考博试题

proposal”. The problem was that Comcast’s all-share bid. Which by then had fallen in value to $60 billion, did not “refieet fully Disney’s intrinsic value and carnings prospects”.

Mr Eisner’s rejection of merger talks was “unfortunate”, Comcast argued in a letter to him. Because strategically the deal makes sense. Putting Comcast, which has 21m cable

subscribers, together with Disney, wrote Brian Roberts, president and chief executive of Comcast, would unite its distribution power and technology know-how with Disney’s

peerless content businesses. Although the jury remains out on whether vertical integration really delivers value, other companies have already pursued such a strategy. Rupert

Murdock’s News Corp, for instance, has satellite distribution plus its Fox content businesses. Time Warner unites cable with a film studio and television programming

—as well as, thanks to its horribly bubbly merger with AOL in January 2000, the internet. But a merger between Comcast and Disney would create by far the biggest

vertically-integrated entertainment giant of them all, with a market capitalization of over $120 billion, says Comcast, compared with Time Warner’s current $78 billion. There are no obvious competition grounds for blocking the proposed deal, since Comcast and Disney mostly operate in different businesses. However, the sheer size of the proposed company has prompted regulators and politicians to insist that they will scrutinize it aggressively.

56. It can be inferred that Comcast’s timing for the bid is

[A] shrewd. [B]impulsive. [C] ridiculous. [D] audacious.

57. Mr. Eisner implies that the proposed merger of Comcast and Disney

[A] would benefit Comcast only.

[B]might do harm to Comcast.

[C] could hurt many small investors.

[D] might destroy Disney’s content business.

58. Disney dismissed Comcast’s bid mainly because

[A] its boss, Mr. Eisner is under attack for poor governance.

[B]the hostile bid caused Disney’s share price to plummet.

[C] Disney has already planned to acquire Comcast.

[D] Disney’s board doesn’t think the bid legitimate.

59. Rupert Murdock’s News Corp and Time Warner are mentioned to illustrate that