Here’s a surprise: Disney’s media business isn’t weighing down the company anymore. The primary Disney investor narrative since 2022 has been how streaming losses, combined with a declining traditional pay TV business and a string of box office failures, have been anchoring surging sales and profits at the company’s theme parks and resorts. The result has been a company whose shares have fallen about 24% in the past two years, while the S&P 500 has gained 28% in the same period. The company’s second-quarter results suggest a shift is happening. Disney’s combined streaming businesses — Disney+, Hulu and ESPN+ — turned a quarterly profit for the first time ever, making $47 million. That’s a significant improvement from losing $512 million in the same quarter a year ago. Disney’s theatrical unit is also on a hot streak. “Inside Out 2” became the highest-grossing animated film of all time in recent weeks. “Deadpool & Wolverine” has taken in $824…
