Is Disney (Disney Stock Quote, Chart, News NYSE:DIS) a media company or an entertainment business? It\u2019s both, of course, but the role played by Disney\u2019s theme parks in attracting investors to the stock just got a lot smaller. That\u2019s according to Rosenblatt Securities\u2019 Bernie McTernan, who argues that after COVID-19 finishes taking a bite out of Disney\u2019s theme parks, the company\u2019s reliance on video streaming becomes the bigger deal. Disney announced on Tuesday plans to lay off 28,000 workers in its parks divisions in California and Florida, as the company reels from the closure of its theme parks in the wake of the COVID-19 pandemic. So far, Disney\u2019s Florida parks have reopened in a more limited capacity but its California parks remain closed on government orders as the state attempts to rein in the spread of the virus. Saying that the California closures have made it worse on the company , Disney chairman of Parks, Experience and Product Josh D\u2019Amaro said, \u201cAs heartbreaking as it is to take this action, this is the only feasible option we have in light of the prolonged impact of COVID-19 on our business, including limited capacity due to physical distancing requirements and the continued uncertainty regarding the duration of the pandemic.\u201d The world looked a lot different to Disney less than a year ago when the company launched its streaming service Disney+ to much fanfare and predictions that it plus a new wave of streaming providers would be giving Netflix a run for its money. And while Disney+ has been a success, it's the reinvention of its parks business that is likely top of mind at the moment. \u201cWhat\u2019s interesting is that it seems like the park business could be changing,\u201d said McTernan, speaking on CNBC on Tuesday. \u201cComcast had plan to open up or start construction on another major gate in Orlando and it\u2019s completely paused just because it\u2019s uncertain what the next generation of parks should look like. Maybe it\u2019s less people but tickets cost more and you have less people working, maybe that's how this ends up.\u201d McTernan says he views Disney\u2019s recovery to be a long-term prospect and that investors should be focusing on its media business for the time being. \u201cThe reason why you own Disney is because of the streaming and because of their content,\u201d McTernan said. \u201cReally, there\u2019s so much uncertainty, whether it\u2019s in parks or studios or people going back to theatres \u2014 even on the advertising side \u2014 the one thing that is working for media companies is streaming.\u201d \u201cWith Disney+ we\u2019re looking for them announcing their Star+ platform going outside of the US, sometime maybe this year or early next year, and we think that\u2019s going to get investors to talk about where the next hundred million subscribers for Disney are going to come from,\u201d McTernan said. So, could Disney actually survive without theme parks? \u201cRight now, they\u2019re at close to 100 million and Netflix is at 200 million, so I think they\u2019ll be narrowing that gap over time and increasingly we\u2019ll be talking more and more about the profits and revenue of this company coming from streaming and not parks,\u201d McTernan said.