The acquisition of sports content is becoming more expensive, affecting Walt Disney's ESPN. In response to this, last week Boston Private Wealth, a wealth management and banking company, sold its shares of the media giant.
"We're not really able to look at [Disney] over the next couple of years and see that as a positive for shareholders," Shannon Saccocia, chief investment strategist at Boston Private Wealth, told CNBC on "Power Lunch" Monday.
"If you look at the cost of old media, the number of consumers who are cord cutting; if you look at ESPN, such a great business for Disney. ... It's a great company, but it's just the cost of that media," Saccoccia said.
While Disney has always paid for television shows and sports rights, as more players enter the streaming business, such as Netflix, content prices continue to rise. That means Disney has to pay higher prices to compete for the best content.
"Once you start paying for content that really cuts into your earnings. We just feel like right now, we really just want to step away," she said.