcast's gibes sound a lot like the criticisms flowing from shareholders who have grown irate over Eisner's stewardship. He has been contending with a shareholder uprising led by ex-board members Roy Disney and his partner, Stanley Gold. The duo quit the company last fall, fed up with Eisner's alleged mismanagement, and are trying to persuade shareholders not to re-elect him at the company's annual meeting on March 3. Eisner suffered a body blow when Steve Jobs, Pixar Animation Studio's boss, decided not to renew a co-production and distribution agreement after 10 months...
Meanwhile, Roberts was in New York City telling shareholders that Comcast could run Disney better than Disney can--or more pointedly, better than Eisner can. In a press conference, Roberts and Comcast Cable president Stephen Burke promised they would increase Disney's cash flow by up to $1.2 billion in three years. "You have to be reasonably skeptical about that," says Moffett. Yet Disney's 2003 net income is down $583 million from its 1998 peak of $1.85 billion, and Disney shares hovered at about $24, down from a high of $43.63 in April 2000, before a run-up last...
Perhaps the most stinging charge is that Eisner has repelled corporate talent, particularly anyone with CEO potential. Disney has suffered an exodus of executives during his tenure. Its cast members no longer include execs like Paul Pressler, now at Gap; Geraldine Laybourne, who quit to co-found Oxygen Media; and Jeffrey Katzenberg, the man behind The Lion King, who co-founded DreamWorks. Comcast's No. 2 executive, Burke, is a fast-track escapee. He spent 12 years at Disney and proved himself a skilled executive by recharging Disney's consumer-products division (it faltered after he left) and reviving Euro...
...fullback that relentlessly pounded cable-system operators with price increases--some 20% annually over the past five years. Because the inclusion of ESPN in the basic package is essential to any self-respecting cable operator, cable companies have been furious over the beating they have been taking from Eisner & Co. but helpless against it. "Disney is trying to use the leverage they have with ESPN to make up for all the other businesses that may be troubled at this time," complained Pat Esser, COO of Cox Communications, the fourth largest U.S. operator (6.5 million subscribers), as its latest round...
...Eisner and Roberts each earned about $7.25 million in salary, bonuses and stock. Disney's Eisner, paid $1 million plus a $6.25 million stock bonus, has stock and options worth $630 million. Comcast's Roberts collected $1.24 million in salary and a $6 million bonus in 2002. His worth is about $625 million...