Disney (NYSE: DIS), a media business that competes with Time Warner (NYSSE: TWX) and Viacom (NYSE: VIA), is currently holding a four-day fan convention in California called the D23 Expo. According to Julia Boorstin over at CNBC.com, you might consider it a Comic-Con-like event strictly for the Mouse. As far as I can tell, this initiative is a smart marketing move. Disney is able to promote a lot of its content in a very targeted fashion.

Of particular interest is one piece of content that was highlighted in an article at the Los Angeles Times website. Disney is making a significant bet on an upcoming cartoon called The Princess and the Frog. It won't be a flashy 3-D production. Instead, it's animated in a 2-D environment.

Monday, August 31, 2009, will go down as one strange trading day. Disney (NYSE: DIS) buys Marvel (NYSE: MVL). BloggingStocks reported the details of the deal here.

As a long-time shareholder of Disney, I have to ask: Does CEO Bob Iger know what the heck he's doing anymore? I thought the news was quite surreal. I suppose we all knew that Marvel would be a takeover target someday but, honestly, I thought some other media conglomerate, like maybe News Corp. (NASDAQ: NWS), would do a deal before the Mouse would.

Disney (NYSE: DIS), a media conglomerate that does battle with the likes of Time Warner (NYSE: TWX), General Electric's (NYSE: GE) NBC Universal, CBS (NYSE: CBS), and News Corp. (NASDAQ: NWS), changed things up this time around when it came to second-quarter earnings. When I reported on the company's first-quarter earnings, I observed that the Mouse missed expectations. Thankfully, Disney pulled itself together and went beyond the call of Wall Street.

Disney said it earned 43 cents per share on an adjusted basis when it issued its Q2 release on Tuesday after the bell. As I noted in my earnings preview, analysts were looking for 40 cents per share. While that's a nice beat, let's be realistic: Disney is still having a rough time. That 43 cents per-share figure represented a drop of 26% compared to the year-ago period.

So, Disney (NYSE: DIS) shareholders are bracing themselves for another big weekend at the box office. Remember when we were bracing ourselves for the release of the Jonas Brothers concert film? Yeah, that failure. I certainly hope Miley Cyrus does a lot better with her project.

But I have my doubts. Hannah Montana: The Movie opened Friday at over 3,100 domestic theaters. I just don't feel the kind of buzz I had hoped to be feeling at this point surrounding the movie. I don't have the sensation that I've been inundated by the feature's brand equity.

Then again, I'm not the target demographic. Perhaps Disney is reaching all tweens as we speak via the platforms that they frequent and I'm just not aware of it. Tough to tell. Nevertheless, I've seen some of the commercials, and they don't seem overwhelmingly exciting.

I'm sure you've heard about this by now. It's been all over the blogs and discussion boards. An article at The New York Times has spurned discussion over whether or not Disney's (NYSE: DIS) next Pixar film, Up, is shareholder-friendly. In other words, has it been designed so that it can make a lot of money? Or, is it instead just another self-satisfying exercise for its creators, shareholder value be damned?

Well, here's a quote that's gotten some play. Co-director of Up, Pete Docter, has stated that he doesn't really care about the money potential of a project. He said: "We make these films for ourselves. We're kind of selfish that way." Oh, gee, thanks a lot, you overpaid Pixar punk. Just out of curiosity, do you care at all about shareholders like myself who have held Disney for a really long time? Do you realize that the dividend received no raise this year?

Another day, another item about excessive compensation. While American International Group (NYSE: AIG) pays out a ton of money to its own employees, the Hershey (NYSE: HSY) board has seen fit to bestow a rich compensation package to CEO David J. West.

Oh well, what can you do, I suppose. I always hate reading these reports. They always get under my skin. If you're a shareholder of Hershey, you're not doing that great right now. The stock will probably do well over the long term, but in the meantime, your shares are down over the last several years.

This was a big weekend for me. Jonas Brothers: The 3D Concert Experience was released in over 1,200 theaters. No, I had no plans to see the movie at my local IMAX (NASDAQ: IMAX) auditorium. The reason I was so excited is because I own shares of Disney (NYSE: DIS). And I was praying that the film would firmly cement the Jonas Brothers in the collective consciousness of tweens across the globe.

Unfortunately, that didn't happen. In fact, the Jonas movie failed at the domestic box office. Don't even try to spin it. According to Boxofficemojo, the film came in second place with a little under $13 million (keep in mind I am working off estimates, final figures will be released later). Lions Gate Entertainment's (NYSE: LGF) latest Tyler Perry project, Madea Goes to Jail, was number one again for the second week in a row, grossing about $16 million. This is really, really disappointing.

