Eisner, speaking after two days of upbeat presentations to analysts at Walt Disney World, was asked about possible acquisitions. "We're buying Comcast," he quipped.

Comcast, the nation's largest cable provider, launched a surprise bid for The Walt Disney Co. on Wednesday, saying it could manage Disney's diverse entertainment assets better than the current management.

Eisner praised the quality of his managers yesterday, and said he does not think it is necessary for Disney to partner with another company to gain better distribution for its films, television shows and other products.

"There are great distribution companies," Eisner said. "There are great content companies. They can be together. They don't have to be together. We feel we're running a pretty good company as it is."

His encouraging attitude comes despite speculation from analysts that after two decades of running Disney, Eisner could lose his job just as he is responding to critics of his combative style and delivering better results to investors.

Eisner has survived numerous calls for his ouster in his years at the helm. But the unsolicited offer from Comcast — $54 billion when announced Wednesday — comes atop an aggressive campaign by two former board members seeking his ouster and the collapse of a deal with former ally Pixar.

Disney's board needs to decide if the company is better off without him, analysts said.

"It's the $64,000 question," David Miller, an analyst at Sanders Morris Harris said. "I'm better off gambling my money away at the Bellagio."

Ironically, Eisner was hired at a time when Disney faced its last takeover attempt, from corporate raiders who wanted to break up the then-tiny theme park and movie company.

Disney's board fired Walt Disney's son-in-law Ron Miller and, at the urging of Walt's nephew Roy E. Disney, hired Eisner and former Warner Bros. executive Frank Wells.

Today, Roy Disney and former board member Stanley Gold are campaigning for Eisner's ouster, dissatisfied with the company's financial performance since 1998.

Analysts say Disney will likely consider other actions before firing Eisner, including making a defensive acquisition, such as buying satellite television company EchoStar Communications. Such a move would place huge regulatory hurdles in the way of Comcast's bid because of Comcast's cable television holdings.

But "we're not going to do anything stupid," Eisner said yesterday, speaking seriously after his joke about buying Comcast.