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I've been reading Tap Dancing To Work and found out something I hadn't known. Buffett owned DIS twice, once in 1966 (which he sold for a 50% profit) and after Disney bought Cap Cities/ABC. I highly recommend Tap Dancing To Work, it has a lot about how to think about things.
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Many of the old timers might remember when DIS bought Cap Cities/ABC. According to Michael Eisner, Buffet gave him the initial idea and helped to cobble together the necessary support to make it happen. He was very bullish at the time on the synergies of the combined company. IIRC, he became less enchanted over time but the deal was long done by then.

e.j.
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Don't forget, though, Disney had already had a long relationship with ABC before the acquisition. It's not like they were strangers.

Fuskie
Who, upon thinking about it, notes that Marvel Comics was the only IP acquisition with whom Disney did NOT have a prior relationship...
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Also needed to be remembered about the time prior to buying Cap/ABC is that many people felt that Disney was a very ripe takeover target. So Disney had to buy something or be in great danger of being taken over themselves.
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" Many of the old timers might remember when DIS bought Cap Cities/ABC. According to Michael Eisner, Buffet gave him the initial idea and helped to cobble together the necessary support to make it happen. He was very bullish at the time on the synergies of the combined company. IIRC, he became less enchanted over time but the deal was long done by then."

And Disney has been in debt ever since.
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Ted Turner was leveraged out the hilt when he bought MGM Studios, ultimately being forced to sell the film studio in order to keep the production library. It was that debt that forced him to give up majority control of his company, led to the Time Warner merger and ultimately the AOL debacle that resulted in his being booted from the company as well as losing 75% of his fortune. Was it all a mistake?

Fuskie
Who notes the MGM library was used to launch Turner Network Television (TNT), which rose to #1 entertainment channel on basic cable and spawned a second popular channel, Turner Classic Movies (TCM), which shows classic MGM content 24hrs a day, 7 days a week commercial free...
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Turner Classic Movies (TCM), which shows classic MGM content 24hrs a day, 7 days a week commercial free...

Mostly MGM, but they do show some other stuff. From the Wikipedia article: Besides MGM, United Artists and Warner Bros. releases, TCM also shows films under license from Universal Studios, Paramount Pictures, 20th Century Fox, Walt Disney Productions, Columbia Pictures, StudioCanal and Janus Films.
http://en.wikipedia.org/wiki/Turner_Classic_Movies#Movie_lib...
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When it launched (I was there, I built the network the automation system ran on), it was all MGM. The big deal at the time was whether or not Turner was going to colorize the black and white classics (he didn't). And because it was the first completely automated commercial free network, they could ingest up to 2 weeks worth of programming. In fact, there was a warning light over at Cartoon Network Master Control next door that would flash if ever there was an error detected at TCM since there was no operator watching TCM Master Control.

Personally, I would love to see Disney launch a Disney Movie Channel, 24hrs of Disney original productions, from theatrical releases to TV specials to cartoons from the vault. I miss the old Vault Disney midnight show on the Disney Channel.

Fuskie
Who recalls it was a NetWare 4 SFT III 100Base-T local area ethernet network powered by a pair of fiber-connected Dell PowerEdge servers...
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I miss Vault Disney too. I love the old obscure stuff that never gets played.
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