AREA, FIRM MIGHT BENEFIT FROM CHANGE.

Byline: Evan Pondel Staff Writer

BURBANK - A Comcast takeover of The Walt Disney Co. would strip the Los Angeles region of local control of another corporate giant, but might not have a direct economic impact on the area, analysts said Wednesday.

New energy and leadership might even have a beneficial impact on the Burbank-based company that boasts more than 20,000 jobs in the five-county Southern California area, and attracts millions of tourists to the region every year. Since Disneyland's opening in 1955, the company has cultivated a cultural identity that continues to feed the economy.

``Disneyland and Southern California are synonymouse,'' said David Sheatsley, vice president of research for LA Inc., the Convention and Visitors Bureau. ``It's always beneficial when an amusement park is poised to reinvent itself. The question is whether a new company like Comcast will able to keep the glow of a family destination alive.''

That sense of family surrounding Disney has dwindled in recent months. Roy Disney's departure from the board and Pixar's farewell last month dealt dual blows to a company that once prided itself on long-standing relationships. As the largest Fortune 500 company in Los Angeles County, the Disney family's stability is integral to the region's economy.

``Mickey was born on the train from Kansas City to Los Angeles,'' said Jack Kyser, chief economist for the Los Angeles Economic Development Corp.

``The company's foundation is here and the creativity is here. Comcast may have money to burn to do things right, rehiring many bright people that the company let go. But whatever the outcome, Disney has been slipping for the past 10 years. Instead of holding true to their corporate ethic, they've been chasing money.''

The company has evolved since ``The Wonderful World of Disney'' first appeared on ABC in 1954. Disney's theme parks are now throughout the world, the company's brand recognition surpasses most products and Mickey has transformed from an endearing mouse to a corporate icon, according to Bud Alleman, who sits on the board of the Burbank Chamber of Commerce. After living in the studio's shadow for 30 years, Alleman believes it's time that Disney's management evolves with the community.

``Sure, they have a huge significance in Burbank, but I think a new company would be good for the community,'' said Alleman, a partner at accounting firm King, King, Alleman & Jensen. ``There are already some huge players in the neighborhood. And I would assume if the deal happens, you will have to welcome the company no matter what.''

Among the mega-deals that changed Burbank's landscape, AOL acquired Time Warner in 2000. The move further blurred the lines between ``new media'' and old, while altering the comfort levels of employees who once thought their jobs were shrouded in security.

Doug Brode, who creates storyboards for Warner Bros., said those employed in Burbank are generally prepared for such changes these days.

``And a lot of my animation friends who have been laid off by Disney aren't happy with the company and are ready for something new,'' said Brode, 31. ``I think most people are ready for change.''

But too much change is always a concern when powerful companies complete an acquisition. The prospect of Comcast changing the name of The Walt Disney Concert Hall, or even Disneyland, to something more aligned with the cable behemoth's brand would be risky, Sheatsley said.

For example, of the 1,500 U.S. households interviewed between August 2002 and July 2003 by LA Inc., almost 42 percent said Disneyland was their primary motivation for traveling to Los Angeles.

``Therefore, it probably wouldn't be in Comcast's best interest to change the theme park's name,'' Sheatsley said. ``The brand is far too established to do that.''

Disney parks and resorts alone saw revenue increase 5 percent to $1.6 billion in the company's most recent quarter. Analysts said altering the brand that contributes to those revenues would be a dangerous move for Comcast.

Kyser said even attempting to adapt a ``Philadelphia mentality'' to Los Angeles will be tricky for the company. Philadelphia's size already casts doubt on how well Comcast will be able to handle a Los Angeles-based entertainment giant.

``We're likely to see a wonderful ride for that reason,'' he said. ``So leave all of the creative people here if you want a smooth acquisition.''

Evan Pondel, [phone]

evan.pondel(at)dailynews.com

Comcast Corp.

Key holdings:

Comcast operates the nation's largest cable television company with more than 21 million subscribers. The company also has 5.3 million high-speed Internet subscribers.

Comcast has extensive holdings in content providers, with majority stakes in Comcast-Spectacor, the owner of the Philadelphia Flyers and 76ers; Comcast SportsNet, E! Entertainment Television, the Style Network, the Golf Channel, Outdoor Life Network and G4.

Headquarters: Philadelphia

2003 revenue: $18.35 billion

2003 profit: $3.24 billion

Employees: About 60,000 in its cable division, about 7,000 more in other divisions

The Walt Disney Co.

Key holdings:

ABC broadcast television network; cable networks including ESPN and the Disney Channel; 10 theme parks in Anaheim, Orlando, Paris and Tokyo, with another being built in Hong Kong; Walt Disney Pictures; Miramax Studios; 10 television stations; Anaheim Mighty Ducks.

Headquarters: Burbank

2003 revenue: $27.06 billion

2003 profit: $1.27 billion

Employees (2003): 112,000

CAPTION(S):

2 boxes

Box:

(1) Comcast Corp. (see text)

(2) The Walt Disney Co. (see text)