Disney's Dizzying Ascent

Meanwhile, the jury is still out on whether a high-profile split at Viacom(VIA Quote) and CBS(CBS Quote) will work. Shares in those companies are flat to down this year, in spite of a raft of high-profile moves by CBS chief Les Moonves in particular. Chairman Sumner Redstone was only the most vocal proponent of so-called media disassembly last spring, when he unveiled the plan to cleave the two longtime stablemates.

Still, not all is lost for disassembly boosters out there. Liberty Media(L Quote), for example, has created tracking stocks drawn along interactive and capital investment lines in the hope that by breaking out the different parts of the company they will get more appropriate valuations.

The knock on Liberty historically is that it has been too complicated for analysts and investors, says Liebau, who owns the stock. Tracking stocks are a way to "narrow the gap between what [Liberty] is worth and what it's trading at," Liebau says. "The transaction is worth it to me."

Liberty is expected to launch the tracking stocks in May.