For my money, Holman Jenkins of the Wall Street Journal (subscription requried) is one of the most insightful commentators on business and related political matters on the scene today. In today’s column, Mr. Jenkins analyzes Comcast’s bid for Disney. The entire piece is well worth reading, but here are a few tidbits:

Four years ago we adopted Disney and Michael Eisner as our standard example of how the world had been left off-kilter by the absence of hostile takeovers. Nothing would do more to redress the imbalance of power that puts CEOs in the catbird seat, we said, than restoring a lively market for corporate control, which had been all but outlawed by court decisions and state laws.
Picking at the scab in several subsequent columns has finally paid off. That said, last week’s Comcast offer isn’t a good deal for Disney, even if Comcast’s Brian Roberts is hoping Mr. Eisner no longer has the credibility to say so. Disney is a “content” company, and even if badly run, gets up every morning with a chance to start anew. Comcast is the one that finds itself nowadays in a strategic pickle.
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A final note on the content vs. distribution quandary: The merest whiff of a media merger brought out the Chicken Littles, consisting of self-appointed consumer groups in full cry about media monopolization. Listen closely and the substance of current complaints about the media is exactly the opposite: too little control, too many voices, too much programming that serves tastes and values the critics disapprove of.
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Unquestionably, public anxiety over the expanding media cacophony is a real phenomenon, as evidenced by the urge to link every act of juvenile delinquency to something learned on the Internet or heard on a heavy-metal record. There’s almost a neurosis at work here: What critics want is Big Brother, but saying so would be the ultimate political incorrectness, so they phrase their agenda as fear of Big Brother, usually bearing a resemblance to Rupert Murdoch.

Cingular won the bidding war for AT&T Wireless, beating Vodafone with an offer of $41 billion. Regulators are expected to approve the deal to create the largest U.S. wireless company. As usual, the Wall Street Journal (subscription required) is all over the story, and the NY Times also has extensive coverage on the merger.

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.