The Walt Disney Company https://thewaltdisneycompany.com/ Mon, 16 Mar 2026 19:08:35 +0000 en-US hourly 1 https://thewaltdisneycompany.com/app/uploads/2026/01/icon-512x512-1-300x300.png The Walt Disney Company https://thewaltdisneycompany.com/ 32 32 Disney’s Decades of Social Impact https://thewaltdisneycompany.com/news/decades-social-impact/ Mon, 16 Mar 2026 14:43:54 +0000 https://thewaltdisneycompany.com/?p=46994&post_type=news The post Disney’s Decades of Social Impact appeared first on The Walt Disney Company.

]]>

For over a century, The Walt Disney Company has been a source of joy and inspiration for children and communities around the world through the stories, characters, and experiences we create. That commitment extends beyond entertainment, reflecting a long-standing belief — championed by Disney CEO Bob Iger — that storytelling, creativity, and direct action can help make a meaningful impact in the world.

Since Iger’s tenure began in 2005, Disney has contributed more than $4 billion through cash and in-kind donations toward its social responsibility efforts, primarily supporting nonprofit organizations focused on the wellbeing of children, families, and communities via three pillars of positive impact: children’s hospitals, wish-granting, and supporting veterans and their families. These pillars include longstanding partners such as Make-A-Wish®, Starlight Children’s Foundation, Blue Star Families, and hundreds of nonprofit organizations around the globe focused on youth development and community resilience.

This work also extends to internal programs — such as the Disney College Program and Disney Aspire — that help develop employees and guide them toward greater personal and professional growth.

Together, these efforts reflect Disney’s enduring commitment to creating a positive impact in communities both near and far.

Disney's $100 Million Commitment to Children's Hospitals

1.7K

Children’s hospitals and pediatric places of care in 45 countries around the world have been supported by this $100 million commitment.

400+

Hospitals have ongoing access to first-run Disney movies through the company’s Disney Movie Moments program.

~30K

Hospital staff and leaders trained through the Disney Institute Program.

2M+

Toys, books, costumes, and other items distributed to children’s hospitals through Starlight Children’s Foundation.

In 2018, Iger announced a $100 million investment to reinvent the patient and family experience in children’s hospitals across the globe. The first hospital to partner with Disney on a comprehensive patient experience approach was Texas Children’s Hospital in Houston — the largest children’s hospital in the United States. Notably, Walt Disney himself supported fundraising efforts for the hospital prior to its opening in 1954, underscoring a legacy of care that continues today. 

Disney’s creative expertise also plays a unique role in these efforts. In 2018, Walt Disney Imagineers, working alongside patients and the hospital’s Play Team, helped design The Disney Reef at Great Ormond Street Hospital (GOSH) in London — an immersive, underwater-themed outdoor play space featuring custom-designed sculptures of Disney characters. In 2024, Disney expanded its commitment at GOSH by announcing funding for a fully accessible MediCinema theater, bringing movie magic to patients, families, and caregivers alike. 

  • In the Asia Pacific region in 2016, Disney announced a donation of over $3 million USD (RMB 20 million) tied to the opening of Shanghai Disney Resort to support Disney-themed play spaces and therapeutic activities in children’s hospitals across China.
  • In collaboration with the China Soong Ching Ling Foundation and the Shanghai Charity Foundation, Disney has helped build 50 Disney Fun Houses across 41 cities in 24 provincial and municipal regions, bringing joy to children undergoing treatment and recovery.

Make-A-Wish

The Walt Disney Company is the world’s largest wish-granter through Make-A-Wish®, granting a wish every hour of every day. Disney has granted more than 170,000 wishes for critically ill children around the world. In the last decade alone, Disney has contributed more than $200 million through both cash and in-kind donations to Make-A-Wish America and Make-A-Wish International. 

Disney prides itself not just on the volume of wishes it grants, but also the way it constantly pushes the boundaries of what a wish can be. 

While many wishes take place at Disney theme parks, every segment of the company plays a role in bringing wishes to life. 

  • ESPN: Through the My Wish series ESPN and Make-A-Wish have partnered for 18 seasons to connect children with their favorite athletes. 
  • Disney Entertainment: Wish children have visited sets and met talent, including experiences with Luke Bryan on American Idol and Sebastian Stan on the set of Marvel Studios’ Thunderbolts*. 

Veterans and Military Families

Disney’s respect for military service members and their families is deeply rooted in the company’s history. Walt Disney and Roy O. Disney both served their country during World War I, and honoring those who serve has remained a continual tradition through daily flag retreats since the opening of Disneyland Resort in 1955. 

Efforts for Veterans and Military Families

$20M+

Amount that Disney has directed to organizations that support veterans, service members, and military families since 2012.

2012

The company launched Heroes Work Here, an enterprise-wide initiative, focused on hiring, training, and supporting U.S. military veterans.

2016

Disney donated the use of the ESPN Wide World of Sports Complex at Walt Disney World Resort to serve as the home of the 2016 Orlando Invictus Games. 

2024

Disney welcomed the Department of Defense Warrior Games back to ESPN Wide World of Sports Complex at Walt Disney World Resort, after having hosted the games at the facility in 2022. 

Disney also provides funding and media support to a broad network of nonprofit partners dedicated to easing the transition from military to civilian life as well as supporting veterans and military families. These include: American Corporate Partners, Bob Woodruff Foundation, Blue Star Families, Disabled American Veterans, Fisher House Foundation, Operation Gratitude, Student Veterans of America, USO, Veterans in Media and Entertainment, VetsInTech, and Wounded Warrior Project. 

Caring for Employees and Cast Members

Disney has taken numerous steps to support the growth and development of its employees and cast members across all stages of their career journeys. 

Over the past two decades, the Disney College Program has evolved from a longstanding internship initiative into a large-scale, globally recognized talent pipeline supporting thousands of students each year. 

Originally established in 1981, the program has steadily expanded its scope, housing, and participant opportunities. What began with fewer than 300 students now welcomes thousands of participants per semester, illustrating its transformation into one of the most competitive and sought-after internships in the industry. 

The Walt Disney Company’s groundbreaking education investment program, Disney Aspire, is a comprehensive employer-funded initiative designed to empower hourly employees and cast members by removing traditional barriers to higher education.

Efforts for Disney Aspire

2018

Disney Aspire is launched, reflecting the company’s longstanding commitment to fostering a supportive, growth-oriented workplace.

91.6K+

Employees across the U.S. supported by Disney Aspire through up front tuition payment at more than ten in-network learning providers.

4.9K+

Students and graduates of Disney Aspire internally promoted across the company.

1 in 4

Applicants to U.S. hourly roles at the company who cite Disney Aspire as a primary reason for applying.

Disney continues to invest in its people through a comprehensive ecosystem of leadership, learning, and recognition programs. From expanded LEAD and Leadership Development Pathways to a broad portfolio of internships and professional programs spanning disciplines, campuses, and global regions, Disney is building strong pipelines into longterm roles. This commitment is reinforced by a robust internal learning platform that supports continuous development for both hourly and salaried employees. 

Recognition

The Walt Disney Legacy Award

Launched in 2009, this highest level of recognition honors Disney Experiences cast members who embody the values of dream, create, and inspire through peer-nominated recognition across Disney’s global businesses.

Caring for Our Communities

The Walt Disney Company makes sure to care for both the communities that it directly operates in and those in which it has a less direct connection. 

Over the past two decades, Disney has committed more than $100 million in disaster response and recovery funding to nonprofit partners supporting communities affected by major hurricanes — including Milton, Helen, and Irma — earthquakes in Yunnan and Nepal, fires such as those at Notre Dame Cathedral, and the devastating Los Angeles wildfires in January 2025. 

In response to the Los Angeles wildfires, Disney acted quickly to lead the entertainment industry’s response with a $15 million commitment to support immediate relief and longterm rebuilding in the community it has called home for more than 100 years. 

 

Disney also supports employees impacted by disasters through the Disney Employee Relief Fund, which has provided more than $5 million in grant assistance since the program began in 2021. The company maintains year-round disaster readiness through partnerships with organizations such as the American Red Cross, UNICEF, and Feeding America, helping ensure rapid access to food, water, and emergency aid. 

Disney continues to invest in long-term community solutions, including affordable housing. Through DisneylandForward — a multiyear public planning effort to update Disneyland Resort’s existing development approvals — the company made a $30 million investment in affordable housing, which represents the largest affordable housing investment tied to a nonresidential project in Anaheim’s history.

Future Generations

Since 2018, Disney has invested more than $400 million in youth programs

These efforts, delivered by local nonprofits around the world, have impacted millions of children globally. Signature initiatives such as Disney Musicals in Schools, ESPN’s Take Back Sports, and Disney Future Storytellers provide kids with access and opportunity across arts, storytelling, sports, and other key Disney industries.

Disney has long supported healthier choices for families through a series of thoughtful initiatives informed by expert guidance. 

In 2006, with guidance from leading health experts, Disney introduced Nutritional Guidelines for children ages three and older. In 2010, the company launched Disney Magic of Healthy Living, a national multimedia initiative supporting parents in raising healthy, happy kids. These efforts expanded in 2012 with the introduction of Disney Check, helping families identify healthier food and beverage options that meet Disney Nutritional Guideline Criteria in stores, online, on-air, at Disney theme parks and resorts, and other places where Disney products are sold. 

Environmental stewardship is another cornerstone of Disney’s impact. Since 1995, the Disney Conservation Fund (DCF) has contributed more than $141 million to protect wildlife and wild places and connect families with nature worldwide. DCF-supported programs have helped protect more than 300 million acres of habitat — an area equivalent to 10,000 Walt Disney World Resorts — and provided millions of kids with nature experiences.  

Through relationships with organizations such as the International Fund for Animal Welfare, DCF has also supported animal rescue efforts during disasters, helping more than 200,000 animals across 39 countries. 

The post Disney’s Decades of Social Impact appeared first on The Walt Disney Company.

]]>
Disney Cruise Line Launches New Ad Celebrating the Enduring Power of Disney Magic & Family Traditions https://thewaltdisneycompany.com/news/midnight-magic-cruise-line/ Sun, 15 Mar 2026 23:45:36 +0000 https://thewaltdisneycompany.com/?p=47760&post_type=news The post Disney Cruise Line Launches New Ad Celebrating the Enduring Power of Disney Magic & Family Traditions appeared first on The Walt Disney Company.

]]>

On March 15, during the Academy Awards on ABC, Disney Cruise Line premiered an emotional and uplifting new ad campaign showing how even the simplest moments on a Disney vacation can grow into lifelong memories and treasured family traditions.

The spot, dubbed “Midnight Magic,” follows a father and son as they share a quiet ritual aboard a Disney ship, tracing their relationship across the years, from childhood to adulthood and into grandparenthood.

Fair warning: keep a tissue handy because it’s a tear-jerker (in all the best ways).

“Disney has brought families closer together for generations,” said Asad Ayaz, Chief Marketing and Brand Officer, The Walt Disney Company. “This campaign embodies what guests tell us time and again: that the Disney experiences they cherish most are the ones spent with the people they love. We’re grateful to make that kind of Disney magic a reality.”

The creative team behind this short film drew inspiration from how Disney creates moments of real connection, sometimes in moments of grandeur and sometimes in the quiet moments they share as a family. In the ad’s story, those quieter moments take place during a nighttime stroll on a Disney cruise, when the ship feels like yours alone.

The campaign highlights Disney’s unique ability to touch lives, build meaningful connections and create happiness—not just through attractions, shows and amenities, but in the time spent with each other. The idea of a Disney cruise becoming a family tradition came straight from longtime fans and repeat guests.

The spot arrives during an exciting period of growth for Disney Cruise Line. Five new ships are planned by 2031, bringing the fleet to a total of 13 ships worldwide. That expansion includes the recent launch of Disney Destiny in Fort Lauderdale, Florida, and the debut of Disney Adventure in Singapore earlier this month as the cruise line’s first ship in Asia.

Along with more departure ports around the globe to destinations spanning the Caribbean, The Bahamas, Europe, Alaska and beyond, this ongoing expansion is enabling Disney Cruise Line to welcome more families than ever before.

For more information about how to book a Disney Cruise Line vacation, guests can visit DisneyCruise.com.

The post Disney Cruise Line Launches New Ad Celebrating the Enduring Power of Disney Magic & Family Traditions appeared first on The Walt Disney Company.

]]>
At SXSW, Disney Consumer Products Showcases the Strength of its Storytelling and Cultural Relevance https://thewaltdisneycompany.com/news/sxsw-consumer-products/ Fri, 13 Mar 2026 21:07:02 +0000 https://thewaltdisneycompany.com/?p=47712&post_type=news The post At SXSW, Disney Consumer Products Showcases the Strength of its Storytelling and Cultural Relevance appeared first on The Walt Disney Company.

]]>

For more than a century, The Walt Disney Company has continued to expand the ways in which audiences interact with its stories. At this year’s South by Southwest® (SXSW®) conference in Austin, Texas, Disney Consumer Products (DCP) showcased exactly how that legacy is expanding — powered by cultural insight, emotional storytelling, and innovative collaborations that meet fans wherever they are.

On March 13, Tasia Filippatos, President of Disney Consumer Products, took to the SXSW stage to detail how the business has grown into a commercial powerhouse, extending Disney’s iconic characters far beyond screens and theme parks into everyday categories such as sports, beauty, fashion, jewelry, and home décor.

Amplifying a Legacy of Magic

Filippatos opened her talk, “Shaping Brand Relevance for a New Generation,” with a simple statement: each person’s experience with Disney is deeply personal. Whether it’s a memory of a family trip to Disneyland, trick-or-treating dressed as a beloved Disney character, or singing a favorite song on repeat, Disney stories don’t just entertain; they stay with us. And while many fans know Disney for its films and theme parks, DCP is the engine that brings those stories to life in the hands of consumers around the world.

But, Filippatos cautioned, “legacy alone isn’t a strategy for the future.” Disney’s challenge, and opportunity, is to remain meaningful to each new generation. To sustain that emotional connection, DCP is evolving how fans experience Disney stories by meeting them where they are, embracing new platforms and touchpoints that make Disney part of daily life.

Inside the World of Disney Consumer Products

Disney’s consumer products business anchors a $62 billion global retail ecosystem, inclusive of the world’s largest licensing operation. Spanning more than 100 product categories across 180 countries, DCP brings storytelling to life from mass retailers like Walmart to luxury brands such as Gucci, and from games to publishing. At every level, the work is guided by a single purpose: to “create happiness every day.”

Tasia Filippatos, President of Disney Consumer Products, at SXSW

Evolving With a New Generation of Fans

With younger generations shaping global trends faster than ever, DCP is adapting to meet the expectations of digital‑native audiences. Filippatos invited Ron Faris, DCP’s Head of Global Marketing, to unpack how fandom drives cultural relevance. His insight: youth don’t just consume culture; they create it, remix it, and scale it.

From games like Roblox and Fortnite to video platforms like TikTok and YouTube Shorts, today’s fans interact with Disney stories on their own terms, and Disney’s approach is evolving accordingly.

Ron Faris, Head of Global Marketing, DCP
Sean Shoptaw, EVP of Games & Digital Entertainment

As Faris explained, the Disney playbook is built on three core ingredients: story, product, and experience, with story as the foundation. “Story is the most important. That’s the lore,” he said, noting that Disney continually shapes and remixes its stories to drive energy and emotion across different segments of consumers. With trading cards and vintage thrifting emerging as two of the biggest youth trends today, DCP leans into high-heat drops and collectible formats like blind boxes, which deepen emotional engagement. Together, this approach allows DCP to create culturally relevant moments that resonate with new audiences.

Games as a Gateway into Disney Stories

With nine game franchises surpassing $1 billion, Disney games aren’t simple adaptations of box office hits. Instead, they’re full-fledged storytelling universes. Filippatos also welcomed Sean Shoptaw, EVP of Games & Digital Entertainment, to discuss how gaming has become one of the most powerful entry points into Disney storytelling.

“Today’s consumers expect to have a voice,” said Filippatos. “And they’re looking for community and shared experiences on these platforms.”

Shoptaw highlighted the company’s partnership with Epic Games, showcasing the enormous potential ahead as the boundaries between games, content, and interactive worlds continue to blur.

Emotion at the Heart of Creativity

Emotion drives everything at Disney and that includes consumer products. To explore this idea, Marcus Rosie, Head of Global Creative, joined Filippatos onstage to talk about how DCP designs products and experiences starting with the question: “What do we want people to feel?”

Pointing to examples ranging from Selfridges’ enchanting and immersive holiday takeover in London to a globally celebrated Disney’s The Lion King collaboration with Balmain, shot on location in Africa and the award-winning Bath & Body Works Disney Princess and Villains fragrance collections, Rosie stressed how emotion transforms products into cultural moments. “Once we define the emotional destination – whether it’s wonder, nostalgia, humor or joy – everything else becomes a design choice,” he said. “Emotion is what turns a moment into a memory.”

Marcus Rosie, Head of Global Creative, DCP
Bobby Kim, Global Creative Director, DCP

Unexpected Collaborations, Made Authentically Disney

The session also spotlighted collaborations that spark curiosity and cultural conversation.

Bobby Kim, DCP’s Global Creative Director, shared how Disney chooses collaborators whose stories align with the company’s DNA, leading to partnerships that feel surprising, yet unmistakably Disney.

“Collaborations are not just a way to share someone else’s story,” said Kim, “but to shine a light on the nuances and facets of your own brand that you might not have seen otherwise. What you say about the collaborator really says more about yourself.”

The Disney x Formula 1® “Fuel the Magic” collaboration was an unexpected pairing that unlocked engagement with a massive global fanbase of 860 million people and made Mickey Mouse an instant star in the F1 paddock. The kick-off spot last May sparked the highest engagement F1 has ever seen around any of its partnership announcements.

From the SXSW stage, Filippatos announced the next step in the “Fuel the Magic” campaign — a partnership with F1 Academy™, supporting the next generation of female racers while celebrating Minnie Mouse and Daisy Duck.

A Blueprint for Staying Relevant

To close the session, Filippatos highlighted one more example that captures the spirit of Disney’s evolving cultural relevance: the 2024 Coperni runway show at Disneyland Paris, which closed out Paris Fashion Week in front of some of the world’s leading tastemakers.

Ultimately, each example discussed reinforced the central idea at the heart of Filippatos’ message, which is relevance is built through creativity, authenticity, and emotional connection. When brands build meaningful connections with their audiences, the magic naturally follows.

The post At SXSW, Disney Consumer Products Showcases the Strength of its Storytelling and Cultural Relevance appeared first on The Walt Disney Company.

]]>
Disney Adventure World at Disneyland Paris: An Interview with Natacha Rafalski https://thewaltdisneycompany.com/news/adventure-world-disneyland-paris-natacha-rafalski/ Fri, 13 Mar 2026 16:39:44 +0000 https://thewaltdisneycompany.com/?p=47686&post_type=news The post Disney Adventure World at Disneyland Paris: An Interview with Natacha Rafalski appeared first on The Walt Disney Company.

]]>

On March 29, Disneyland Paris enters an exciting new chapter with the inauguration of Disney Adventure World, its reimagined and expanded second park that features a thrilling array of innovative new experiences that leverage Disney’s globally beloved stories and franchises.

From the moment guests enter through the majestic Adventure Way to the impressive brand-new World of Frozen — which recreates the kingdom of Arendelle on a life-size scale — they’ll discover an attraction inspired by Walt Disney Animation Studios’ Tangled, 14 new dining locations, an immense lake called Adventure Bay, a breathtaking nighttime spectacular, and more. That’s not to mention the new Olaf robotic character, who will be featured as part of the daily Celebration in Arendelle show.

To learn more about the resort’s exciting transformation, which will include a new world and attraction themed to The Lion King still to come, we spoke with Natacha Rafalski, Présidente of Disneyland Paris.

On Mar. 29, the resort’s second park will officially become Disney Adventure World, with World of Frozen as its centerpiece. How did you determine which Disney stories and franchises would best resonate with guests across Europe?

Our strategy was driven by two key pillars: the proven emotional power of our franchises and our ambition to introduce new stories that complemented those already featured in Disneyland Park at Disneyland Paris. We chose franchises like Frozen, Marvel, and The Lion King because they offer something for everyone, from young children and families to adult fans. While Pixar already has a beloved presence in both our parks, we recognized that Frozen and Marvel have become absolute cultural phenomena that particularly resonate with our European guests. By pairing these with The Lion King, a story that holds a unique, almost sacred place in the hearts of Europeans, we’ve created a perfectly balanced ecosystem of stories.

World of Frozen at Disneyland Paris
'Frozen Ever After' at Disney Adventure World

While Disneyland Park, our first theme park in Paris, remains the home of classic, timeless storytelling, Disney Adventure World is designed as a place where guests literally step into the stories they know and love. We wanted to move beyond watching the story to living within the familiar environments seen on screen. Whether it’s wandering the streets of Arendelle or immersing yourself in the high-tech world of the Avengers, we are inviting our guests to fully dive into the cinematic worlds they have seen on screen, providing a fresh, distinct contrast to our first park.

These stories clearly travel well beyond their original markets. What does their global appeal say about the enduring strength of Disney’s franchises?

It proves that our stories speak a universal language. Disney’s strength lies in building on themes that are foundational to the human experience: the importance of family and self-discovery in Frozen, the values of heroism and leadership in Marvel, or the responsibility and circle of life in The Lion King.

When you combine those themes with relatable characters and unforgettable music, you create a shared cultural touchstone. These stories connect people across generations and borders, creating an emotional bond that remains vibrant decades after a film’s release.

How did you bring these franchises to life in ways that felt authentic to the region and resonated with local guests?

It is a delicate balance between preserving the DNA of these universal stories and grounding them in an experience that feels authentic to our diverse guests, and weaving it into the cultural fabric of Europe. Many of the stories we tell, from Frozen and Tangled to Peter Pan, are originally based on traditional European stories. Our goal is to honor that heritage while inviting guests into the Disney version of those worlds.

We achieve this by drawing heavily from European artistic traditions. On Adventure Way, for example, we embraced an eclectic architectural style with a strong Art Nouveau aesthetic — and influential school of design that originated here in France. We also know our European guests have a unique appreciation for nature and the traditional stroll. Our landscapes bring this to life through an English-inspired Gazebo Garden and formal French-style parks, offering a more contemplative, distinctly European way to experience a theme park.

The map of Disney Adventure World

That commitment to authenticity carries through to the smallest details of craftsmanship and artistry. In The Regal View Restaurant & Lounge, for example, the decor features striking display plates from the Royal Delft manufactory in the Netherlands — authentic elements that help ground the fantasy in real‑world history. We even localize the experience through sound, collaborating with renowned French composer Philippe Rombi, who created a score for Adventure Way that brings a distinct cinematic sensibility to the land.

Finally, we think carefully about how language plays an important role in making the experience accessible and relatable. In our attractions, guests will hear characters naturally shift between French and English, ensuring the story is clear for everyone while maintaining the grand scale our guests expect. It is truly about honoring the European spirit of these tales while inviting every guest to become a part of the story.

Michel den Dulk, Walt Disney Imagineering Portfolio Executive for Disneyland Paris, the Olaf robotic character, and Natacha Rafalski, Présidente of Disneyland Paris

What are some of the most exciting innovations coming to Disneyland Paris as part of this transformation?

Innovation at Disneyland Paris is about elevating every touchpoint of the guest journey, ensuring the magic feels more seamless and alive than ever before. We are particularly thrilled to introduce a next generation robotic figure of Olaf. Developed by Walt Disney Imagineering, this is a true milestone in character technology. Unlike traditional animatronic figures, this Olaf is a free roaming, untethered robotic character that can walk and move with the same whimsical and slightly bumbling gait we know from the films. He can speak and engage with his surroundings in a way that creates a level of character fidelity previously only possible on screen. Guests will be able to see him soon at both Hong Kong Disneyland and right here in Paris as part of our entertainment offerings.

Looking beyond World of Frozen, we are bringing a world first to our nighttime entertainment with the introduction of autonomous aquatic drones. These surface vehicles allow us to use the water of Adventure Bay as a dynamic and choreographed stage. By blending this cutting-edge technology with our classic storytelling, we are creating a multisensory show unlike anything seen in a Disney park before.

We are also evolving the invisible parts of the guest experience. By introducing new digital ways to order food and modernizing our retail environments with intuitive technology, we are removing friction from the day to day. Our goal is to ensure guests spend less time in line and more time immersed in the stories they love.

Cascade of Lights at Disney Adventure World

This transformation is part of a broader €2 billion investment in Disneyland Paris. What does that level of investment signal about Disney’s long-term commitment to the resort and to its growing presence in Europe more broadly?

This investment is a powerful vote of confidence in Disneyland Paris as the leading tourist destination in Europe. It reflects our continued evolution as a world‑class resort, designed to meet the needs of future generations of guests. By significantly expanding our footprint and diversifying our stories, we are reinforcing our commitment to the European region, ensuring that we remain the gold standard for immersive family entertainment for decades to come.

The evolution of Disney Adventure World continues beyond March 29, with a new Up–inspired attraction and an immersive world based on The Lion King still to come. How do these future developments fit into your vision?

Our vision is one of continuous growth and layered storytelling. As we evolve, we are focused on creating a balanced park experience. For instance, the new Up-inspired attraction is a charming, family-style flying carousel that serves as a perfect celebration of the film’s spirit, beautifully complementing the lush greenery and atmosphere of Adventure Way.

A rendering of the new world and attraction themed to 'The Lion King' coming to Disneyland Paris
A rendering of the 'Up'-themed attraction coming to Disneyland Paris

Looking further ahead, the upcoming immersive world of The Lion King will be a massive cornerstone for the park’s future. These developments ensure that Disney Adventure World is a place of constant discovery. A destination that grows alongside our guests, offering everything from quiet moments of family fun to epic, large-scale adventures.

The post Disney Adventure World at Disneyland Paris: An Interview with Natacha Rafalski appeared first on The Walt Disney Company.

]]>
Paul Roeder Named Chief Communications Officer Of The Walt Disney Company https://thewaltdisneycompany.com/press-releases/paul-roeder-named-chief-communications-officer-of-the-walt-disney-company/ Thu, 12 Mar 2026 17:56:14 +0000 https://thewaltdisneycompany.com/?p=47677&post_type=news The post Paul Roeder Named Chief Communications Officer Of The Walt Disney Company appeared first on The Walt Disney Company.

]]>

BURBANK, Calif., March 12, 2026 – Paul Roeder has been named Senior Executive Vice President and Chief Communications Officer of The Walt Disney Company, effective March 19, it was announced today by incoming Chief Executive Officer Josh D’Amaro. A 25-year veteran of Disney, Roeder most recently served as Executive Vice President, Communications – Disney Entertainment Studios, Direct-to-Consumer, and International.

As Chief Communications Officer, Roeder will report directly to D’Amaro and will be responsible for leading Disney’s worldwide communications and public relations strategy and operations and will serve as its lead spokesperson. With oversight of enterprise and business segment communications, as well as regional communications teams in EMEA, APAC, and Latin America, his responsibilities include media relations, executive communications, enterprise editorial strategy, internal communications and employee engagement, public affairs, and corporate social responsibility.

“Paul Roeder is an accomplished and highly respected executive with keen instincts and integrity, and he has built strong relationships in every area of the company and across the entertainment industry during his 25 years with Disney,” said D’Amaro. “He has a passion for Disney and a deep understanding of what it stands for, and I know he’ll do an outstanding job leading our exceptional Communications teams worldwide.”

“Disney is a place I love dearly, and it is a tremendous honor to take on this role at such an exciting and pivotal time for the company,” said Roeder. “I have huge respect for Josh D’Amaro, Dana Walden, and the entire executive team – as well as my talented Communications colleagues – and I’m incredibly optimistic about what we’ll be able to accomplish together. I’m deeply grateful to Josh for this wonderful opportunity, to Alan Bergman for his mentorship and support over the 15 years I’ve served him at The Walt Disney Studios, and to Bob Iger for the encouragement and insight he has so generously offered throughout my career at Disney.”

Named to lead communications for Disney Entertainment – Studios, Direct-to-Consumer, and International in 2023, Roeder oversaw the development and implementation of global communications strategies for The Walt Disney Studios and its collection of world-renowned production studios, including Disney, Walt Disney Animation Studios, Pixar Animation Studios, Marvel Studios, Lucasfilm, 20th Century Studios, and Searchlight Pictures; Disney Theatrical Group; and Disney Music Group. He also led the communications teams for Disney Entertainment’s Direct-to-Consumer group as well as Disney Entertainment and ESPN’s Product and Technology, Platform Distribution, and International divisions, and The Walt Disney Company’s Office of Technology Enablement. His deep company knowledge and expertise have also been pivotal in building strong reputation-management tactics at the corporate level.

Roeder has led communications for The Walt Disney Studios since 2010, serving as a key member of its executive team throughout the acquisitions and integrations of Lucasfilm and 21st Century Fox in 2012 and 2019, respectively; the 2019 launch of Disney+; and the release of some of the biggest films of all time, including “Avatar: The Way of Water,” “Avengers: Endgame,” “Black Panther,” “Star Wars: The Force Awakens,” “Frozen,” and “Inside Out 2,” among many others.

Previously, Roeder served in roles of increasing responsibility in Corporate Communications for The Walt Disney Company from 2002-2010, after joining Disney’s ABC communications team in 2001. He began his career in the entertainment industry serving in various roles at William Morris and later as an assistant to the executive producer on the comedy tentpole Meet the Parents. Roeder is a member of the Academy of Motion Picture Arts and Sciences. He holds a bachelor’s degree in English from De Pauw University.

 

Contacts:

David Jefferson
Corporate Communications
(818) 560-4832
david.j.jefferson@disney.com

Mike Long
Corporate Communications
(818) 560-4588
mike.p.long@disney.com

The post Paul Roeder Named Chief Communications Officer Of The Walt Disney Company appeared first on The Walt Disney Company.

]]>
Paul Roeder Named Chief Communications Officer of The Walt Disney Company https://thewaltdisneycompany.com/news/communications-leadership-announcement/ Thu, 12 Mar 2026 17:49:05 +0000 https://thewaltdisneycompany.com/?p=47671&post_type=news The post Paul Roeder Named Chief Communications Officer of The Walt Disney Company appeared first on The Walt Disney Company.

]]>

Paul Roeder has been named Senior Executive Vice President and Chief Communications Officer of The Walt Disney Company, effective March 19, it was announced today by incoming Chief Executive Officer Josh D’Amaro. A 25-year veteran of Disney, Roeder most recently served as Executive Vice President, Communications – Disney Entertainment Studios, Direct-to-Consumer, and International.

As Chief Communications Officer, Roeder will report directly to D’Amaro and will be responsible for leading Disney’s worldwide communications and public relations strategy and operations and will serve as its lead spokesperson. With oversight of enterprise and business segment communications, as well as regional communications teams in EMEA, APAC, and Latin America, his responsibilities include media relations, executive communications, enterprise editorial strategy, internal communications and employee engagement, public affairs, and corporate social responsibility.

“Paul Roeder is an accomplished and highly respected executive with keen instincts and integrity, and he has built strong relationships in every area of the company and across the entertainment industry during his 25 years with Disney,” said D’Amaro. “He has a passion for Disney and a deep understanding of what it stands for, and I know he’ll do an outstanding job leading our exceptional Communications teams worldwide.”

“Disney is a place I love dearly, and it is a tremendous honor to take on this role at such an exciting and pivotal time for the company,” said Roeder. “I have huge respect for Josh D’Amaro, Dana Walden, and the entire executive team – as well as my talented Communications colleagues – and I’m incredibly optimistic about what we’ll be able to accomplish together. I’m deeply grateful to Josh for this wonderful opportunity, to Alan Bergman for his mentorship and support over the 15 years I’ve served him at The Walt Disney Studios, and to Bob Iger for the encouragement and insight he has so generously offered throughout my career at Disney.”

Named to lead communications for Disney Entertainment – Studios, Direct-to-Consumer, and International in 2023, Roeder oversaw the development and implementation of global communications strategies for The Walt Disney Studios and its collection of world-renowned production studios, including Disney, Walt Disney Animation Studios, Pixar Animation Studios, Marvel Studios, Lucasfilm, 20th Century Studios, and Searchlight Pictures; Disney Theatrical Group; and Disney Music Group. He also led the communications teams for Disney Entertainment’s Direct-to-Consumer group as well as Disney Entertainment and ESPN’s Product and Technology, Platform Distribution, and International divisions, and The Walt Disney Company’s Office of Technology Enablement. His deep company knowledge and expertise have also been pivotal in building strong reputation-management tactics at the corporate level.

