I would rather see them buy Disney.

Disney, a company I admire, has too many challenges ahead.

Theater attendance is challenging. Not impossible, as receipts so far this year show (still not back to the 20-teens) but it takes huge bets on tentpole products these days, and several of Disney’s franchises are lagging: StarWars, Marvel, live-action animation remakes. Pixar is starting to rely on old franchises, too: Toy Story FIVE, In & Out 2, etc.

Broadcast television is declining, with all of the big 3 showing lower and lower viewing levels. Notable programming is getting more and more expensive, and its possible the public will tire of cheap reality TV as they blame so many other trends. ESPN is being challenged by Fox and others, and sports rights never go down.

Cord cutting impacts the natural dollars that have been flowing to its many properties, most notably ESPN but also lesser channels like Disney Jr, Disney XL, Freeform, and others. On the other side is Disney+, the streaming service, which is behind Netflix, YouTube, and Amazon Prime. It will be one of the survivors, for sure, but it’s not a cakewalk.

The parks do well, but I would think are banned as to increases - with the possible exception of adding another park or two. I know nothing about their cruise business except that it is successful, so there’s that.

None of this means trouble, but then it’s hard to see a lot of upside, either. I’m not sure what a stable capital base would offer them that they don’t already have. Is there some big consumer sector where the Disney name would add incremental value? Food? Health care? Automotive? Housing? Pharmaceuticals? What?