What goes around comes around. Years ago, when RCA was looking to sell the NBC television network, Disney Chairman Michael Eisner was among those interested. Federal restrictions on studio-network combinations, and a hefty price, dissuaded him then. Now, with federal restrictions fading and NBC's current owner General Electric peddling the network, Eisner is on the phone again--with an offer sources put at $5 billion. Disney executives won't comment officially. But insiders say Eisner feels compelled to find a distribution outlet for his films--even though he worries he is overpaying. Eisner's offer may be more attractive than a $2.5 billion bid for 49% of NBC from Time Warner.

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