MarketWatch First Take: With Fox merger and ESPN streaming effort, Disney has confusing mess to sort out

The Walt Disney Co. is trying to rebuild its business for the future on the fly, and the renovation is going to take a lot of work.

In fiscal first-quarter earnings released Tuesday, Disney DIS, +1.40% outlined all the efforts it is making to change for the future of media, namely acquiring more than $50 billion in assets from Fox that will include movies, television series and live-sports contracts and building out new streaming services to augment its struggling TV networks.

Investors seemed to like the numbers Disney put out, which beat on earnings while coming up slightly short on revenue, as shares gained more than 2% in late trading.

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