Disney Is Not a 'Must Have,' Comcast Says

Comcast Corp., rebuffed in an unsolicited buyout offer of Walt Disney Co., said that Disney was not a "must-have" acquisition.

Comcast Chief Executive Brian L. Roberts, speaking during a conference call, said he still believed that in the growing world of personalized television, Comcast could take Disney's movie portfolio and distribute it over its cable lines.

Disney has twice declined the offer, while Comcast has said it wouldn't increase its bid.

Comcast shares fell 44 cents to $30 on Nasdaq. Disney shares lost 24 cents to $26.24 on the New York Stock Exchange. The value of Comcast's stock-swap offer was worth $23.40 per Disney share.