Feinseth, who is chief investment officer of Tigress Financial Partners, told CNBC's "Worldwide Exchange" that massive mergers between distributors and content creators are more difficult to monetize than they initially seem.
"History has shown that these mega-mergers just don't work. They don't really create shareholder value," Feinseth said. "The first time [Time Warner] was taken over and merged with AOL, that became the biggest disaster in M&A history."
The big regulatory hurdle this deal will have to pass, Feinseth said, will likely be some kind of open-access mandate.
"In theory, merging distribution and content makes sense, but it doesn't really work in practice because the content is dependent on a broad base of distribution. So if you narrow it down to one distributor, it doesn't really work for the content," Feinseth said.
He added that having multiple distributors benefits the distributors themselves, the content producers and the consumers, so a deal focused on distributing that content exclusively would not make much sense.
One positive Feinseth sees coming out of this deal is the confirmation that there is still major value in content.
"I think the biggest beneficiary of this is Disney. Disney really has not been valued based on its content, and they are the king of content," Feinseth said, adding that this could position other content producers to take part in future deals.