By Gary Gentile
The Associated Press

ORLANDO, Fla. - A bold bid by cable giant Comcast to buy out The Walt Disney Co. forces the Disney board to make two big decisions: whether to accept the marriage proposal, and, if not, whether to fire embattled chief executive Michael Eisner.

Eisner has survived numerous calls for his ouster in his 19 years at the helm. But an aggressive campaign by two former board members and the collapse of a deal with former ally Pixar might end Eisner's career just as he is responding to critics of his combative style and delivering better results to investors.

Disney's board needs to decide if it's better off without him, analysts said.

"It's the $64,000 question," David Miller, an analyst at Sanders Morris Harris said Thursday about whether Eisner would survive. "I'm better off gambling my money away at the Bellagio."

Analysts say Disney likely will consider other actions before firing Eisner, including making a defensive acquisition, such as buying satellite television company EchoStar Communications. Such a move would place huge regulatory hurdles in the way of Comcast's $54 billion bid because of Comcast's cable television holdings. Comcast is the nation's largest cable provider, with 21.5 million customers.

And with Eisner's departure almost certain when his contract expires in 2006, analysts question the wisdom of replacing Eisner now.

"You need someone who understands the consumer, understands globalization, understands the investment community, and I think Michael can do that," said Mario Gabelli, whose investment funds hold about 5 million Disney shares.

Disney executives largely ignored the Comcast bid during a series of presentations to analysts Wednesday and Thursday at Walt Disney World, seeking instead to highlight the company's recent positive earnings and outlining plans for future growth.

Shares of Disney rose another 40 cents to $28 at the end of regular trading Thursday on the New York Stock Exchange.