The drop in Disney here is all about the macro BS, overdone and without any basis. Except the Goldman downgrade, which is based on "possible" trouble for ESPN in the future? When has any company including Fox ever been able to penetrate ESPN's ratings? Not gonna happen unless they pass that legislation in Congress. If DIS has to charge less for ESPN, they will make it up in another way. The company is incredibly diverse.
It seems to me that Disney has a ton of value... from their content (characters, settings, IP, etc), merchandising and licenses, vacation (theme parks, cruise lines), distribution (ESPN, etc)... and the ability to leverage each of these to build more. If one likes media, it is hard to find much to dislike about this one... especially when one considers value.