Roeder has led communications for The Walt Disney Studios since 2010, serving as a key member of its executive team throughout the acquisitions and integrations of Lucasfilm and 21st Century Fox in 2012 and 2019, respectively; the 2019 launch of Disney+; and the release of some of the biggest films of all time, including Avatar: The Way of Water, Avengers: Endgame, Black Panther, Star Wars: The Force Awakens, Frozen, and Inside Out 2, among many others.

Previously, Roeder served in roles of increasing responsibility in Corporate Communications for The Walt Disney Company from 2002-2010, after joining Disney’s ABC communications team in 2001. He began his career in the entertainment industry serving in various roles at William Morris and later as an assistant to the executive producer on the comedy tentpole Meet the Parents. Roeder is a member of the Academy of Motion Picture Arts and Sciences. He holds a bachelor’s degree in English from De Pauw University.

The post Paul Roeder Named Chief Communications Officer of The Walt Disney Company appeared first on The Walt Disney Company.

]]>
More ‘Bluey’ Is Coming to Disney+ https://thewaltdisneycompany.com/news/bluey-disney-plus/ Thu, 12 Mar 2026 17:12:32 +0000 https://thewaltdisneycompany.com/?p=47653&post_type=news The post More ‘Bluey’ Is Coming to Disney+ appeared first on The Walt Disney Company.

]]>

Disney+ continues to expand its Bluey offerings with new content arriving this month and later this summer. Announced today, Bluey’s Big Play – The Stage Show, a special televised version of the popular touring theatrical production, will premiere Monday, March 16. Additionally, a collection of Bluey Minisodes, previously only available online and in Australia, will also be available for the first time on Disney+ beginning Wednesday, May 20. Global phenomenon Bluey was 2025’s No. 1 most-streamed program in the U.S. for the second year in a row, with 45.2 billion minutes streamed.*

  • Bluey’s Big Play – The Stage Show is a special televised version of the popular touring theatrical production, featuring live performances of fan-favorite Bluey characters brought to life by world-class puppeteers. Bluey’s Big Play – The Stage Show is an adaptation of the multiple Emmy® Award-winning animated series, with an original story by Bluey creator Joe Brumm and music specially composed by Joff Bush. The special is produced by BBC Studios Kids & Family Productions in association with Ludo Studio, Andrew Kay, and Windmill Theatre Co, and is distributed internationally by BBC Studios, with executive producers Tom Cousins and Anna Perowne.
  • It was also announced today that a previously released collection of 10 Bluey Minisodes will be available for the first time on Disney+. The bite-sized short-form series is a collection of one- to three-minute minisodes and is produced by Ludo Studio. The shorts highlight funny and sweet moments featuring Bluey and Bingo leaning into playful interactions and games that further explore the characters and world of Bluey. The collection includes: Humpty Dumpty, Green Bottles, Flying Saucer, Tea Party, Pea Pod Sausages, Old Macdonald, Honk, Lollipop Song, Cinderella, and Make Mum Laugh. All previously released Bluey Minisodes are currently available to stream on Disney+.

More Bluey Offerings:

  • BBC Studios and Walt Disney Studios, in partnership with Ludo Studio, announced that the feature-length Bluey movie will be released in cinemas August 6, 2027.
  • Bluey is joining Disney Experiences as part of Disney’s global relationship with BBC Studios, with the producers of Bluey, Ludo Studio, collaborating on special fan activations.
  • Beginning March 22, 2026, and continuing through the year, “Bluey’s Best Day Ever!” will invite Disneyland Park guests to a fun-filled celebration of favorite episodes of the animated series at the reimagined Fantasyland Theatre. Now transformed into a beautiful Fun Fair at Bluey’s School, Bluey and her sister Bingo appear throughout the day alongside a lively group of comedic performers and musicians, plus some very familiar friends. Together, they bring to life the unmistakable, familiar feeling that the best day ever has officially begun.
  • Bluey and Bingo are on their way to Disney’s Animal Kingdom at Walt Disney World Resort! Starting May 26, 202 —6 and staying beyond Cool KIDS’ SUMMER — guests can play games and dance with Bluey and Bingo at Conservation Station. Once guests hop off the Wildlife Express Train, it’s time for fun. Play special games directly from Bluey episodes, grab a photo with Bluey and Bingo themselves, and even discover animals native to Bluey’s home country, Australia, at “Jumping Junction.”
  • Earlier this year, Bluey and Bingo set sail on Disney Cruise Line for greetings, dance parties, and more. Visit disneycruise.com for more details on where Bluey and Bingo are sailing in 2026.

*Source

Nielsen CY25 12/30/24-12/28/25; Live for streaming viewing of series tracked by Nielsen

The post More ‘Bluey’ Is Coming to Disney+ appeared first on The Walt Disney Company.

]]>
Verts on Disney+: A Whole New Way to Discover Stories https://thewaltdisneycompany.com/news/verts-disney-plus/ Thu, 12 Mar 2026 13:01:25 +0000 https://thewaltdisneycompany.com/?p=47363&post_type=news The post Verts on Disney+: A Whole New Way to Discover Stories appeared first on The Walt Disney Company.

]]>

Beginning this week, Disney+ subscribers in the U.S. can find a new place on their mobile app to discover stories with Verts, marking the first phase of bringing vertical video content to the platform. This new dynamic feed on Disney+ helps users quickly find their next favorite watch and is just the start of what will be an ongoing evolution of Verts.

Learn more about what fans can look forward to in the future as part of this new mobile-first experience:

What is Verts on Disney+?

First announced at Disney’s 2026 Global Tech & Data Showcase, vertical video on Disney+ opens up an entirely new way for fans to connect with the stories they love. With a tap of the new Verts icon in the navigation bar on mobile, users enter a vertical video feed and can swipe through a stream of scenes and moments from movies and shows on Disney+, and seamlessly add to their Watchlist or jump directly into playback.

With the latest streaming hits and an incredible catalog spanning more than 100 years of storytelling, we’re making it easier for fans to discover what to watch next. Verts offers a fun, fast way to explore that catalog right from the moment users open the app. It brings the magic of Disney’s storytelling into a format that feels modern, engaging, and tailor-made for how fans already enjoy discovering video on mobile devices.

What kind of user engagement are you seeing with Verts to date?

In both early experiments on Disney+ as well as since launch on ESPN in August, Verts has driven additional engagement.

Much of this can be attributed to our new advanced algorithm that powers the recommendation engine for the experience to ensure that Verts feels uniquely relevant and personalized to each individual user.

What’s next for Verts on Disney+?

This launch is just the beginning — the first scene of the first episode in a multi-season series. What fans see today on Verts was built with user utility and scale in mind. Already, though, the team is exploring and experimenting with ways to expand far beyond content discovery.

Over time, Verts will play a key role in fans’ everyday experience on Disney+. At launch, this includes driving discoverability across Disney’s entertainment catalog, with opportunities in the future to add content from creators that reflects our fandoms, plus other storytelling formats, content types, and personalized experiences.

The post Verts on Disney+: A Whole New Way to Discover Stories appeared first on The Walt Disney Company.

]]>
A Complete Guide to the 98th Oscars® on ABC and Hulu https://thewaltdisneycompany.com/news/oscars-2026-faq/ Wed, 11 Mar 2026 13:51:08 +0000 https://thewaltdisneycompany.com/?p=46963&post_type=news The post A Complete Guide to the 98th Oscars® on ABC and Hulu appeared first on The Walt Disney Company.

]]>

Since 1929, the Academy Awards® — also known as the Oscars® — celebrates outstanding artistic and technical merit in the film industry. This year, the Academy of Motion Picture Arts and Sciences® (AMPAS) will recognize achievements across 24 competitive categories.

Here are answers to frequently asked questions about the 98th Oscars:

How to Watch the Oscars

Live on ABC and Hulu

Academy Awards host Conan O’Brien honors outstanding achievements in film at the Dolby Theatre at Ovation Hollywood.

When are the 98th Oscars?

The Academy Awards will take place on Sunday, March 15, 2026.

What time do the Oscars start?

The Oscars will air at 7 p.m. ET / 4 p.m. PT.

Where can I watch the 98th Oscars?

The Oscars will air live on ABC and stream live on Hulu for all subscribers.

Where are the 98th Oscars being held?

The Oscars will be held at the Dolby® Theatre at Ovation Hollywood.

How and when can I watch the Oscars pre-shows?

Good Morning America‘s coverage will kick off Thursday, March 12, when Lara Spencer interviews O’Brien. The following day, Chris Connelly will share his predictions on GMA.

ABC News Live’s coverage will begin on Wednesday, March 11, with Rocsi Diaz when O’Brien rolls out the red carpet. Leading up to the ceremony, ABC News Live Prime with Linsey Davis will continue its monthlong “Oscars for the First Time…” series before it streams live from the Dolby Theatre red carpet on Friday, March 13, at 7 p.m. ET/4 p.m. PT with a preview show featuring Kelley Carter. Coverage will continue with a roundtable airing Saturday, March 14, hosted by Will Ganss and featuring TikTok creators Tefi Pessoa, Caroline Vazzana, and Monse Gutierrez discussing film, fashion and this year’s nominations.

ABC News and ABC Owned Television Stations will present a star-studded preshow, On the Red Carpet at the Oscars, on Sunday, March 15, airing across ABC Owned Television Stations and affiliates and streaming on ABC News Live, beginning at 3:30 p.m. ET/12:30 p.m. PT. Spencer, along with Whit Johnson and Linsey Davis, will interview this year’s Oscar nominees and presenters alongside George Pennacchio, Joelle Garguilo, and Connelly. Meanwhile, Roshumba Williams and Joe Zee will break down all the red-carpet fashions.

Who is hosting the 98th Oscars?

Emmy® Award-winning television host, writer, producer, and comedian Conan O’Brien returns as host for the second time. He previously hosted the Academy Awards in 2025.

Who is presenting at the 2026 Oscars?

Will Arnett, Adrien Brody, Javier Bardem, Rose Byrne, Priyanka Chopra Jonas, Kieran Culkin, Disney Legend Robert Downey Jr., Chris Evans, Anne Hathaway, Chase Infiniti, Nicole Kidman, Jimmy Kimmel, Delroy Lindo, Mikey Madison, Ewan McGregor, Paul Mescal, Demi Moore, Wagner Moura, Kumail Nanjiani, Gwyneth Paltrow, Pedro Pascal, Bill Pullman, Lewis Pullman, Maya Rudolph, Channing Tatum, Sigourney Weaver, and Zoe Saldaña will present onstage at the 2026 Oscars.

Who are the 2026 Oscar nominees?

Actors Danielle Brooks and Lewis Pullman announced the Academy Award nominees on Thursday, January 22. There are 24 competitive award categories this year, including the brand-new Best Casting category. The Walt Disney Company received four Oscar nominations, including two for 20th Century Studios’ Avatar: Fire and Ash (Best Costume Design, Best Visual Effects). It also received nominations for Pixar Animation Studios’ Elio and Walt Disney Animation Studios’ Zootopia 2, which are up for Best Animated Feature.

Who is performing at the Oscars?

A KPop Demon Hunters moment will begin with a fusion of traditional Korean instrumentalists and dance, celebrating the folklore and cultural inspiration that anchors the story behind the film. As part of this experience, EJAE, Audrey Nuna, and Rei Ami, the singing voices behind HUNTR/X, will perform the Oscar-nominated original song “Golden.”

A Sinners moment will explore the role music plays in the film’s storytelling, translating it into a cinematic live moment onstage. Miles Caton and Raphael Saadiq will perform the Oscar-nominated original song “I Lied to You,” and they will be joined by Misty Copeland, Eric Gales, Buddy Guy, Brittany Howard, Christone “Kingfish” Ingram, Jayme Lawson, Li Jun Li, Bobby Rush, Shaboozey, and Alice Smith in an homage to the film’s singular visual style.

Additionally, Josh Groban and the Los Angeles Master Chorale will appear during the show.

How do I play Oscars Pick ‘Em?

Oscars Pick’em is a free to play game on ESPN.com/ABC.com, the ESPN App, and the ESPN Fantasy App that serves as a second screen experience on Oscars night. Players compete by predicting who they think will win in all 24 categories. During the live broadcast, selections will be scored in real time as each winner is announced. The grand prize is a trip for two to Los Angeles for the 2027 Oscars Watch Party and $5,000, and 10 first prize winners will receive an Oscar prize pack. (See complete rules for details.)

Where can I watch Disney’s Oscar-nominated films?

Avatar: Fire and Ash and Zootopia 2 are now in theaters. Elio and Zootopia 2 are streaming on Disney+. Hulu has an Oscars hub featuring current nominees, as well as past winners.

Who received this year’s Governors Awards?

In June 2025, AMPAS announced that its Board of Governors voted to present Academy Honorary Awards to Debbie Allen, Tom Cruise, and Wynn Thomas, and the Jean Hersholt Humanitarian Award to Dolly Parton. They received their Oscars on Sunday, November 16, 2025, during the 16th Governors Awards at the Ray Dolby Ballroom at Ovation Hollywood.

When do the Oscars post-shows air?

On Monday, March 16, the live GMA Oscars Monday After Party, co-anchored by Michael Strahan from Los Angeles, will feature Spencer sharing her backstage interviews with winners, along with a live performance from the Good Morning America studio in New York.

Then, Disney Legend Kelly Ripa and Mark Consuelos return to host Live’s After the Oscars Show on Monday, March 19, at 9 a.m. ET/PT (check local listings). The episode will include interviews with nominees and winners; performances by Wyclef Jean and Andra Day; commentary by Carson Kressley and Leanne Morgan; and impressions by Matt Friend.

The post A Complete Guide to the 98th Oscars® on ABC and Hulu appeared first on The Walt Disney Company.

]]>
Disney Experiences Announces Leadership Changes https://thewaltdisneycompany.com/news/experiences-leadership/ Tue, 10 Mar 2026 22:02:21 +0000 https://thewaltdisneycompany.com/?p=46947&post_type=news The post Disney Experiences Announces Leadership Changes appeared first on The Walt Disney Company.

]]>

Thomas Mazloum Named Chairman, Disney Experiences

Disney Experiences announced today a series of leadership appointments, underscoring the strength and versatility of its leadership team. “We’re in an unprecedented period of growth for Disney Experiences,” said Josh D’Amaro, Chairman of Disney Experiences and incoming Chief Executive Officer of the Walt Disney Company. “This team will propel the world-class experiences Disney is known for to more guests across the globe.”

Thomas Mazloum succeeds Josh D’Amaro as Chairman, Disney Experiences, leading a diverse portfolio of global businesses including Disney’s theme parks, cruise ships, resort hotels, expeditions and adventures, consumer products, and Walt Disney Imagineering, the creative engine behind Disney’s experiences portfolio.

Mazloum brings deep operational knowledge of Disney Experiences, a strong record of international leadership, and a long-standing commitment to Disney’s cast members and creative culture. With the guest experience at the center of everything, he will lead the business into its next chapter as it continues to grow and evolve globally.

Before joining Disney, Mazloum built a strong foundation in European luxury hospitality, gaining extensive experience across high‑end hotels in food & beverage, guest services, and hotel operations. He later served as Chief Operating Officer of Crystal Cruise Line, where he was known for driving service excellence, transforming organizational cultures, and successfully launching new travel ventures.

As part of his Disney career, Mazloum held senior leadership roles at Walt Disney World Resort before being named President, Disney Signature Experiences. In that role, he developed a long‑term strategic growth plan that included doubling the size of the Disney Cruise Line fleet. With the recent launch of Disney Adventure in Singapore — the cruise line’s eighth ship and its first homeported in Asia — the business expanded into new growth markets and reached the next generation of fans.

Most recently, as President, Disneyland Resort, Mazloum oversaw two theme parks, three hotels, and the Downtown Disney District during the Resort’s 70th anniversary celebration.

“Thomas Mazloum is an exceptional leader with a genuine appreciation for our cast members and a proven track record of delivering growth,” said D’Amaro. “His focus on service excellence, broad international leadership, and strong connection to the creativity that brings our stories to life make him the right leader to guide Disney Experiences into its next chapter.”

Disney Experiences also announced the following changes to its leadership team, with all roles reporting to Mazloum:

Thomas Mazloum, incoming Chairman, Disney Experiences
Jill Estorino, incoming President, Disneyland Resort
Tasia Filippatos, incoming President, Disney Parks International
Lisa Baldzicki, incoming President, Disney Consumer Products

Jill Estorino has been named President, Disneyland Resort, where she will continue to elevate the guest and cast experience at the company’s original, iconic destination.

Over her 35-year career, Estorino held numerous leadership roles, including Executive Vice President of Global Marketing and Sales for Disney Parks, Experiences and Products, where she played a key role in the grand opening of Shanghai Disney Resort. Most recently, as President of Disney Parks International, Estorino oversaw the operations, expansion and development of Disney’s international parks and resorts, including Disneyland Paris, Hong Kong Disneyland, Shanghai Disney Resort and Tokyo Disney Resort with the Oriental Land Company. Estorino successfully expanded Disney’s global footprint at sites around the world, reaching new consumers and fans from around the world. Since her appointment, Disney’s international parks have seen strong performance and growth.

In her new role as Disneyland Resort President, Estorino brings a global perspective shaped by decades of leadership across Disney’s diverse portfolio of experiences. As a strong business and marketing strategist, she focuses on brand stewardship, exceptional guest experiences, and a deeply connected cast culture. Estorino will guide the resort through its next phase of growth while continuing to foster the culture and community that has defined Disneyland.

Tasia Filippatos is appointed President, Disney Parks International, overseeing the growth and evolution of Disney’s parks outside the United States.

Most recently, Filippatos served as President of Disney Consumer Products, guiding the business through a period of transformation fueled by innovation-led growth. Her leadership included a global portfolio spanning products, Parks merchandise, retail, publishing and games while translating iconic storytelling into scaled consumer experiences through premier brand partnerships worldwide.

In her new role as President of Disney Parks International, Filippatos brings a proven track record of leading complex global businesses at scale across diverse international markets. A visionary leader at the forefront of creativity and innovation, she will oversee the operations, expansion, and development of Disney’s international parks — including Disneyland Paris, Hong Kong Disneyland, Shanghai Disneyland, Tokyo Disney Resort in partnership with Oriental Land Company, and our newest park coming to Abu Dhabi in partnership with Miral.

Lisa Baldzicki is promoted to President, Disney Consumer Products, where she will continue to build on the great momentum and evolution of our global consumer products business.

Baldzicki was most recently head of Parks Product Development & Retail for Disney Consumer Products, where she defined the vision and business strategy for retail product and integrated experiences across Disney’s domestic parks. She brought a consumer-led merchandising perspective to the role, shaping strategies that drive how guests engage with products and brands before, during, and after purchase.

In her new role as President, Disney Consumer Products, she will lead the continued evolution of the global retail division of The Walt Disney Company. The division includes the world’s largest licensing business with a presence across more than 100 product categories and a global reach spanning over 180 countries.

“As we look ahead, I have tremendous confidence in Thomas and in the leaders stepping into these roles — Jill, Tasia, and Lisa — along with the incredible leadership team across Disney Experiences,” said D’Amaro. “Together, they will continue to build on our momentum around the world, delivering the service, creativity and one-of-a-kind experiences that define Disney.”

Transitions will get under way in the next few weeks, with all roles effective March 18, 2026.

Media Contacts

Alannah Hall Smith

Disney Experiences Communications

Alannah.Hall-Smith@Disney.com

Jason Farkas

Disney Experiences Communications

Jason.Farkas@Disney.com

Cathi Killian

Disneyland Resort Communications

Cathi.Killian@Disney.com

The post Disney Experiences Announces Leadership Changes appeared first on The Walt Disney Company.

]]>
How Conan O’Brien Is Getting Ready to Host the 2026 Oscars® on ABC and Hulu https://thewaltdisneycompany.com/news/conan-obrien-oscars-2026/ Tue, 10 Mar 2026 17:28:31 +0000 https://thewaltdisneycompany.com/?p=46932&post_type=news The post How Conan O’Brien Is Getting Ready to Host the 2026 Oscars® on ABC and Hulu appeared first on The Walt Disney Company.

]]>

When Conan O’Brien hosted the 97th Oscars® on ABC and Hulu in 2025, critics said the comedian was at his “acerbic best” (Variety). And, because he helped bring the telecast to a five-year ratings high, it should come as no surprise that he was asked to return for this year’s show.

“That experience was fun for me,” O’Brien said. “My old rule is that if it’s fun for me to do it, it might be fun for people to watch it. There’s a lot of chatter about how it’s a thankless task to host one of these shows, and I didn’t find that to be true. I found it to be a fun gig; I enjoyed it.”

Still, O’Brien admitted he’s learned from past mistakes.

“Last year, I ate a massive Italian meal just before going onstage. Huge! Multiple cutlets of veal parmesan, mountains of meatballs, spaghetti carbonara, and then I drank a huge glass of warm cream. Those things weighed me down a bit,” he joked. “This year, I’m not going to do that. I’m going to have a very simple Japanese bento box — a little bit of raw fish, maybe some edamame — and then I’ll hit the stage. It’s going to be a bit lighter this year.”

Meal prep aside, O’Brien and the team of writers are also prepping jokes for the ceremony, which will be held on Sunday, March 15, at the Dolby® Theatre at Ovation Hollywood. “I don’t care how long someone has been in the business of making people laugh: getting a laugh is as exciting now at my age as it was when I was 12,” O’Brien said. “It’s the same endorphins, the same chemicals, the same sense of ‘Oh, my God! I’m so glad that worked!’”

Finding the humor in the unexpected can be “very humbling,” O’Brien continued. “You’re always looking for that moment when you can get everyone to agree that something’s funny, or something’s ironic, or something’s weird… If you can get that laugh, and you feel like everyone else in this room is agreeing with you in this very primal way, it’s delightful.”

Hosted by Conan O’Brien, The Oscars will air live on ABC and stream live on Hulu on Sunday, March 15, at 7 p.m. ET/4 p.m. PT from the Dolby Theatre at Ovation Hollywood.

The post How Conan O’Brien Is Getting Ready to Host the 2026 Oscars® on ABC and Hulu appeared first on The Walt Disney Company.

]]>
Disney Cruise Line Makes Asia Debut with Maiden Voyage of ‘Disney Adventure’ https://thewaltdisneycompany.com/news/adventure-cruise-ship-joe-schott/ Tue, 10 Mar 2026 16:25:27 +0000 https://thewaltdisneycompany.com/?p=46927&post_type=news The post Disney Cruise Line Makes Asia Debut with Maiden Voyage of ‘Disney Adventure’ appeared first on The Walt Disney Company.

]]>

On March 10, the Disney Adventure will set sail on its maiden voyage from Singapore, joining the growing Disney Cruise Line fleet as its eighth ship and first in Asia — bringing immersive Disney storytelling to more guests and Disney fans around the world than ever.

The Disney Adventure expands The Walt Disney Company’s presence in one of the fastest growing travel regions and in cruising, one of the fastest growing segments of global travel.

“We think about this ship as a brand ambassador as Disney Cruise Line continues to visit more people in more places around the world,” said Joe Schott, President, Disney Signature Experiences. “It brings together our storytelling, entertainment and legendary service in one immersive experience, creating memories for guests that stay with them long after the voyage ends.”

With five additional Disney ships launching between 2027 and 2031, the growth of Disney Cruise Line reflects continued expansion across Disney Experiences, which currently has more projects underway globally than at any point in the company’s history.

Introducing New Guests to Disney Experiences

Helping to meet the rising demand for Disney vacations at sea, Schott shared that the fleet is already more than 80% sold for fiscal year 2026, even as capacity continues to grow with the expansion into Asia and the recent debut of the Disney Destiny in Fort Lauderdale, Florida, in November.

Based on a survey of the initial guests who booked sailings on the Disney Adventure:

  • More than 90% of guests are sailing with Disney Cruise Line for the first time, highlighting the long-term growth potential in the region.
  • Most guests are first-time cruisers, demonstrating Disney’s unique ability to attract new audiences across Southeast Asia.
  • Families make up most guests onboard, reinforcing Disney Cruise Line’s strength in multigenerational travel, which is popular in this market.
  • Most guests plan to spend time in Singapore before or after their cruise, indicating the positive economic impact of the ship’s local presence.

While most guests sailing aboard the Disney Adventure are new to cruising and to Disney Cruise Line, their connection to Disney is well established. The overwhelming majority say they have previously experienced Disney through theme parks, films, television, or consumer products, making the cruise experience a natural extension of stories they already know and love.

With Hong Kong Disneyland more than 1,500 miles (about 2,600 kilometers) from Singapore, the Disney Adventure brings a Disney experience closer to guests in the region.

Building on that momentum, as previously announced, Disney is also working with Oriental Land Co., Ltd. (OLC) to bring Disney cruise vacations to Japan, expected to begin by early 2029, further extending the company’s foothold in Asia.

Bringing the Disney Adventure to Life

As the largest ship to join the Disney Cruise Line fleet, the Disney Adventure spans 1,122 feet, accommodates approximately 6,700 guests and is supported by a crew of about 2,500. The Disney Adventure sails three- and four-night itineraries at sea, making the ship both the journey and the destination.

Across seven immersive themed areas, the ship brings more than 100 years of Disney, Marvel, and Pixar storytelling to life through experiences thoughtfully inspired by the region. Highlights include a Marvel-themed adventure zone on the upper decks, San Fransokyo Street from Big Hero 6, and a Lion King-inspired fireworks spectacular. The ship also features Duffy and Friends, the beloved character franchise that originated in Disney’s Asia theme parks, with dedicated consumer products, meet-and-greets, and an original stage show.

“A cruise ship allows us to immerse guests in a brand in a deeper way,” said Bruce Vaughn, President and Chief Creative Officer, Walt Disney Imagineering. “It’s almost like stepping into a living storybook, where every space plays a role in the story being told.

“Immersion isn’t just about what you see,” he added. “It’s how sound, lighting, food and movement all work together so the story surrounds you, instead of sitting in front of you.”

For more on the Disney Adventure and how to book, guests can visit DisneyAdventure.com.

To learn more about how the Disney Adventure was made, watch the newest episode of We Call it Imagineering.

The post Disney Cruise Line Makes Asia Debut with Maiden Voyage of ‘Disney Adventure’ appeared first on The Walt Disney Company.

]]>
Disney Celebrates 100 Years of Winnie the Pooh https://thewaltdisneycompany.com/news/winnie-pooh-100/ Tue, 10 Mar 2026 13:03:07 +0000 https://thewaltdisneycompany.com/?p=46903&post_type=news The post Disney Celebrates 100 Years of Winnie the Pooh appeared first on The Walt Disney Company.

]]>

New brand campaign, products, publishing titles and content will spotlight Pooh and his legacy

Disney is commemorating 100 years of Winnie the Pooh by honoring the gentle humor, timeless wisdom, and boundless imagination that have made the ‘hunny’-loving bear beloved for generations. This centennial milestone marks the 1926 publication of A.A. Milne’s original Winnie‑the‑Pooh book and will be celebrated throughout 2026 with new product collaborations, storytelling moments, and publishing releases inspired by Pooh’s century-long legacy.

A Legacy Rooted in Storytelling and Animation

Pooh’s relationship with Disney began nearly 60 years ago, when Walt Disney introduced the Hundred Acre Wood to audiences through animation. Since those early featurettes, generations of Disney animators have shaped Pooh’s on‑screen personality with warmth, simplicity, and storybook-inspired artistry. Disney Legend Mark Henn served as supervising animator for Pooh in the 2011 Walt Disney Animation Studios feature Winnie the Pooh, helping further define the gentle charm that continues to resonate with fans.  

“Animating Winnie the Pooh has been one of the greatest joys of my career. His warmth, curiosity, and subtle expressions allow animators to explore some of the most heartfelt storytelling in the Disney tradition,” said Mark Henn, Disney Legend and animator.

This animation legacy remains central to Pooh’s identity, reinforcing his place as one of Disney’s most heartfelt and enduring characters. 

The Walt Disney Archives Celebrates Pooh’s Century of Stories

As part of the centennial, the Walt Disney Archives is highlighting its extensive Winnie the Pooh collection, which preserves artwork, documents, animation materials, consumer products, and one-of-a-kind artifacts chronicling Pooh’s evolution since the 1960s. 

Among the collection are early 1960s plush toys created by Gund, one of the longest‑running Pooh licensees. Gund’s plush characters, treasured by generations of fans, remain a significant part of the archival product story. Its legacy continues today, as Gund still brings new Pooh items to market, building on decades of craftsmanship and emotional connection for fans of all ages. Some of Gund’s latest Winnie the Pooh-inspired items include the Oh So Sunggly Winnie the Pooh plush, the Peek-a-Boo Winnie the Pooh Animated Plush, and their Disney Winnie the Pooh Collection.

From publication artwork to vintage merchandise and production ephemera, the Archives offers a unique window into the creativity that has defined Pooh’s journey.

“This collection gives fans a rare opportunity to see some materials that would shape Winnie the Pooh’s on‑screen and consumer‑products legacy, from early merchandise to early studio production documentation that reflects the craft behind his charm,” said Kevin M. Kern, Sr. Manager, Research, Walt Disney Archives.

The Archives’ ongoing work ensures future generations can continue to explore the artistry that has helped define Pooh’s journey.

A New Brand Campaign Brings Fans into the Hundred Acre Wood

To celebrate Pooh’s 100th anniversary, Disney is launching a new global brand campaign inviting fans to revisit Pooh’s gentle wisdom and lighthearted worldview. The campaign brings audiences into the Hundred Acre Wood through new content, experiential events, creator-led storytelling, and reimagined “Pooh‑isms” — inspired by the gentle, reflective sayings and simple truths Pooh is known for — that spotlight Pooh’s timeless wisdom through a modern lens.

At the heart of the campaign is a new brand spot — available now on Disney’s YouTube channel — offering a warm, heartfelt tribute to the ways Pooh encourages fans to slow down, imagine, and savor life’s simple joys. 

Celebrating Pooh Through New Global Product Collaborations

All year, Disney is working with global leading brands to introduce new collections inspired by Pooh and his friends. Early launches include apparel, accessories, collectibles, home goods, and lifestyle products available at major retailers worldwide, with additional items rolling out throughout the year.

Winnie the Pooh’s 100th anniversary gives us an incredible opportunity to celebrate the products that have shaped his legacy,” said Amanda Dhalluin, VP Global Brand Commercialization, Disney Consumer Products. From classic storybook‑inspired collections to modern lifestyle lines, every item we create is designed to connect fans with Pooh Bear in a way that feels personal and joyfully nostalgic.”

Early Launch Highlights  

  • Carter’s debuted baby apparel inspired by Winnie the Pooh and friends, bringing the cozy Hundred Acre Wood charm to little fans. 
  • GAP introduced new baby apparel featuring timeless Pooh designs for seamless outfit pairing. 
  • Old Navy rolled out playful adult female, kids, toddler, and baby apparel inspired by Winnie the Pooh and friends. 
  • Primark dropped a 100th anniversary collection that channels the wonder of the Hundred Acre Wood and leans into cozy nostalgia. 
  • Vera Bradley launched iconic bags and accessories adorned with whimsical Hundred Acre Wood patterns, giving fans an early way to join the centennial celebration.

New Drops Spanning More Categories This Month 

  • Newly available, two LEGO Disney Winnie the Pooh sets celebrate the centennial: a detailed brick‑built Pooh with a honey pot with movable features, and the Piglet’s Birthday Fun set featuring a posable Piglet and a birthday cake that opens to reveal Pooh’s house and the Hundred Acre Wood. 
  • The new Happy Haul line from Just Play, which debuted at New York Toy Fair and launches this month, brings Winnie the Pooh to life with the blind‑box Hunny Crew figures and Hunny Hugs Capsule Plush, inviting fans to unbox surprises and build their own collections. 
  • Additional highlights this month include a robust assortment of baby apparel from Kyte Baby, new adult apparel and accessories from Cakeworthy, tech accessories from PopSockets, and statement bags from Loungefly. Yogi Tea joins the celebration as well with a comforting honey chamomile tea inspired by Pooh’s love of slowing down and savoring simple pleasures. 
  • Beauty essentials, including new Winnie the Pooh collections from Wet Brush, Wet n Wild, and Mad Beauty, will follow these top product drops, bringing Pooh‑inspired charm to personal‑care routines around the world.  

Products Still to Come  

The celebration will continue throughout the year with additional Winnie the Pooh–inspired launches across retail and lifestyle categories worldwide. Upcoming releases include a new kids’ footwear collection from adidas this June, infused with whimsical design touches and everyday comfort, a new addition to the popular Disney Darlings line from JAKKS Pacific, as well as special collections from Squishmallows, Steiff, Little Words Project, and Pandora. 

