The only place tons of Disney money is going right now is in stock repurchases.
During his 21 years as CEO, Michael Eisner spent
12.6% of operating income on stock buybacks.
So far, CEO Bob Iger has spent
49.9% of operating income on stock buybacks.
The primary reason most companies buy back stock is to inflate the price of the stock.
By the way, in 2013,
50.4% of Iger's compensation was in the form of stock and stock options.
Gee, I wonder if that had anything to do with the large stock buybacks?