Disney’s Costly Streaming Plans Win Approval From Wall Street

Old media’s Wall Street curse may finally be lifting.

Friday’s 10% surge in Walt Disney stock suggests that investors are finally willing to treat entertainment companies—or at least Disney—the same as tech companies: that is, accepting short-term losses in exchange for long-term growth. Disney stock is rising despite the company making clear at a streaming presentation on Thursday that its new streaming services, Disney+ and ESPN+, won’t turn profitable until 2023 or 2024.