New Publishing Launches Explore Pooh’s Themes of Kindness and Wonder

This year’s publishing lineup invites readers to connect with Pooh through books celebrating friendship, creativity, keepsakes, and reflective moments.

Upcoming titles include: 

  • Winnie the Pooh: Wonders of the Hundred-Acre Wood Treasury from Random House Children’s Books 

And this fall, Disney will honor the anniversary of A.A. Milne’s original publication with the release of Winnie the Pooh: 100 Mindful Moments from Penguin Random House, arriving September 22. This newest addition to the Pooh literary tradition invites readers to explore the art of living simply, joyfully, and thoughtfully through Pooh’s perspective while finding balance in the everyday.

Inviting Fans Everywhere to “Live the Hunny Life”

The campaign will continue to roll out with regional experiential activations from April to May across LA, Japan, Singapore, London, Paris, and Poland, supporting new product collections from LEGO, Just Play and Funko, alongside new publishing titles.

As Disney celebrates 100 years of Winnie the Pooh, fans everywhere are invited to rediscover the timeless charm, imagination, and gentle wisdom that have defined Pooh for a century. Through storytelling, animation, publishing, and new product offerings, the Hundred Acre Wood will continue to inspire meaningful moments around the world in 2026, and beyond

Discover additional product news and centennial collections on the Disney Parks Blog. 

The post Disney Celebrates 100 Years of Winnie the Pooh appeared first on The Walt Disney Company.

]]>
Behind the Scenes of Disney and Pixar’s ‘Hoppers’ with Jon Hamm, Piper Curda, Bobby Moynihan, and More https://thewaltdisneycompany.com/news/pixar-hoppers/ Thu, 05 Mar 2026 18:07:25 +0000 https://thewaltdisneycompany.com/?p=46849&post_type=news The post Behind the Scenes of Disney and Pixar’s ‘Hoppers’ with Jon Hamm, Piper Curda, Bobby Moynihan, and More appeared first on The Walt Disney Company.

]]>

What if you could talk to animals and understand what they’re saying?

That’s the premise behind Disney and Pixar’s all-new feature film Hoppers, in theaters March 6. In the animated comedy, directed by Daniel Chong, scientists at Beaverton University discover how to transfer human consciousness into lifelike robotic wildlife, allowing people to communicate with animals as animals. They call this process “hopping.”

But, as Dr. Sam explains in the film, “This is not like Avatar!”

For the filmmakers, it was important to establish ground rules — “pond rules,” rather — about the differences between animals and humans, as well as the mechanics of “hopping.”

“We wanted to dig into nature and be honest about how intense it can be,” screenwriter Jesse Andrews said. “Early on, we had conversations about, ‘If we’re going to do another animated movie about animals, how can we make it different? What territory feels relatively unexplored?’ Instead of conceiving animals that are simply furry people, we tried to keep them as animalistic as possible, while still making them funny, relatable, and identifiable.”

Enter Mabel Tanaka (voiced by Piper Curda), a passionate, 19-year-old animal lover who is outraged to discover that Mayor Jerry Generazzo (voiced by Jon Hamm) plans to build a new stretch of highway through the tranquil glade she frequented with her grandmother. If she can repopulate the glade with a keystone species, she can thwart Mayor Jerry’s plans — but that’s easier said than done. So, Mabel uses Dr. Sam’s top-secret technology to “hop” her mind into the body of a robotic beaver. Now part of the animal world, Mabel befriends the jovial beaver King George (voiced by Bobby Moynihan), leader of the pond and king of the mammals, who shares three simple rules that help keep nature in balance:

  • Pond Rule No. 1: “Don’t be a stranger.”
  • Pond Rule No. 2: “When you gotta eat, eat.”
  • Pond Rule No. 3: “We’re all in this together.”

According to producer Nicole Paradis Grindle, “We didn’t want [the animal characters] to feel like humans in animal suits, and that’s often what storytelling with animals involves. That’s where Pond Rule No. 2 comes from: ‘When you gotta eat, eat.’ We had to address that issue; animals do eat other animals, which makes sense when you explain it as a way of coexisting. I also love that all the animals are really benevolent. Per Pond Rule No. 1, if you know someone’s name, it’s hard to be mad at them. It’s hard to be mad at Diane [a shark, voiced by Vanessa Bayer]. She’s just doing her job. Once you know her name, she’s nice. That’s true of human society. If you get to know individuals, there may be some things that they have to do in order to survive that you might not agree with — but give ’em a chance.”

Indeed, many of the animals — King George included — subvert Mabel’s expectations, forcing her to reconsider who they are and how they interact. “King George is in charge, but he’s not, like, a true king; he doesn’t believe he should rule over all,” Moynihan said. “He believes that everyone should be equal. He might be naïve, but he is a good beaver.”

Human Nature

Mabel cares for creatures big and small, but she occasionally loses patience with people. So, while it’s easy for her to empathize with the little guys… Mayor Jerry? That’s a tall order, especially for a beaver. “Mabel is a spitfire,” Curda said. “She wants to make the world a better place, and she’s frustrated with all the things that are stopping her from doing that.”

Conversely, Mayor Jerry “is a very happy guy,” Hamm said. “He’s very good at his job. He’s well-loved by his constituents. He loves his gig. He loves family. You think, ‘OK, this guy has probably got a lot of great ideas.’ Unfortunately, one of them is diametrically opposed to [Mabel’s].” And yet, in some ways, they’re two sides of the same coin. “The arc of their journey is very similar, just from opposite directions,” Hamm explained. “The good thing about that is that they both come to understand that they’re part of a bigger community.”

It takes a while for either of them to realize that, of course.

Early on, as a beaver, Mabel successfully rallies the leaders of various animal councils, which includes King George, Bird King (voiced by the late Isiah Whitlock Jr.), Amphibian King (voiced by Steve Purcell), Fish Queen (voiced by Ego Nwodim), Reptile Queens (voiced by Nichole Sakura), and Insect Queen (voiced by Meryl Streep). But getting them to see Mayor Jerry as a major, imminent human threat is more difficult than she predicted.

“I think her biggest surprise is their lack of outrage, because she is filled with so much rage at the injustices that have been put towards this community of animals,” Curda said. “She’s expecting them to also be filled with that rage, and they’re just… not. They’re just kind of happy to be there and making it work. I think that confuses her for a little bit, but she does end up learning from that — because rage can’t be the only thing fueling your fight, you know? There’s got to be something else in there. There’s got to be a little compassion, there’s got to be a little understanding. She definitely learns that from George, for sure.”

According to director Daniel Chong, “Thematically, the movie is about questioning power. Mabel has no power. Jerry has all the power… But when Mabel hops, she enters a world where she suddenly has some power. Once she goes to the council, she gets even more power. Then the question becomes: ‘Once you have that power, what do you do with it?’ We combat some of the heaviness of all that through comedy. We’re having fun with the absurdity of the situation, with all these wild characters who have interesting personalities.”

Another major theme in Hoppers is “the importance of connection,” Andrews noted.

“Because this is about nature now, in this present moment, I knew this story would also be about change,” Andrews said. “Mabel is finding her way through it. It makes the movie emotionally richer.”

Lush Landscapes

Just as rich as the storytelling are the settings, which required multiple departments to collaborate and develop an all-new technological pipeline. The natural world can create a lot of visual noise, so to find the right balance, the lighting and effects artists created a custom workflow that allowed them to put brushstrokes on their models. This, in turn, allowed them to simplify backgrounds without losing the rich texture of the environments.

“The natural world environment is so visually complex,” visual effects (VFX) supervisor Beth Albright said. “There’s so much detail — and it’s beautiful — but it’s a lot. If you put characters into that, and they’re moving, it’s hard to focus the eye. It’s too much to look at.”

Paradis Grindle elaborated, saying, “We had these very stylized characters, and they needed to fit into a natural world that can’t be busy. We wanted to give people the feeling of being in nature without the harsh reality of what a 3D environment can look like. Ultimately, it was about the emotion. We wanted people to feel relaxed, to feel connected, and we wanted the characters to pop in that. We wanted your eye always to follow the characters.”

Once the “cute, chubby, and fuzzy” character designs were done, Albright said, they were able to home in on getting the settings right. “We needed everything to speak the same visual language,” she said. “We also needed to maintain the scale of nature, because if you simplify things too much — or if you make things too cartoony — you can lose the stakes.”

I’m really impressed with the incredible amount of artistry that went into making this, from the animation and the sound effects to the writing and directing. It’s a tremendous team effort. It took a long time to create this, but the proof is in the pudding.

Jon Hamm, Voice of Mayor Jerry Generazzo

To ensure each environment had “an artistically tactile, handcrafted look,” the compositing, lighting, modeling, shading, and VFX teams collaborated to create the new technological workflow. “I think the quickest way to figure out how to do something crazy is to tell someone smart that they can’t do it,” Albright said. “All of a sudden, things are happening!”

Once completed, they were able to take each individual leaf, turn it into a point, and then replace it with a painted brushstroke. “We’re preserving all that really saturated, really vibrant color detail, and all the shading and lighting work that went into it, and then putting an artistic texture on it,” Albright said. “Ultimately, that helps to ‘quiet’ the setting.”

All that effort was worth it, according to Hamm.

“I’m really impressed with the incredible amount of artistry that went into making this, from the animation and the sound effects to the writing and directing,” Hamm said. “It’s a tremendous team effort. It took a long time to create this, but the proof is in the pudding.”

The post Behind the Scenes of Disney and Pixar’s ‘Hoppers’ with Jon Hamm, Piper Curda, Bobby Moynihan, and More appeared first on The Walt Disney Company.

]]>
Disney Animation’s ‘Songs in Sign Language’ to Debut April 27 on Disney+ https://thewaltdisneycompany.com/news/disney-animation-songs-sign-language/ Wed, 04 Mar 2026 19:49:53 +0000 https://thewaltdisneycompany.com/?p=46842&post_type=news The post Disney Animation’s ‘Songs in Sign Language’ to Debut April 27 on Disney+ appeared first on The Walt Disney Company.

]]>

On Monday, April 27, in celebration of National Deaf History Month, Disney+ will proudly debut Disney Animation’s Songs in Sign Language, three animated musical sequences from recent Walt Disney Animation Studios features, newly reimagined and animated in American Sign Language (ASL).

Directed by veteran Disney animator/director Hyrum Osmond, the featured songs are “The Next Right Thing” from Frozen 2, “We Don’t Talk About Bruno” from Encanto, and “Beyond” from Moana 2. Osmond, along with producers Heather Blodget and Christina Chen, worked in collaboration with artistic director DJ Kurs and the team at Los Angeles’ Tony® Award-winning Deaf West Theatre to create the new versions of these beloved songs. A special behind-the-scenes featurette will accompany the songs, taking viewers into the collaboration that made these reimagined songs possible.

Osmond led a team of more than 20 animators who worked with sign language reference expressly created for Disney Animation’s Songs in Sign Language. Kurs, artistic director for Deaf West Theatre, working with sign language reference choreographer Catalene Sacchetti, and a group of eight performers from Deaf West Theatre, carefully reimagined and choreographed lyrics into ASL by focusing on concepts and emotion instead of a word-for-word transcription.

This reimagining of Disney Animation musical numbers helps bring down barriers and allows us to connect in a special way with our audiences in the Deaf community. I’m grateful that the Studio got behind making something so impactful.

Hyrum Osmond, Director

“In the majority of cases, we created entirely new animation,” Osmond said. “There were a lot of adjustments that we had to do within the animation to be true to the original intention.”

Osmond, whose father is Deaf, cited two important reasons for wanting to do this project.

“One, sign language is one of the most beautiful ways of communication on Earth. If ever there was a medium to showcase sign language, it was animation,” Osmond said. “The other big reason for doing this project is to connect with the Deaf community. Growing up, I never learned sign language, and that barrier prevented me from really connecting with my dad. This reimagining of Disney Animation musical numbers helps bring down barriers and allows us to connect in a special way with our audiences in the Deaf community. I’m grateful that the Studio got behind making something so impactful.”

Kurs said, “When Hyrum approached me with a potential collaboration involving the integration of ASL into the fabric of Disney storytelling, it was an immediate ‘yes’ for us. Disney stories are the universal language of childhood. The chance to bring our language into that world was a historic opportunity to reach a global audience. Working on this project was very emotional. For so long, we have known and loved the artistic medium of Disney Animation. Here, the art form was adapting to us. I hope this unlocks possibilities in the minds and hearts of Deaf children, and that this all leads to more down the road.”

The post Disney Animation’s ‘Songs in Sign Language’ to Debut April 27 on Disney+ appeared first on The Walt Disney Company.

]]>
Disney Cruise Line Christens ‘Disney Adventure’ with Star-Studded, Music-Filled Celebration in Singapore https://thewaltdisneycompany.com/news/adventure-cruise-ship-christening/ Wed, 04 Mar 2026 14:53:48 +0000 https://thewaltdisneycompany.com/?p=46831&post_type=news The post Disney Cruise Line Christens ‘Disney Adventure’ with Star-Studded, Music-Filled Celebration in Singapore appeared first on The Walt Disney Company.

]]>

Disney Cruise Line welcomed its newest ship, the Disney Adventure, to its rapidly expanding fleet in a dazzling entertainment showcase that celebrated the beloved Disney stories, characters, and music that come to life onboard. The elegant artistry of the christening ceremony punctuated the introduction of the cruise line’s first ever ship to sail in Southeast Asia.

In the Walt Disney Theatre aboard the ship, guests witnessed the magic of Disney storytelling come to life through regional vocalists and musicians, incredible video effects, and star-studded surprises, including special appearances from Captain Mickey Mouse and Captain Minnie Mouse. A 23-piece orchestra, Hollywood Performing Arts Hall of Fame inductee Jed Madela, and international recording artist of Eurovision fam Dami Im guided the show through classic Disney, Pixar, and Marvel melodies accompanied by stunning visuals that sprung to life on screens that surrounded the stage and seemed to engulf the audience.

Chairman of Disney Experiences and incoming Chief Executive Officer of The Walt Disney Company, Josh D’Amaro, and President of Disney Signature Experiences, Joe Schott, joined the artists on stage to mark the momentous occasion.

“The Walt Disney Company has always been built on the power of storytelling and innovation – and Disney Cruise Line brings those values to life in extraordinary ways. Our cruise ships are ambassadors of our brand that carry joy, wonder and enchantment to destinations around the world,” said D’Amaro. “As our first ship to homeport in Asia, the Disney Adventure represents a new chapter for Disney Cruise Line and will introduce Disney to audiences who may be experiencing our magic for the very first time. It offers fans across this region an opportunity to immerse themselves in unforgettable ways and create memories that are uniquely Disney.”

The 'Disney Adventure,' the newest addition to the expanding Disney Cruise Line fleet and the first for families in Asia, arrived in Singapore for the first time on March 3, 2026 ahead of its maiden voyage.

The Godparent of the Disney Adventure, Robert Downey Jr., lent his voice to the ceremonial blessing for good fortune for the ship and all its guests.

“I’ve had the privilege of getting to know the team at Walt Disney Imagineering, and I can tell you Adventure is the perfect name for what they’ve created,” he said. “Being the Godparent of this majestic vessel is an honor, and I have some serious duties to perform, so let’s make it official, shall we?”

Downey Jr. cued the orchestra, saying, “You bring the theme and I’ll bring the thunder,” followed by the official blessing, “I christen thee, Disney Adventure, may God bless this ship and all who sail upon her.”

The Christening Ceremony culminated with a confetti burst and a multitude of beloved Disney characters in a rousing rendition of “Let’s Set Sail,” a Disney Cruise Line tradition the builds excitement for the journeys that lie ahead onboard the Disney Adventure.

Drawing on more than 100 years of storytelling from Disney, Pixar, and Marvel, the Disney Adventure is filled with epic experiences and beloved characters waiting to be discovered. The ship features seven immersive themed areas, each transporting guests into iconic stories and worlds including San Fransokyo Street from Disney’s Big Hero 6. On board, guests can enjoy a brand-new Broadway-style musical, “Remember;” immersive dining experiences; signature fireworks at sea; imaginative clubs for kids of all ages; a dynamic collection of bars and lounges for adults; and thrilling attractions, including Disney Cruise Line’s first-ever roller coaster at sea, Ironcycle Test Run.

The Disney Adventure marks Disney Cruise Line’s eighth ship and its largest to date. The ship embarks on its maiden voyage on March 10, followed by an inaugural season of three- and four-night itineraries at sea. The Disney Adventure is part of a multi-year expansion of the award-winning Disney Cruise Line fleet, which currently includes eight ships, with five more planned to join the fleet by 2031.

To learn more about Disney Cruise Line or to book a vacation, guests can visit disneycruise.com, call Disney Cruise Line at 888-325-2500 or contact their travel agent.

The post Disney Cruise Line Christens ‘Disney Adventure’ with Star-Studded, Music-Filled Celebration in Singapore appeared first on The Walt Disney Company.

]]>
How the Oscar®-Nominated ‘Zootopia 2’ Became the Biggest Movie of 2025 https://thewaltdisneycompany.com/news/zootopia-2-oscar-nomination/ Tue, 03 Mar 2026 23:00:30 +0000 https://thewaltdisneycompany.com/?p=46743&post_type=news The post How the Oscar®-Nominated ‘Zootopia 2’ Became the Biggest Movie of 2025 appeared first on The Walt Disney Company.

]]>

The world can’t get enough of Zootopia.

Released theatrically in November 2025, Walt Disney Animation Studios’ Zootopia 2 — starring Ginnifer Goodwin, Jason Bateman, and Ke Huy Quan; written and directed by Jared Bush; directed by Byron Howard; and produced by Yvett Merino — broke multiple box office records in its opening weekend. It went on to become the No. 1 domestic and international release of the year and the highest-grossing animated MPA film of all time. Beloved by audiences and critics alike, it is now nominated for Best Animated Feature at the 98th Academy Awards®.

“It’s a great honor to be nominated,” said Howard. “It sounds cliché to say, but to be a part of the conversation is really great. It’s also been nice to get a chance to meet the other filmmakers from around the world and celebrate really great storytelling from a bunch of different, diverse sources.”

Getting to talk shop with living legends — as Merino did when she was sandwiched in between Steven Spielberg and Chloé Zhao during the 98th Oscars “Class Photo” last month — has been the cherry on top of a fruitful and promising awards season run. “I wanted to go out and buy a lottery ticket, because it was my lucky day!” Merino said. “It was such an honor to talk with them about their films, and for them to talk about our film.”

Outside of industry events, Merino said, “One of my favorite things is to get a text from a friend that says, ‘I just saw the movie! I loved it. It was so funny. It meant so much to me.’ Hearing from so many different people who’ve connected with the film has been amazing.”

In the Q&A below, Howard and Merino open up about their Zootopia 2 experience.

Before Zootopia 2 was released last year, you spoke about how you hoped audiences would receive the movie. Zootopia 2 just won a BAFTA Award and became the top-grossing movie of 2025 — and the Oscars are weeks away. How are you feeling now?

Byron Howard: The Oscars will be a big, glittery wrap-up for us on this wild Zootopia 2 journey. It’s been a joy doing this with Yvett and Jared; I absolutely love working with them.

What made seeing Zootopia 2 in theaters such an important communal experience?

Yvett Merino: The magic of the world of Zootopia is that it reflects our human world, but it’s not our human word; it’s the animal world. That allows people to come in with a sense of openness. Knowing that some people have seen this movie over and over again has been amazing, because they’ve built a community. People are seeing it in full theaters, and maybe they haven’t had that experience before. For some kids, this movie was the first time they’ve ever been inside a movie theater. Being able to laugh together with strangers — having that shared experience — is something truly magical that you only get in theaters.

Byron Howard: Yvett mentioned standing next to Steven Spielberg, and I’m so jealous of her, because growing up, Jared and I were really influenced by Amblin films — those great Spielberg films from way back when. Whether it was E.T., or one of the Indiana Jones films, or Close Encounters, you would go to the theater and experience those movies together. They gave you something to share and to talk about. Once home video became available, you had a way to experience it again and again. Movies are a way to bring people together.

Yvett and I were in Santa Barbara a couple of weeks ago, and they had 2,000 kids in a packed theater watching Zootopia 2, and their reactions made me cry. It was so amazing to see an audience so deeply invested in the movie and enjoying it so much. Those kids, who are probably 10 or 11, will have that for the rest of their lives to talk about. They will remember when they went and experienced that together. That’s amazing to be a part of.

With Zootopia 2 now available on digital and streaming March 11 on Disney+, fans can really take the time to appreciate some of the movie’s finer details. Which elements do you believe deserve a closer look?

Yvett Merino: We have no real-life reference for a place like the Marsh Market; that all comes from our artists and their imaginations. If you pause and look at the bite marks, for example, you’ll see how much work and thought went into creating that environment to make it look and feel like it’s been lived in for years. It’s just incredible to see all that detail.

Byron Howard: I just learned about Merino’s Café — yes, Yvett’s got a café in Marsh Market! The film is the most detail-packed movie that we’ve ever made, and the fact that people can now watch it in their homes, pause it, and walk up to the screen to look at the tiny details of this world is really, really remarkable. It is an incredibly immersive world, with thousands of characters and amazing environments. No matter where you put a camera, there’s a new story. I’m excited to hear from the public and see what else they might notice.

Zootopia is a world within a city. It’s an amazingly tempting challenge to show more of it, because the potential is endless. I think that’s why audiences love going back to it. To Yvett’s point, the detail and thought that our designers, technicians, filmmakers, and animators put into this movie is really unprecedented. They’re all giving 150%, all the time.

Hosted by Conan O’Brien, The Oscars will air live on ABC and stream live on Hulu on Sunday, March 15, at 7 p.m. ET/4 p.m. PT from the Dolby® Theatre at Ovation Hollywood.

The post How the Oscar®-Nominated ‘Zootopia 2’ Became the Biggest Movie of 2025 appeared first on The Walt Disney Company.

]]>
Disney Movies Coming to Theaters Spring 2026 https://thewaltdisneycompany.com/news/disney-movies-theaters-spring-2026/ Tue, 03 Mar 2026 15:12:09 +0000 https://thewaltdisneycompany.com/?p=46796&post_type=news The post Disney Movies Coming to Theaters Spring 2026 appeared first on The Walt Disney Company.

]]>

This spring, The Walt Disney Company builds on powerful momentum from a record-breaking 2025, with an exciting slate that fans across Lucasfilm, Pixar Animation Studios, 20th Century Studios, and Searchlight Pictures won’t want to miss.

Walt Disney Animation Studios’ Zootopia 2 is now the No. 1 domestic release of 2025, also ranking as the No. 1 MPA animated film of all time worldwide. This milestone marks the second consecutive year that The Walt Disney Studios has delivered the top domestic release — and in 2025, Disney claimed three of the top four domestic films overall with Zootopia 2, Lilo & Stitch, and Avatar: Fire and Ash.

That strength extends to streaming. 20th Century Studios’ Predator: Badlands debuted as the No. 1 film premiere on Hulu since Prey, drawing nearly 9 million global views in its first five days across Disney+ and Hulu. In total, audiences have streamed more than 300 million hours of the Predator franchise globally on Disney’s streaming platforms.

Disney enters 2026 on a remarkable run, backed by a daring slate poised to captivate audiences around the world.

Here’s what’s coming to theaters this Spring 2026:

  • Disney and Pixar’s Hoppers — March 6
  • Searchlight Pictures’ Ready or Not 2: Here I Come — March 20
  • 20th Century Studios’ The Devil Wears Prada 2 — May 1
  • Lucasfilm’s The Mandalorian and Grogu — May 22

Disney and Pixar’s Hoppers

Release Date: March 6

Disney and Pixar’s next original animated comedy follows a young animal lover who “hops” her consciousness into a robotic beaver to communicate with animals and protect their habitat. The all-star ensemble features the voices of Piper Curda (Mabel), Bobby Moynihan (King George), Jon Hamm (Mayor Jerry), Meryl Streep (Insect Queen), Dave Franco (Titus), Kathy Najimy (Dr. Sam), and more. Hoppers delivers heart, humor, and a wholly original world to fans of all ages.

Searchlight Pictures’ Ready or Not 2: Here I Come

Release Date: March 20

Let the game begin! Moments after surviving an all-out attack from the Le Domas family, Grace (Samara Weaving) discovers she’s reached the next level of the nightmarish game — and this time with her estranged sister Faith (Kathryn Newton) at her side. Grace has one chance to survive, keep her sister alive, and claim the High Seat of the Council that controls the world. Four rival families are hunting her for the throne, and whoever wins rules it all. The unpredictable sequel raises the stakes on the deadly game that made the first film a breakout hit. Radio Silence’s Ready or Not 2 also stars Sarah Michelle Gellar, Shawn Hatosy, Néstor Carbonell, with David Cronenberg, and Elijah Wood.

20th Century Studios’ The Devil Wears Prada 2

Release Date: May 1

The Devil Wears Prada 2? This spring? Groundbreaking. After two decades, Meryl Streep, Anne Hathaway, Emily Blunt, and Stanley Tucci return to the fashionable streets of New York City and the sleek offices of Runway Magazine in the eagerly awaited sequel to the 2006 phenomenon that defined a generation.

Lucasfilm’s The Mandalorian and Grogu

Release Date: May 22

After more than 6 years since Star Wars was in theaters, the galaxy’s favorite duo is about to make their debut on the big screen. When dangerous warlords threaten a peaceful galaxy, the New Republic calls upon legendary Mandalorian bounty hunter Din Djarin (Pedro Pascal) and his young apprentice Grogu to protect everything the Rebellion fought for. Directed by Jon Favreau, The Mandalorian and Grogu also stars Sigourney Weaver and Jeremy Allen White and is produced by Jon Favreau, Kathleen Kennedy, Dave Filoni, and Ian Bryce, with music composed by Ludwig Göransson.


Following a record-setting year in theaters, Disney’s 2026 lineup raises the bar with fresh storytelling, fan-favorite worlds, and big-screen experiences designed to bring audiences together.

This summer, Disney and Pixar return with Toy Story 5 on June 19, followed by Disney Live Action’s highly anticipated reimagining of Moana on July 10. Searchlight Pictures keeps the energy high with the comedy Super Troopers 3 on August 7, before 20th Century Studios closes out the blockbuster season with Ridley Scott’s The Dog Stars on August 28.

The post Disney Movies Coming to Theaters Spring 2026 appeared first on The Walt Disney Company.

]]>
The Walt Disney Company Wins 22 Children’s & Family Emmy® Awards, the Most Overall Across the Industry https://thewaltdisneycompany.com/news/children-family-emmy-awards-2026/ Tue, 03 Mar 2026 04:50:00 +0000 https://thewaltdisneycompany.com/?p=46759&post_type=news The post The Walt Disney Company Wins 22 Children’s & Family Emmy® Awards, the Most Overall Across the Industry appeared first on The Walt Disney Company.

]]>

The Walt Disney Company has won 22 Children’s & Family Emmy® Awards across its content brands and studios: Disney Branded Television and The Walt Disney Studios (including Lucasfilm, Marvel Animation, National Geographic, and Pixar Animation Studios). Disney+ is the ultimate streaming destination for kids and families, home to 21 awards.

Descendants: Rise of Red and Win or Lose tied for the most wins, with five each, while Star Wars: Skeleton Crew — this year’s most-nominated program — won Outstanding Young Teen Series.

A complete list of all The Walt Disney Company wins follows:

Descendants: The Rise of Red (Disney+/Disney Channel/Disney Branded Television)
Streaming on Disney+

5 Wins

  • Outstanding Fiction Special
  • Outstanding Art Direction / Set Decoration / Scenic Design
  • Outstanding Hairstyling and Makeup
  • Outstanding Original Song for a Children’s or Young Teen Program – “Red Christmas”
  • Outstanding Choreography

Win or Lose (Disney+/Pixar Animation Studios)
Streaming on Disney+
5 Wins

  • Outstanding Children’s or Young Teen Animated Series
  • Outstanding Writing for a Children’s or Young Teen Animated Series – “Pickle”
  • Outstanding Directing for an Animated Series – “Home”
  • Outstanding Editing for an Animated Program – “Mixed Signals”
  • Outstanding Individual Achievement in Animation – Storyboard – Esteban Bravo, Storyboard Artist

Star Wars: Skeleton Crew (Disney+/Lucasfilm)
Streaming on Disney+
4 Wins

  • Outstanding Young Teen Series
  • Outstanding Editing for a Young Teen Live Action Program – “The Real Good Guys”
  • Outstanding Sound Mixing and Sound Editing for a Live Action Program – “You Have a Lot to Learn About Pirates”
  • Outstanding Visual Effects for a Live Action Program

A Real Bug’s Life (National Geographic)
Streaming on Disney+
2 Wins

  • Outstanding Informational Program
  • Outstanding Editing for a Preschool or Children’s Live Action Program – “Love in the Forest”

BUNK’D: Learning the Ropes (Disney Channel/Disney Branded Television)
Streaming on Hulu
1 Win

  • Outstanding Cinematography and Technical Arts for a Multiple Camera Live Action Program – “Happy Trails”

Dream Productions (Disney+/Pixar Animation Studios)
Streaming on Disney+
1 Win

  • Outstanding Casting for an Animated Program

Rise Up, Sing Out (Disney Jr./Disney Branded Television)
Streaming on Disney+
1 Win

  • Outstanding Original Song for a Preschool Program – “Grow Your World”

RoboGobo (Disney Jr./Disney Branded Television)
Streaming on Disney+
1 Win

  • Outstanding Voice Performer in a Preschool Program – Ana Gasteyer

Star Wars: Young Jedi Adventures (Disney+/Lucasfilm/Disney Jr.)
Streaming on Disney+
1 Win

  • Outstanding Sound Mixing and Sound Editing for a Preschool Animated Program – “The Battle of Tenoo”

Your Friendly Neighborhood Spider-Man (Disney+/Marvel Animation)
Streaming on Disney+
1 Win

  • Outstanding Voice Directing for an Animated Series – “If This Be My Destiny…”

The post The Walt Disney Company Wins 22 Children’s & Family Emmy® Awards, the Most Overall Across the Industry appeared first on The Walt Disney Company.

]]>
‘ZOMBIES 5’ Greenlit for Disney+ and Disney Channel https://thewaltdisneycompany.com/news/zombies-5/ Mon, 02 Mar 2026 16:33:09 +0000 https://thewaltdisneycompany.com/?p=46727&post_type=news The post ‘ZOMBIES 5’ Greenlit for Disney+ and Disney Channel appeared first on The Walt Disney Company.

]]>

A fifth installment of the hit Disney Channel Original Movie ZOMBIES franchise has been greenlit for Disney+ and Disney Channel, with Malachi Barton and Freya Skye set to return to their breakout roles as Victor and Nova. Franchise stars Milo Manheim and Meg Donnelly return to executive produce, while Trevor Tordjman returns as Bucky, the beloved cheer captain and cousin of Addison from the original trilogy. The film begins production this spring in New Zealand. An official title will be announced at a later date.

Following the events of ZOMBIES 4: Dawn of the Vampires, the newfound peace between the Daywalkers and Vampires is put to the test when a band of fierce mermaids arrives in Rayburn, making waves and casting a persuasive siren song to lure in new allies. Nova and Victor must unite their groups once more to discover what the mermaids are really after in order to protect the fragile harmony they worked so hard to build.

The returning cast includes Malachi Barton as Victor, Freya Skye as Nova, Swayam Bhatia as Vera, Julian Lerner as Ray, and Mekonnen Knife as Vargas from ZOMBIES 4: Dawn of the Vampires. New to the franchise are a trio of mysterious mermaids: Diaana Babnicova as cool-girl Pearl, Taylor Oliver as bad-boy Fin, and Olive Mortimer as tech-wiz Sandy. Emily Costtrici joins the cast as zombie Izzy, Zed’s zombie cousin and new transfer student.

Disney+

Explore the ZOMBIES Collection

Find the entire ZOMBIES movie franchise, along with series like ‘ZOMBIES: The Re-Animated Series’ and the all-new short-form series ‘Locker Diaries: ZOMBIES’ on Disney+.

DGA Award-winner Paul Hoen, director and executive producer of the entire ZOMBIES franchise, will return for this latest installment. Also returning are executive producers Jane Fleming, Mark Ordesky, Joseph Raso and David Light and producer Skot Bright, alongside Manheim and Donnelly. The movie features next-level dance sequences, choreographed by Dondraico Johnson, and an original score composed by Tom Howe. Joining the creative team are writers Chris Hazzard, Michael Fontana and Eydie Faye.

“ZOMBIES has become a defining franchise for the current generation,” said Ayo Davis, president, Disney Branded Television. “With each movie, we intentionally push the story somewhere new. Introducing mermaids in ZOMBIES 5 opens up a completely different dynamic, while staying true to the music, characters and themes of unity and acceptance that are at the heart of these films.”

