The Demise of the Legacy Business at Disney

Don't get carried away with Disney's streaming prospects. The big issue to keep your eye on is decline of the legacy business, and that could swamp any growth they get out of streaming. There are two deals that are not going to be easy to do that are part of the solution. Owning all of Hulu, which I think Comcast is going to dangle over their heads and torture them for a while,. And an ESPN deal of some kind with a strategic which has got a lot of complication to it as well.