Walt Disney Co. has rejected Comcast‘s initial takeover offer. Inasmuch as Comcast’s offer was low-ball, this is no surprise. However, Comcast will likely sweeten the offer and ultimately Disney’s board will likely be forced to allow shareholders an opportunity to accept a Comcast tender offer. Stay tuned for developments.
Meanwhile, the Wall Street Journal has an excellent editorial (subscription required) today, a part of which points out the following:

Whatever the outcome, Comcast’s bid for Disney shows that the mere threat of takeovers can have benefits. Even if it fends off Comcast, Disney’s board is finally going to have to address the company’s failings.
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Research shows that when shareholders are a dominant management influence, companies do better.
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Our own hope is that Disney’s board lets its bosses — the shareholders — first decide who they want running the company. With that out of the way, Disney can then work on the details of recapturing its former financial glory.