Not fun.

Shares of The Walt Disney Company (DIS) - Get Walt Disney Company Report  fell 2% Wednesday following the release of its first-quarter earnings, but long-term investor Patrick Sanders, Assistant Managing Editor of Investing at U.S. News, is cheering the day's decline as a buying opportunity. 

"Long-term investors don't know whether they're going to land Fox or not. Whoever wins that battle will be able to offer a viable alternative to Netflix (NFLX) - Get Netflix, Inc. (NFLX) Report ," Sanders told TheStreet. "But investors who are shying away are being a little short-sighted."

Disney shares are down more than 6% year to date, and Wednesday's softness can be partially attributed to the fact that rival Comcast (CMCSA) - Get Comcast Corporation Class A Report is reportedly offering a competing bid for the assets that 21st Century Fox (FOXA) - Get Fox Corporation Class A Report is putting up for sale.

Comcast is a holding in Action Alerts PLUS.

Even if Disney fails to land the Fox assets, Disney is still a strong company that does plenty of things right, Sanders said. 

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The company's movie studio continues to break records with blockbusters such as February's "Black Panther" film, which is on the cusp of surpassing $700 million at the domestic box office with another $645 million in foreign ticket sales. 

Black Panther, which is part of the Marvel Cinematic Universe that Disney purchased for $4 billion in 2009, will finish its theatrical run among the top-10 highest all-time grossing films of all time. It will soon be joined by another Marvel property, "Avengers: Infinity War," which has brought in $1.3 billion globally after just two weekends in wide release. 

While the success of the movie business is encouraging, Disney's movie division only accounted for about a seventh of the company's quarterly revenue. 

Disney's movie segment saw revenue rise 21% in the most recent quarter, accounting for $2.45 billion in revenue, compared to the company's overall haul of $14.55 billion in the quarter. 

The company's media segment, which accounts for more than 40% of overall revenue, saw its operating income fall by 6% in the quarter, while operating income in the movie department rose 29%. The real weakness was in Disney's cable networks, which saw operating income fall 4% while broadcast networks saw their operating income remain flat year-over-year even as revenue in the media segment rose 3% year over year. 

Still, Sanders believes that if you are a looking two to five years down the road, Disney is a stock you want to hold on to.

"I'm cheering Wednesday's selloff, this is a sale for people looking to add to their positions," Sanders said.