The Mouse Takes the Muppets

Mickey's got some new Mouseketeers on his white-gloved hands.

Disney announced Tuesday that it's buying up Kermit the Frog, Miss Piggy and the rest of the Muppets from the Jim Henson Company.

Financial terms of the deal were not released, but reports put the deal's value at $90 million.

The great Muppet acquisition is something of a coup for top Mouse brass Michael Eisner, who's been busy fighting off a hostile takeover bid from cable giant Comcast and recently failed to snare a renewal contract with animation powerhouse Pixar.

The purchase has been a long time coming. Disney came close to acquiring Kermit and pals back in 1990, but the deal, then valued at $150 million, fell apart after Jim Henson passed away.

Henson's heirs are satisfied with the Muppets' new digs.

"In the months before his death in 1990, my father Jim Henson pursued extensive discussions with the Walt Disney Company based on his strong belief that Disney would be a perfect home for the Muppets," Lisa Henson, co-chair and CEO of the Henson Company, said in a statement.

"As such, the deal we announced today is the realization of my father's dream, and ensures that the Muppet characters will live, flourish and continue to delight audiences everywhere, forever."

Michael Eisner, too, waxed warm and fuzzy about welcoming the Muppets to the magic Kingdom.

"Since the time I worked with Jim Henson on the first Muppets special in the 1960s, it was obvious to me that his characters would make a deep imprint on the hearts of families worldwide, and this announcement is the culmination of a longtime desire to welcome them into the Walt Disney Company," Eisner said in a statement.

Disney is planning a relaunch for Henson's personable puppets, including new television series, specials and products that it will distribute worldwide.

"Kermit and Miss Piggy are well-known and beloved around the world and will have an opportunity to be seen and loved by millions more well into the future through Disney's distribution channels at home and abroad," Eisner said.

The deal includes characters such as Fozzie the Bear and Gonzo, as well as the Bear in the Big Blue House franchise. Sesame Street characters such as Big Bird and Elmo are not included in the acquisition, as they are owned separately by the Sesame Workshop.

It's not the first time that Kermie and Piggy have been bought and sold.

In February 2000, German company EM.TV purchased the Muppets for a whopping $680 million, with plans for a relaunch of The Muppet Show.

Awash in red ink, EM.TV eventually sold the pack of puppets back to the Hensons last year for just $89 million, though Disney showed interest at the time as well.

Tuesday's announcement finally brings an end to Disney's quest for a Mouse-Muppet merger.

Also on Tuesday, Disney's board of directors unanimously rejected Comcast's surprise bid for the company, but said the door was open for a future deal if the price was right.

Comcast is the parent company of E! Networks and holds majority stakes in Comcast-Spectator, the owner of the Philadelphia Flyers and 76ers, Comcast SportsNet, Golf Channel, Outdoor Life Network and G4. The cable giant has made no secret of its desire to increase its media holdings.