Prior to the pandemic, The Walt Disney Company paid a healthy dividend. They cut it in 2020 as their theme parks were shut down. We kept the investment, waiting to see what would happen next, as it took until late 2021 for the parks segment to fully recover. Meanwhile, the company was using its excess cash generation to grow its Disney Plus streaming service. Throughout 2022, we continued to wait and see, given the long-term value we see in the company’s brands and assets. In late 2022 Bob Iger returned as CEO. However, we are selling now because we are concerned about how the company is using the cash it generates. There appears to be no intention of resuming the dividend, and the company has admitted that its previous strategy of growing Disney Plus with little regard to profitability was a mistake. Now, the company is pouring billions of dollars over the next few years into major revamps of its theme parks. The company is capable of generating enormous amounts of cash flow, but we are concerned about that cash providing a benefit to shareholders.