The New York Times reports on Comcast's unsolicited bid to purchase Disney for $54 billion. The deal may hinge on a determination of the true worth of Disney and its value as a cultural institution.

"Disney's bankers - Goldman, Sachs and Bear, Stearns - have begun working up valuation models that are expected to show that Comcast's $54 billion bid fails to appreciate Disney's value as a business and a cultural institution, an executive close to Disney said. It is unclear how quickly Disney's board will be presented with this material and how long it will take the directors to evaluate it. Some independent board members, meanwhile, have talked about retaining an outside lawyer to advise them as they navigate the repercussions of the Comcast bid."

"Many analysts and investors say Disney's priority will be to use price to deflect Comcast's overture. It is not unexpected that Disney's bankers would find the bid undervalued, and investors and analysts say the company could be worth $35 to $38 a share. On Wednesday, Comcast's stock offer was valued at $26.47 a share."