UPS Disney

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Robert Armstrong This article is an on-site version of our Unhedged newsletter. Sign up here to get the newsletter sent straight to your inbox every weekday Good morning.

Disney’s struggles are fascinating. It used to be that content was king, Disney was the king of content, and Disney’s stock went up.

But distribution is royalty too, and now that streaming is the crucial form of distribution, the economics of the business have changed for the worse.

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