Trade Tracker: Jim Lebenthal buys more Disney

You bought more Disney, that’s your headline. Yeah, yeah, I bought more Disney. Going into the earnings, I said what I’m looking for first and foremost is streaming. I understand everybody was a little disappointed with the theme parks that will that will come and go. That’s not something to worry about. It’s not like people don’t want to go to Disney World anymore. But streaming is the future of this business. Josh, you mentioned how linear is not coming back. It ain’t coming back and where it’s going is to streaming. They’re still on track for profitability. And by the way, when you look at 2025. About 19 times. That could be lower if streaming continues to do better than expected. You know what’s funny about the linear business, we all know it’s not going to go back to what it was and that’s fine. I think that’s priced into all these names. What’s interesting about it is it can coexist with streaming for like another 15 years. That’s A&B. If there’s an overall recovery in AD spending, that might be good enough to mask the fact that Linear is losing share. Like they might have growing revenues but lose overall market share. And the Street might be OK with that as the streaming platforms become more profitable with their own ad and ad light versions. I I like what you just said, but I’m going to add to it. How about, even if that doesn’t happen, that streaming people keep thinking this is the newspaper industry of the 1990s, Internet comes along and kills the business? No. Yes, Linear has a problem right now. It’s getting replaced by the benefits of streaming. It’s not the newspaper business.