Disney shares were modestly lower this morning despite the firm turning in better than expected quarterly results. With the stock trading in the 4-star range, we believe current prices offer an attractive entry point for investors.
While management did not discuss the potential for a spoiler bid from Comcast for either the Fox assets or Sky, CEO Bob Iger reiterated the importance of the assets and the firm's desire to buy both the Fox media assets and Sky.
Overall revenue for the quarter increased 9% year over year to $14.5 billion. The studio segment continues to outperform as Black Panther has grossed over $1.3 billion worldwide and "Avengers: Infinity War" has already exceeded $1.2 billion in global box office without opening in China.