In terms of annual revenue, Disney has $83B against $29B for Paramount Global, $30B for Netflix, and $13B for Warner Bros Discovery. So Disney's debt is 0.6x revenue while Warner Bros Discovery's debt is 3.7x revenue. If Disney's debt is a problem, WBD is drowning.
What did Comcast get other than the 39% of Sky that Fox owned? The Fox Sports RSN went to Sinclair.
I can appreciate the issues around debt, but Disney also acquired a huge amount of IP and market control in entertainment in the deal. They've left the Fox broadcast networks without a TV studio for their content (and first-run is becoming less important in the era of streaming). They've gotten so many of the most important IP franchises out there. They've become by far the largest movie studio. In an era where entertainment is becoming vertically integrated from creation to streaming, it seems like Disney has locked down so much of the future.
We see how others are struggling. Paramount is trying to make the most of Star Trek and is the smallest major movie studio. Warner Bros Discovery is an also-ran with HBO Max - and having trouble figuring out the way forward with HBO Max/Discovery+/(the canceled) CNN+. WBD is also struggling with many of their franchises fizzling out: the Harry Potter/Fantastic Beasts universe is mired by JK Rowling's problematic politics and Ezra Miller's many issues; they seem to be having trouble getting their DC properties to perform how they'd like having canceled Batgirl when it was almost finished and talking about refocusing the franchise. Sony is an independent studio, but lacks the integrated platform that the other 4 have. Comcast/NBCUniversal is still trying to figure out what Peacock is and having trouble even attracting free users.
Iger talked about making the call to buy the IP needed to really create a vertically integrated company that would be able to support a streaming service without licensing lots of outside content. It started with Pixar, Lucasfilm, and Marvel who gave Disney a huge amount of content and talent. Fox was expensive, but also gave Disney the rest of the Marvel universe (except Spiderman) along with so much more content and a huge amount of control of the box office and TV. Disney is in a very strong position relative to their competitors. I think Disney is going to look pretty good in a decade. The economies of scale of running a large streaming service seem likely to help Disney a lot (having many more customers paying for the same content and allowing you to afford more of it). That's not to say Paramount, WBD, and others can't compete, but it does seem like Disney owns so much more which lets them offer more and secures their position. People got Netflix because it offered more and it's hard to see how Paramount or WBD or NBCUniversal could offer as much as Disney could. Now, Disney will try and figure out what the minimum it can offer while keeping users is, but they have such a depth of content that it puts them in the driver's seat a bit.