companies renowned for providing strong, reliable shareholder returns in recent decades, it’s hard to think of any that have gone from prince to frog as fast as Disney. Indeed the stock now sells at 40% below its level of four years ago, showing that the markets take a dim view of its prospects. The entertainment colossus turns 100 this year, and it’s striving to accomplish what few enterprises save for Coca-Cola have achieved: remain a powerhouse into a second century. But make no mistake. Though Bob Iger was only away from the CEO perch for less than three years, he’s returned to a new world. Tom Rogers, former president of what would become NBCUniversal Cable Entertainment, ex-CEO of TiVo, and now executive chairman of GameSquare, believes that streaming’s low profitability versus cable will restrain Disney’s earnings for a long time to come. “They’re not putting forward a transparent
