The magazine conducted a survey of top entertainment industry executives, directors and securities analysts. The results were reported as part of Fortune's "America's Most Admired Companies" issue, which is being distributed this week.

Talking about the result Disney chairman, CEO Michael Eisner said, "In 2003, we emerged from a protracted period of economic difficulty and had a great year. This is primarily because the women and men of Disney remained focussed on what they do best, producing high quality and memorable family entertainment experiences. The fact that other entertainment industry executives recognised this by voting Disney as number one in our industry is a tribute to the hard work of our incredibly creative and dedicated cast members and employees."

Last year Disney's earnings per share grew by eight per cent, driven in part by the success offilms like Pirates of the Caribbean: The Curse of the Black Pearl and Finding Nemo.

To identify America's most admired companies by industry, Fortune and its survey partner, the Hay Group, take the ten largest companies by revenues in 64 industries. They then ask 10,000 executives, directors, and securities analysts to rate the companies in their own industries. Eight criteria are used. They are innovation, employee talent, use of corporate assets, social responsibility; quality of management, financial soundness, long-term investment value and quality of products/services.

Meanwhile a Reuters report stated that General Electric which owns NBC is not concerned about a potential merger between Walt Disney and Comcast. GE's chairman and CEO Jeffrey Immelt however said that Comcast had chosen an opportune time to try and make a deal.

As reported earlier by Indiantelevision.com NBC is combining with Vivendi Universal Entertainment. The new company will be known as NBC Universal. Its assets will include broadcast and cable TV properties, theme parks and Universal Studios.