Disney (NYSE: DIS), a media company that competes with Time Warner (NYSE: TWX), News Corp. (NYSE: NWS), and General Electric's (NYSE: GE) NBC Universal, is famous for having several happy theme parks. The branding always centers on the "Disney magic." But there isn't any magic for employees who will be getting the boot.

According to news reports from last week, the theme-parks division will be streamlined, and buyout offers to 600 employees have been made. New attractions might be delayed. In addition, ABC made some cuts (200 jobs gone, in fact) and combined its studio and programming units. Also, ESPN instituted a hiring freeze.

Whoa, what a terrible quarter for Disney (NYSE: DIS)! Forget the magic. There's no magic going on at Disney. For the fiscal first quarter, revenues decreased 8%, earnings per share decreased 29%, operational cash flow decreased 60%, and free cash flow was negative. Decrease, decrease, decrease! Looks like Disney's brands cannot fend off a recession, no question. Sorry, Jonas Brothers and Hannah Montana.

Disney, which competes with Time Warner (NYSE: TWX), CBS (NYSE: CBS), Viacom (NYSE: VIA), News Corp. (NYSE: NWS) and General Electric's (NYSE: GE) NBC Universal, earned, after taking out a $0.04 per-share benefit from an investment sale, $0.41 per share. According to my earnings preview, the call was for around $0.52 per share. Well, I thought the Mouse was going to miss, but I think I characterized the potential miss as maybe being on the "slight" side. Yeah, this wasn't a slight miss.

Disney (NYSE: DIS) will be reporting earnings for the fiscal first quarter Tuesday after the market close. There shouldn't be any growth in the bottom line. Of course, no one should be surprised by that. After all, this is Disney we're talking about, a company which provides goods and services that can easily be cut out of any consumer budget. Remember, conservation of cash is becoming quite the fad.

According to this source, Disney may earn $0.52 per share.That would represent a contraction of $0.11, or 17%. The big question is whether or not Disney will miss. If it does, investors won't be happy, because it'll be the second miss in a row. Wall Street was previously accustomed to seeing the Mouse religiously beat the analysts at their holy game. But Q4 changed the story.

According to reports, Disney (NYSE: DIS) hasn't been satisfied with the Toon Disney cable channel. To be sure, you don't hear a lot of buzz about that property. Now, though, that's all about to change (in theory, at least), as Disney management is intent on turning this once relatively dull asset into a thriving franchise generator.

Make no mistake, this news about Disney XD should be important to shareholders (I am one, and will be watching this rebranding investment intently). That's the new name of the Disney Toon channel. Sounds kind of cool, doesn't it? Disney wants it to be cool so that it can appeal to boys. And that's the crux here: Disney Channel already has the girls market cornered. The Mouse wants to become more relevant to the male tween demographic. Don't think that the media company can't appeal to boys. It can, as the oft cited Cars example proves (I have no idea why that Pixar creation is such a hit with boys, but it doesn't matter what I think, it is). A major push is planned for XD, and the web will be utilized to great effect, as will Apple's (NASDAQ: AAPL) iTunes digital store and Microsoft's (NASDAQ: MSFT) Xbox 360 Live service (this source talks about the strategy). Content will be distributed over these platforms and will be used to build brand equity; Comcast (NASDAQ: CMCSA) and Verizon's (NYSE: VZ) FiOS will also be utilized to promote XD.

Not long ago, I wrote a little piece about The Walt Disney Company (NYSE: DIS) CEO Bob Iger. No, I'm not his biggest fan, and I have to say, I'm amazed that so many people revere him. Quite frankly, if you look at Disney's stock price, it is not representative of an unequivocal vote of confidence, in my opinion. Well, I'm here again to point out that Iger really has some explaining to do. Disney will be paying its annual dividend pretty soon (annual dividend, I hate those, it should be quarterly!). Here's the press release. The company plans on doling out $0.35 per share in spoils. But there's one huge problem, my friends. This is the same exact amount that was paid last year! And please note how in last year's press release Iger was crowing about the increase in the payout. Guess you're not that confident in the long-term fundamentals of your business, eh, Bobby? How else am I to interpret this move?

Oh, I know, we're in a credit crunch, recession, period of jobs-contraction, etc. If this were a movie, it would be called The Economic Calamity Horror, and the walls of all the institutions on Wall Street would be bleeding ectoplasmic ooze and there would be screams of warning from demonic voices to "get out!" of the stock market. I don't want to hear it, Disney. You could have raised your dividend. No, make that, you should have raised your dividend! At least 10%. Your dividend sucks as it is. As far as I'm concerned, Disney's cash-flow characteristics would have made a 10% increase feasible, even in this environment. Hey, I admit, I'm not on the inside, I don't see what he and the rest of the board sees in terms of what's coming down the pike. But, as far as I know, Disney isn't a financial company, and although it is certainly affected by what's going on, I don't think it needs to conserve capital like say a General Electric Company (NYSE: GE) needs to. GE has a ton of financial exposure. Disney simply isn't in the same league. I would love to know what better investment alternatives the board has at their corporate disposal that would make a dividend increase imprudent.

