Walt Disney Co. (NYSE: DIS) CFO Hugh Johnston stated that the funds primarily came from cash previously earmarked for the OpenAI deal and anticipated proceeds from the A+E transaction, as the company sold its 50% stake in A+E Global Media, expected to generate $1.2 billion in cash. This move brings Disney's buyback activity to the level of $9.4 billion in fiscal year 2017 (9 years ago), demonstrating management's confidence in the company's fundamentals and stock price. Disney currently trades at a P/E ratio of 16.8x, a 33% discount to the broader S&P 500 index.