Disney (NYSE: DIS) has been a disappointing stock for investors for years. Over the past five years, shares of the entertainment company are down 1.7% while the S&P 500's total return is 96%.

The struggles of Disney's films have gotten the most attention, but the real reason the company has underperformed is cable TV.

Millions of consumers have cut cable, which lowers the fees Disney charges for channels like ESPN, the Disney Channel, FX, and more. This has been the source of growth and profits for decades, and it's in structural decline. But there are still three reasons to love Disney stock today.

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Source Fool.com