Disney’s (DIS, Financial) stock rose during the fourth quarter due to strong initial subscriptions to its Disney+ service, which is a direct-to-consumer offering. We think Disney is one of the few companies that has the intellectual property, content, and scale to sustain its leadership position in media over the long term.
From the AMG Yacktman Focused Fund (Trades, Portfolio)'s fourth-quarter 2019 shareholder letter.
