News Headline
Tremors in media land over Comcast’s bid for Disney
MUMBAI: Following the $66 billion unsolicited bid made by US cable TV biggie Comcast for the Walt Disney Company yesterday, many developments have come forth from various bodies in the US.
First and foremost, the two companies’ share prices were affected after the announcement. While the share prices of Comcast fell ; that of the Walt Disney Company saw a rise on the stock market.
The deal, if it comes through, would create a new rival to Time Warner and also to Rupert Murdoch’s News Corp. In a separate conference called yesterday, Murdoch was asked if the regulatory approval of a Comcast-Disney merger would clear the path for him to go after EchoStar Communications Corp. Murdoch replied in the negative and was quoted in media reports saying that he was not interested in making a bid for Walt Disney.
Comcast president and CEO Brian Roberts said at a news conference in New York yesterday that he had not talked with any Disney board members or shareholders, including Roy Disney. Roberts further said that the ball was in Disney’s court and they had to take a call on it. Disney chief executive Michael D Eisner, who rebuffed Roberts’ request for merger talks earlier, had no comment on the offer, which the company said it would “carefully evaluate.” The directors of Disney further said that there was no action for shareholders to take in the meanwhile.
The possible merger would also face intense regulatory scrutiny from the Federal Communications Commission (FCC) because of the combined company’s potential to squeeze customers. The FCC’s longstanding rules on media ownership were meant to guard against such threatening combinations. The perceived danger was that the gatekeepers for the viewer’s television screen could be in a position to dictate information and entertainment choices.
Keeping this in mind, the federal government barred any company from owning more than one broadcast network and barred networks from owning cable systems, or too many stations, either nationally or in a single market. But reports say that because both companies have little overlap, the deal was likely to be approved by the FCC. FCC chairman Michael K Powell promised that “a merger of that magnitude will undoubtedly go through the finest filter at the commission as is possible.”
One media report quoted the Center for Digital Democracy executive director Jeff Chester as saying, “It’s clear that Brian Roberts knows no limits to his media ownership ambitions. That Comcast would make the announcement the same day that a federal Court of Appeals in Philadelphia is holding a crucial hearing on new FCC media ownership policies suggests that they are out of touch with how millions of Americans – who opposed the recent ownership changes – feel about further media consolidation.”
According to a media report, a Comcast-Disney merger would need regulatory approval on two fronts. One is an antitrust review, conducted either by the Federal Trade Commission or the Department of Justice. The second review will be conducted by the FCC on the more nebulous ground of the public interest.
Owing to all this, the Walt Disney Co. reported improved fiscal first-quarter earnings that exceeded Wall Street expectations on the strength in its film business and improved TV networks and theme park trends yesterday following the announcement of the bid. Disney’s net income for the fiscal first quarter rose to $688 million from $36 million a year ago. Excluding the effect of an accounting change, the year-ago figure would have been $107 million. The revenue rose 19 per cent to $8.55 billion. The results were declared by the company yesterday morning rather than after the market close — as originally planned — as investors started the day focusing their attention on Comcast’s unsolicited bid for the Mouse House.
In another development, Comcast struck a deal with programming guide provider Gemstar -TV Guide International Inc. worth $250 million for licensing its program-guide technology on account of which Gemstar’s shares soared yesterday. The deal includes a one-time $250 million cash licensing payment from Comcast to Gemstar, as well as the creation of a joint development group controlled by Comcast to develop interactive programming guides for cable operators.
NEW DELHI: Hamdard Laboratories gathered a cross-section of India’s achievers in New Delhi on Friday, handing out the Hakeem Abdul Hameed Excellence Awards to figures who have left their mark across healthcare, education, sport, public service and the arts.
The ceremony, attended by minister of state for defence Sanjay Seth and senior officials from the ministry of Ayush, celebrated individuals whose work blends professional success with a sense of public purpose. It was as much a roll call of achievement as it was a reminder that influence is not measured only in profits or podiums, but in people reached and lives improved.
Among the headline awardees was Alakh Pandey, founder and chief executive of PhysicsWallah, recognised for turning affordable digital learning into a mass movement. On the sporting front, Arjuna Awardee and kabaddi player Sakshi Puniya was honoured for her contribution to the game and for pushing women’s participation onto bigger stages.
The cultural spotlight fell on veteran lyricist and poet Santosh Anand, whose songs have echoed across generations of Hindi cinema. At 97, Anand accepted the honour with characteristic humility, reflecting on a life shaped by perseverance and hope.
Healthcare honours spanned both modern and traditional systems. Manoj N. Nesari was recognised for strengthening Ayurveda’s place in national and global health frameworks. Padma shri Mohammed Abdul Waheed was honoured for his research-backed work in Unani medicine, while padma shri Mohsin Wali received recognition for his long-standing contribution to patient-centred care.
Education and social development also featured prominently. Padma shri Zahir Ishaq Kazi was honoured for decades of work in education, while former Meghalaya superintendent of Police T. C. Chacko was recognised for public service. Goonj founder Anshu Gupta received an award for his dignity-centred rural development initiatives, and the Hunar Shakti Foundation was honoured for empowering women and young girls through skill development.
The Lifetime Achievement Award went to former IAS officer Shailaja Chandra for her long career in public healthcare and governance, particularly in the traditional systems under Ayush.
Speaking at the event, Hamdard chairman Abdul Majeed said the awards were a tribute to those who combine excellence with empathy. “These awardees reflect Hakeem Sahib’s belief that healthcare, education and public service must ultimately serve humanity,” he said.
Minister Seth struck a forward-looking note, saying India’s young population gives the country a unique opportunity to become a global destination for learning, health and wellness by 2047.
The ceremony also featured the trailer launch of Unani Ki Kahaani, an upcoming documentary starring actor Jim Sarbh, set to premiere on Discovery on 11 February.
Instituted in memory of Unani scholar and educationist Hakeem Abdul Hameed, the awards have grown into a national platform that celebrates those building a more inclusive and resilient India. For one evening at least, the spotlight was not just on success, but on service with substance.
