Large entertainment media firms (Comcast, AT&T, Verizon, Fox, Sony) will cede value to Amazon and Apple—two tech giants for whom media is not a core business, but just a part of the flywheel, a feature. Similar to Walmart, Disney is the only incumbent with the assets, leadership, and shareholder base to land counterpunches on the purveyors of paper towels and AirPods.
