Eisner's Last Stand

If you are Disney (NYSE:DIS) CEO Michael Eisner, time is not on your side. Two months ago, Roy Disney Jr. and Stanley Gold started flaming your performance as they stepped down from the company's board. Last month, it was Pixar's (NASDAQ:PIXR) Steve Jobs slinging pain as he broke off contract negotiations for what had been a lucrative partnership for Disney. This month, it was Comcast (NASDAQ:CMCSA) arguing that your company's assets would be better milked with fresher hands. Next month? Maybe you should call in sick to what will be a heated annual meeting.

With monthly dissidents like these who needs a calendar?

It's pretty clear now that Eisner's days as the head of Disney are numbered. Don't worry, he's packing a beauty of a golden parachute. The only thing that may hurt on the way out is swallowed pride.

The shame here is that Disney was starting to look pretty good in the near term. Fresh attractions are being constructed at the parks just as the tourism industry is starting to pick up. ABC's ratings are still in the cellar, but the ad market is improving, and General Electric's (NYSE:GE) NBC will have some voids in the fall season. Thanks to the surprising success of Pirates of the Caribbean, the company's brand name in live action flicks got some needed dusting. And, sure, Pixar may be ready to bolt come 2006, but it's still got two more features to release through Disney's distribution channels.

So if the mad rush to trip up Eisner almost feels orchestrated, well, it is. Everyone smells blood and waiting for the clotting process may make the hunt obsolete. Roy and Stanley realize that their voices would grow quieter as Disney's fiscal performance grows louder. Pixar's bargaining chips wouldn't be as heavy in demanding as much as it had, if Disney wasn't perceived as such an in-house lightweight in animation of late. And Comcast? If Disney's fortunes were to improve in the short term, the reasons to sell would diminish as the asking price would spike.

But that doesn't help Eisner now. He's caught in the web. He can't argue that Comcast's offer is insultingly low because his own efforts couldn't get the share price that high. He can't afford to lob shots at someone like Roy who bears the family name of the company he's running. The thorny ripcord is the only way out. Sure. It will hurt. But then the clotting process will have all the time in the world to heal.

Longtime Fool contributor Rick Munarriz owns shares in both Disney and Pixar. He would also like to point out that Pixar's excellence earned it a recommendation in Motley Fool Stock Advisor last year, and that a revitalized Disney may be worthy of that same kind of analytical loving.

While Disney's latest animated feature tanked at the box office over the weekend, can Disney still emerge as the Teacher's Pet? Is SaveDisney.com productive or counterproductive to the future of Disney? All this and more -- in the Disney discussion board. Only on Fool.com.