The ZOMBIES franchise has become one of the most popular Disney Channel Original Movie franchises, with cable telecasts for the first three films ranking No. 1 among Kids 6-11 and Tweens 9-14 in their premiere years,* and garnering 385 million-hours watched across linear and streaming in the U.S. (including series and shorts).** The summer 2024 premiere of ZOMBIES 4: Dawn of the Vampires garnered 9.3 million views globally in its first nine days streaming, amassing 43 million views in less than 6 months.***

The ZOMBIES 5 greenlight news comes during a landmark year for Disney Channel fans, as 2026 celebrates the milestone anniversaries of High School Musical and Hannah Montana, leading into the premieres of new franchise installments Descendants: Wicked Wonderland and Camp Rock 3 this summer. Last summer’s smash hit Descendants/ZOMBIES Worlds Collide Tour now includes a concert special streaming on Disney+, and it was just announced that the Worlds Collide Tour will return this year with talent from Descendants, ZOMBIES and Camp Rock franchises.

ZOMBIES, ZOMBIES 2, ZOMBIES 3, ZOMBIES 4: Dawn of the Vampires, and ZOMBIES: The Re-Animated Series are now streaming on Disney+ and can be found in the ZOMBIES Collection on the service. The all-new short-form series Locker Diaries: ZOMBIES is now available on Disney+, YouTube, Instagram and TikTok with additional episodes rolling out every Saturday until mid-April.

Sources

*Source: Nielsen, Live+35, Z1: 1/29/18 – 2/25/18, Z2: 1/27/20 –2/23/20, Z3: 8/1/22 – 8/28/22; ranked on average audience, based on cable movies only

**Source: Nielsen Media Research from Z1 to 12/28/25; Overall includes Movies, Shorts, Specials and episodes of specials and series that are Zombies themed; Connected TV only – no mobile/tablet

***Source: Internal Disney+ streaming data

The post ‘ZOMBIES 5’ Greenlit for Disney+ and Disney Channel appeared first on The Walt Disney Company.

]]>
‘Avatar: Fire and Ash’ Costume Designer Deborah L. Scott Shares the Imagination, Innovation, and Inspiration Behind Her Oscar®-Nominated Work https://thewaltdisneycompany.com/news/avatar-fire-ash-costume-design/ Fri, 27 Feb 2026 18:25:23 +0000 https://thewaltdisneycompany.com/?p=46581&post_type=news The post ‘Avatar: Fire and Ash’ Costume Designer Deborah L. Scott Shares the Imagination, Innovation, and Inspiration Behind Her Oscar®-Nominated Work appeared first on The Walt Disney Company.

]]>

Every pixel of Avatar: Fire and Ash is a visual spectacle — right down to the bespoke costumes and accessories created by Oscar® winner Deborah L. Scott, whose work in the groundbreaking film is nominated for Best Costume Design at the 98th Academy Awards®.

“I was very surprised by this nomination,” Scott said. “My work on this film was outside the box. I’m really proud of the costume design branch of the Academy, because this nomination is proof that we can design costumes in all sorts of ways, in all sorts of places. That’s the most exciting thing — cracking the door open a bit. That’s what I’m proudest of.”

Scott is one of Disney Legend James Cameron‘s stalwart collaborators, having designed the costumes for Titanic (1997) before reuniting with him to work on Avatar (2009), Avatar: The Way of Water (2022), and Avatar: Fire and Ash (2025) — four of the most successful films of all time. Scott’s designs are singular, as her work in the Avatar franchise imaginatively and sinuously blends artistry with technology — a modus operandi that mirrors Cameron’s.

“Things have changed a lot,” Scott said. “With the first film, we were still figuring out a lot of the technology in real-time. That’s when it became clear that we needed to make physical samples. The VFX houses had a hard time with it; they would sort of shudder if you gave them a feather, or anything else that was soft. But they rose to the challenge. With the second film, the technology was better, so it was almost like, ‘Forget what we did before. Maybe there’s a cleaner, better way to do things — without sacrificing the design.’ We created a smoother pipeline to avoid troubleshooting with the VFX team down the line. That was important, because there were more costumes, and they were far more detailed.”

Impressive Improvement

Avatar: Fire and Ash is once again set on the moon Pandora, home to the Na’vi people. For this film, Scott and her team spent years developing intricate textiles, beading, and embroidery for nearly 1,000 costumes. While Scott’s designs were rendered digitally by Wētā FX, everything was fabricated as real, tangible items. In fact, midway through production, Scott improved efficiency by creating a “lending library” — a digital and physical archive of accessories, costumes, and props for the Wētā FX artists to reference.

“It can be hard for people to understand the design from just a drawing, which is why the initial concept was to make the costumes, and then we would put them into the digital pipeline. I would never dumb a design down; that’s not an option,” Scott said. “The only option is to create each piece to the best of my ability and then turn it over to the VFX artists and recreate it with them. I get to guide them in their process. With a real, actual sample, nothing is left to guesswork. Previously they’d receive an item, scan it, and photograph it — but the wonderful artists didn’t ever have the real thing in front of them.”

“So, I would go over to Wētā Workshop, and I would put the items on mannequins,” Scott continued. “I wanted the artists to see them, to feel them, to look at them — to really get the details down. If you’ve ever been in a workshop, or if you’ve ever made a garment, you know it’s a very particular process. We can have long discussions about the width of the seam or what kind of bead to use. I do the same thing with the digital artists, just in a different way. We discuss things like, ‘How does it move in the wind? How heavy is it? Does it press to the body or is there space?’ It’s a very detailed, very long, but rewarding journey.”

Ceaseless Creativity

Whereas Avatar introduced audiences to the rainforest-dwelling Omatikaya Clan and Avatar: The Way of Water introduced the shoreline-inhabiting Metkayina Clan, Avatar: Fire and Ash doubled the number of clan introductions. Part of Scott’s responsibility was to create clothing, accessories, and props that would distinguish the Tlalim Clan, aka the Wind Traders, and the Mangkwan Clan, aka the Ash People, from the two established Na’vi clans.

“I knew the two clans had to be remarkably different while still following the same rules of all the clans: they weave, they make their own garments, etc.,” Scott said. “You stay within the framework, so the real fun was getting to customize things based off of their stories.”

By the Numbers

• 306 costume samples manufactured for the Ash people

• 333 costume samples manufactured for the Wind Traders

• 387 costumes created for the principal characters

• 400+ items created for the live-action costumes in Na’vi style

The Tlalim Clan “mostly flies around in a gondola,” she continued. “It’s a higher elevation, so it’s colder and windier. How did they cover up their bodies? In talking to Jim, I thought, ‘They’re happy-go-lucky. They travel around and spread gossip and bring wares, so they should be much more colorful.’ Then I thought, ‘What colors haven’t we done?’ I settled on some very saturated jewel tones. For their weaving, we loomed cloth; it has a lot of variations. My idea was, ‘When they’re up in the sky, what are they looking at? The sky, the clouds, the earth. What does it look like when they look down?’ I put that into the design.”

Meanwhile, the Mangkwan Clan — whose culture and lifestyle were dramatically altered after a volcanic eruption destroyed their home — have striking look inspired by their wrath.

“These are people who are really masochistic and sadistic,” Scott said. “We knew that the environments always play an important role in the costuming, and their environment is a burnt-out volcanic landscape. They have less materials. They’re not traveling around in a gondola collecting things; they’re living in a pretty yucky situation. Jim gave me the idea for the first headdress that Varang [Oona Chaplin] wears, as well as the idea of minimal clothing; that’s how many first peoples started. You’ll notice that in the supporting players — not with Varang so much, because she’s pretty high ranking and gets whatever she wants. These people don’t have a lot of time to make a lot of stuff, so they decorate their bodies, which is another incredibly common thing indigenous peoples do. The red color scheme, Jim was pretty set on. We talked a lot about, ‘Is it matte? Is it shiny? Is it granular? Is it ink? Is it paint?’ I started doing designs on paper of different ways to put stripes on the body. What does it mean? Does the lowest guy have one stripe? The masochism and the sadistic part comes in through the piercings and the scarification. It’s a way to show that their bodies — and their body ornamentation — are almost more important than clothing.”

For Scott, being able to play in the Avatar sandbox has been a dream come true.

“That’s the gift, right? You get to continually go to new places with Jim; he’s not doing a repeat,” Scott said. “We follow the characters through the script and think, ‘What’s the most exciting way to present this?’ The world’s our oyster. We can come up with anything.”

Hosted by Conan O’Brien, The Oscars will air live on ABC and stream live on Hulu on Sunday, March 15, at 7 p.m. ET/4 p.m. PT from the Dolby® Theatre at Ovation Hollywood.

The post ‘Avatar: Fire and Ash’ Costume Designer Deborah L. Scott Shares the Imagination, Innovation, and Inspiration Behind Her Oscar®-Nominated Work appeared first on The Walt Disney Company.

]]>
Disney and Formula 1® Fuel the Magic for the 2026 Race Season with All New Ways for Fans to Engage with Disney’s Mickey & Friends across Content, Products and Experiences https://thewaltdisneycompany.com/news/formula-1-2026-season/ Thu, 26 Feb 2026 14:30:30 +0000 https://thewaltdisneycompany.com/?p=46658&post_type=news The post Disney and Formula 1® Fuel the Magic for the 2026 Race Season with All New Ways for Fans to Engage with Disney’s Mickey & Friends across Content, Products and Experiences appeared first on The Walt Disney Company.

]]>

WEBTOON launches Mickey & Friends x Formula 1® comic series ahead of Australian Grand Prix 2026

Disney Store, Gentle Monster, a Trackside Range and More Global Licensees Deliver New Drops for 2026 Race Season

Ahead of the 2026 Formula 1® race season, Disney and Formula 1® are announcing the continuation of their multi-year “Fuel the Magic” collaboration, blending storytelling, racing culture and immersive fan experiences at Grand Prix weekends worldwide. Building on the momentum from the Las Vegas Grand Prix in November 2025, including Disney’s Mickey Mouse’s takeover of the Fountains of Bellagio, Disney and Formula 1® will kick-off this race seasons’ “Fuel the Magic” campaign with a racing-inspired content series at the Australian Grand Prix and then shift into high-gear at the Chinese Grand Prix, with more races planned throughout the 2026 race season. The campaign aims to bring fans original WEBTOON content, new branded products, and industry-leading entertainment designed to reflect the energy of each host city and the personalities of Disney’s Mickey & Friends.

“Formula 1 and Disney sparked a cultural moment felt worldwide—and it was only the beginning. This year is about turning that moment into a season‑long story,” said Tasia Filippatos, President of Disney Consumer Products. “A new digital chapter with WEBTOON gives fans a reason to stay connected between race weekends, brought to life through product and standout moments that feel authentic to each stop on the calendar.”

“The continuation of our ‘Fuel the Magic’ campaign with Disney is far greater than just a sports partnership, but one that leverages both Formula 1 and Disney’s power of immersive cultural storytelling and engaging entertainment,” said Emily Prazer, Chief Commercial Officer of Formula 1. From unique product launches to fan experiences, digital content and WEBTOON integration, we’re offering even more unique ways that new and existing audiences can engage with our sport and experience race events like no other.”

‘Mickey X Formula 1® Racing to the Top!’

WEBTOON Debuts Original Racing-Inspired Series, Starting at the Australian Grand Prix

Disney and WEBTOON have teamed up to create ‘Mickey X Formula 1® Racing to the Top!’ an original vertical comics series which will run exclusively on WEBTOON’s global platforms throughout the 2026 Formula 1® race season. The series will launch on March 6 during the Formula 1 Australian Grand Prix, with new episodes dropping tied to each race weekend throughout the season. Designed for a new

generation of fans, the series will introduce new characters, themes, and scenarios that blend the creativity and imagination of Mickey & Friends with the excitement and drama of Formula 1.

In this original series inspired by the high-octane thrills and teamwork of elite racing, Mickey Mouse, Minnie Mouse, Donald Duck and Goofy come together to help support a racing team in crisis, demonstrating the power of friendship and collaboration to overcome adversity.

‘Mickey X Formula 1® Racing to the Top!’

“Fuel the Magic” Products Expand to Select Formula 1 Races, Starting at the Chinese Grand Prix Races

Starting at the Chinese Grand Prix from 13-15 March, select Formula 1® races throughout the season will feature “Fuel the Magic” fanzone retail pop-ups with new branded merchandise inspired by the host city. Race-specific pieces and a core collection from Disney and Formula 1® will be available at the F1® Hub and Grand Prix Plaza, as well as online at F1.com and the Amazon F1 store (U.S. only).

Select race weekends will also include special Disney entertainment, creating memorable experiences, including seeing Disney’s Mickey & Friends sporting their Formula 1® fandom in a stylish new way.

First Look at Gentle Monster Assortment

Gentle Monster will introduce the 2026 Circuit Collection, a global eyewear collaboration with Disney and Formula 1® that reimagines the structural language of Formula 1 cars through a bold, fashion-forward lens. Featuring eight styles made with lightweight, durable materials, the collection includes three exclusive designs inspired by Disney’s Mickey & Friends and Formula 1®, blending racing performance with everyday wearability. The launch will also include pop-up experiences in Seoul and Shanghai, where a monumental Disney’s Mickey Mouse sculpture stands alongside an Formula 1® car, bringing the energy of “Fuel the Magic” to life.

More Product Collaborations to Launch Across Fashion, Accessories, and Collectibles

Following the debut of the first Disney x Formula 1® collection in Las Vegas last year, Disney Store will launch additional releases, starting with a Mickey Mouse plush in a Formula 1 uniform, available exclusively in Australia just in time for the Australian Grand Prix, with a global roll-out planned later this year. New collaborations will also launch with Gentle Monster and Uniqlo, alongside an expanded Disney x Formula 1 core collection available online. The assortment will span apparel, accessories, collectibles, and plush, each reflecting the intersection of racing culture and Mickey & Friends. Stay tuned for product reveals on Disney Style.

Stay Tuned for More on Social

The “Fuel the Magic” campaign reflects the shared vision of Disney and Formula 1® to unite racing, entertainment, and fashion through a fan-first approach that celebrates the sport’s cultural energy. This industry-leading collaboration delivers original content and digital experiences to connect fans around

the world to the excitement of Grand Prix weekends. For the latest updates, follow @mickeymouse and @f1 on social media and join the conversation using #FuelTheMagic.

The post Disney and Formula 1® Fuel the Magic for the 2026 Race Season with All New Ways for Fans to Engage with Disney’s Mickey & Friends across Content, Products and Experiences appeared first on The Walt Disney Company.

]]>
Now on Disney+: ABC Local News Feeds From 8 Cities Across the U.S. https://thewaltdisneycompany.com/news/abc-local-news-disney-plus/ Wed, 25 Feb 2026 20:43:35 +0000 https://thewaltdisneycompany.com/?p=46635&post_type=news The post Now on Disney+: ABC Local News Feeds From 8 Cities Across the U.S. appeared first on The Walt Disney Company.

]]>

Beginning today, Disney+ subscribers in the U.S. will have access to ABC Owned Television Station’s eight local market 24/7 livestreams from New York (WABC-TV), Los Angeles (KABC-TV), Chicago (WLS-TV), Philadelphia (WPVI-TV), Houston (KTRK-TV), San Francisco (KGO-TV), Raleigh-Durham, NC (WTVD-TV), and Fresno, CA (KFSN-TV).

The 24/7 local news streams feature live, market-specific newscasts, breaking news, important weather updates and special community events and celebrations. The streams are available in the ABC News Hub and the Live Hub. Over time, subscribers located in one of the eight markets will also see their local-market station featured in other locations on Disney+.

24/7 local news streams on Disney+

The new ABC local news programming joins national news coverage on Disney+ including World News Tonight with David Muir, ABC News Live Prime with Linsey Davis, 20/20, Good Morning America, Nightline, This Week with George Stephanopoulos, and What You Need to Know. The programming adds value for millions of subscribers and bolsters the ever-growing Disney+ content offering including movies and shows from Disney, Pixar, Marvel, Star Wars and National Geographic, all in one place.

The post Now on Disney+: ABC Local News Feeds From 8 Cities Across the U.S. appeared first on The Walt Disney Company.

]]>
The Walt Disney Company To Participate In The Morgan Stanley Technology, Media & Telecom Conference https://thewaltdisneycompany.com/press-releases/the-walt-disney-company-to-participate-in-the-morgan-stanley-technology-media-telecom-conference/ Wed, 25 Feb 2026 18:00:06 +0000 https://thewaltdisneycompany.com/?p=46647&post_type=news The post The Walt Disney Company To Participate In The Morgan Stanley Technology, Media & Telecom Conference appeared first on The Walt Disney Company.

]]>

BURBANK, Calif., February 25, 2026 – Hugh Johnston, Senior Executive Vice President & Chief Financial Officer, The Walt Disney Company (NYSE: DIS) will participate in a question-and-answer session at the Morgan Stanley Technology, Media & Telecom Conference on Monday, March 2, 2026 at approximately 4:05 p.m. ET/ 1:05 p.m. PT.
 
To stream live, please visit www.disney.com/investors. A recording of the question-and-answer session will be archived on our website.

Contacts:

Carlos Gómez
Investor Relations
(818) 560-1933
 
David Jefferson
Corporate Communications
(818) 560-4832

The post The Walt Disney Company To Participate In The Morgan Stanley Technology, Media & Telecom Conference appeared first on The Walt Disney Company.

]]>
Expanding Access, Deepening Engagement: ESPN’s Direct-to-Consumer Momentum Takes Shape https://thewaltdisneycompany.com/news/espn-dtc-interview-john-lasker/ Wed, 25 Feb 2026 14:39:31 +0000 https://thewaltdisneycompany.com/?p=46620&post_type=news The post Expanding Access, Deepening Engagement: ESPN’s Direct-to-Consumer Momentum Takes Shape appeared first on The Walt Disney Company.

]]>

Six months into ESPN’s direct-to-consumer journey, the focus is firmly on meeting fans where they are — and redefining how they experience sports along the way.

In this Q&A, John Lasker, SVP, ESPN Direct-to-Consumer, shares how delivering broader access, launching an enhanced ESPN App, and unifying ESPN’s DTC strategy are setting the foundation for long-term growth, deeper engagement, and greater value across The Walt Disney Company’s streaming ecosystem.

Six months in, what are the milestones you’re most proud of, and why do those matter for ESPN’s long-term growth?

The biggest milestone is that we delivered on something fans have been asking for — access to ESPN in more ways than ever before — while launching an enhanced app experience that truly elevates how fans engage with sports. The launch itself went incredibly smoothly thanks to the work of thousands of people across ESPN and The Walt Disney Company, and we’ve seen strong validation in how fans are showing up and engaging.

Just as important, we’ve proven that one unified direct-to-consumer strategy with two plan options (Unlimited and Select) gives fans optionality without losing the core ESPN experience. That foundation is critical for our long-term growth because it allows us to keep evolving the product while staying focused on serving sports fans anytime, anywhere.

How are you defining “success” at this stage: reach, engagement, retention, customer satisfaction, or something else — and which leading indicators are you watching most closely right now?

Success isn’t one single metric — it’s a combination of many including reach, engagement, and how often fans come back to the product. We’re looking closely at how fans are activating their access, how frequently they’re using the app across devices, and how they move from one sport or season to the next.

What’s encouraging is that we’re seeing strong engagement across live events, features, and adoption of the Bundle with the ESPN Unlimited Bundle plan, Disney+ and Hulu. The strategy is resonating, and the goal right now is to continue building habits so that fans see ESPN as a year-round destination, not just something tied to one specific season or event.

The enhanced ESPN App introduced more personalization and new viewing experiences. Which features have fans responded to most strongly so far, and what feedback has surprised you?

Live events are still at the heart of everything, but the way fans experience those events has really evolved. Multiview has been incredibly popular, and fans are leaning into features like stats, key plays, fantasy and betting integrations, and personalized content experiences like SC For You and Verts that make using the app more interactive.

It’s exciting to see fans adopt the broader feature set as part of their routine. It’s not just one feature; it’s the ecosystem working together. That’s also opened the door for us to keep innovating around the game itself — things like deeper personalization and new experiences that only make sense inside the ESPN App environment.

What unique role does ESPN play alongside Disney+ and Hulu in driving value for the whole company?

Sports bring a different kind of energy and urgency — they’re live, they’re communal, and they drive consistent engagement throughout the year. With ESPN alongside Disney+ and Hulu, you’re creating a bundle that delivers sports, entertainment, and family programming in one place, which is incredibly compelling for fans and for the company. In fact, roughly 80% of subscribers to the ESPN Unlimited plan access the service through a bundle, which reinforces how important that ecosystem approach has been from the start.

We’ve seen that combination resonate because it gives consumers flexibility and expanded value while strengthening the overall Disney ecosystem. ESPN helps bring fans in more frequently, and together the three services create a more complete offering than any single product could deliver on its own.

Looking ahead, what most excites you for the next chapter for ESPN DTC?

What excites me most is how much runway we still have. We’re continuing to bring new programming, new features, and new distribution opportunities into the product — from innovations in the app experience to upcoming additions like NFL Network and deeper personalization.

We’re also focused on making sure more fans can access ESPN the way they want, whether that’s through direct subscriptions, bundles, or authentication with partners. Every step forward gives us another opportunity to learn, evolve, and continue building something that serves sports fans even better.

At the one-year mark, what do you hope we will be talking about in relation to ESPN DTC?

I hope we’re talking about how the product has continued to mature with more fans activated in the ESPN app, that personalization feels even more seamless, and that the value of the ESPN Unlimited plan is clearer than ever.

We’ll also continue to listen to fan feedback and expand what they can do inside the app — whether that’s new features, new content opportunities, or deeper integrations that make ESPN the best place to watch and engage with sports.

The post Expanding Access, Deepening Engagement: ESPN’s Direct-to-Consumer Momentum Takes Shape appeared first on The Walt Disney Company.

]]>
Kristina Schake To Depart As Chief Communications Officer Of The Walt Disney Company https://thewaltdisneycompany.com/press-releases/kristina-schake-to-depart-as-chief-communications-officer-of-the-walt-disney-company/ Tue, 24 Feb 2026 21:30:12 +0000 https://thewaltdisneycompany.com/?p=46574&post_type=news The post Kristina Schake To Depart As Chief Communications Officer Of The Walt Disney Company appeared first on The Walt Disney Company.

]]>

BURBANK, Calif., February 24, 2026—The Walt Disney Company (NYSE: DIS) today announced that Kristina Schake, Senior Executive Vice President and Chief Communications Officer, will depart the company after March 18, 2026, coinciding with the end of Bob Iger’s tenure as Chief Executive Officer. Schake, who joined Disney in 2022, has served as a member of the company’s senior management team and advisor to the CEO and Board of Directors, helping to advance Disney’s business and strategic objectives, strengthen its long-term positioning, and navigate a period of significant change for the company and the broader industry.
 
“Kristina is an accomplished and respected communications leader, and Disney has been fortunate to have her expertise and insight during a dynamic period that has demanded strategic clarity and judgment,” said Robert A. Iger, Chief Executive Officer, The Walt Disney Company. “Kristina is a skilled strategist, a trusted advisor, and an admired leader whose positive impact on Disney will be lasting. She strengthened how the company aligns communications with business and strategic priorities, ensuring critical stakeholder audiences are engaged with discipline and purpose. I am grateful for her partnership and friendship, her counsel, and her innumerable contributions.”
 
“I am so thankful to have had the opportunity to serve The Walt Disney Company during such a pivotal chapter in its history,” said Kristina Schake. “The company I joined in 2022 was in a vastly different place from where it is today, both reputationally and from a business perspective, and I am proud of the work our worldwide communications team has done to support Bob as he has put Disney on a steady course for growth for the next generation of leaders. With that mission now successfully completed, I’m looking forward to my next challenge. Working alongside Bob, his management team, and so many exceptional communications professionals has been a privilege I will carry with me forever, and I leave with tremendous respect for this institution and great confidence in Disney’s future under Josh D’Amaro and Dana Walden.”
 
Schake’s counsel and communications leadership have been integral to maintaining clarity, consistency, and confidence among employees, partners, investors, consumers, and other key stakeholders during a period of sustained complexity for the business and the industry. During her four years at the company she has shaped the communications strategies for the company’s most consequential moments, including Iger’s return as CEO in November 2022; Disney’s decisive defeat of two proxy challenges; the achievement of profitability in streaming and the integration of Hulu into Disney+; the announcement of a new theme park resort in Abu Dhabi; the launch of ESPN’s direct-to-consumer offering; and the selection of Josh D’Amaro as Disney’s next Chief Executive Officer and Dana Walden as President and Chief Creative Officer.
 
Prior to joining Disney in 2022, Schake was appointed by President Joe Biden to lead the nationwide COVID-19 vaccine campaign, managing the federal government’s national public education initiative. Previously, she was Global Communications Director for Instagram. Schake has held key senior roles in government and politics, including Communications Director for First Lady Michelle Obama and Deputy Communications Director for Secretary Hillary Clinton’s 2016 presidential campaign. Additionally, Schake co-founded the American Foundation for Equal Rights, which led the successful bipartisan public awareness campaign and legal challenge to restore marriage equality in California.
 
The company will announce Schake’s successor at a later date.

Contacts:

David Jefferson
Corporate Communications
david.j.jefferson@disney.com
(818) 560-4832
 
Mike Long
Corporate Communications
mike.p.long@disney.com
(818) 560-4588

The post Kristina Schake To Depart As Chief Communications Officer Of The Walt Disney Company appeared first on The Walt Disney Company.

]]>
ESPN VP of Business Development & Innovation Kevin Lopes Highlights Why the 5th Annual ESPN Edge Innovation Conference is a Must-See https://thewaltdisneycompany.com/news/kevin-lopes-espn-edge-conference/ Tue, 24 Feb 2026 16:23:55 +0000 https://thewaltdisneycompany.com/?p=46552&post_type=news The post ESPN VP of Business Development & Innovation Kevin Lopes Highlights Why the 5th Annual ESPN Edge Innovation Conference is a Must-See appeared first on The Walt Disney Company.

]]>

A version of this article was originally posted on ESPN’s Press Room.

ESPN is set to host its 5th annual ESPN Edge Innovation Conference on Thursday, Nov. 13. The one-night event features some of the brightest minds across sports, business and technology, coming together to discuss how they’re pushing the boundaries of advanced technology and creative sports storytelling.

The conference has evolved from virtual to in-person, and now it’s officially taking place inside The Walt Disney Company’s headquarters in New York City at 7 Hudson Square.

Leaders from ESPN Edge Innovation Partners – including Accenture, Microsoft, Meta, WSC Sports and a soon-to-be-announced fifth partner – along with other industry experts, will speak at the conference.

Kevin Lopes, VP of Business Development & Innovation, talked about how this conference has scaled so quickly in only four years and what to expect at this year’s event.

Can you talk about how this has evolved from year 1 to now?

What started as a virtual experiment on Zoom has now grown into an in-person event, complete with live demos, networking opportunities and panels featuring industry leaders sharing what’s next in sports and technology.

What should fans watching expect during this year’s conference?

We’re proud that our event has become a place to see what’s next – from exciting demos to first looks at the innovative work happening across ESPN, The Walt Disney Company and our amazing innovation partners.

Is there anything you can share from this year’s agenda?

I’m excited about our entire agenda this year, but I have to say, a couple segments really stick out. One is ESPN’s XR (extended reality) panel featuring visionaries from Lucasfilm, Meta, Disney and ESPN. I’m also incredibly proud of the work our creative studio and production teams have done to turn animated telecasts into must-see family entertainment using Disney’s iconic IP – it’s amazing to see.

Anything else to share?
ESPN has always championed innovation; it’s part of our storied legacy as a company. ESPN Edge has the privilege of contributing to that legacy. We’re constantly thinking 5-10+ years down the road on how we can continue delivering best-in-class experiences for fans, and the ESPN Edge Innovation Conference offers a great look at how we’re doing that alongside our partners.

View the full agenda and watch the live stream for free at espnedge.com/conference.

The post ESPN VP of Business Development & Innovation Kevin Lopes Highlights Why the 5th Annual ESPN Edge Innovation Conference is a Must-See appeared first on The Walt Disney Company.

]]>
Four Games at Once, One Screen, Anywhere: Multiview Goes Mobile on the ESPN App https://thewaltdisneycompany.com/news/multiview-mobile-espn-app/ Tue, 24 Feb 2026 16:08:44 +0000 https://thewaltdisneycompany.com/?p=46547&post_type=news The post Four Games at Once, One Screen, Anywhere: Multiview Goes Mobile on the ESPN App appeared first on The Walt Disney Company.

]]>

A version of this article was originally posted on ESPN’s Press Room.

Sports fans know the struggle: too many games, not enough screens. This is especially true ahead of a huge Thanksgiving weekend full of live sports. The solution: the Multiview feature on the ESPN App, which lets you watch up to four live events simultaneously.

But Multiview isn’t just for the big screen anymore. Starting today, Multiview is rolling out to mobile and tablet devices, so you can take this simultaneous sports-watching experience wherever you go.

Since its launch, Multiview has quickly become a fan favorite feature on the ESPN App. More than 2 million ESPN App users have experienced the feature, enjoying more than 3,000 uniquely curated Multiview combinations in just the first two months alone! Here’s how to get in on the action:

What is Multiview?

Multiview on the ESPN App allows you to watch up to four games at once on your screen. Combinations are curated by ESPN and available to both ESPN Select and ESPN Unlimited subscribers.

Where can I use it?

In addition to the current launch on mobile and tablet devices, Multiview is already available on most major connected TVs, including Android TV, Samsung, and Roku. See this list for supported devices. Getting started is easy:

  • Open the ESPN app or visit ESPN.com.
  • Head to the “Watch” section and look for the Top Live rows.
  • Spot the quad-screen/Multiview tile, tap or click, and you’re in.

What can I watch this weekend with Multiview?

ESPN has an incredible lineup of sports over Thanksgiving weekend, and Multiview is there to serve fans so that they don’t miss a single moment. Mark your calendars!

  • Thursday, November 27: Men’s college basketball, including the Marriott Bonvoy Battle 4 Atlantis tournament, as a part of Feast Week
  • Friday, November 28: College football featuring No. 13 Utah vs Kansas and No. 7 Ole Miss vs Mississippi State as they battle to secure a spot in the College Football Playoff
  • Saturday, November 29: Two of the biggest sporting events of the day at once with WWE’s Survivor Series: WarGames and the Iron Bowl featuring Alabama vs Auburn
  • Sunday, November 30: All of the F1 action, all in one screen as the season nears its end with the Qatar Airways Qatar Grand Prix
  • Monday, December 1: Monday Night Football featuring the Giants vs Patriots and the ManningCast with Peyton and Eli

Download the ESPN App today and never miss a moment of the action with Multiview, now coming to mobile and tablet devices.

The post Four Games at Once, One Screen, Anywhere: Multiview Goes Mobile on the ESPN App appeared first on The Walt Disney Company.

]]>
Robert Downey Jr. Named Godparent of Disney Adventure https://thewaltdisneycompany.com/news/robert-downey-jr-adventure-godparent/ Mon, 23 Feb 2026 14:35:45 +0000 https://thewaltdisneycompany.com/?p=46688&post_type=news The post Robert Downey Jr. Named Godparent of Disney Adventure appeared first on The Walt Disney Company.

]]>

Today, Disney announced Academy Award-winning actor Robert Downey Jr. will be the godparent for the Disney Adventure, the newest and largest ship in the Disney Cruise Line fleet. Disney shared the news ahead of the vessel’s maiden voyage next month out of its home port in Singapore.

“Our new ship continues Disney Cruise Line’s tradition of bringing great stories to life at sea, and we are honored that Robert Downey Jr., who has guided audiences through unforgettable Marvel stories, is the official godparent for the Disney Adventure,” said Josh D’Amaro, Chairman, Disney Experiences and incoming Chief Executive Officer of The Walt Disney Company.

Downey’s portrayal of Tony Stark/Iron Man was the cornerstone of the Marvel Cinematic Universe, the highest-grossing film franchise of all time. His unparalleled decade-plus cinematic journey as the iconic character culminated in Avengers: Endgame, which amassed more than $2.79 billion at the global box office. Downey was named an official Disney Legend in 2019 and will now star as Doctor Doom in Marvel Studios’ Avengers: Doomsday, in theaters Dec. 18.

“It’s impossible to describe the majesty of the Adventure, and to be its godparent is an honor. As the largest ship in the Disney fleet, a gargantuan blessing must be bestowed … I’ll do my darndest,” Downey said.

