Walt Disney was yesterday trumpeting its position as America's most admired entertainment company in the annual rankings of Fortune magazine, as it continues to fend off the $60bn (£31bn) hostile bid from Comcast.
Publication of the closely watched rankings was well timed for Disney's embattled chief executive Michael Eisner, who is pinning his defence on the company's improving operating results.
Disney rejected the Comcast bid last week, describing the offer as inadequate and giving its public backing for Mr Eisner. Comcast, the biggest cable company in the US, has yet to respond.
Shares in Disney have begun drifting back, suggesting the market is uncertain of the cable company's chances of success.
Viacom, owner of CBS and MTV, was ranked second in the entertainment listing and Rupert Murdoch's News Corporation was third. They were followed by Liberty Media, Clear Channel and Time Warner.
In the broader global rankings, Wal-Mart, the biggest retailer in the world came first, followed by General Electric, Microsoft, Dell Computer and Johnson & Johnson. Disney was ranked 29th. Comcast came in at a lowly 408th. The only British companies to make the top 50 were BP in 31st place, Royal Dutch/Shell 33rd and HSBC 50th.
The rankings are compiled from surveys of 10,000 executives, directors and securities analysts. They are based on criteria including innovation, quality of products or services, the quality of management, financial soundness and long-term investment value.
Disney has resisted more dramatic tactics such as seeking out a white knight to ward off Comcast and focused the counter-offensive on the apparent turnaround in the business after years of sluggish performance.
Earnings in 2003 were 8% higher owing in part to the success of the films Finding Nemo and Pirates of the Caribbean. Disney's shares last year climbed 43%.
Mr Eisner said the Fortune ranking "was a tribute" to the workers at the company. "In 2003, we emerged from a protracted period of economic difficulty and had a great year primarily because the women and men of Disney remained focused on what they do best, producing high quality and memorable family entertainment packages."
The quality of that output has been called into question. Mr Eisner has come under fire from Steve Jobs, head of the Finding Nemo studio Pixar, who was critical of the creative direction at Disney. Pixar ended its distribution deal with Disney last month and is looking for a new partner.
Roy Disney, the nephew of the company founder, has also launched a ferocious campaign against Mr Eisner and is seeking to have his re-election to the board blocked next week. He accused Mr Eisner of turning Disney into a company that was "rapacious, soulless and always looking for the quick buck".