At the end of the day, Iger doesn't care about me and my little opinion. I know that. And I know many out there are simply wondering "why doesn't he just sell already?" Hey, maybe I will. I was hoping to hold Disney until I retired, but I need to see a better commitment to the dividend policy. I mean, not even a three-cent bump this year, Bob? Come on. I'm really amazed that there isn't more negative opinion out there about Disney's dividend. At least, I'm not aware of much. Jim Cramer did recently point out, however, that Disney's dividend doesn't amount to much. It certainly doesn't...

Disclosure: I own Disney, GE; positions can change without notice.

I was reading an article from Fortune yesterday about Disney (NYSE: DIS) and Bob Iger. When I got to the end of it, I had the biggest feeling of deja vu that I had ever experienced. Yes, I had heard it all before.

You've heard it all before, too, I'm willing to bet. Here's the basic gist of the piece: Bob Iger knows what he's doing. He's a genius. He's a creative powerhouse, a business wunderkind, a man who has studied the Disney brand, knows it inside and out, and is capable of leveraging that brand over multiple platforms to create immense economic value for shareholders. You know the examples,: you've got your Jonas Brothers, your Miley Cyrus, your Zac Efron and the whole High School Musical gang migrating from Disney Channel to concert stages to DVD releases to the silver Iger was the prescient exec who realized that Pixar should be acquired (take that, Michael Eisner!).

Only problem is, none of this seems to be working. I base this statement on the fact that Disney really hasn't broken out of a really long-term range. I honestly have to wonder if shareholders will ever see Disney at better than $50 per share in their lifetime. I can't be the only one wondering this. That's why I get a little annoyed when I read puff pieces like this one on Iger. Is he really that much of a visionary? And is he doing anything that original? Did he invent the concept of synergy? As far as I know, he did not. One of the main points of the article centered on the major franchises that Disney has going for it. Just once, I'd love to hear about Disney's plans to take one of its existing Disney Channel properties that has not hit franchise status and turn it into the next Hannah Montana phenomenon. To be fair, there may have been a few articles here and there on the subject, but none have studied it to my satisfaction, certainly.

I've been critical of Disney (NYSE: DIS) when it comes to some of the Mouse's moves in terms of content development. But, when I see something I approve of, I have no problem highlighting my feelings about it. Today is just such a day.

According to The Hollywood Reporter, Disney does not want to help Walden Media make the next picture in the Chronicles of Narnia franchise. The studio teamed up with the production company on The Chronicles of Narnia: the Lion, the Witch, and the Wardrobe, as well as the second feature, Prince Caspian. Although I'm certain that there will be Caspian DVDs under a lot of Christmas trees this holiday, I, along with everyone else, noticed back in the summer that the film delivered disappointing results at theaters. And then, Disney CEO Bob Iger tried to make excuses about the bad performance (CEOs are always trying to make excuses about one thing or another, it seems). Now, though, Iger is done synthesizing reasons for the failure of Caspian. Instead, he's passing on The Voyage of the Dawn Treader, and I congratulate him on his decision.

Well, thanks a lot, Disney (NYSE: DIS), for making a liar out of me. I thought the media company would beat earnings expectations for the fiscal fourth quarter. It didn't. Net income on an adjusted basis was $0.43 per share. Wall Street thought the Mouse was good for $0.49. And there wasn't much growth quality to the bottom line, either. Disney only managed to increase it by a single solitary penny. Alas.

Shareholders can console themselves with the 18% growth seen in the adjusted per-share earnings for the full year. However, they won't be too pleased by the 38% drop seen in Q4 free cash flow. And the 1% gain in free cash flow for the year isn't going to make any investor jump for joy. Disney's operating segments struggled during the quarter, save for consumer products, which saw its top and bottom lines expand. Looks like merchandise based on Hannah Montana and High School Musical are still performing (for now).

Make no mistake about it, I'm disappointed. I'm a shareholder, so I've got money behind CEO Bob Iger's vision. And it looks like not even he can make the recession go away. It clearly is affecting Disney. And it clearly will continue to affect Disney. All he can do now is manage the pain for shareholders. Every single dollar should be looked at before it is spent. Do I have confidence that Iger is up to the task? I think he'll do a reasonably good job, but quite frankly, that isn't good enough. The best thing Iger could do at this grave economic juncture is reward shareholders with a much higher annual dividend and, perhaps more importantly, a special dividend. If you're a long-term shareholder in this market environment, you definitely want to be paid to wait.