The Disney Adventure brings more than 100 years of Disney storytelling to life across seven themed areas, including several Marvel experiences. At Marvel Landing on the top decks, guests can have the ultimate Super Hero adventure on Tony Stark’s Ironcycle Test Run, the first roller coaster on a Disney Cruise Line ship and the longest of its kind at sea. In the open-air Disney Imagination Garden area, the “Avengers Assemble!” live stage production will feature jaw-dropping stunts and special effects during an action-packed battle of Marvel Super Heroes and Villains. And inside Disney’s Oceaneer Club, the Marvel WEB Workshop invites young recruits to try out new Super Hero suit prototypes and conduct training simulations using top-secret Avengers technology.

Academy Award-winning actor Robert Downey Jr. will be the godparent for the Disney Adventure, the newest and largest ship in the Disney Cruise Line fleet

The new ship offers signature Disney entertainment and hospitality: character encounters; Broadway-style shows; themed stateroom and concierge accommodations; and more than 20 dining and lounge venues featuring world-class international and Asian-inspired cuisines and beverages.

The maritime tradition of appointing a godparent to bless a new ship is a centuries-old custom believed to bring good fortune before a maiden voyage.

Note

A version of this article was previously published on the Disney Parks Blog

The post Robert Downey Jr. Named Godparent of Disney Adventure appeared first on The Walt Disney Company.

]]>
Oscar®-Nominated ‘Elio’ Directors Reveal the Film’s Sci-Fi and Horror Inspirations, from John Carpenter to Steven Spielberg https://thewaltdisneycompany.com/news/elio-sci-fi-horror-inspirations/ Mon, 23 Feb 2026 14:20:51 +0000 https://thewaltdisneycompany.com/?p=46393&post_type=news The post Oscar®-Nominated ‘Elio’ Directors Reveal the Film’s Sci-Fi and Horror Inspirations, from John Carpenter to Steven Spielberg appeared first on The Walt Disney Company.

]]>

On an early morning in late January, the filmmakers behind Disney and Pixar’s Elio were over the moon to learn that the cosmic misadventure — about an 11-year-old boy who desperately wants to be abducted by aliens — had been nominated for Best Animated Feature Film at the 98th Academy Awards®. It marks the second nomination for director Madeline Sharafian; the third for director Domee Shi, who previously won an Oscar® for Bao (2018); and the first for director Adrian Molina and producer Mary Alice Drumm.

“It’s great that the Academy has recognized Elio,” Shi said. “Being nominated has almost given this movie a second life — a chance for even more people to discover it and enjoy it.”

And there’s plenty for people to discover, whether it’s their first or fiftieth time watching the movie. But, for Sharafian and Shi, its horror and sci-fi references rank high on their list.

“It was fun to start Elio off with the warm familiarity you get from a classic [Steven] Spielberg film and then twist it to surprise the audience,” Shi said. “I remember how much fun I had watching E.T. the Extra-Terrestrial [1982], but I also remember being scared by it, too. At Pixar, our films tend to make people cry or laugh, so we thought this could be a great opportunity to get some thrills, some tension, and some gasps out of the audience.”

“This movie is a love letter to the sci-fi movies we grew up with, and we put our own spin on the genre,” Shi continued. “We hope it can fit into the library of classic sci-fi films like Contact [1997] and E.T., or that it could even be like a kid’s introduction to John Carpenter.”

Elio is step one,” Sharafian said. “A few more steps later, you can watch The Thing [1982].”

Because they “had never worked on anything sci-fi” prior to Elio, Sharafian said she and Shi rewatched “all the classic Spielberg movies” for inspiration. “There’s a nostalgic romance to them,” she said. “They’re about aliens and space, where things are unsettling but also beautiful, and I wanted to capture that feeling. All the settings on Earth were drawn from movies like E.T. and Close Encounters of the Third Kind [1977]. There’s something about watching those classics with a new eye that I enjoyed and tried to weave into our own film.”

Because Elio is an original story, it was important to “lay the track” for the audience by including familiar references, Shi said. “We wanted to get them settled in so that they expect one thing and then give them the exact opposite. In that sense, it was really helpful for us to draw on those sci-fi tropes and homages.”

It’s great that the Academy has recognized Elio. Being nominated has almost given this movie a second life — a chance for even more people to discover it and enjoy it.

Domee Shi, Director

However, Sharafian noted, they were mindful not to overstuff the movie with so many references that it might risk taking people out of the story. “Elio has a sort of pushed design, and the world is crazy. The audience needs something to rest their feet on. If it’s all psychedelic and wacky, if nothing makes sense and you don’t have anything to ground yourself, you can easily fall out of the movie.”

“The base of the story, which originally came from Adrian, is about a little boy who makes his first best friend in an alien. That E.T. core has always been there and has never changed,” Sharafian said. “As we began to flesh the story out, we weren’t itching to be like, ‘Let’s put The Thing in this scene.’ You’re just sort of searching for what the movie wants. You realize, ‘Oh, we need another clone scene. We’re a sci-fi movie. What do we both like? The Thing. Let’s draw upon what we love from that and make our own scene.’ It’s all about execution.”

Intergalactic Inspiration

When Elio calls out to the universe, the universe calls back.

But what should that call sound like?

“There’s something about Close Encounters‘ tone that makes you lean in; you want to know more, even if it’s a little unnerving and eerie,” Sharafian explained. “We wanted the first act of the movie to almost feel like a thriller, so that you’re wondering, ‘What is calling [to Elio]? Is it good or is it bad?’ When the spaceship finally arrives, you’re still sort of unsure.”

Streaming on Disney+

Film Synopsis

For centuries, people have called out to the universe looking for answers — and in Disney and Pixar’s ‘Elio,’ the universe calls back! Elio, a space fanatic with an active imagination, gets beamed up to the Communiverse, an interplanetary organization. Mistakenly identified as Earth’s leader, Elio must bond with alien lifeforms, navigate a crisis of intergalactic proportions, and ultimately discover who he is — and where he is meant to be.

The directors worked with sound designer Jeremy Bowker to craft the perfect melody, which was influenced by the work Disney Legend John Williams did for Close Encounters of the Third Kind. “The first time Elio hears it, he only hears half of it, so it is a little ambiguous if it’s a friendly or not-so-friendly tone,” Shi said. “Jeremy played us many versions, and some sounded way too scary: ‘Don’t go to the light, Elio!’ We needed a melody that was simple, that you remember, that was mysterious, that was inviting. Once Elio finally arrives at the Communiverse, Rob Simonsen, our composer, takes Jeremy’s melody and finishes it.”

The Communiverse itself was inspired by The Hitchhiker’s Guide to the Galaxy and The Muppets, Sharafian said: “There’s this absurdity, this silliness, but also this pompousness.”

(L-R) Domee Shi and Madeline Sharafian attend the world premiere of Disney and Pixar's 'Elio' at the El Capitan Theatre in Los Angeles.

Another trio of ’80s films — Richard Donner’s The Goonies (1985), Walter Murch’s Return to Oz (1985), Disney Legend Jim Henson’s Labyrinth (1986) — inspired some of the other story elements. “As kids, those films helped teach us how to power through scary moments, because there’s a reward at the end — like a cute little worm, who’s going to be your best friend,” Shi said, referencing Elio‘s Glordon. “You just have to power though all those teeth!”

Ultimately, Sharafian said, what makes the sci-fi and scary scenes “so amazing” is knowing “how many departments have to work in concert to make them happen, and how every single one of them has to take it farther than they usually go. We’re really lucky to work in a place where everybody can be together in the same room and hear the same notes and talk to each other in person. I think those scenes came together so well because of that.”

Cosmic Cast

Zoe Saldaña, who voices Elio’s Aunt Olga, has played aliens across the Avatar, Guardians of the Galaxy, and Star Trek franchises — and casting her in Elio was anything but coincidental.

“It’s all intentional,” Sharafian said with a laugh.

Star Trek’s Kate Mulgrew, who voices the museum exhibit narrator, is another such casting example. “My mom and I grew up watching Star Trek: Voyager,” Shi shared. “Being an immigrant, my mom really attached herself to Janeway, and I think she picked up on a lot of English from watching Voyager as well. That was a fun nod to the sci-fi I grew up with. Plus, Kate’s voice is so soothing but also so commanding. Of course, we have her talking about the Voyager 1 space probe. It’s a fun Easter egg for people who recognize her voice.”

From Disney Legend James Cameron‘s The Terminator (1984) to ALF (1986-1990), Elio contains plenty more references and Easter eggs — more than Sharafian or Shi can count. “Our graphics team heads most of that up. Domee and I were so focused on the story that a lot of Easter eggs were snuck into the movie without us even knowing about it,” Sharafian said. “We said to them, ‘We like Easter eggs. Go ahead!’ There is a PDF that has every single Easter egg listed, and I remember looking at it once and being like, ‘What? No way!’”

Hosted by Conan O’Brien, The Oscars will air live on ABC and stream live on Hulu on Sunday, March 15, at 7 p.m. ET/4 p.m. PT from the Dolby® Theatre at Ovation Hollywood.

The post Oscar®-Nominated ‘Elio’ Directors Reveal the Film’s Sci-Fi and Horror Inspirations, from John Carpenter to Steven Spielberg appeared first on The Walt Disney Company.

]]>
‘Predator: Badlands’ Lands as One of the Biggest Movies Ever on Hulu https://thewaltdisneycompany.com/news/predator-badlands-streaming-viewers/ Wed, 18 Feb 2026 18:09:48 +0000 https://thewaltdisneycompany.com/?p=46356&post_type=news The post ‘Predator: Badlands’ Lands as One of the Biggest Movies Ever on Hulu appeared first on The Walt Disney Company.

]]>

20th Century Studios’ Predator: Badlands — the latest chapter in the iconic sci‑fi franchise — debuted last week as the #1 film premiere on Hulu since Prey, drawing nearly 9 million global views in its first five days on Disney+ and Hulu.

That momentum extends well beyond Predator: Badlands. Viewers have now streamed more than 300 million hours of the Predator franchise globally across Disney+ and Hulu. Fans can explore the Predator Creators Collection, now available on both platforms in the US, which includes 15 new videos that deepen the experience with creator‑led insights and perspectives.

Hulu

'Predator: Badlands'

An outcast Predator with an unlikely ally pursues the ultimate adversary.

The streaming success of Predator: Badlands follows an equally impressive theatrical run. The film became the highest‑opening and highest‑grossing Predator movie in the franchise’s 37‑year history and earned a 95% “Verified Hot” audience rating on Rotten Tomatoes, signaling strong fan enthusiasm from theaters to living rooms.

With the Predator franchise having generated more than $925 million in total box office worldwide to date, Predator: Badlands represents the latest evolution of a legacy that continues to grow — reaching new audiences, deepening fan engagement, and showing how this legendary hunter remains as formidable as ever.

The post ‘Predator: Badlands’ Lands as One of the Biggest Movies Ever on Hulu appeared first on The Walt Disney Company.

]]>
Disney Legend Miley Cyrus Returns Home for the ‘Hannah Montana 20th Anniversary Special,’ Streaming March 24 on Disney+ https://thewaltdisneycompany.com/news/miley-cyrus-hannah-montana-special/ Tue, 17 Feb 2026 18:48:43 +0000 https://thewaltdisneycompany.com/?p=46327&post_type=news The post Disney Legend Miley Cyrus Returns Home for the ‘Hannah Montana 20th Anniversary Special,’ Streaming March 24 on Disney+ appeared first on The Walt Disney Company.

]]>

Today, it was announced that the Hannah Montana 20th Anniversary Special is coming to Disney+ on Tuesday, March 24. The special will celebrate the iconic series that defined a generation — exactly two decades after its Disney Channel debut.

The special will be filmed in front of a live studio audience and will feature an exclusive, in-depth interview with Disney Legend Miley Cyrus, hosted by Alex Cooper. The conversation will offer an intimate look at the creation of one of pop culture’s most iconic characters and the lasting impact the show and character have had on fans around the world. With heartfelt nostalgia and fresh perspective, Cyrus will revisit the moments, music, and memories that defined an era. Viewers will be treated to never-before-seen archival footage, while some of the most memorable sets from Hannah Montana are brought back to life — including the Stewart family living room and the legendary Hannah Montana closet. There will also be some familiar *notes* that find their way back into the spotlight…

Hannah Montana will always be a part of who I am. What started as a TV show became a shared experience that shaped my life and the lives of so many fans, and I’ll always be thankful for that connection. The fact that it still means so much to people all these years later is something I’m very proud of. This ‘Hannahversary’ is my way of celebrating and thanking the fans who’ve stood by me for 20 years.

Disney Legend Miley Cyrus

With one of Disney’s most passionate fandoms, Hannah Montana became a global phenomenon, reshaping kids’ television, influencing music and fashion, and launching a generation-defining pop star. The Emmy-nominated series spawned 14 platinum and 18 gold albums worldwide, as well as two feature films.

Hannah Montana will always be a part of who I am. What started as a TV show became a shared experience that shaped my life and the lives of so many fans, and I’ll always be thankful for that connection,” Cyrus said. “The fact that it still means so much to people all these years later is something I’m very proud of. This ‘Hannahversary’ is my way of celebrating and thanking the fans who’ve stood by me for 20 years.”

Hannah Montana opened the door for so many fans to dream big, sing loud, and embrace every side of themselves, which is why its legacy continues to shine across generations,” said Ayo Davis, President, Disney Branded Television. “Partnering with Miley on this special is a dream, and we want it to be a love letter to the fans, who remain as passionate today as they were when the series debuted almost 20 years ago.”

The special is produced by HopeTown Entertainment and Unwell Productions. Ashley Edens serves as showrunner, with Cyrus, Tish Cyrus-Purcell, Cooper, and Matt Kaplan as executive producers. Cooper will also host the special, guiding Hannah Montana fans through the nostalgic and highly-anticipated anniversary celebration.

Fans can relive their favorite Miley moments ahead of the anniversary special with the Hannah Montana Collection on Disney+. And, starting Thursday, February 19, they can dive even deeper with a dedicated non-stop Stream featuring all four seasons of Hannah Montana, Hannah Montana: The Movie, and Hannah Montana and Miley Cyrus: The Best of Both Worlds Concert. Demonstrating the franchise’s enduring popularity, the Hannah Montana catalog has amassed more than half a billion hours streamed globally on Disney+ to date.

Streaming on Disney+

Watch Now

‘Hannah Montana’ follows typical tween Miley Stewart who lives with her older brother and widowed dad, a songwriter. But unbeknownst to her friends and classmates, Miley has a secret double life — she is the world famous pop star Hannah Montana. Combining a stage persona with creative costuming, Miley discovers she can have the best of both worlds.

The post Disney Legend Miley Cyrus Returns Home for the ‘Hannah Montana 20th Anniversary Special,’ Streaming March 24 on Disney+ appeared first on The Walt Disney Company.

]]>
‘The Muppet Show’ Delivers Nearly 8 Million Total Viewers on ABC and Disney+ https://thewaltdisneycompany.com/news/muppet-show-viewers/ Fri, 13 Feb 2026 20:29:41 +0000 https://thewaltdisneycompany.com/?p=46280&post_type=news The post ‘The Muppet Show’ Delivers Nearly 8 Million Total Viewers on ABC and Disney+ appeared first on The Walt Disney Company.

]]>

The recent special event, The Muppet Show, delivered nearly 8 million total viewers (7.58 million) across ABC and Disney+ through eight days of multiplatform viewing, underscoring the enduring popularity of the beloved franchise.

And the momentum didn’t stop there — fans have now spent more than 125 million hours watching The Muppets franchise on Disney+, demonstrating deep engagement with Kermit the Frog, Miss Piggy, and the entire ensemble.

The Muppet Show has also earned critical acclaim. The special is Certified Fresh on Rotten Tomatoes, boasting a near‑perfect 98% Tomatometer Score.

Watch this message from Kermit the Frog, which is also available on Instagram, about the smash-hit special event.

The Muppet Show premiered February 4, and features the iconic Muppets alongside executive producer Seth Rogen and special guest stars Sabrina Carpenter and Maya Rudolph.

Disney+

'The Muppet Show'

“The Muppet Show” is back in the original Muppet Theatre with special guest star Sabrina Carpenter!

The post ‘The Muppet Show’ Delivers Nearly 8 Million Total Viewers on ABC and Disney+ appeared first on The Walt Disney Company.

]]>
ESPN and Disney Launch ‘We’re Going,’ the First Marketing Campaign for ESPN’s Inaugural Super Bowl https://thewaltdisneycompany.com/news/were-going-super-bowl-espn/ Mon, 09 Feb 2026 17:06:39 +0000 https://thewaltdisneycompany.com/?p=46184&post_type=news The post ESPN and Disney Launch ‘We’re Going,’ the First Marketing Campaign for ESPN’s Inaugural Super Bowl appeared first on The Walt Disney Company.

]]>

Following Sunday’s Super Bowl LX, ESPN and Disney unveiled “We’re Going,” a high-energy, fast-paced, cameo-filled marketing campaign for ESPN’s inaugural Super Bowl, set for February 2027. The spot, which debuted on Good Morning America Monday, reimagines the “I’m Going to Disney World” Super Bowl tradition through a modern lens, bringing together more than 60 iconic characters from across the worlds of Disney, all in their familiar worlds and settings, united by a single destination: Super Bowl LXI.

Buzz Lightyear and Woody kick off the cascade of Disney appearances, setting the tone for a rapid-fire series of cameos that includes Darth Vader; Iron Man; Frozen’s Anna, Elsa, Sven, Olaf and Kristoff; Moana; Deadpool & Wolverine; Grogu; Stitch; The Muppets; Zootopia’s Judy Hopps & Nick Wilde; Bart Simpson; and R2 D2 and C-3PO, among many others. Maui from Moana appears in the final scene, transforming into an eagle as he joins Lightning McQueen and a host of Disney characters together on the road to Los Angeles.

Joe Buck and Troy Aikman — who will call their seventh Super Bowl together in 2027 — are featured in their broadcast booth. ESPN’s Jason Kelce, and Peyton and Eli Manning also all make appearances.

The creative concept is more than 40 years in the making, drawing inspiration from the legendary “I’m going to Disney World” phrase famously declared by Super Bowl champions moments after winning America’s biggest game. The tradition began in 1987 when former New York Giants quarterback Phil Simms first delivered the now iconic line after being named Super Bowl XXI Most Valuable Player. Over the ensuing decades, the phrase became a defining element of Super Bowl celebrations — and now serves as the creative foundation for ESPN’s first Super Bowl marketing campaign.

Key art from ESPN and Disney's "We're Going" marketing campaign for ESPN's inaugural Super Bowl in February, 2027

“Few phrases are as instantly recognizable in sports as ‘I’m going to Disney World,’” said Asad Ayaz, Chief Marketing and Brand Officer, The Walt Disney Company. “This campaign brings together the scale of ESPN, the global power of Disney’s brands and characters, and the excitement of the Super Bowl to create a shared moment that signals just how big this milestone is for our company and fans.”

Added Tina Thornton, Executive Vice President, Creative Studio and Marketing at ESPN: “‘We’re Going’ is just the beginning of a year-long adventure to our first Super Bowl. It sets the tone for how we’re approaching Super Bowl LXI — by bringing together the storytelling power of Disney with the scale, voice, and passion of ESPN. Together, it allows us to build momentum, create emotional connection, and bring fans with us every step of the way.”

In addition to the creative campaign, ESPN is currently airing a 24-hour, multi-platform event dubbed “The Handoff,” which began at SoFi Stadium — host of Super Bowl LXI — and continues today at Disneyland Park.

Together, “We’re Going” and “The Handoff” represent the opening chapter of ESPN’s broader Super Bowl initiative, with additional details to be announced in the coming days.

The post ESPN and Disney Launch ‘We’re Going,’ the First Marketing Campaign for ESPN’s Inaugural Super Bowl appeared first on The Walt Disney Company.

]]>
Chase and Disney Launch the Disney® Inspire Visa® Card Featuring Exclusive Benefits for Cardmembers https://thewaltdisneycompany.com/news/chase-inspire-visa-card/ Tue, 03 Feb 2026 16:55:24 +0000 https://thewaltdisneycompany.com/news// The post Chase and Disney Launch the Disney® Inspire Visa® Card Featuring Exclusive Benefits for Cardmembers appeared first on The Walt Disney Company.

]]>

Chase and Disney today announced the launch of the Disney® Inspire Visa® Card ($149 Annual Fee), expanding the current lineup of Disney® Visa® and Disney® Premier Visa® Cards. Together, Chase and Disney provide Cardmembers with exclusive benefits and rewards that elevate their Disney experiences.

The Disney Inspire Visa Card unlocks value and rewards for Cardmembers with:

  • Exclusive annual benefits:
    • 200 Disney Rewards Dollars after spending $2,000 per anniversary year on U.S. Disney Resort stays and Disney Cruise Line bookings
    • $100 statement credit after spending $200 per anniversary year on U.S. Disney Theme Park Tickets
    • Up to $120 annual credit on Disney+, Hulu, and Plus.ESPN.com purchases
  • Ways to earn Disney Rewards Dollars:
    • 10% at DisneyPlus.com, Hulu.com, and Plus.ESPN.com
    • 3% at most other U.S. Disney locations and gas stations
    • 2% at grocery stores and restaurants
    • 1% on all other card purchases

Cardmembers can turn everyday purchases into lasting memories by earning Disney Rewards Dollars to redeem toward Disney vacations and more:

  • Disney Theme Park Tickets, resort stays, shopping, and dining in the U.S.
  • Disney Cruise Line packages, onboard activities, and souvenirs
  • Purchases at DisneyStore.com
  • The latest Disney movies at AMC Theatres
  • Airline purchases using Pay Yourself Back® for statement credits

The launch offer includes a $300 Disney Gift Card eGift for new Cardmembers upon approval and a $300 statement credit after spending $1,000 on purchases in the first three months from account opening.

Disney Inspire Visa Cardmembers can choose from five exclusive card designs, featuring beloved characters such as Mickey Mouse and Stitch. Cardmembers will also have the option to choose from 11 additional designs that are available to Disney Visa and Disney Premier Visa Cardmembers.

“We’re proud to provide Disney fans with valuable rewards and benefits that enhance their experiences, whether they’re streaming Disney content, visiting the parks, or planning future vacations,” said Chris Cracchiolo, President of Co-Brand Credit Cards at Chase. “Our collaboration with Disney enables us to deliver meaningful solutions and added value to our Cardmembers, and we appreciate the opportunity to work alongside such an iconic company.”

“We’re thrilled to debut the Disney Inspire Visa Card so Cardmembers can create even more magical Disney memories,” said Cathy Cline, Senior Vice President of Corporate Alliances and Consumer Financial Services at The Walt Disney Company. “From exclusive card designs, to more ways to earn Disney Rewards Dollars, this card is sure to be a Disney fan’s go-to card in their wallet.”

Additional Disney Inspire Visa Cardmember benefits include:

  • 0% promotional APR for 6 months on select Disney vacation packages
  • 10% off select purchases at DisneyStore.com
  • Cardmember-exclusive character photo opportunities at the Walt Disney World® Resort and the Disneyland® Resort
  • 10% off select merchandise purchases at select locations at Walt Disney World® Resort and the Disneyland® Resort
  • 10% off select dining locations most days at Walt Disney World® Resort and the Disneyland® Resort
  • 15% off the non-discounted price of select guided tours at Walt Disney World® Resort and the Disneyland® Resort
  • 10% off the non-discounted price of select recreation experiences at Walt Disney World® Resort
  • Savings aboard Disney Cruise Line for select onboard purchases
  • Pay Yourself Back® to redeem Disney Rewards Dollars for a statement credit on qualifying Disney and airline purchases
  • No foreign transaction fees

For more information about the new Disney Inspire Visa Card and to apply, please visit Disneyrewards.com/Inspire. Cards issued by JPMorgan Chase Bank, N.A. Member FDIC. Subject to credit approval. Offer subject to change. Terms apply.

The post Chase and Disney Launch the Disney® Inspire Visa® Card Featuring Exclusive Benefits for Cardmembers appeared first on The Walt Disney Company.

]]>
Josh D’Amaro Named Next Chief Executive Officer of The Walt Disney Company https://thewaltdisneycompany.com/press-releases/josh-damaro-named-next-chief-executive-officer-of-the-walt-disney-company/ Tue, 03 Feb 2026 13:33:20 +0000 https://thewaltdisneycompany.com/news// The post Josh D’Amaro Named Next Chief Executive Officer of The Walt Disney Company appeared first on The Walt Disney Company.

]]>

Dana Walden To Become President and Chief Creative Officer of The Walt Disney Company

 
BURBANK, Calif., February 3, 2026—The Walt Disney Company (NYSE: DIS) Board of Directors announced today that, in a unanimous vote held on Monday, it elected Disney Experiences Chairman Josh D’Amaro to become Chief Executive Officer of The Walt Disney Company, effective at the upcoming Annual Meeting on March 18, 2026, when he will succeed longtime Disney CEO Robert A. Iger. The Board also intends to appoint D’Amaro as a director immediately following that meeting. As head of the company’s largest business segment with $36 billion in annual revenue in FY2025 and 185,000 Cast Members and employees worldwide, D’Amaro, a 28-year Disney veteran, is the architect of the largest global expansion in Disney Experiences history, and has led the segment to new heights financially, creatively, and in guest satisfaction.
 
“Josh D’Amaro possesses that rare combination of inspiring leadership and innovation, a keen eye for strategic growth opportunities, and a deep passion for the Disney brand and its people – all of which make him the right person to take the helm as Disney’s next CEO,” said James Gorman, Chairman of The Walt Disney Company Board of Directors. “Throughout this search process, Josh has demonstrated a strong vision for the company’s future and a deep understanding of the creative spirit that makes Disney unique in an ever-changing marketplace. He has an outstanding record of business achievement, collaborating with some of the biggest names in entertainment to bring their stories to life in our parks, showcasing the power of combining Disney storytelling with cutting-edge technology. The Board believes he is exceptionally well prepared to guide this global company forward to serve our consumers around the world and create long-term value for shareholders.”
 
“Josh D’Amaro is an exceptional leader and the right person to become our next CEO,” said Robert A. Iger, CEO, The Walt Disney Company. “He has an instinctive appreciation of the Disney brand, and a deep understanding of what resonates with our audiences, paired with the rigor and attention to detail required to deliver some of our most ambitious projects. His ability to combine creativity with operational excellence is exemplary and I am thrilled for Josh and the company.”
 
Concurrent with D’Amaro’s appointment, Dana Walden, Co-Chairman of Disney Entertainment, has been named President and Chief Creative Officer of The Walt Disney Company, also effective March 18. As Co-Chairman of Disney Entertainment, Walden has led Disney’s world-renowned, award-winning entertainment media, news, and content businesses globally, including Disney’s streaming businesses. In this new role – a historic first for the enterprise – Walden will report directly to D’Amaro and will ensure that storytelling and creative expression across every audience touchpoint consistently reflect the brand, engage audiences at scale, and advance core business objectives, while driving enterprise-wide initiatives and translating vision into action.
 
“Dana Walden is an excellent leader who commands tremendous respect from the creative community,” continued Iger. “Given that creativity is at the heart of everything Disney does, she is a wonderful choice to serve in this new leadership role. In the years since Dana joined Disney, she has accumulated great knowledge about the many facets of our businesses and brands, and is very well prepared to be President and Chief Creative Officer.”
 
Bob Iger has provided extensive mentorship to the internal candidates throughout the succession planning process, and upon transition will continue to serve as Senior Advisor and a member of the Disney Board until his retirement from the company on December 31, 2026.
 
Iger has led Disney to unprecedented creative and business success during his nearly two decades leading the company. Since his return in 2022, he has spearheaded a strategic transformation of the company, guiding Disney through a period of significant industry disruption and positioning it for long-term growth in this new era of entertainment. As part of this transformation, Iger moved quickly to restructure the organization, empower creative leaders, and restore financial discipline, establishing four strategic priorities: strengthening the quality and economic output of the film studios, delivering sustained profitability in streaming, positioning ESPN as the premier digital destination for sports fans, and turbocharging growth across Disney Experiences. Today, Disney is more agile and more resilient, and D’Amaro will take the helm of a company that is in a vastly stronger position than it was three years ago.
 
“I am immensely grateful to the Board for entrusting me with leading a company that means so much to me and millions around the world,” said Josh D’Amaro, incoming CEO of The Walt Disney Company. “Disney’s strength has always come from our people and the creative excellence that defines our stories and experiences. There is no limit to what Disney can achieve, and I am excited to work with our teams across the company and brilliant creative partners to honor Disney’s remarkable legacy while continuing to innovate, grow, and deliver exceptional value for our consumers and shareholders. I also want to express my gratitude to Bob Iger for his generous mentorship, his friendship, and the profound impact of his leadership.”
 
“On behalf of the entire Board, we extend our deepest gratitude to Bob Iger for his extraordinary leadership and dedication to The Walt Disney Company,” continued Gorman. “The Board asked Bob to return as CEO in 2022 for two critical reasons. First, to lead the company through a challenging transition and ensure Disney was fit for purpose for the future. Second, to strengthen the leadership bench and to help develop candidates for the CEO transition. Bob has delivered on both priorities, while also guiding Disney through a transformative period with an ambitious strategy that has further strengthened its position as the world’s premier entertainment company. After nearly two decades leading Disney, the Iger era has been defined by enormous growth, an unyielding commitment to excellence in creativity and innovation, and exemplary stewardship of this iconic institution.”
 
About Josh D’Amaro

D’Amaro, 54, has served as Chairman of the Disney Experiences segment since 2020, and prior to that was President of Walt Disney World Resort. He joined the company in 1998 at Disneyland Resort.

As Chairman of Disney Experiences, D’Amaro oversees 12 theme parks and 57 resort hotels worldwide, with plans for a new park in Abu Dhabi. His responsibilities include Disney Signature Experiences—including Disney Cruise Line, Disney Vacation Club, Adventures by Disney, Disney Institute, and Storyliving by Disney—as well as overseeing Walt Disney Imagineering and Disney Consumer Products. He also manages digital ventures, including the collaboration with Epic Games to create a Disney universe within Fortnite.
 
D’Amaro has been instrumental in expanding Disney’s iconic franchises through the creation of immersive, story-driven experiences at Disney’s theme parks, such as Star Wars: Galaxy’s Edge, the Marvel-themed Avengers Campus, Mickey and Minnie’s Runaway Railway, and World of Frozen. Building on this momentum, upcoming projects include the development of a Monsters, Inc.-themed land at Disney Hollywood Studios at Walt Disney World Resort, a new Avatar destination at the Disneyland Resort, and expansive new areas inspired by Cars and Disney Villains as part of the largest-ever expansion of the Magic Kingdom.
 
Over his nearly three-decade career at Disney, he has held leadership roles across the company both in the U.S. and internationally, including in finance, business strategy, marketing, creative development and operations. His past positions include President of Disneyland Resort and President of Walt Disney World Resort.

D’Amaro earned a bachelor’s degree in business administration from Georgetown University.
 
“I am incredibly proud to step away at a moment when Disney’s future has never been brighter,” continued Iger. “I’m confident Disney will continue to innovate and put the spirit of Walt at the heart of everything it does – from its new park in Abu Dhabi to the groundbreaking partnerships just announced with OpenAI and the NFL, to the countless upcoming creative projects that will enthrall audiences around the world. Disney has shaped who I am as a leader, and I will always be grateful to this extraordinary company and for the opportunity to lead it over all these years.”
 
Succession Planning Committee

D’Amaro’s election as CEO caps a thorough and extensive succession planning process. In January 2023, the Board of Directors formed a special Succession Planning Committee to support the Board in planning for a transition of leadership that aligns with the company’s long-term strategic goals. At the direction of the Board, the Committee and the full Board undertook a deliberate, multi-year succession planning process, meeting regularly to evaluate internal and external candidates, transition structures, organizational frameworks, and planning for potential impacts of succession decisions across the company. The Committee is led by Gorman as Chair since 2024, with directors Mary T. Barra, Jeremy Darroch, and Calvin R. McDonald also currently serving as members – all of whom have direct experience in CEO and senior leadership succession planning for Fortune 500 companies.  D’Amaro and Walden underwent a rigorous preparation process, including extensive mentorship from Iger, external coaching, and direct engagement with all directors.
 
Experienced Senior Management

D’Amaro will be supported by a team of senior executives who have worked seamlessly together for several years at Disney to expertly advance Iger and the Board’s creative, financial, and reputational goals. The company’s senior leadership team brings decades of experience with a proven ability to navigate periods of change while delivering strong business outcomes. The company is fortunate to have Disney Entertainment Co-Chairman Alan Bergman and ESPN Chairman James Pitaro continuing in their critical leadership roles working with D’Amaro and Walden. Additionally, supporting the new CEO is an exceptional team of executive officers. These leaders have overseen major strategic transformations, expanded key franchises, and driven performance across multiple business cycles. Their deep institutional knowledge, operational discipline, and collaborative culture provide a strong foundation for continued momentum, promoting continuity, stability, and clear execution as the company enters its next chapter under D’Amaro’s leadership.
 
