Disney tide turns in Eisner's favour

THE attack by Walt Disney founding family member Roy Disney and board ally Stanley Gold on chairman and chief executive Michael Eisner appears to be foundering.

With the company forecasting profit growth in the vicinity of 30% for the coming year, Wall Street has swung behind the abrasive Eisner, driving the share price back up to levels not seen for seven years.

Roy, Walt Disney's nephew, resigned from the board on 30 November, when it was made clear the mandatory retirement age would not be waived in his case. Gold also quit and the pair immediately began a campaign to oust Eisner.

Roy Disney said the company had 'lost its focus, its creative energy and heritageî under Eisner, who countered with a 'vision for Disney's growth and success'. This week, the firm said its ABC TV network would be in profit in 2005.