TheStreet’s Jim Cramer says at current levels, Disney (DIS) is a stock to own for investors with a long term horizon. Disney shares fell on Wednesday after it reported subscriber losses at ESPN. ‘Am I an apologist for Disney?’ asked Cramer. ‘At $120 no. In the 80’s, yeah. They have a lot of cash flow. They have a lot of things that can go right. They can always develop new franchises. I don’t want to give up on Disney in the 80’s because we’ll look back and think why did we sell it?’ he explained. Time Warner (TWX) also reported earnings, and Cramer said growth is flat lining there. Cramer pointed out that the shareholder base for media companies needs to change, because those investors had viewed media as high growth companies, which is no longer the case. Cramer also discussed Viacom (VIAB) and Procter & Gamble (PG).
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