About The Walt Disney Company

The Walt Disney Company, together with its subsidiaries and affiliates, is a leading diversified international entertainment and media enterprise that includes three business segments: Entertainment, Sports, and Experiences. Disney is a Dow 30 company and had annual revenue of $94.4 billion in its Fiscal Year 2025.
 
Photo and video assets are available for media use here: https://slingshot.twdc.com/pickup.php?c=wvB4CQbwSJKhnxNczz8nPqzLhQg3sBL2vGq5D89dB2bLhmzH
 
FORWARD-LOOKING STATEMENTS
 
Certain statements in this press release may constitute “forward‐looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our expectations, beliefs, corporate plans, future prospects, and other statements that are not historical in nature. Any information that is not historical in nature is subject to change. These statements are made on the basis of our views and assumptions regarding future events as of the time the statements are made. We do not undertake any obligation to update these statements. Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company or developments beyond the Company’s control. Additional factors are set forth in the Company’s most recent Annual Report on Form 10-K, subsequent quarterly reports on Form 10-Q and subsequent filings with the Securities and Exchange Commission.

Contacts

Kristina Schake
818-560-5300
kristina.schake@disney.com
 
David Jefferson
818-560-4832
david.j.jefferson@disney.com

The post Josh D’Amaro Named Next Chief Executive Officer of The Walt Disney Company appeared first on The Walt Disney Company.

]]>
Josh D’Amaro Named Next Chief Executive Officer of The Walt Disney Company https://thewaltdisneycompany.com/news/disney-ceo-announcement/ Tue, 03 Feb 2026 13:31:46 +0000 https://thewaltdisneycompany.com/news// The post Josh D’Amaro Named Next Chief Executive Officer of The Walt Disney Company appeared first on The Walt Disney Company.

]]>

Dana Walden To Become President and Chief Creative Officer of The Walt Disney Company

The Walt Disney Company Board of Directors announced today that, in a unanimous vote held on Monday, it elected Disney Experiences Chairman Josh D’Amaro to become Chief Executive Officer of The Walt Disney Company, effective at the upcoming Annual Meeting on March 18, 2026, when he will succeed longtime Disney CEO Robert A. Iger. The Board also intends to appoint D’Amaro as a director immediately following that meeting. As head of the company’s largest business segment with $36 billion in annual revenue in FY2025 and 185,000 Cast Members and employees worldwide, D’Amaro, a 28-year Disney veteran, is the architect of the largest global expansion in Disney Experiences history, and has led the segment to new heights financially, creatively, and in guest satisfaction.

“Josh D’Amaro possesses that rare combination of inspiring leadership and innovation, a keen eye for strategic growth opportunities, and a deep passion for the Disney brand and its people – all of which make him the right person to take the helm as Disney’s next CEO,” said James Gorman, Chairman of The Walt Disney Company Board of Directors. “Throughout this search process, Josh has demonstrated a strong vision for the company’s future and a deep understanding of the creative spirit that makes Disney unique in an ever-changing marketplace. He has an outstanding record of business achievement, collaborating with some of the biggest names in entertainment to bring their stories to life in our parks, showcasing the power of combining Disney storytelling with cutting-edge technology. The Board believes he is exceptionally well prepared to guide this global company forward to serve our consumers around the world and create long-term value for shareholders.”

“Josh D’Amaro is an exceptional leader and the right person to become our next CEO,” said Robert A. Iger, CEO, The Walt Disney Company. “He has an instinctive appreciation of the Disney brand, and a deep understanding of what resonates with our audiences, paired with the rigor and attention to detail required to deliver some of our most ambitious projects. His ability to combine creativity with operational excellence is exemplary and I am thrilled for Josh and the company.”

Concurrent with D’Amaro’s appointment, Dana Walden, Co-Chairman of Disney Entertainment, has been named President and Chief Creative Officer of The Walt Disney Company, also effective March 18. As Co-Chairman of Disney Entertainment, Walden has led Disney’s world-renowned, award-winning entertainment media, news, and content businesses globally, including Disney’s streaming businesses. In this new role – a historic first for the enterprise – Walden will report directly to D’Amaro and will ensure that storytelling and creative expression across every audience touchpoint consistently reflect the brand, engage audiences at scale, and advance core business objectives, while driving enterprise-wide initiatives and translating vision into action.

“Dana Walden is an excellent leader who commands tremendous respect from the creative community,” continued Iger. “Given that creativity is at the heart of everything Disney does, she is a wonderful choice to serve in this new leadership role. In the years since Dana joined Disney, she has accumulated great knowledge about the many facets of our businesses and brands, and is very well prepared to be President and Chief Creative Officer.”

Bob Iger has provided extensive mentorship to the internal candidates throughout the succession planning process, and upon transition will continue to serve as Senior Advisor and a member of the Disney Board until his retirement from the company on December 31, 2026.

Iger has led Disney to unprecedented creative and business success during his nearly two decades leading the company. Since his return in 2022, he has spearheaded a strategic transformation of the company, guiding Disney through a period of significant industry disruption and positioning it for long-term growth in this new era of entertainment. As part of this transformation, Iger moved quickly to restructure the organization, empower creative leaders, and restore financial discipline, establishing four strategic priorities: strengthening the quality and economic output of the film studios, delivering sustained profitability in streaming, positioning ESPN as the premier digital destination for sports fans, and turbocharging growth across Disney Experiences. Today, Disney is more agile and more resilient, and D’Amaro will take the helm of a company that is in a vastly stronger position than it was three years ago.

(L-R) Dana Walden & Josh D’Amaro

“I am immensely grateful to the Board for entrusting me with leading a company that means so much to me and millions around the world,” said Josh D’Amaro, incoming CEO of The Walt Disney Company. “Disney’s strength has always come from our people and the creative excellence that defines our stories and experiences. There is no limit to what Disney can achieve, and I am excited to work with our teams across the company and brilliant creative partners to honor Disney’s remarkable legacy while continuing to innovate, grow, and deliver exceptional value for our consumers and shareholders. I also want to express my gratitude to Bob Iger for his generous mentorship, his friendship, and the profound impact of his leadership.”

“On behalf of the entire Board, we extend our deepest gratitude to Bob Iger for his extraordinary leadership and dedication to The Walt Disney Company,” continued Gorman. “The Board asked Bob to return as CEO in 2022 for two critical reasons. First, to lead the company through a challenging transition and ensure Disney was fit for purpose for the future. Second, to strengthen the leadership bench and to help develop candidates for the CEO transition. Bob has delivered on both priorities, while also guiding Disney through a transformative period with an ambitious strategy that has further strengthened its position as the world’s premier entertainment company. After nearly two decades leading Disney, the Iger era has been defined by enormous growth, an unyielding commitment to excellence in creativity and innovation, and exemplary stewardship of this iconic institution.”

About Josh D’Amaro

D’Amaro, 54, has served as Chairman of the Disney Experiences segment since 2020, and prior to that was President of Walt Disney World Resort. He joined the company in 1998 at Disneyland Resort.

As Chairman of Disney Experiences, D’Amaro oversees 12 theme parks and 57 resort hotels worldwide, with plans for a new park in Abu Dhabi. His responsibilities include Disney Signature Experiences—including Disney Cruise Line, Disney Vacation Club, Adventures by Disney, Disney Institute, and Storyliving by Disney—as well as overseeing Walt Disney Imagineering and Disney Consumer Products. He also manages digital ventures, including the collaboration with Epic Games to create a Disney universe within Fortnite.

D’Amaro has been instrumental in expanding Disney’s iconic franchises through the creation of immersive, story-driven experiences at Disney’s theme parks, such as Star Wars: Galaxy’s Edge, the Marvel-themed Avengers Campus, Mickey and Minnie’s Runaway Railway, and World of Frozen. Building on this momentum, upcoming projects include the development of a Monsters, Inc.-themed land at Disney Hollywood Studios at Walt Disney World Resort, a new Avatar destination at the Disneyland Resort, and expansive new areas inspired by Cars and Disney Villains as part of the largest-ever expansion of the Magic Kingdom.

Over his nearly three-decade career at Disney, he has held leadership roles across the company both in the U.S. and internationally, including in finance, business strategy, marketing, creative development and operations. His past positions include President of Disneyland Resort and President of Walt Disney World Resort.

D’Amaro earned a bachelor’s degree in business administration from Georgetown University.

“I am incredibly proud to step away at a moment when Disney’s future has never been brighter,” continued Iger. “I’m confident Disney will continue to innovate and put the spirit of Walt at the heart of everything it does – from its new park in Abu Dhabi to the groundbreaking partnerships just announced with OpenAI and the NFL, to the countless upcoming creative projects that will enthrall audiences around the world. Disney has shaped who I am as a leader, and I will always be grateful to this extraordinary company and for the opportunity to lead it over all these years.”

Succession Planning Committee

D’Amaro’s election as CEO caps a thorough and extensive succession planning process. In January 2023, the Board of Directors formed a special Succession Planning Committee to support the Board in planning for a transition of leadership that aligns with the company’s long-term strategic goals. At the direction of the Board, the Committee and the full Board undertook a deliberate, multi-year succession planning process, meeting regularly to evaluate internal and external candidates, transition structures, organizational frameworks, and planning for potential impacts of succession decisions across the company. The Committee is led by Gorman as Chair since 2024, with directors Mary T. Barra, Jeremy Darroch, and Calvin R. McDonald also currently serving as members – all of whom have direct experience in CEO and senior leadership succession planning for Fortune 500 companies. D’Amaro and Walden underwent a rigorous preparation process, including extensive mentorship from Iger, external coaching, and direct engagement with all directors.

Experienced Senior Management

D’Amaro will be supported by a team of senior executives who have worked seamlessly together for several years at Disney to expertly advance Iger and the Board’s creative, financial, and reputational goals. The company’s senior leadership team brings decades of experience with a proven ability to navigate periods of change while delivering strong business outcomes. The company is fortunate to have Disney Entertainment Co-Chairman Alan Bergman and ESPN Chairman James Pitaro continuing in their critical leadership roles working with D’Amaro and Walden. Additionally, supporting the new CEO is an exceptional team of executive officers. These leaders have overseen major strategic transformations, expanded key franchises, and driven performance across multiple business cycles. Their deep institutional knowledge, operational discipline, and collaborative culture provide a strong foundation for continued momentum, promoting continuity, stability, and clear execution as the company enters its next chapter under D’Amaro’s leadership.

Forward Looking Statements

Certain statements in this press release may constitute “forward‐looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our expectations, beliefs, corporate plans, future prospects, and other statements that are not historical in nature. Any information that is not historical in nature is subject to change. These statements are made on the basis of our views and assumptions regarding future events as of the time the statements are made. We do not undertake any obligation to update these statements. Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company or developments beyond the Company’s control. Additional factors are set forth in the Company’s most recent Annual Report on Form 10-K, subsequent quarterly reports on Form 10-Q and subsequent filings with the Securities and Exchange Commission.

The post Josh D’Amaro Named Next Chief Executive Officer of The Walt Disney Company appeared first on The Walt Disney Company.

]]>
Disney Q1 FY26 Earnings: Executive Commentary https://thewaltdisneycompany.com/news/disney-q1-earnings-2026/ Mon, 02 Feb 2026 14:09:15 +0000 https://thewaltdisneycompany.com/news// The post Disney Q1 FY26 Earnings: Executive Commentary appeared first on The Walt Disney Company.

]]>

The Walt Disney Company reported its FY26 first quarter results on Monday with CEO Bob Iger and CFO Hugh Johnston focusing on the company’s recent accomplishments.

“We are pleased with our start to fiscal 2026, and our achievements reflect the tremendous progress we have made,” Iger and Johnston said in an executive commentary on Monday.

There were several key achievements, according to Iger and Johnston, including Disney’s studios releasing two films (Zootopia 2 in November and Avatar: Fire and Ash in December) that each surpassed $1 billion at the global box office. The company’s streaming services were also a highlight, underscoring the strength of Disney’s content and continued improvements to the user experience. In addition, ESPN demonstrated its leadership as the preeminent destination for sports with strong ratings in the quarter, and Disney’s Experiences segment has expansion projects underway at every one of the company’s theme parks.

“These achievements reflect the progress we’ve made over the past three years to fortify the company, position our businesses for future growth over the long-term, and set Disney on a path for continued success,” the two said.

Film & Television

Disney’s film studios generated more than $6.5 billion at the global box office in calendar year 2025, making this its third biggest year ever and its ninth year as No. 1 at the global box office in the last 10 years, Iger and Johnston noted.

“To date, 37 billion-dollar films have come from our studios out of the 60 films that have hit this mark industrywide, and we have four times as many as any other studio,” Iger and Johnston said.

Iger and Johnston pointed out that the “box office success of our branded IP also generates value across our interconnected businesses, with hits like Zootopia 2 lifting viewership of related titles on Disney+ and fueling global interest in our parks and consumer products.”

Zootopia 2 is the highest grossing Hollywood film of all time in China, earning more than $630 million at the box office so far,” they said. “This franchise is also an important driver of attendance at Shanghai Disneyland with our Zootopia-themed land – one of the most popular areas of the park.”

Disney’s creative successes extend beyond the big screen, however. Seven of the top ten most-watched shows of 2025 streamed on Disney+ or Hulu, as reported by Nielsen[1], and Bluey was the most-streamed show in the U.S. for the second year in a row, with 45 billion minutes watched[2]. ABC also had the top six shows for Adults 18-49 in calendar year 2025, including High Potential, Abbott Elementary, and Dancing with the Stars.

Streaming

“With audience and critical favorites across film and television, combined with our leading portfolio of sports offerings and award-winning news programming, we offer consumers a powerful streaming proposition,” Iger and Johnston said.

The two went on to say that the company is focused on “the international growth opportunity for our streaming services and are seeing encouraging results from our investment in local content.”

Iger and Johnston also noted that Disney is rolling out numerous product enhancements to elevate the user experience on Disney+.

“Ongoing experimentation remains central to how we innovate, and we expect new ad tech capabilities such as our AI-powered planning tool and video generator to improve advertiser engagement,” they said. “We’re also layering in additional ways to engage audiences by developing new vertical and shortform experiences, and we plan to introduce a curated slate of Sora-generated content on Disney+ following our recently announced licensing agreement with OpenAI.”

They continued, “together, these efforts are shaping a more personalized streaming experience and positioning us to deliver greater value to consumers.”

Sports

As for Sports, ESPN remains the industry leader, offering fans a compelling portfolio of live sports, studio shows, and original content, and multiple ways for them to watch. ESPN led the industry by capturing more than 30% of all sports viewership across networks, including ESPN on ABC, and marquee events delivered strong ratings throughout the first quarter.

Highlights from the quarter include ESPN Networks delivered their most-watched college football regular season since 2011 and ABC achieved its best college football season since 2006, with the College Football National Championship reaching 30.1 million viewers and becoming the second most-viewed cable event ever. In addition, Monday Night Football delivered its second-highest viewership in 20 years, with the Disney’s NFL Divisional game drawing 38 million viewers – the most-watched event in company history.

“We continue to strengthen our rights portfolio while maintaining a disciplined approach,” Iger and Johnston said. “Our recently announced three-year MLB agreement exemplifies this strategy, expanding our rights footprint and making ESPN the exclusive distributor of MLB.TV. And on January 31, we closed our transaction with the NFL to acquire NFL Network and other media assets, including the linear rights to the popular NFL RedZone channel, further bolstering ESPN’s offering with a rich content experience for football fans.”

The two added, “the launch of ESPN Unlimited marked an important step in our direct-to-consumer evolution, and while still early days, we are pleased with the adoption and engagement with new app features. We are encouraged by ESPN app authentication from pay-TV subscribers, the pace of new signups, and the engagement patterns that have followed.”

Experiences

Discussing Disney’s Experiences segment, Iger and Johnson noted “our efforts to turbocharge this segment are well underway, and we are excited about continued progress on a robust pipeline of projects to support long-term growth.”

The two said next month Disney will welcome guests to the new World of Frozen at the completely reimagined Disney Adventure World at Disneyland Paris.

“This milestone marks the beginning of a bold new era for Disneyland Paris, nearly doubling the size of the second park and showcasing Disney’s unique ability to bring our stories to life in the physical world,” they said. “Additionally, we are continuously expanding storytelling in our parks, with new experiences featuring Bluey, activations planned around the release of Toy Story 5, and a new mission featuring the Mandalorian and Grogu inside Millennium Falcon: Smugglers Run coming soon.”

As for Disney Cruise Line, Disney recently launched the Disney Destiny, which has received rave reviews from guests since its maiden voyage on November 20.

In addition, the Disney Adventure, the company’s first ship homeported in Asia, is on its way to Singapore for its maiden voyage on March 10, bringing immersive Disney storytelling to more people globally than ever before.

This will bring Disney’s fleet to a total of eight cruise ships, with another five scheduled for launch beyond fiscal 2026, according to Iger and Johnston.

Wrap Up

Iger and Johnston concluded their executive commentary by saying that this quarter underscores Disney’s disciplined execution and strong strategic investments.

“Overall, this quarter reflects our focused execution and investment across each of our strategic priorities and stands on the solid foundation we’ve built over the past three years, providing us with a path for long-term growth,” the two said.

[1] https://www.nielsen.com/data-center/top-streaming-shows-artey-awards/

[2] https://www.nielsen.com/news-center/2026/nielsen-announces-2025-artey-award-winners-following-record-breaking-year-of-streaming/

The information above should be read together with Disney’s Q1 FY 26 Earnings Report, Form 10-Q, prepared earnings remarks (executive commentary), and earnings call (all available here), which discuss additional information, including additional challenges and risks the company’s businesses face and additional information about Q1 performance.

Forward-Looking Statements

Certain statements in this communication may constitute “forward‐looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our expectations, beliefs, plans, financial prospects, trends or outlook; content, benefits, timing and completion of future projects and product offerings; expectations and opportunities for growth and expansion; strategies and strategic priorities and opportunities; expected benefits of new initiatives; value of our intellectual property, content offerings, businesses and assets; and other statements that are not historical in nature. Any information that is not historical in nature is subject to change. These statements are made on the basis of management’s views and assumptions regarding future events and business performance as of the time the statements are made. Management does not undertake any obligation to update these statements.

Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the company, including restructuring or strategic initiatives (including capital investments, asset acquisitions or dispositions, new or expanded business lines or cessation of certain operations), our execution of our business plans (including the content we create and IP we invest in, our pricing decisions, our cost structure and our management and other personnel decisions), our ability to quickly execute on cost rationalization while preserving revenue, the discovery of additional information or other business decisions, as well as from developments beyond the company’s control, including: the occurrence of subsequent events; deterioration in domestic and global economic conditions or a failure of conditions to improve as anticipated; deterioration in or pressures from competitive conditions, including competition to create or acquire content, competition for talent and competition for advertising revenue; consumer preferences for and acceptance of our content offerings and distribution channels (including the pricing and bundling of our streaming services and impact on churn and subscriber additions) and our leisure travel destinations; the market for advertising sales on our streaming services and linear networks; health concerns and their impact on our businesses and productions; international, including tariffs and other trade policies, political or military developments; regulatory and legal developments; technological developments; labor markets and activities, including work stoppages; adverse weather conditions or natural disasters; and availability of content.

Such developments may further affect entertainment, travel and leisure businesses generally and may, among other things, affect (or further affect, as applicable): our operations, business plans or profitability; demand for our products and services; the performance of the company’s content; our ability to create or obtain desirable content at or under the value we assign the content; the advertising market for programming; taxation; and performance of some or all company businesses either directly or through their impact on those who distribute our products.

Additional factors are set forth in the company’s most recent Annual Report on Form 10-K, including under the captions “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Business,” subsequent quarterly reports on Form 10-Q, including under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and subsequent filings with the Securities and Exchange Commission.

The terms “company,” “Disney,” “we,” and “our” are used above to refer collectively to the parent company and the subsidiaries through which our various businesses are actually conducted.

The post Disney Q1 FY26 Earnings: Executive Commentary appeared first on The Walt Disney Company.

]]>
‘Camp Rock 3’ Teaser: A New Generation of Camp Rockers Vie to Become the Opening Act for Connect 3 https://thewaltdisneycompany.com/news/camp-rock-3-teaser/ Sat, 31 Jan 2026 00:09:07 +0000 https://thewaltdisneycompany.com/news// The post ‘Camp Rock 3’ Teaser: A New Generation of Camp Rockers Vie to Become the Opening Act for Connect 3 appeared first on The Walt Disney Company.

]]>

Today, Disney revealed the first teaser for the highly anticipated Camp Rock 3, coming to Disney+ and Disney Channel in Summer 2026. The teaser includes a first look at the Jonas Brothers’ return as Connect 3 and the new generation of campers joining the iconic franchise.

The story picks up when Connect 3 loses their opening act for a major reunion tour, returning to their beloved Camp Rock to discover the next big thing. As campers vie for the chance to open for their favorite band, tensions rise and friendships are tested, leading to unexpected alliances, revelations, and romances.

Camp Rock’s all-new campers include bold and determined Sage (Liamani Segura) and her easygoing brother Desi (Hudson Stone); camp bad boy Fletch (Malachi Barton); cello prodigy Rosie (Lumi Pollack); drummer with his own beat Cliff (Casey Trotter); choreo queen Callie (Brooklynn Pitts); and intimidating influencer Madison (Ava Jean). Sherry Cola also joins the franchise as Lark. Returning cast members include Joe Jonas as Shane Gray, Nick Jonas as Nate Gray, Kevin Jonas as Jason Gray, and Maria Canals-Barrera as Connie.

Directed by Veronica Rodriguez and written by Eydie Faye, the Camp Rock 3 is produced by Disney Branded Television and features choreography by Jamal Sims. Tim Federle executive produces, along with Joe, Nick, Kevin, Demi Lovato, Betsy Sullenger, Spencer Berman, and Gary Marsh. A special thanks to Alan Sacks for his contribution to the Camp Rock franchise.

Camp Rock (2008) and Camp Rock 2: The Final Jam (2010) are among the Top 10 Disney Channel Original Movies of all time and were the No. 1 Cable Movie Premiere in their years of premiere.* With chart-topping music and standout musical numbers, the Camp Rock franchise launched superstar talent and continues to permeate pop culture over 15 years after its debut, inspiring viral moments on social media.

 

*With persons 2+ and teens 12-17. Source: NMR Ranked on Live+7 delivery 000s among all movies on cable for the years of 2008 and 2010.

The post ‘Camp Rock 3’ Teaser: A New Generation of Camp Rockers Vie to Become the Opening Act for Connect 3 appeared first on The Walt Disney Company.

]]>
Benjamin Swinburne to Join Disney as Executive Vice President of Investor Relations and Corporate Strategy https://thewaltdisneycompany.com/news/benjamin-swinburne-investor-relations-corporate-strategy/ Fri, 30 Jan 2026 14:09:58 +0000 https://thewaltdisneycompany.com/news// The post Benjamin Swinburne to Join Disney as Executive Vice President of Investor Relations and Corporate Strategy appeared first on The Walt Disney Company.

]]>

Benjamin Swinburne has been named Executive Vice President of Investor Relations and Corporate Strategy for The Walt Disney Company, it was announced today by Hugh F. Johnston, Senior Executive Vice President and Chief Financial Officer. Swinburne will join Disney in the near future and report directly to Johnston. He has most recently served as Managing Director and Head of US Media Research at Morgan Stanley.

“Ben has been one of the industry’s most respected media analysts and brings deep insight into the evolving global entertainment landscape,” said Johnston. “His analytical rigor, strategic perspective, and long-standing knowledge of our business and broader industry make him an exceptional addition to our team as we continue to execute against our long‑term vision and deliver sustained value for our shareholders.”

In this new role, Swinburne will lead Disney’s investor relations function, communicating the company’s financial performance and long‑term strategic vision to institutional investors and retail shareholders, sell-side analysts and other key stakeholders. He will also oversee the company’s long-term strategic planning and market analysis in his corporate strategy role, identifying growth opportunities based on industry trends and evolving entertainment consumption.

“Having spent much of my career analyzing Disney’s performance and long‑term opportunities, I have a deep appreciation for the company’s creative strengths, operational discipline, and consistent focus on delivering value for shareholders,” said Swinburne. “It is an incredibly exciting time to be joining the company, and I look forward to working with the team to continue the incredible progress they have made to position Disney for future growth.”

As Managing Director, Head of US Media and Telecom & Cable Services Research at Morgan Stanley, Swinburne led the equity research coverage of the media and entertainment, advertising, and telecom and cable services industries, areas he has followed for over two decades. He has been consistently ranked among the leading analysts in multiple sectors in a variety of investor polls, including a 2021 induction into the Institutional Investor All-America Research Team Hall of Fame. He joined Morgan Stanley as a research analyst in 1999. Swinburne earned a bachelor’s degree in public policy with a concentration in finance from Washington and Lee University and a master’s degree in accounting from Babson College.

The post Benjamin Swinburne to Join Disney as Executive Vice President of Investor Relations and Corporate Strategy appeared first on The Walt Disney Company.

]]>
Benjamin Swinburne to Join Disney as Executive Vice President of Investor Relations and Corporate Strategy https://thewaltdisneycompany.com/press-releases/benjamin-swinburne-to-join-disney-as-executive-vice-president-of-investor-relations-and-corporate-strategy/ Fri, 30 Jan 2026 14:02:27 +0000 https://thewaltdisneycompany.com/news// The post Benjamin Swinburne to Join Disney as Executive Vice President of Investor Relations and Corporate Strategy appeared first on The Walt Disney Company.

]]>

BURBANK, Calif., January 30, 2026 – Benjamin Swinburne has been named Executive Vice President of Investor Relations and Corporate Strategy for The Walt Disney Company (NYSE: DIS), it was announced today by Hugh F. Johnston, Senior Executive Vice President and Chief Financial Officer. Swinburne will join Disney in the near future and report directly to Johnston. He has most recently served as Managing Director and Head of US Media Research at Morgan Stanley.

“Ben has been one of the industry’s most respected media analysts and brings deep insight into the evolving global entertainment landscape,” said Johnston. “His analytical rigor, strategic perspective, and long-standing knowledge of our business and broader industry make him an exceptional addition to our team as we continue to execute against our long‑term vision and deliver sustained value for our shareholders.”

In this new role, Swinburne will lead Disney’s investor relations function, communicating the company’s financial performance and long‑term strategic vision to institutional investors and retail shareholders, sell-side analysts and other key stakeholders. He will also oversee the company’s long-term strategic planning and market analysis in his corporate strategy role, identifying growth opportunities based on industry trends and evolving entertainment consumption.

“Having spent much of my career analyzing Disney’s performance and long‑term opportunities, I have a deep appreciation for the company’s creative strengths, operational discipline, and consistent focus on delivering value for shareholders,” said Swinburne. “It is an incredibly exciting time to be joining the company, and I look forward to working with the team to continue the incredible progress they have made to position Disney for future growth.”

As Managing Director, Head of US Media and Telecom & Cable Services Research at Morgan Stanley, Swinburne led the equity research coverage of the media and entertainment, advertising, and telecom and cable services industries, areas he has followed for over two decades. He has been consistently ranked among the leading analysts in multiple sectors in a variety of investor polls, including a 2021 induction into the Institutional Investor All-America Research Team Hall of Fame. He joined Morgan Stanley as a research analyst in 1999. Swinburne earned a bachelor’s degree in public policy with a concentration in finance from Washington and Lee University and a master’s degree in accounting from Babson College.

About The Walt Disney Company

The Walt Disney Company, together with its subsidiaries and affiliates, is a leading diversified international entertainment and media enterprise that includes three business segments: Entertainment, Sports, and Experiences. Disney is a Dow 30 company and had annual revenue of $94.4 billion in its Fiscal Year 2025.

Contacts:

David Jefferson
818-560-4832
david.j.jefferson@disney.com

Mike Long
818-560-4588
mike.p.long@disney.com

The post Benjamin Swinburne to Join Disney as Executive Vice President of Investor Relations and Corporate Strategy appeared first on The Walt Disney Company.

]]>
‘Star Wars: Galaxy’s Edge’ Timeline Expands at Disneyland, Ushering in a New Era of Immersive Storytelling https://thewaltdisneycompany.com/news/star-wars-galaxys-edge-disneyland-timeline/ Thu, 29 Jan 2026 18:27:19 +0000 https://thewaltdisneycompany.com/news// The post ‘Star Wars: Galaxy’s Edge’ Timeline Expands at Disneyland, Ushering in a New Era of Immersive Storytelling appeared first on The Walt Disney Company.

]]>

Coming April 29, 2026, Star Wars: Galaxy’s Edge at Disneyland Resort will welcome an expanded timeline that introduces classic, iconic characters — such as Darth Vader and Luke Skywalker — alongside new narrative layers in the award-winning land. These updates will enable guests to experience the classic-era storytelling spanning Return of the Jedi, The Mandalorian, and Ahsoka.

Developed through close collaboration among Walt Disney Imagineering, Disney Live Entertainment, Disneyland, and Lucasfilm, this evolution marks a bold new chapter in how guests step into the Star Wars galaxy.

Extra care was taken in crafting an expanded story for the land as engaging and authentic as the films and streaming series, because, as Asa Kalama, Executive, Creative & Interactive Experiences at Walt Disney Imagineering, explained, “Your first experience with Star Wars might be a film, but it honestly might also be a theme park experience.”

Beginning April 29, 2026, visitors to Batuu may find Darth Vader inside 'Star Wars: Galaxy’s Edge' at Disneyland park as the land expands its timeline to include more Star Wars eras.

“A Platform for Storytelling”

“Since the very inception of Star Wars: Galaxy’s Edge, we envisioned it as a platform for storytelling,” Kalama noted.

Upon opening in 2019, Star Wars: Galaxy’s Edge immediately transported guests to Black Spire Outpost on Batuu — a trading port alive with adventure, resistance activity, and the unmistakable hum of starships overhead.

The Millennium Falcon at 'Star Wars: Galaxy's Edge'

But, the stories within Black Spire Outpost didn’t need to remain static.

“One of the great things about the Star Wars universe and the Star Wars canon is that it is expansive and it continues to grow.”

So, as new Star Wars stories are released across film and television — such as with Lucasfilm’s The Mandalorian and Grogu on May 22 — the concept of expanding the story of Star Wars: Galaxy’s Edge has developed into an abundance of creative opportunities.

As Kalama states, Disney’s unique ability to bring stories on screen to life in physical environments, “allows us to continue to expand the storytelling and the world building.”

And not only are there new stories to incorporate, but the franchise will also be celebrating its 50th anniversary in 2027, which will include a rerelease of the film that started it all, Star Wars: A New Hope.

Given these upcoming moments celebrating the entire breadth of the Star Wars saga, “There was this sort of critical mass of more classic leaning characters, and it felt like the right time to celebrate those in the land as well,” Kalama stated.

Disneyland is celebrating these moments with more than just an expanded timeline at Star Wars: Galaxy’s Edge. Starting the same day The Mandalorian and Grogu arrives in theaters, guests will also be able to team up with Din Djarin and Grogu on Millennium Falcon: Smugglers Run at both Disneyland Resort and Walt Disney World Resort, showcasing Disney’s unrivaled ability to simultaneously bring stories to fans across linear and experiential storytelling.

Beginning April 29, 2026, visitors to Batuu may find Darth Vader, Imperial Stormtroopers, and other iconic Star Wars characters inside 'Star Wars: Galaxy’s Edge' at Disneyland park as the land expands its timeline to include more Star Wars eras.

A Deep Collaboration with Lucasfilm

Every detail — visual, written, structural, and sonic — has been developed in close partnership with Lucasfilm.

“Since the very beginning, we’ve had the most incredible integrated and blended team with Lucasfilm,” Kalama said.

Rather than Imagineering ideating and then sending proposals to Lucasfilm for approval, the collaboration functioned as true co-creation between the units. “It was the same writing team, the same production design team — everybody was working together,” he explained.

That partnership was especially essential when expanding the land’s timeline.

“We spent a lot of time on every last possible detail,” Kalama noted, ensuring the meticulously crafted original story remained cohesive as it expanded.

The timeline evolution goes far beyond the introduction of beloved characters such as Princess Leia and Han Solo. From architecture and props to background dialogue, Imagineering revisited myriad story cues to ensure alignment with the expanded eras.

As a result, guests will step into a land that “feels refreshed and full of new elements for guests to discover,” according to Kalama.

