Why it might not be time to dump Disney shares

Options Action: Magical move for Disney?
Disney bull vs. bear
Traders burned by Disney?

Shares of Disney fell 9 percent on Wednesday, a day after the company missed revenue estimates and lowered its expectations for television subscribers as consumers continue to ditch traditional cable bundles.

But that doesn't necessarily mean investors should be ditching the company, according to Tim Nollen, Macquarie senior media analyst.

"This was the first public company comment that I have heard of a company actually reducing guidance on the concern of cord cutting," he told CNBC's "Closing Bell" in an interview. "But in Disney's case they have the option potentially to offer ESPN as a direct-to-consumer, over-the-top service the way HBO Now did, and there are very few companies that can actually do that."

Read MoreWe're bullish on cable, ESPN: Disney CEO Bob Iger

Jonathan Nackstrand | AFP | Getty Images; Getty Images

Since half of Disney's profits come from cable, worried investors are hoping that an addition of something like that would be plausible.

S&P Capital IQ's Tuna Amobi believes that such a move isn't only plausible, but it also wouldn't come with the worry of having to compete with other streaming services like Netflix, which saw shares reach all-time highs on Wednesday, due to the live nature of sports viewership.

"We think ESPN is relatively insulated from these pressures," he told CNBC's "Power Lunch" in an interview. "Not just because the majority of sports viewing is done live but also the fact that they have locked in their programming contracts well into the future."