Disney, Fox, Time Warner to ‘Flourish’ as Media Evolves

Morningstar: Disney, Time Warner, and 21st Century Fox “stand out as having both a wide moat and the ability to sustain the moat in the face of the ongoing changes across the pay-TV landscape. … We believe Disney is the best positioned to survive and flourish in the evolving TV ecosystem, with its combination of strong networks, production studios, and well-loved characters. Time Warner and Fox are right behind.”