Eisner's battle for survival

In a throw-back to the old days of giant-sized hostile takeovers, Comcast's response to Eisner's reluctance to respond to honey has been to switch to vinegar.

Cable television giant Comcast Corp. (CMCSA) made a surprise bid for The Walt Disney Co. that would create the world's biggest media conglomerate and likely spell an end to the 20-year career of Disney chief Michael Eisner.

Comcast, which said Eisner had rejected the idea of private talks, stunned the media world with its announcement early Wednesday.

The offer was initially valued at $54 billion. The run-up in Disney stock today (the highest Dow closing in two and a half years -- an unfortunately timed rally for Comcast) means Comcast will likely have to sweeten the offer to be successful.

UPDATE: Time Warner has joined the mouse-hunt, contemplating a competing bid for Disney.