Investors might have been worried when Disney (DIS) announced it would shell out $7 billion for Pixar. However, not only does the animation studio have $1 billion cash on its balance sheet, but Disney announced Monday that it is selling radio station assets to Citadel for $2.7 billion. All of the sudden, DIS only has to cough up about $3 billion of its own money to fund the Pixar acquisition.

Swapping terrestrial radio for a piece of Pixar seems to make sense. By ridding itself of huge licensing payments, Disney should reap much fatter margins on future animated hits. Combined with strong earnings just reported, do recent events make Disney stock a buy?

While Bob Iger's moves seem to be the right ones, DIS shares don't look like much of a bargain. Paying 17 times forward earnings for DIS looks steep to me. Plus, the company's dividend yield is a paltry 1.1 percent, far below the S&P 500's yield. Investors hoping for great things might be disappointed, but at least the company is making moves.