On February 11, 2004, Comcast announced a $54 billion bid for The Walt Disney Company, as well as taking on $12 billion of Disney's debt. The deal would have made Comcast the largest media conglomerate in the world. However, after rejection by Disney and uncertain response from investors, the bid was abandoned in April. The main reason for the buyout attempt was so that Comcast could acquire Disney's 80 percent stake in ESPN, which a Comcast executive called "the most important and valuable asset" that Disney owned.