Is Comcast poised to do another Disney?

Comcast has been hoarding cash to better manage its balance sheet but investors worry that it could be building a war chest for a splashy acquisition similar to its failed 2004 bid for Walt Disney. Investors value shares of Comcast at close to historical lows, as the top US cable service provider's conservative balance sheet strategy has rekindled speculation that it wants to be a major player in the media content market. Investors worry that Comcast might use growing cash reserves to go after names such as Viacom Inc, owner of MTV Networks and Paramount film studio, or Time Warner Inc, which owns CNN, HBO and Warner Bros despite little evidence of such a move, said analysts. Disney is no longer seen as a target. They say such concerns are behind the 11 percent drop in Comcast's stock this year because not many big media deals have a history of boosting shareholder value. In comparison, the S&P 500 Index has risen 12 percent in the year to date.