Key Updates Coming to the Land

  • Revitalized Locations and Expanded Backstories
    Several in-land locations will be reimagined to better reflect the broader Star Wars canon. First Order Cargo, will be rethemed as Black Spire Surplus, and will feature artifacts from both the Empire and the Rebel Alliance.
  • New Artifacts and Screen-Used Props
    Speaking of artifacts, at Dok-Ondar’s Den of Antiquities, the expanded timeline will unlock new treasures. Working closely with Lucasfilm, Imagineering is curating authentic, screen-used props from recent streaming series, further grounding the land in the on-screen saga. As Kalama puts it, the props “literally came directly off the screen.”
  • An All-New Sonic Landscape
    Music — long central to Star Wars storytelling — will also evolve. Guests will hear a new celebratory soundscape that includes themes from John Williams’ iconic scores from the first six films, adding emotional depth throughout the land. “I think it will take on a different emotional resonance for fans,” Kalama said.

A Park Experience Only Disney Can Deliver

The timeline expansion underscores something uniquely Disney: the ability to bring evolving stories on screen into fully immersive physical environments.

Kalama described Disney as one of the few entertainment companies capable of delivering both linear media and experiential storytelling at this scale.

Through Star Wars: Galaxy’s Edge, guests don’t just witness the saga — they step inside it.

“The theme park is about embodying a character and truly living the story through your own eyes,” Kalama said.

While the updated timeline will debut only at Disneyland Resort, Star Wars: Galaxy’s Edge at Walt Disney World Resort will continue to celebrate the sequel era throughout the land — giving fans distinct ways to experience the saga on each coast.

“Our guests now have two different experiences on either coast where they can explore the full breadth of the canon,” Kalama said.

East Coast guests can engage with stories inspired by The Force Awakens (which takes place during the Rise of the First Order) and beyond, while West Coast fans can immerse themselves in eras of the Galactic Civil War and the New Republic, as well as the Age of the Resistance and the First Order.

Ultimately, the evolution of Star Wars: Galaxy’s Edge reflects a broader Imagineering philosophy: attractions don’t just bring stories to life — they extend them.

Disney parks exist, Kalama notes, “in the business of creating emotion and memories.” And beginning in late April, guests will discover a reimagined Star Wars: Galaxy’s Edge that feels both timeless — and new.

The post ‘Star Wars: Galaxy’s Edge’ Timeline Expands at Disneyland, Ushering in a New Era of Immersive Storytelling appeared first on The Walt Disney Company.

]]>
‘Send Help’ Director Sam Raimi on the ‘Excitement’ of Creating an Original Psychological Thriller https://thewaltdisneycompany.com/news/send-help-sam-raimi/ Thu, 29 Jan 2026 18:11:46 +0000 https://thewaltdisneycompany.com/news// The post ‘Send Help’ Director Sam Raimi on the ‘Excitement’ of Creating an Original Psychological Thriller appeared first on The Walt Disney Company.

]]>

20th Century Studios’ Send Helpopening in theaters on Friday, January 30 — is a psychological survival thriller from director and producer Sam Raimi that tracks the escalating twists and turns that unfold after Linda Liddle (Rachel McAdams), an awkward and overlooked employee at a consulting firm, and her arrogant boss, Bradley Preston (Dylan O’Brien), survive a plane crash and wind up stranded together on a deserted island.

The “rivetingly bonkers” (The Hollywood Reporter) screenplay is by screenwriting duo Damian Shannon and Mark Swift, who pitched it to producer Zainab Azizi, President, Raimi Productions. “When it comes to developing projects with Sam, it’s all about the character,” Azizi said. “When Damian and Mark pitched the idea of Linda Liddle, I knew Sam had to hear it right away.”

Raimi — renowned for his masterful blend of comedy and horror, which includes his signature gonzo visual style — was immediately taken by the story and all its moral ambiguities. “By setting the story on a deserted island with only two people, it allowed Damian and Mark to really get deep with these characters,” Raimi said. “With no one else to interrupt them, it’s easier to lie to each other or try to pull something over on the other.”

In that way, Send Help is “a devilish treat” (Deadline). Indeed, it’s a true-two-hander, with McAdams and O’Brien each showcasing their limitless range as Raimi continually subverts the viewers’ expectations. “When we were developing the script, we always wanted to make sure that we were ahead of the audience,” Azizi said. “Audiences today are so smart, but what Mark and Damian wrote is full of twists and turns and surprises. It’s totally original.”

Raimi added, “We thought it would be really interesting for the audience to go through this transformation of identification. That was one of the unique things about the script, and the actors and I really ran with that. We didn’t know if it had been done before in movies; there’s probably a reason why they don’t do it, because you risk never getting the audience back. So, there were a lot of fears in my head, but the excitement of the possibility of creating something original in that way, if we were successful, far outweighed all my fears.”

Raimi needn’t have worried, as he “knows precisely which buttons to push” (Variety).

“I tried to keep ‘Sam Raimi’ in the box he belongs in, as I was trying to service the script and the characters,” Raimi said. “Yes, when there’s an outrageous moment, that’s where I let ‘Sam’ do his thing and make it a little more outrageous than maybe it should be. But I also wanted to make an entertaining movie. That’s why we’re in this — to give the audience a thrill. I hope the movie stirs people’s imaginations and causes them to talk about ‘what if.’”

The post ‘Send Help’ Director Sam Raimi on the ‘Excitement’ of Creating an Original Psychological Thriller appeared first on The Walt Disney Company.

]]>
‘Wonder Man’ Goes Hollywood: Inside the Making of Marvel Television’s Latest Series on Disney+ https://thewaltdisneycompany.com/news/marvel-television-wonder-man/ Tue, 27 Jan 2026 18:19:57 +0000 https://thewaltdisneycompany.com/news// The post ‘Wonder Man’ Goes Hollywood: Inside the Making of Marvel Television’s Latest Series on Disney+ appeared first on The Walt Disney Company.

]]>

Marvel Television’s Wonder Man — premiering Tuesday, January 27, with all eight episodes on Disney+ — introduces Simon Williams (Emmy® Award winner Yahya Abdul-Mateen II), an aspiring actor looking for his big break. Though he’s ambitious, resourceful, and talented, Simon can’t get out of his own head. During a chance meeting with Trevor Slattery (Oscar®, GRAMMY® Award, and two-time Golden Globe® Award winner Sir Ben Kingsley) — an out-of-work actor haunted by his infamous role as the terrorist known as the Mandarin — Simon learns that legendary director Von Kovak (Zlatko Burić) is remaking the superhero film Wonder Man. It would be the role of a lifetime for Simon, and he works hard to get cast as the titular hero — all while keeping his own superpowers hidden.

In the Q&A below, Wonder Man series co-creator and head writer Andrew Guest opens up about what inspired his take on Simon Williams; fleshing out Trevor’s backstory following appearances in Iron Man 3 (2013) and Shang-Chi and The Legend of The Ten Rings (2021); and giving fans a peek behind the curtain of the entertainment industry while showcasing the different facets of Hollywood.

What sets Wonder Man apart from other films and series in the MCU?

We really tried to make a show that felt different, that is still in the umbrella of the MCU, that still has a lot of the same DNA at its heart in terms of storytelling, comedy, and character, but is accessible to a different kind of audience. Hopefully people who love the MCU will still love this show, but people who think maybe the MCU is not for them might find Simon Williams as somebody they can root for and fall in love with. That’s the hope.

What inspired you to introduce Simon to the MCU in this way?

We’re trying to tell stories about the entertainment industry, really. And, to me, that’s about people who have stories to tell, who are facing the odds of a very difficult industry and still pursuing their dream — no matter what. I like the idea of Simon being an outsider, because Trevor’s an outsider, and seeing how they find each other and find a friendship in spite of everything.

Speaking of Trevor, what made you want to revisit and elevate that character?

One of the great resources we had was Sir Ben Kingsley, both in terms of him committing to being in the show, and in his understanding of this character that he’s lived with for 13 years. [Wonder Man co-creator and director Destin Daniel Cretton] and I had conversations with Sir Ben about who Trevor was, about what Trevor’s mother was like, about where his love of acting came from. The more I talked to him about it, the more I wanted to put all that into the show. I felt a real sense of responsibility writing for someone like Sir Ben; I wanted to give him material that was up to snuff and wouldn’t disappoint. Any page of dialogue you give him, he’s going to knock it out of park. We all raised each other’s game.

Trevor also finds himself mixed up with the Department of Damage Control…

Trevor often seems like the victim of circumstance. In Iron Man 3, he got caught up in this big cabal of bad guys who were using him. In Shang-Chi, he got caught up with the good guys — but he was still caught up. I liked the idea that we could take this character who — the moment he gets off the plane in LA — once again gets caught up in something big. But, for the first time, we see him decide to take ownership and action and realize that he can’t just blame circumstance anymore. He needs to step up and figure out what’s important to him and make some sacrifices. Even though he’s not putting on a cape and flying around, Trevor’s doing something selfless and sacrificing. And, to me, that’s heroism.

Why was it so important for you to set Wonder Man in real and recognizable Hollywood locations, whether it’s in restaurants like Clark Street Diner and Mother Wolf or at locations like the TCL Chinese Theatre?

Our incredible production designers, Cindy Chao and Michele Yu, are LA natives. When they presented to us, they showed us not only the kind of Hollywood that many people are familiar with, but they showed pictures of Thai Elvis and the House of Davids — all these quirky, eccentric sides of LA that aren’t often explored. That was really fun for us in the writer’s room. So, getting to shoot in LA, for LA, with an LA-based crew was really a gift. It really made the show feel different, and I don’t think you could replicate it in any other way.

You have Josh Gad and Joe Pantoliano playing versions of themselves, and there are also references to Joseph Gordon-Levitt and Glenn Howerton. Between casting and locations, how else did you ensure that the series would feel authentically Hollywood?

Part of making things feel real is being specific and using touchpoints that we all understand. I don’t want Simon acting on a random TV show in the pilot; I want it to be American Horror Story. I want to mention actors we all know. That’s hard to do in the MCU, because there’s so many people who are already in it… We tried hard. The tentacles of the MCU are all over this town.

Speaking of American Horror Story, Wonder Man includes countless other references and story points that span the various studios and content brands within The Walt Disney Company. As a writer, what was it like having that wealth of IP at your disposal?

Well, one of the tricky things we came up against in the pilot was which show that Simon was going to be on. Luckily, when we reached out to Ryan Murphy, he was on board. We had full agreement with him — and we even got to name check him, which was really fun. That’s an iconic show, and we felt confident would still be in the zeitgeist. All those things make it feel real.

 

What are you most excited for fans to take away from Wonder Man?

I’m excited for audiences to hopefully relate to and root for these two weirdos. And I’m excited for all the people who put so much time and effort into this project — our crew, every department head, every accountant — to finally see all the fruits of their labor onscreen, because that’s what we’re all in it for. We all work really hard, and we want people to see the work and appreciate the work. Hopefully, people connect with the show.

In the Spotlight

Premiering January 27

Simon Williams and Trevor Slattery — two actors at opposite ends of their careers — chase life-changing roles in Hollywood.

The post ‘Wonder Man’ Goes Hollywood: Inside the Making of Marvel Television’s Latest Series on Disney+ appeared first on The Walt Disney Company.

]]>
Disney, Lucasfilm and GoNoodle Team Up to Bring ‘Star Wars’ Mindfulness & Movement to a Galaxy Not So Far Away https://thewaltdisneycompany.com/news/gonoodle-star-wars-grogu/ Mon, 26 Jan 2026 13:11:54 +0000 https://thewaltdisneycompany.com/news// The post Disney, Lucasfilm and GoNoodle Team Up to Bring ‘Star Wars’ Mindfulness & Movement to a Galaxy Not So Far Away appeared first on The Walt Disney Company.

]]>

In a collaboration that bridges generations and fandoms, Disney, Lucasfilm, and GoNoodle are joining forces to bring the world of Star Wars to classrooms, living rooms, and learning spaces across the country through short, engaging content that blends movement and mindfulness.

Designed to help kids refocus, move, and build healthy habits, this new initiative blends GoNoodle’s beloved developmental programming with the iconic characters and stories of Star Wars — launching a playful, educational adventure that parents and teachers can access anytime, anywhere.

“At Disney and Lucasfilm, we believe great stories spark curiosity and creativity. Bringing Star Wars into the GoNoodle platform lets kids experience the characters and stories they love in a way that’s active, joyful, and meaningful,” Jeff Benjenk, Vice President of Brand Marketing at The Walt Disney Company, said. “Together, we’re giving families and educators simple tools they can rely on to inspire movement, mindfulness, and imagination every day.”

Making Mindfulness Fun with the Force

The debut video in the series features none other than Grogu, one of the most beloved characters in the Star Wars galaxy. In this short, Grogu guides children through a mindful breathing exercise — inviting them to slow down and center themselves using Jedi training tricks.

“Grogu embodies the qualities we want every child to build: curiosity, balance, and kindness, making him a natural fit for GoNoodle’s mission to transform how mindfulness shows up in classrooms and school communities,” KC Estenson, CEO of GoNoodle, said.

This video helps kids practice important developmental skills like self-regulation, focus, and healthy daily habits. This program was developed with an understanding of the roles that movement and mindfulness play in helping kids to regulate and optimize student learning — two of the core principles that GoNoodle was founded on.

The video will be freely available on GoNoodle’s website on a designated Star Wars channel as well as on YouTube, ensuring that teachers and parents can integrate it effortlessly into routines at school or at home.

“Through the new Star Wars channel, mindfulness content, and curriculum-paired activity, we’re equipping educators with trusted tools that help students focus, settle, and find their balance in ways that feel joyful and familiar,” Estenson said. “By weaving mindfulness into movement and play, we’re helping kids build emotional regulation skills they can carry with them for a lifetime.”

This partnership brings together two brands that families know and trust. For nearly a decade, Disney and GoNoodle have worked side by side to create memorable content rooted in movement, joy, and developmental support for young learners. This latest collaboration builds on that relationship by introducing the legendary Star Wars characters and stories to a new generation in a way that is energetic and educational, encouraging connection between young fans and the stories their parents and teachers grew up loving.

A Galaxy Reimagined for the Classroom and Living Room

Teachers have long relied on GoNoodle’s activities to support transitions, reenergize students, or help them reset between lessons. This new collaboration is crafted to make those moments even more captivating — helping young learners stay engaged while building the social-emotional skills that will stay with them throughout their lives.

At home, Grogu can help kids refocus their energy as they come back from school, finish homework, get ready for dinner, or even prepare for bedtime. This effort also highlights Disney’s commitment to storytelling that supports children’s development — infusing familiar characters into platforms that nurture creativity, calm, and confidence.

This first video marks only the beginning. Star Wars and GoNoodle are planning additional content drops all year long, expanding the collaboration with more characters, more movement, and more opportunities for kids to practice Jedi skills. Parents, educators, and fans can expect additional playful, purpose-driven programming that showcases the vibrant world of Star Wars in new and meaningful ways.

The initiative arrives at an exciting moment in the Star Wars universe as anticipation builds for The Mandalorian & Grogu, premiering May 22, 2026, where Grogu’s journey continues alongside the legendary bounty hunter Din Djarin. Starting on May 22, guests will also be able to team up with Grogu and Din Djarin on Millennium Falcon: Smuggler’s Run in Star Wars: Galaxy’s Edge at both Disneyland Resort and Walt Disney World Resort.

The post Disney, Lucasfilm and GoNoodle Team Up to Bring ‘Star Wars’ Mindfulness & Movement to a Galaxy Not So Far Away appeared first on The Walt Disney Company.

]]>
The Walt Disney Company Receives 4 Oscar® Nominations https://thewaltdisneycompany.com/news/2026-oscar-nominations/ Thu, 22 Jan 2026 14:16:00 +0000 https://thewaltdisneycompany.com/news// The post The Walt Disney Company Receives 4 Oscar® Nominations appeared first on The Walt Disney Company.

]]>

The Walt Disney Company proudly announces four Academy Award® nominations across The Walt Disney Studios (20th Century Studios, Pixar Animation Studios, Walt Disney Animation Studios). Plus, Disney+ subscribers across the UK and Europe can stream the nominated shorts A Friend of Dorothy (Best Live Action Short Film) and Retirement Plan (Best Animated Short Film).

The Oscars® will air live on ABC, stream live on Hulu, and air live in more than 200 territories worldwide on Sunday, March 15, from the Dolby® Theatre at Ovation Hollywood. Emmy® Award-winning television host, writer, producer, and comedian Conan O’Brien will return to host The Oscars for a second consecutive year; Emmy Award winners Raj Kapoor and Katy Mullan will return as executive producers for a third consecutive year; and Jeff Ross and Mike Sweeney will return as producers for a second time, with Sweeney also serving as a writer.

Congratulations to this year’s nominees:

Avatar: Fire and Ash (20th Century Studios)
2 Nominations
Now in Theaters

  • Best Costume Design – Deborah L. Scott
  • Best Visual Effects – Joe Letteri, Richard Baneham, Eric Saindon, and Daniel Barrett

Elio (Pixar Animation Studios)
1 Nomination
Premiered in Theaters, Streams on Disney+

  • Best Animated Feature Film – Madeline Sharafian, Domee Shi, Adrian Molina, and Mary Alice Drumm

Zootopia 2 (Walt Disney Animation Studios)
1 Nomination
Now in Theaters

  • Best Animated Feature Film – Jared Bush, Byron Howard, and Yvett Merino

The post The Walt Disney Company Receives 4 Oscar® Nominations appeared first on The Walt Disney Company.

]]>
The Disney Braintrust that Helped Turn ‘Disneyland Handcrafted’ into Reality https://thewaltdisneycompany.com/news/disneyland-handcrafted-braintrust/ Wed, 21 Jan 2026 19:33:14 +0000 https://thewaltdisneycompany.com/news// The post The Disney Braintrust that Helped Turn ‘Disneyland Handcrafted’ into Reality appeared first on The Walt Disney Company.

]]>

More than seventy years ago, Walt Disney gazed across patches of orange and walnut groves in Anaheim with a dream that would redefine entertainment forever. Today, that dream continues to inspire storytellers, innovators, and fans around the globe. In Disneyland Handcrafted, filmmaker Leslie Iwerks invites audiences behind the curtain to witness the artistry, ambition, and sheer audacity that built Disneyland — brick by brick, frame by frame.

The documentary — which lands on Disney+ and Disney YouTube on Thursday — was crafted with the support of multiple Disney teams and is more than a historical retrospective. The film was created using rarely seen footage that documented the park’s construction, including material originally shot for the Disneyland TV series on ABC, which televised ongoing updates beginning in 1954 about what Walt called his “latest and greatest dream.”

It’s a celebration of creativity and collaboration, showcasing how Walt’s vision — and the hands that shaped it — gave rise to an entirely new form of entertainment.

Disney+

'Disneyland Handcrafted'

The magic of Walt Disney’s dream unfolds in ‘Disneyland Handcrafted,’ a full-length feature documentary directed by Academy Award-nominated filmmaker Leslie Iwerks. Go on an unforgettable journey through the exhilarating year that gave rise to The Happiest Place on Earth. Built from rare archival footage and original audio recordings, ‘Disneyland Handcrafted’ reveals the extraordinary artistry and grit it took hundreds of craftspeople to bring Walt Disney’s impossible dream project of Disneyland to fruition — from groundbreaking to Opening Day on July 17, 1955.

Unearthing the Past to Tell the Future

The journey began with a discovery.

While Iwerks and her team were producing The Imagineering Story for Disney+, “We realized there was so much material that has never been shown,” Iwerks recalled. Originally filmed for both documentation and use on the Disneyland TV series, much of this footage had been left on the cutting room floor. “We thought, ‘Why don’t we put this together, put it in chronological order, and see what it looks like?’”

The result was a visual time capsule — a glimpse into the grit and grace behind Disneyland’s creation.

To bring this vision to life, Iwerks turned to the Walt Disney Archives. Becky Cline, Director of the Archives, explained, “I was so happy to be asked to consult on this amazing new film. Alongside several other staff members of the Walt Disney Archives, and a few other preeminent Disney historians, I was honored to assist the filmmakers in sourcing and presenting rarely seen material that tells this fascinating story in a very organic way — through the use of very rare original source material.”

The Archives isn’t just a resource — it’s the heartbeat of Disney history.

“Our collections contain the information necessary to research and source accurate information as well as the existing audio and media related to the topic of Disneyland’s entire 70-year history,” Cline said.

That depth of material helped Iwerks weave together rarely seen footage with candid interviews, creating a narrative that feels both intimate and epic.

Crafting Emotion from History

Disney Legend Don Hahn describes his role as “a kind of story carpenter.”

He explained that, “[Leslie] had already built the frame, the vision, the blueprint — my job was to walk the beam with her and help refine the emotional architecture.”

For Hahn, the challenge was connecting archival material to the human story — the restless creativity that drove Walt and his team to imagine the unimaginable.

“Disneyland wasn’t just built — it was imagined into existence,” Hahn declared. “In 1953, it was, frankly, a crazy idea. Walt was inventing a new medium in real time, using designers from film and the cinematic language of visual storytelling with scenes, transitions, and reveals.”

That audacity is what makes the documentary so compelling. Hahn sees the Archives as more than a vault, but rather, “the attic, the memory, and in some ways the conscience of what we all call ‘Disney.’ If you want to understand Disneyland, you have to understand that it… was built out of curiosity, risk, and this almost reckless devotion to ideas.”

(L-R) Thomas Mazloum, President, Disneyland Resort; Josh Gad; Leslie Iwerks, director, 'Disneyland Handcrafted,'; Asad Ayaz, Chief Marketing and Brand Officer, The Walt Disney Company; Pete Docter, Chief Creative Officer, Pixar

Pixar’s Perspective: A Visual Stopwatch of History

Pete Docter, Pixar’s Chief Creative Officer, brought his own passion for Disney history to the project. For years, Disney Legend Tony Baxter has hosted informal “Disneyland Movie Nights,” screening unedited reels of park construction for park devotees, before taking the event up to Pixar, where Docter and Jonas Rivera, Executive Vice President, Production, Pixar, have offered the event to employees and special guests.

“Each reel is unmarked and silent, so it is for the hard-core fans only!” Docter said with a laugh. “Leslie used this same footage to assemble a visual stopwatch of Disneyland being built. It’s stunning to see nothing but orange groves and dirt less than a year before opening day.”

When Iwerks shared an early cut, Docter and Rivera were struck by its depth. “This documentary does a better job of illustrating the intensity, vision, and risk taking that went into the creation of the first theme park,” Docter said. “For someone who’s seen nearly everything about the subject, this documentary was compelling and revelatory!”

Walt’s Vision: Media as Magic

One of the film’s most fascinating threads is Walt Disney’s use of television to launch and promote Disneyland — a strategy that Hahn called “one of the great sleight-of-hand moments in American media.”

While other studio heads feared TV, Walt embraced it.

“He wasn’t just promoting a park; he was teaching the world how to dream alongside him,” Hahn said. Weekly broadcasts turned a construction site into a national obsession, proving Walt’s belief that, as Hahn noted, “everything was story — whether it unfolded in 24 frames per second on a screen, or along a parade route.”

Cline agreed, saying, “Walt’s ability to synergize film, television, and live entertainment together is the foundation of what The Walt Disney Company is today, the finest in family entertainment.”

Walt Disney on the set of the 'Disneyland' TV series

A Legacy That Lives On

Seventy years later, Disneyland remains a living testament to Walt’s vision.

As Walt once told his team: “To make the dreams of Disneyland come true took the combined skills and talents of hundreds of artisans, carpenters, engineers, scientists and craftsmen. The dreams that they built now become your heritage.”

Today, that heritage thrives in attractions that blend beloved classics with cutting-edge technology.

Hahn sees the same heartbeat Walt set in motion in 1955: “Build a place that delights people, tells a story with integrity, and honors the human hearts and hands who make it possible.”

Docter echoes that sentiment: “Disneyland continues to evolve and change, per Walt’s wishes, to astound and engage the imaginations of people from around the world.”

A Handcrafted Love Letter

From the Walt Disney Archives to Pixar Animation Studios, from Disney Legends to contemporary storytellers, Disneyland Handcrafted is a testament to collaboration — a film that honors the artisans who shaped Disneyland and the innovators who keep its spirit alive. It’s a reminder that behind every attraction, every detail, and every magical moment is a story of craft, care, and imagination.

As Walt himself believed, Disneyland would never be completed. And thanks to projects like Disneyland Handcrafted, neither will the stories that celebrate its creation.

The post The Disney Braintrust that Helped Turn ‘Disneyland Handcrafted’ into Reality appeared first on The Walt Disney Company.

]]>
Disney, Viktor&Rolf, and Mattel Unveil Couture Collector Cinderella Doll in Historic Disney Princess Collaboration https://thewaltdisneycompany.com/news/viktor-rolf-mattel-couture-cinderella/ Tue, 20 Jan 2026 18:19:34 +0000 https://thewaltdisneycompany.com/news// The post Disney, Viktor&Rolf, and Mattel Unveil Couture Collector Cinderella Doll in Historic Disney Princess Collaboration appeared first on The Walt Disney Company.

]]>

This month, Disney shines as the visionary behind a collaboration bringing together fashion, artistry, and play. Teaming up with legendary doll-makers Mattel and boundary-pushing Parisian designers Viktor&Rolf, Disney unveils a first-of-its-kind couture collector doll: Cinderella, the beloved Disney fairytale character, reimagined into a stunning couture collectible.

With the Viktor&Rolf x Disney Collector Cinderella Doll, three creative powerhouses collide — each driven by a passion for reinvention and bold storytelling. Disney, whose stories have inspired audiences for generations, orchestrates this cross-industry collaboration, ensuring that every detail feels classic, surprising, and full of heart.

“Our bold collaborations with leading brands continue to push the boundaries of Disney’s storytelling in fresh, culturally relevant ways,” Paul Gitter, EVP of Global Brand Commercialization, Disney Consumer Products, said. “This unique partnership with Viktor&Rolf and Mattel fuses contemporary fashion, art, and nostalgia to create an elevated, one-of-a-kind collectible — reimagining the essence of Disney Princesses through a modern, fashion-forward lens.”

The Viktor&Rolf x Disney Collector Cinderella Doll

Three Brands, One Vision: Reimagining Cinderella for Today’s Collector

Debuting at the Musée des Arts Décoratifs during Paris Fashion Week, this striking collectible is far more than a traditional doll — it’s a step forward in design, rooted in the surreal elegance of Viktor&Rolf’s Spring/Summer 2019 Haute Couture “Fashion Statements” collection. The result is an evocative reimagining of a Cinderella doll: sculptural, fashion-driven, and accessorized for the twenty-first century with Viktor&Rolf’s signature theatricality, Mattel’s craftsmanship, and Disney’s inimitable storytelling magic.

This elevated vision marks the finale of Cinderella’s 75th anniversary celebrations, blending nostalgia with a daring, modern perspective. Glass slippers are paired with a smartphone frozen at 11:59 p.m., casting Cinderella as a fearless, fashion-forward muse who writes her own story.

“We have a longstanding fascination with dolls,” Viktor Horsting and Rolf Snoeren, said “Already as children, dolls functioned as ersatz runway fashion models that allowed us to dream and project our fashion fantasies into the world. A lot of our interest in dolls is connected with our childlike attraction to the mystery and glamour of fashion itself. This dreamy sense of wonder has never quite left us.”

The Viktor&Rolf x Disney Collector Cinderella Doll

Disney Princess: Beyond the Toy Aisle

As consumer tastes evolve, so does Disney’s Princess brand. Princess thrives beyond the toy aisle in beauty, fine jewelry, luxury fashion, and collectible art – inviting an ever-wider audience and reinforcing Disney’s place at the cultural forefront. These creative expansions reflect a strategy: turning beloved stories into dynamic, premium experiences that extend beyond theatrical releases and reach new generations of fans.

The debut of this couture Cinderella doll builds on a wave of recent successes: Moana 2’s $1B global box office, a Bath & Body Works collaboration that generated overwhelming consumer excitement and engagement in-store and on social, and an upcoming yearlong Pandora collaboration highlighted by lab-grown diamonds. Each collaboration demonstrates how Disney storytelling can inspire art, drive cultural moments, and shape premium market trends, smoothing seasonality and deepening Princess’s cultural resonance far beyond the screen.

The Inspiration Behind the Collaboration

This collector doll is a testament to Disney’s leadership as a creative bridge — uniting Viktor&Rolf’s aspirational design, Mattel’s category expertise, and Disney’s time-tested narratives. The tri-lab approach fuels a modern Princess vision: bold, imaginative, and authentic.

This launch not only celebrates Cinderella’s legacy but also invites collectors of all ages to experience Disney Princess storytelling through a new lens.

Limited quantities are available for pre-sale through MattelCreations.com and Viktor&Rolf’s website starting January 20, 2026, with shipments beginning in early spring.

Fans and collectors can also go behind the scenes with Disney Princess: Create Your World – Mattel and Viktor & Rolf, a thirty-minute documentary premiering March 24 on Hulu and ABC Owned Television Stations’ digital platforms. This documentary offers a rare glimpse inside the creative process that brought this iconic collaboration to life.

Where to Experience the Collaboration

Debut: January 21, 2026, Musée des Arts Décoratifs, Paris, during Paris Fashion Week

Pre-sale: MattelCreations.com and Viktor-rolf.com, January 20, 2026

Documentary: Disney Princess: Create Your World – Mattel and Viktor & Rolf streaming March 24, 2026

Through this collaboration, Disney reaffirms its place at the heart of creativity — making dreams tangible, collectible, and truly unforgettable.

The post Disney, Viktor&Rolf, and Mattel Unveil Couture Collector Cinderella Doll in Historic Disney Princess Collaboration appeared first on The Walt Disney Company.

]]>
‘Zootopia 2’ Becomes the Highest-Grossing Animated MPA Film of All Time Globally https://thewaltdisneycompany.com/news/zootopia-2-highest-grossing-animated-film/ Sun, 18 Jan 2026 17:07:18 +0000 https://thewaltdisneycompany.com/news// The post ‘Zootopia 2’ Becomes the Highest-Grossing Animated MPA Film of All Time Globally appeared first on The Walt Disney Company.

]]>

Zootopia 2 is now the highest-grossing animated Motion Picture Association (MPA) film of all time, having just surpassed Inside Out 2. This milestone also makes Walt Disney Animation Studios’ Zootopia 2 the #9 biggest film in history worldwide.

“This milestone belongs first and foremost to the fans around the world whose enthusiasm made it possible. We’re incredibly proud of our filmmakers Jared Bush, Byron Howard, and Yvett Merino and the entire team at Walt Disney Animation Studios for creating a film that connects so deeply with audiences everywhere. Zootopia 2 is an extraordinary achievement, and we’re grateful to everyone who helped bring it to life,” said Alan Bergman, Co-Chairman, Disney Entertainment.

Additional Highlights:

  • $1.703 billion global gross to date ($390 million domestic / $1.313 billion international)
  • #1 global MPA release of 2025
  • #1 global MPA release of all time in China ($619 million to date)
  • #1 international MPA release of 2025
  • #9 global film of all time
  • The Walt Disney Studios have released the top three animated MPA releases with Zootopia 2 (#1), Pixar’s Inside Out 2 (#2) and Walt Disney Animation Studios’ Frozen 2 (#3)
  • The two Zootopia films have delivered a combined global box office total exceeding $2.73 billion to date
  • “Verified Hot” Rotten Tomatoes 96% Audience Score and an A “Cinema Score”
  • Opened on November 26, 2025 to a record-breaking $559.5 million in five days, becoming the highest global animated opening of all time, the highest global debut of 2025, and the highest global opening for any animated film in Disney history
  • Fastest animated MPA — and fastest PG-rated — film to reach $1 billion

Zootopia 2 continues its theatrical run in theaters worldwide.

About Zootopia 2

In Zootopia 2, rookie cops Judy Hopps (voiced by Ginnifer Goodwin) and Nick Wilde (voiced by Jason Bateman) find themselves on the twisting trail of a great mystery when Gary De’Snake (voice of Academy Award® winner Ke Huy Quan) arrives in Zootopia and turns the animal metropolis upside down. To crack the case, Judy and Nick must go undercover to unexpected new parts of town, where their growing partnership is tested like never before. The Oscar®-winning team of Jared Bush and Byron Howard (directors) and Yvett Merino (producer) are the principal filmmakers.

The post ‘Zootopia 2’ Becomes the Highest-Grossing Animated MPA Film of All Time Globally appeared first on The Walt Disney Company.

