Disney just made headlines for getting fined $1.4 million by the FCC for a "naked backside" in ABC's 2003 NYPD Blue episode. No kidding. But it took five years for the FCC to figure it out? It wasn't quite the "flash" that the networks want you to think, ala Janet Jackson at the Super Bowl. But then, that fine was only $550,000 for a 1/2 second. ABC got off cheap!
But Disney's (DIS 28.68) stock is absurdly cheap at these levels. You can buy it for the theme parks and their other assets and get it's 80% ownership of ESPN thrown in for free! Beside the Disney Channel, A&E, Lifetime, and ESPN, you have 10 TV stations; of which six are located in the top ten markets in the US, and 5 radio stations and radio Disney, and the websites ABC.com and Disney.com. Throw in Hannah Montana, Pixar, Disney Cruises, Walt Disney World, Disneyland, Tokyo Disney, 51% of Disneyland Paris, 43% Disney Hong Kong, the resorts, the vacation clubs, and it's Film and entertainment division, you have assets that can't be duplicated at 13x earnings, and this time at the bottom in the stock price, you don't have the Bass Brothers puking up their stock in a margin call.
You just have the bottom of NYPD Blue's Charlotte Ross!