NEW YORK (TheStreet) -- Walt Disney (DIS) is going to continue to look at M&A options carefully as it comes into the spotlight after AT&T (T) announced that it was purchasing Time Warner (TWX), CEO Bob Iger said on CNBC's "Squawk on the Street" on Friday morning. Shares of the entertainment company were higher in early afternoon trading on Friday, despite reporting a 2016 fourth quarter earnings and revenue miss after Thursday's closing bell.
In the past, Disney has chosen the "right assets" with Pixar, Marvel and Lucas and has "integrated them well," Iger noted. "The result of those three acquisitions is very, very obvious on the numbers we just released and what we talked about it in the future."
Going forward, Disney is particularly interested in companies that offer direct-to-consumer platforms for content, Iger said. "We're going to continue to look expansively in that regard and buy where there's a great opportunity to create more value."
On Thursday, Liberty Media (LMCA) Chairman John Malone told CNBC's David Faber that, now that Time Warner has been acquired, "Disney is the only big, very attractive, content-owning distribution company" that isn't controlled. Disney and ESPN will end up splitting up and then Apple (AAPL) will be "more interested" in Disney, Malone predicted.
In addition, Disney's outlook for ESPN is "very positive," particularly since its moving the channel to mobile platforms, Iger said. His comment comes as some investors are worried about ESPN's growth after Nielsen reported that Disney's sports cable channel lost 621,000 subscribers in one month.