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Subject: Disney Stores to be Sold Going Ahead, Annoucement in May Author: @O@ [ Next Thread | Previous Thread | Next Message | Previous Message ] Date Posted: 10:20:43 03/15/04 Mon Disney moving ahead with planned sales The Walt Disney Co. is moving ahead with plans to divest two troublesome business units - its Disney Store and the Anaheim Mighty Ducks hockey team, Reuters reports. The Burbank-based entertainment and media company reportedly is talking with prospective bidders, the report said, citing two people close to the negotiations. Talks stalled weeks ago amid shareholder unrest and a bid to take over the company from Philadelphia-based Comcast Corp. According to Reuters' sources, Disney is expected to make a formal announcement regarding the sales in May. Disney has been talking since May 2003 about unloading its 335 North American stores and another 100 European stores. In 2001, Disney sold its Disney Store chain in Japan to its Tokyo theme park partner. The only Disney Stores exempt from the sale are its Fifth Avenue store in Manhattan and the stores located on its theme park and studio properties, the report said, citing comments from Disney CEO Michael Eisner at last week's shareholders meeting. Comcast has expressed interest in keeping the retail stores afloat if it should win its battle to take over Disney, Reuters reported. However, National Hockey League restrictions will prevent Comcast from keeping the Anaheim Mighty Ducks, since the company already owns the Philadelphia Flyers. A Disney spokeswoman told Reuters the company is negotiating with "several interested parties" on closing a deal for the Mighty Ducks but would not disclose further details. The unprofitable North American chain of about 335 stores still has at least one serious bidder, this person said, and advanced talks are going on with multiple bidders for the profitable European stores, which number about 100. Disney chief executive Michael Eisner, who recently was removed as chairman, offered shareholders no buoyant news about the 10-month effort to sell the stores, which the company estimated last May would take up to a year. In May, Disney sold its baseball team, the Anaheim Angels, for $180 million. [ Next Thread | Previous Thread | Next Message | Previous Message ]