Comcast CEO 'bullish' on cable TV, he says

Comcast Corp. chief executive officer Brian Roberts said Monday that his bid to acquire Walt Disney Co. for $54.1 billion isn't an indication that he sees growth in the cable business slowing.

"I'm more bullish than I was 18 months ago" about the prospects for selling cable-television, Web-access and telephone services, Roberts told investors and analysts at a Bear Stearns conference in Palm Beach, Fla. "Cable will be the heart and soul of our company" even if Comcast acquires Disney, he said.

Comcast, the world's largest cable-TV operator, doesn't have to buy Disney, based in Burbank, Calif., Roberts said. The second- largest media company has twice rejected Comcast's purchase offer as too low since the bid was made on Feb. 11.

"If it happens, great, but if it doesn't, life goes on," Roberts told investors.

He said it was unreasonable to expect Philadelphia-based Comcast to raise its bid for Disney when there are no other bidders. Comcast's offer to swap 0.78 Comcast share for each Disney share was based on Disney's stock price over the past few years, Roberts said.

The value of that offer fell to $23.40 Monday from $26.47 because of a decline of about 12 percent in Comcast's stock price since the offer was made.

Shares of Disney slipped 24 cents to close $26.24 Monday on the New York Stock Exchange. Comcast fell 44 cents to $30 in Nasdaq Stock Market composite trading.

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