[https://invariant.substack.com/p/sum-of-the-arts](https://invariant.substack.com/p/sum-of-the-arts)

![Image upload](https://cdn.commonstock.com/9f33c941007a9fd301643d9536c568c6c25a995d5d68b9f23631dfc82fda11ce-800x800.jpg)

I wonder if $DIS will ever spin off its DTC business at some point in the future after it becomes profitable. Right now, I do think that business may be "free" at current stock prices.

Benjamin Tan

A short musing on sum-of-the-parts valuation.

https://invariant.substack.com/p/sum-of-the-arts

Sum of the Arts

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