Media company Comcast Corporation (CMCSA) saw shares pop about 5% on Monday after announcing plans to split into two units: one focused on broadband and wireless, and the other on media and entertainment. The move is the latest in a wave of restructuring across the media sector, and it has investors wondering whether Walt Disney Co (DIS) might be next.

Comcast said it will spin off its NBCUniversal and Sky brands into a new company, separate from its core broadband, cable, and wireless businesses. The new entity will include Universal Pictures, NBC, Telemundo, NBC News, Peacock, Bravo, Universal theme parks, and Sky. This follows an earlier spinoff of cable assets like CNBC and MSNBC into Versant Media Group (VSNT).

Comcast insists the split is about focus, not M&A. But investors can't help noticing that the new NBCUniversal looks a lot like Disney — a mix of theme parks, broadcast, cable TV, and streaming. The move also comes as Paramount Skydance (PSKY) pursues a high-profile acquisition of Warner Bros. Discovery (WBD), creating a giant in streaming, TV, and movies.

So where does that leave Disney? While Netflix reportedly tried to buy Warner Bros. Discovery, Disney has been relatively quiet on the M&A front. And its stock has been one of the worst performers among the named companies. Here's a look at year-to-date and one-year returns:

• Comcast: YTD -11.6%, 1-Year -26.8%
• Disney: YTD -11.8%, 1-Year -20.4%
• Paramount: YTD -26.1%, 1-Year -17%
• Warner Bros.: YTD -5%, 1-Year +136.3%

Disney's underperformance suggests it might need to make a big move to get investors excited. But a full split like Comcast's may not make sense for Disney, which has three complementary business lines: Experiences (theme parks, cruises, consumer products), ESPN/Sports, and Disney media (Disney+, Hulu, cable channels, ABC). These units work well together, and breaking them up could destroy value.

However, one move that has been discussed for years is a spinoff of ESPN. That could unlock value and give investors a pure-play sports asset. Alternatively, Disney could go the acquisition route, buying media assets to bulk up. Without a major move, Disney stock risks being overlooked as the sector consolidates around it.

For now, Comcast's split has given investors something to cheer about. The question is whether Disney will follow suit — or get left behind.