Disney (NYSE: DIS) shareholders have experienced a nasty downturn over the past couple of years that has led to doubts about the company's long-term prospects. In fact, this February I warned Disney's stock was at risk due to several company-specific and industrywide challenges, noting I had greatly reduced my personal stake to a negligible amount.

However, the stock has fallen another 20% since then. And CEO Bob Iger, who returned to the CEO role last November, has begun implementing some strategic shifts that should improve results.

Moreover, the standoff between Disney and cable company Charter Communications (NASDAQ: CHTR) was just resolved, removing an overhang to both companies. Does the deal, new turnaround progress, and a lower stock price now make Disney a buy?

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Source Fool.com