Disney is managing changes in the media industry, including 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, with its ownership of a national broadcast network, ABC; the best sports network, in ESPN; and a leading children’s network, on Disney Channel. These are very valuable assets that give Disney advantages as the industry evolves, but challenges exist and we do not believe the new media landscape will be as profitable as the previous one.