Disney is managing the evolution of the media industry, particularly the shift from linear television viewing to on-demand, direct-to-consumer, or DTC, streaming services. Disney was perfectly positioned to take advantage of the traditional model of owning a national broadcast network in ABC; the largest sports network, in ESPN; and a leading children’s network in the Disney Channel. These remain very valuable assets that give Disney advantages as the industry evolves, but there are challenges and we don’t think the new media landscape will be as profitable as the previous one.