MORGAN STANLEY: Disney's ESPN problem isn't a problem at all (DIS)
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In the summer of 2015, shares of Disney tumbled 24%, from $120 to $91, on concerns that the company would lose revenue as a result of customers "cutting the cord."  

The worries were specifically focused on ESPN, one of Disney's most profitable properties, which represents 70% of its cable segment. Cable accounts for 35%-40% of Disney earnings and is consumed mostly through traditional cable subscriptions. 

After spending much of 2016 trading between $90 and $105, Disney...

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