Not fun.

Shares of The Walt Disney Company (DIS)  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) ," 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) is reportedly offering a competing bid for the assets that 21st Century Fox (FOXA) 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. 

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. 

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