He's becoming strategically complete. The business is undervalued and the stock is growing.
Management is doing the right thing. You don't want to change the driver of the horse when the strategy is clearly appropriate.
It's the wrong time to do anything that's tax inefficient and (that could) subject owners to any unnecessary financial risks.
History shows the poison pill under normal circumstances doesn't benefit shareholders. If the corporation wants a poison pill, it's the shareholders' prerogative to decide that. Not the board of directors.
Within Time Warner right now, AOL is worth somewhere between $17 billion and $20 billion. But if the advertising business grows nicely over the next two to three years, it could be worth $25 billion to $30 billion.
What's clear right now is that the market won't reward that.
Things that needed to get done, the management has done.
Management is not asleep at the switch. Anything you can do to move the needle in that direction is terrific for shareholders.
What you get with Disney is a low stock valuation on a company that I think will have forward earnings momentum and the strongest balance sheet the company has had in the last five years.
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