]]>
‘High School Musical’ Turns 20: How the Disney Channel Phenomenon Became the Blueprint for Music-Driven, Global Franchises https://thewaltdisneycompany.com/news/high-school-musical-20th-anniversary/ Fri, 16 Jan 2026 18:25:00 +0000 https://thewaltdisneycompany.com/news// The post ‘High School Musical’ Turns 20: How the Disney Channel Phenomenon Became the Blueprint for Music-Driven, Global Franchises appeared first on The Walt Disney Company.

]]>

When the Disney Channel Original Movie High School Musical premiered on January 20, 2006, it ushered in the start of something new — a wave of music-driven film franchises that would define childhoods, mint superstars, and inspire audiences all around the world.

Directed by Disney Legend Kenny Ortega, the movie starred Zac Efron as Troy Bolton, Vanessa Hudgens as Gabriella Montez, Ashley Tisdale as Sharpay Evans, Lucas Grabeel as Ryan Evans, Corbin Bleu as Chad Danforth, and Monique Coleman as Taylor McKessie — all up-and-comers, save for Tisdale, star of Disney Channel’s The Suite Life of Zack & Cody.

In its premiere weekend, High School Musical delivered 7.7 million Total Viewers* in the U.S. — record ratings for the network. Its success extended offscreen, becoming the first-ever TV movie soundtrack to reach No. 1 on the Billboard Top 200 chart, as well as the No. 1 album, No. 1 soundtrack, and No. 1 Kids album of 2006. The following year, 18.6 million viewers tuned in for the premiere of High School Musical 2, making it the No. 1 cable TV movie of all time. The sequel’s soundtrack was certified triple platinum. In 2008, Walt Disney Pictures released High School Musical 3: Senior Year theatrically — a franchise first. It broke multiple records and ultimately grossed over $250 million at the global box office.

The franchise continued when the meta mockumentary comedy High School Musical: The Musical: The Series premiered on Disney+ at launch in 2019. Created and executive produced by Tim Federle, it introduced a new generation of megastars: Olivia Rodrigo as Nini Salazar-Roberts, Joshua Bassett as Ricky Bowen, Matt Cornett as E.J. Caswell, Sofia Wylie as Gina Porter, Larry Saperstein as Big Red, Julia Lester as Ashlyn Caswell, Dara Reneé as Kourtney Greene, Frankie Rodriguez as Carlos Rodriguez, and Joe Serafini as Seb Matthew-Smith. Stars from the original films — Bleu, Coleman, Grabeel, Bart Johnson, Alyson Reed, and Kaycee Stroh — also made cameos throughout the series’ four seasons.

Twenty years later, High School Musical remains one of Disney Channel’s most popular franchises — one that continues to attract generations of new viewers, with more than 1.2 billion lifetime hours across streaming and linear.** All three films continue to rank among the top Disney Channel Original Movies on Disney+ in 2025, globally and domestically**. But the numbers only tell part of the story, as High School Musical helped establish Disney’s music-driven model, powering hit franchises such as Descendants (nearly 1 billion hours viewed to date across streaming and linear), in addition to Camp Rock and ZOMBIES.

In celebration of High School Musical‘s 20th anniversary, Disney Branded Television’s Charlie Andrews, EVP, Live Action, and Steven Vincent, SVP, Music and Soundtracks, explain how the franchise’s massive success paved the way for their division to develop more music-driven franchises that span generations and geographies.

No one expected High School Musical to become a global hit when it premiered on Disney Channel in 2006. Why do you think the movie became such a phenomenon?

Charlie Andrews: Gary Marsh [former President of Disney Channels Worldwide] and his team knew how to build stars, and they found the absolute best talent to bring these characters to life. I also think High School Musical was very relatable. What the audience found through these characters were really transcendent coming-of-age experiences of wanting to be who you are. Figuring out how to find your voice and find out who you are through your friendships is so universal. In addition to that, when you tack on incredible music, it brings people together. The songs were so special and so of the moment, and it was one of the most effective ways to drive pop culture and to bring these kids together.

Steven Vincent: It reached you emotionally, but it was also fun and cool. And, of course, it had great music. The songs were so important to people. As I watched the movie go global, I remember thinking, “How is this working just as well in Japan, in India, in Germany?” No matter where they are, teenagers are going through the same types of experiences. The story is about identity: “Who do I want to be? Who are people saying I’m supposed to be?”

Steven, the High School Musical soundtrack features multiple musical genres and styles. Why did you go that route, and how did it open things up to a wider audience?

Steven Vincent: Our audience is very diverse, but the music is only there to help tell the story. As we started working through the script, we knew it would be in part based on the pop music of the day. That felt like a nice entry point for our lead kids. The show within the show was written by Kelsi Nielsen [Olesya Rulin], so a lot of the songs are not full blast with everybody dancing; we start with the piano, because that was her instrument. Because this was about theater kids, it made sense to have some Broadway-sounding songs, like “Stick to the Status Quo” and “Bop to the Top.” What feels like Troy and Gabriella? Mainstream pop music. What feels like Ryan and Sharpay? Showtunes. And then we needed an anthem, and that became “We’re All in this Together.” It stands the test of time.

What’s the secret to creating and growing a franchise like High School Musical?

Charlie Andrews: It’s about meeting audiences where they are, creating authentic portrayals of a teenage experience, and then plussing it up with great music, costumes, spectacle, and wish fulfillment. High School Musical is the perfect combination of all that.

High School Musical made superstars out of its six leads, whose projects spanned films, music, and television. How is Disney setting today’s young stars up for similar success?

Charlie Andrews: If you look at Malachi Barton, he’s blown up in the past year with the Descendants/ZOMBIES: Worlds Collide Tour. He’s going to be a lead in Camp Rock 3 this summer. Right after that, he’s one of the leads in our new series, Coven Academy. As he ages, finding those roles for him to grow up within our ecosystem is so important. And we talk about that with all of our talent, from Malachi and Freya Skye to Kylie Cantrall and Malia Baker. It’s always top of mind for us.

Look at Milo Manheim, who just cast as Flynn Rider in the live-action Tangled for the movie studio. We are incredibly proud of him, and we’re so lucky we get to keep him in house and continue in the ZOMBIES franchise. It’s the same with the Jonas Brothers and Demi Lovato, who play a huge part in rebooting the Camp Rock franchise. Oftentimes, when those kids would grow up, they would go elsewhere to find other roles. But now, with Disney+ and Hulu and FX being a part of the same ecosystem, they can continue to grow within. It’s been a real gift for us to be able to keep them within the broader Disney family.

From music and merchandise to concert tours and social media content creation, how does High School Musical serve as a blueprint for how you sustain hit franchises today?

Charlie Andrews: High School Musical proved that when kids truly connect with a story, they want to experience it in every part of their lives. Kids are rewatching the content over and over again on Disney+. The engagement is huge. But it’s not just their love of the movie — it’s their love of the characters and of the actors. It’s an incredible fandom. They are singing the songs on the way to school, after school, during school. They are wearing the costumes from Descendants and ZOMBIES, but they’re also modeling their outfits after what the actors are wearing in real life. It’s all-encompassing.

I brought my 9-year-old niece to the final show of the World’s Collide Tour in Dallas, and it’s so interesting because she is a huge fan of Red, but she’s also been re-watching the first three Descendants movies over and over. It’s one example of how we are constantly bringing in new fans to our franchises because of what Disney+ offers. That’s something we didn’t have before, when you’d have to wait for repeat airings or buy the DVD. With Disney+, we are constantly allowing new generations to discover these amazing movies.

From a strategic point of view, what impact has High School Musical had on Disney Branded Television’s business today

Charlie Andrews: We’re always inspired by all the creatives who brought the franchise to life. When I started here, Ayo Davis [President, Disney Branded Television] said our No. 1 goal was to build the next generation of Disney stars, much like that generation had done for Disney Channel. It’s been really incredible to reboot the Descendants franchise, to pass the baton to the next generation with the ZOMBIES franchise, and to see these incredible kids — like Malachi and Freya, Kylie and Malia — turn into huge stars over the past two years.

And this summer, Liamani Segura will play Red’s little sister, Pink, in Descendants: Wicked Wonderland, and then she plays our female lead in Camp Rock 3. We are really investing in building these kids into stars and building a fandom behind them. That goes all the way back to High School Musical, of course, as well as The Cheetah Girls, Descendants, and ZOMBIES.

From High School Musical to Camp Rock 3, why is Disney uniquely positioned to tell impactful, music-driven stories on a huge global scale?

Charlie Andrews: Music doesn’t just unite teenagers; it brings the entire family together for a shared experience. Whether it’s a Pixar movie, a Walt Disney Animation Studios movie, or an incredible DCOM, music is powerful. Disney does music better than anyone.

Steven Vincent: High School Musical is now one of the jewels in the Disney crown. It’s considered timeless, sitting proudly next to other music classics like Mary Poppins and The Lion King on Disney+. Working with artists to create the next new chapter of the Disney songbook has been awesome. I’m most proud of having made a great impact on kids’ lives. I get to spend every day making positive energy and helping to create stuff that’s going to last forever. Working with young talent, I feel such a responsibility to help them grow. It’s been fun to see so many of them become GRAMMY®-winning artists, great actors, you name it.

Sources

* Nielsen

** Internal data

Celebrate the 20th Anniversary

Watch Now on Disney+

A basketball star and a brainy girl find a place in the spotlight… and in love.

The post ‘High School Musical’ Turns 20: How the Disney Channel Phenomenon Became the Blueprint for Music-Driven, Global Franchises appeared first on The Walt Disney Company.

]]>
The Walt Disney Company Earns 10 Actor Award® Nominations https://thewaltdisneycompany.com/news/actors-award-nominations/ Thu, 15 Jan 2026 23:20:42 +0000 https://thewaltdisneycompany.com/news// The post The Walt Disney Company Earns 10 Actor Award® Nominations appeared first on The Walt Disney Company.

]]>

Today, The Walt Disney Company received 10 Actor Award® nominations across its content brands and studios. Winners of the 32nd Annual Actor Awards presented by SAG-AFTRA will be announced at the Shrine Auditorium & Expo Hall in Los Angeles on Sunday, March 1, at 8 p.m. ET/5 p.m. PT. As previously announced, Disney Legend Harrison Ford will receive the guild’s highest honor, the SAG-AFTRA Life Achievement Award, for his career and humanitarian achievements.

Congratulations to this year’s nominees:

The Beast in Me (20th Television)
2 Nominations
Streams Externally

  • Outstanding Performance by Female Actor in a Television Movie or Limited Series – Claire Danes
  • Outstanding Performance by Male Actor in a Television Movie or Limited Series – Matthew Rhys

Only Murders in the Building (Hulu Originals/20th Television)
2 Nominations
Streams on Hulu

  • Outstanding Performance by an Ensemble in a Comedy Series
  • Outstanding Performance by a Male Actor in a Comedy Series – Martin Short

Abbott Elementary (ABC/20th Television)
1 Nomination
Premieres on ABC, Streams on Hulu

  • Outstanding Performance by an Ensemble in a Comedy Series

Andor (Lucasfilm Ltd.)
1 Nomination
Streams on Disney+

  • Outstanding Action Performance by a Stunt Ensemble in a Television Series

The Bear (FX/Hulu)
1 Nomination
Streams on Hulu

  • Outstanding Performance by an Ensemble in a Comedy Series

Dying for Sex (FX/Hulu/20th Television)
1 Nomination
Streams on Hulu

  • Outstanding Performance by Female Actor in a Television Movie or Limited Series – Michelle Williams

Nobody Wants This (20th Television)
1 Nomination
Streams Externally

  • Outstanding Performance by a Male Actor in a Comedy Series – Adam Brody

Paradise (Hulu Originals/20th Television)
1 Nomination
Streams on Hulu

  • Outstanding Performance by a Male Actor in a Drama Series – Sterling K. Brown

The post The Walt Disney Company Earns 10 Actor Award® Nominations appeared first on The Walt Disney Company.

]]>
The Walt Disney Studios Announces Lucasfilm Leadership Transition https://thewaltdisneycompany.com/news/lucasfilm-leadership-transition/ Thu, 15 Jan 2026 22:42:11 +0000 https://thewaltdisneycompany.com/news// The post The Walt Disney Studios Announces Lucasfilm Leadership Transition appeared first on The Walt Disney Company.

]]>

Kathleen Kennedy to Step Down as Lucasfilm President and Return to Full-Time Producing

Dave Filoni to Lead Lucasfilm as President and Chief Creative Officer Alongside Lynwen Brennan as Co-President

The Walt Disney Studios announced today that, after nearly 14 years of leading Lucasfilm, President Kathleen Kennedy is stepping down from her role and will transition back to full-time producing, including the studio’s upcoming feature films The Mandalorian and Grogu and Star Wars: Starfighter. Going forward, Dave Filoni will take on creative leadership of Lucasfilm as President and Chief Creative Officer, Lucasfilm, and Lynwen Brennan will serve as Co-President, Lucasfilm, with each having held senior executive roles at the studio for more than 15 years. The two will report to Disney Entertainment Co-Chairman Alan Bergman, and their close collaboration will carry Lucasfilm into its next chapter of storytelling, with a strong foundation of creative vision and operational leadership guiding the studio forward.

“When we acquired Lucasfilm more than a decade ago, we knew we were bringing into the Disney family not only one of the most beloved and enduring storytelling universes ever created, but also a team of extraordinary talent led by a visionary filmmaker – someone who had been handpicked by George Lucas himself, no less,” said Bob Iger, Chief Executive Officer, The Walt Disney Company. “We’re deeply grateful for Kathleen Kennedy’s leadership, her vision, and her stewardship of such an iconic studio and brand.”

“Kathleen Kennedy has been a tremendous force in the industry for 50 years, and it’s been our privilege to have her here at Disney leading Lucasfilm for nearly 14 of them,” said Bergman. “She has steered Star Wars to incredible box office heights and brought a new generation of fans into the fold. We appreciate having her on board to produce our next couple of films, and the studio remains in extraordinarily capable hands with Dave Filoni, who’s a brilliant storyteller, and Lynwen Brennan, an avid innovator and business leader. They are deeply passionate and experienced executives who will continue to drive the studio and Star Wars forward in exciting new directions.”

“When George Lucas asked me to take over Lucasfilm upon his retirement, I couldn’t have imagined what lay ahead,” said Kennedy. “It has been a true privilege to spend more than a decade working alongside the extraordinary talent at Lucasfilm. Their creativity and dedication have been an inspiration, and I’m deeply proud of what we’ve accomplished together. I’m excited to continue developing films and television with both longtime collaborators and fresh voices who represent the future of storytelling.”

Kathleen Kennedy

“My love of storytelling was shaped by the films of Kathleen Kennedy and George Lucas,” said Filoni. “I never dreamed I would be privileged to learn the craft of filmmaking from both of them. From Rey to Grogu, Kathy has overseen the greatest expansion in Star Wars storytelling onscreen that we have ever seen. I am incredibly grateful to Kathy, George, Bob Iger, and Alan Bergman for their trust and the opportunity to lead Lucasfilm in this new role, doing a job I truly love. May the Force be with you.”

“Lucasfilm has played such a meaningful part in my life,” said Brennan. “It’s a community of inspiring storytellers with a rebel spirit like no other, and I am honored to join Dave Filoni in leading us forward. I have been so fortunate to learn from George Lucas, Kathy Kennedy, and Alan Bergman and have unwavering faith in Dave’s creative vision for the next chapter in this storied studio’s legacy.”

Dave Filoni, President and Chief Creative Officer, Lucasfilm
Lynwen Brennan, Co-President, Lucasfilm

Filoni joined Lucasfilm in 2005 and has played a pivotal role in shaping the creative direction of the Star Wars universe. Working closely with George Lucas, Filoni was instrumental in establishing the company’s animation studio and has since expanded the franchise into new and compelling territory. His storytelling contributions span acclaimed series such as Star Wars: The Clone Wars, Rebels, and The Mandalorian, earning multiple Emmy Awards and nominations. Filoni currently serves as showrunner for Ahsoka, now in production for its second season, and is teaming with Jon Favreau on The Mandalorian and Grogu.

Brennan has been with Lucasfilm since 1999, beginning at Industrial Light & Magic where she rose through the ranks to become its leader in 2009. She was appointed General Manager of Lucasfilm in 2015 and President & General Manager of Lucasfilm Business in 2024. During her tenure, she has guided the company through transformative technological shifts with a clear strategic vision and a commitment to innovation, and her industry leadership has been recognized with a Lifetime Achievement Award from the Visual Effects Society and the honor of Commander of the Most Excellent Order of the British Empire.

Since being named head of Lucasfilm in 2012, Kennedy has guided a new era of storytelling, expanding Star Wars and Indiana Jones while championing bold creative directions and exciting new voices. She oversaw the record-shattering release of Star Wars: The Force Awakens, the first in a new trilogy of billion-dollar Skywalker Saga films, as well as Rogue One: A Star Wars Story, which also grossed over $1 billion worldwide and led to the creation of the Emmy-winning Andor series. She also led Lucasfilm’s foray into live-action Star Wars series, including three seasons of The Mandalorian as well as Obi-Wan Kenobi, Ahsoka, and others, alongside popular animated shows such as Star Wars: The Bad Batch and Star Wars: Visions. Kennedy is currently producing the feature film The Mandalorian and Grogu and director Shawn Levy’s Star Wars: Starfighter, set for theatrical release in 2026 and 2027, respectively.

As Kennedy transitions back to producing, broadening her portfolio with new collaborations across genres and platforms, she builds on a remarkable 50-year career as one of the most accomplished producers in film history. As co-founder of Amblin Entertainment with Steven Spielberg and Frank Marshall, she helped bring to life iconic films including E.T. the Extra-Terrestrial, Jurassic Park, Back to the Future, Schindler’s List, The Sixth Sense, and Lincoln. Her 70+ films have earned 25 Academy Awards® among more than 120 nominations, along with billions at the global box office. She was honored with the Academy of Motion Picture Arts and Sciences’ coveted Irving G. Thalberg Memorial Award in 2018 and the Producers Guild of America’s Milestone Award in 2022.

The post The Walt Disney Studios Announces Lucasfilm Leadership Transition appeared first on The Walt Disney Company.

]]>
Disney at CES 2026: Building Worlds Big and Small https://thewaltdisneycompany.com/news/ces-lego-star-wars-haddy/ Thu, 15 Jan 2026 21:15:14 +0000 https://thewaltdisneycompany.com/news// The post Disney at CES 2026: Building Worlds Big and Small appeared first on The Walt Disney Company.

]]>

From theme‑park-scale storytelling realms developed with Haddy to playful miniature universes crafted with the LEGO Group, Disney showcases innovation at every scale.

For a century, The Walt Disney Company has built a business model around one idea: turning imagined worlds into real experiences across every part of the company. From early Mickey Mouse merchandise to the debut of Disneyland in 1955, the company has continuously pushed storytelling beyond the screen.

At CES 2026 in Las Vegas, Disney reaffirmed its leadership in immersive innovation, showcasing how storied brands like the LEGO Group and emerging collaborators like Haddy help fuel its creative ecosystem, highlighting how Disney creates worlds at every scale, from the epic to the delightfully small.

LEGO® Smart Play™: Star Wars Comes Alive

Fans discover Disney in countless ways, and for many, that journey begins with toys, books, apparel — products that offer a first doorway into Disney’s worlds.

Asad Ayaz, Chief Brand Officer at the Walt Disney Company on stage alongside Dave Filoni, Chief Creative Officer at Lucasfilm during the LSP Launch Event at Mandalay Bay Convention Center on January 05, 2026 in Las Vegas, Nevada. (Photo by David Becker/Getty Images for The LEGO Group)

The LEGO Group, Lucasfilm and Disney Consumer Products have a decades-long relationship that’s delivered the adventure of the Star Wars galaxy to fans over 25 years. So, when the LEGO Group unveiled its most significant innovation since the minifigure at CES last week — LEGO SMART PLAY — it only made sense for Star Wars to be the inaugural partner launching this incredible innovation in play.

“Our teams work hand-in-hand with best-in-class licensees to bring technology and innovation to products that continue our storytelling in new and unexpected ways,” said Paul Gitter, Executive Vice President of Global Brand Commercialization at Disney Consumer Products. “This milestone in our long-time collaboration with the LEGO Group adds a new dimension to this legacy, continuing to help fans express their creativity and imagination by extending the Star Wars story through play.”

Julia Goldin, Chief Product & Marketing Officer at the LEGO Group, echoed that sentiment, saying, “With LEGO Smart Play, legendary stories and characters of the Star Wars galaxy will come to life like never before.”

The LEGO Group’s new SMART system boasts more than 20 patented world-firsts in its technology. The system includes SMART bricks, SMART tags and SMART minifigures allowing fans to build Star Wars creations that interact and respond to their actions in real-time. The product line also features sensors, wireless charging, and audio integration, representing a distinctive breakthrough in blending physical and digital play. On March 1, LEGO Star Wars SMART PLAY will debut with three all-in-one sets inspired by the original trilogy of films.

With the combination of the LEGO Group’s new innovative system and Lucasfilm’s rich storytelling, fans will have the tools they need to unlock endless creativity and tell their own Star Wars stories at home like never before.

Accelerating Innovation with Haddy

Also at CES, Disney spotlighted its growing relationship with Haddy, an AI-driven 3D printing pioneer and member of the Disney Accelerator class of 2025. Haddy’s MicroFactory enables theme-park-scale fabrication, helping Imagineers iterate faster and bring ideas to life more efficiently.

“In the last three years, Haddy has been on a steady march to create the platform, the MicroFactory, which can print the world,” John B. Rogers, Haddy Founder & CEO, explained. “We have now arrived.”

Case in point: Walt Disney Imagineering recently worked with Haddy to 3D print a new outrigger canoe for the Jungle Cruise at Disneyland park, marking the first time a prop was permanently 3D printed for a Disney park attraction. Using a photo of the original 1960s boat, the team ensured authenticity while leveraging advanced fabrication techniques.

Bonnie Rosen, General Manager of Disney Accelerator, emphasized the impact, noting how, “Haddy’s innovative fabrication approach gives Disney creators a faster, more flexible method for building imaginative new worlds from the ground up.”

Haddy’s Microfactory is harboring the power of technology to enhance and empower human creativity to create new worlds, with the outrigger canoe being the first test case for potential future uses throughout Disney’s live experiences.

“Haddy’s 3D printing factory pairs advanced manufacturing methods with bespoke human-powered design, helping us build, reconfigure, and reuse materials so that ideas can be refined and brought to life again and again,” Rosen added.

This collaboration illustrates how Disney leverages robotics, advanced materials, and additive manufacturing to redefine immersive experiences.

The Disney Story Engine In Motion

From LEGO Smart Play to Haddy’s fabrication breakthroughs, Disney is uniting storytelling and technology to deliver world‑building experiences at every scale — from miniature interactive play to full‑size immersive environments.

Across the company, this creative momentum moves seamlessly from one team to the next.

Disney Consumer Products invites fans to build their own worlds at home, the Disney Accelerator supports emerging innovators, Walt Disney Imagineering brings imaginative and technical expertise to new frontiers, and iconic franchises like Star Wars help anchor it all.

Together, these collaborations show how Disney meets fans wherever they are — in parks, in products, and in the stories they create themselves — ensuring that the magic of world‑building keeps growing, evolving, and inspiring the next generation.

The post Disney at CES 2026: Building Worlds Big and Small appeared first on The Walt Disney Company.

]]>
Leslie Iwerks Discusses Her New Film ‘Disneyland Handcrafted’ https://thewaltdisneycompany.com/news/leslie-iwerks-disneyland-handcrafted/ Thu, 15 Jan 2026 18:33:51 +0000 https://thewaltdisneycompany.com/news// The post Leslie Iwerks Discusses Her New Film ‘Disneyland Handcrafted’ appeared first on The Walt Disney Company.

]]>

On January 22, the latest film from Academy Award®- and Emmy®-nominated filmmaker Leslie Iwerks — Disneyland Handcrafted — comes to Disney+ and Disney YouTube.

The documentary offers an extremely rare look at the challenges overcome during the creation of The Happiest Place on Earth. It accomplishes this by using rarely seen footage that documented the park’s construction, including material originally shot for the Disneyland TV series on ABC, which televised ongoing updates beginning in 1954 about what Walt called his “latest and greatest dream.”

“It’s truly remarkable what went into making Disneyland Handcrafted,” Asad Ayaz, Chief Marketing and Brand Officer, The Walt Disney Company, said. “Entirely from archival material, this film feels both intimate and epic — a testament to the thoughtfulness, care and curiosity required for incredible storytelling.”

Disney+

'Disneyland Handcrafted'

The magic of Walt Disney’s dream unfolds in ‘Disneyland Handcrafted,’ a full-length feature documentary directed by Academy Award-nominated filmmaker Leslie Iwerks. Go on an unforgettable journey through the exhilarating year that gave rise to The Happiest Place on Earth. Built from rare archival footage and original audio recordings, ‘Disneyland Handcrafted’ reveals the extraordinary artistry and grit it took hundreds of craftspeople to bring Walt Disney’s impossible dream project of Disneyland to fruition — from groundbreaking to Opening Day on July 17, 1955.

Iwerks and her team restored footage that never made it to air and original audio recordings of those deeply involved in the park’s construction to tell a story about Walt’s impossible dream in a style previously unseen.

For Disney fans, Iwerks is a familiar name, as Leslie’s father, Don Iwerks, and grandfather, Ub Iwerks, are both Disney Legends and Academy Award winners — and were close collaborators with Walt. Leslie has directed such noteworthy documentaries as The Hand Behind the Mouse: The Ub Iwerks Story, The Pixar Story, and The Imagineering Story.

We spoke with Iwerks to learn more about the film, the amazing innovations that have always been part of Disneyland’s DNA, and the legacy of the park.

For Disneyland Handcrafted, what inspired you to tell the story of Disneyland’s creation using only archival footage and audio?

When we were doing The Imagineering Story, we came upon all of this amazing archival footage of the making of Disneyland, and much of it has never been seen or were behind the scenes outtakes in the making of Disneyland. Mark Catalena, Mo Stoebe, my editor, and myself, we decided… that we were going to tell the story all through archival footage and audio soundbites from people that were there on the ground working with Walt, talking about the challenges leading up to opening day.

As someone with deep roots at Disney, how does your unique perspective shape the way you approached Disneyland Handcrafted?

My grandfather and father, both Disney legends and Oscar® winners, were very instrumental in a lot of the creativity that started with this company, from Mickey Mouse to the multiplane camera to the optical printer to [Circle-Vision 360]. I grew up around this, and I think my love for all things Disney has just permeated the films that I make here and the films I want to continue to make here, about so many untold stories.

Did anything surprise you about the building of Disneyland while you were making the film?

How hard it was [Laughs]. I mean, really, it was hard to make this park and watching this footage, it’s unbelievable. It’s like, “How did they do it?” And the risk that Walt took — his own livelihood, his own company — he risked so much to build this park.

And to think, when he looked out at that dirt lot and thought, “I’m going to create the happiest place on Earth,” it’s unbelievable what he pulled off. And now people enjoy these parks all around the world.

In what ways does your documentary highlight the groundbreaking innovations behind the idea for and creation of Disneyland?

This documentary really encapsulates the raw DNA of Disneyland: it’s the four lands in the park, the main street, the hub. All of this became the blueprint for the other parks around the world. It also became the blueprint for happiness.

It’s amazing to me that this idea perpetuated from this man originally sitting on a park bench in Griffith Park in Burbank to 12 theme parks around the world. And it’s not just for kids, it’s for families, it’s for grandparents. I honestly don’t think there is any place else in the United States, possibly even the world, where people go generation after generation after generation and have this desire and this pride to take your kids back and experience Disneyland like you did. It’s pretty phenomenal.

Leslie Iwerks and Asad Ayaz
The premiere of the film on the Walt Disney Studios lot

How does the film illustrate Walt Disney’s visionary approach to media — particularly his use of television to launch and promote Disneyland, and his ability to weave live experiences, films, and TV into one cohesive story?

During the early fifties, people were pretty scared of this new technology called television. The film industry really looked at it as a threat to movies. And when Walt got his sights set on television, he realized he didn’t need to be scared of it — he needed to embrace it.

He was one of the first studio heads to embrace television, and he used it, partnering with ABC to promote his upcoming theme park, Disneyland. Disneyland became the show that people would tune in to around the country to watch and see what was happening in the park. And he was on camera promoting this project, happy as can be.

But really, what was going on behind the scenes at the park was a completely different story. It was behind schedule. There were cost overruns. There were day-in and day-out challenges and dramas. But he continued to believe in this, and he basically told his brother [Roy O. Disney, president of Walt Disney Productions], “Believe in it or I’m going to do it regardless.”

And he did. He put up his own money to build this park. And so it was really an impressive feat for Walt Disney to do what he did. And I just hope that people will get a real glimpse into the realities behind the scenes.

How do you think Disneyland today is carrying on the legacy that Walt began 70 years ago?

Every day that Disneyland continues to carry on the legacy that Walt started back in 1955 and every Disney theme park around the world does that. I think it comes from this desire to have the highest quality.

He wanted cast to be friendly. He wanted the park to be clean. He wanted the best technology. He wanted the best film programing. He wanted the characters to be warm and hospitable to the children. You could walk through these lands, you could live through them, you could experience them like you can’t on 2D film and television.

I think it has only gotten better time and time again. Park after park, the Imagineers continue to innovate. Everyone stands on the shoulders of Walt Disney, but every Imagineer stands on the shoulders of those who came before and this company is always about innovating, and they will continue to innovate till forever, because that’s what Walt set in place.

The post Leslie Iwerks Discusses Her New Film ‘Disneyland Handcrafted’ appeared first on The Walt Disney Company.

]]>
The Walt Disney Company Establishes New Enterprise Marketing Organization; Names Asad Ayaz Chief Marketing and Brand Officer https://thewaltdisneycompany.com/news/marketing-brand-asad-ayaz/ Wed, 14 Jan 2026 21:35:11 +0000 https://thewaltdisneycompany.com/news// The post The Walt Disney Company Establishes New Enterprise Marketing Organization; Names Asad Ayaz Chief Marketing and Brand Officer appeared first on The Walt Disney Company.

]]>

The Walt Disney Company today announced the creation of a new enterprise marketing and brand organization designed to align the company’s industry-leading marketing teams more closely across its businesses and strengthen how Disney connects with consumers around the world. Asad Ayaz has been named Chief Marketing and Brand Officer of The Walt Disney Company and will lead the organization.

The new enterprise marketing organization will harness the collective strength of marketing teams across the company to support a more connected approach to how Disney reaches audiences, elevates its campaigns, and advances the business goals of each segment and the company as a whole.

“Over more than two decades at the company – and as Disney’s first-ever Chief Brand Officer – Asad has helped bring the magic of Disney to life for millions through his exceptional leadership,” said The Walt Disney Company’s CEO Bob Iger. “As our businesses have evolved, it’s clear that we need a company-wide role that ensures brand consistency and allows consumers today to seamlessly interact with our wonderful products and experiences. The Chief Marketing and Brand Officer role is critical for this moment, and Asad is the perfect fit.”

Asad Ayaz, Chief Marketing and Brand Officer, The Walt Disney Company

“Asad is an exceptional creative leader with strong strategic and operational prowess and deep experience across Disney and its brands, and we are excited for what we will accomplish together as we strengthen the connection between Disney and audiences around the world,” said Disney Entertainment Co-Chairs Alan Bergman and Dana Walden, Disney Experiences Chairman Josh D’Amaro, and ESPN Chairman Jimmy Pitaro in a joint statement.

Ayaz assumes this new role after eight years as President of Marketing for The Walt Disney Studios, and leading marketing for Disney+. As Chief Brand Officer since 2023, he also oversees company-wide brand efforts, alliances, and events, and stewarding Disney’s iconic brands and franchises globally.

The new unified marketing organization will build on Ayaz’s marketing and brand leadership, connecting shared capabilities and modern marketing tools across the company to create greater continuity and agility, and to further enhance and innovate in the ways Disney engages consumers enterprise-wide. Ayaz will report to CEO Bob Iger as Chief Marketing and Brand Officer, and to the segment chairs in leading marketing efforts across the company’s business units.

The post The Walt Disney Company Establishes New Enterprise Marketing Organization; Names Asad Ayaz Chief Marketing and Brand Officer appeared first on The Walt Disney Company.

]]>
The Walt Disney Company Establishes New Enterprise Marketing Organization; Names Asad Ayaz Chief Marketing And Brand Officer https://thewaltdisneycompany.com/press-releases/the-walt-disney-company-establishes-new-enterprise-marketing-organization-names-asad-ayaz-chief-marketing-and-brand-officer/ Wed, 14 Jan 2026 21:24:36 +0000 https://thewaltdisneycompany.com/news// The post The Walt Disney Company Establishes New Enterprise Marketing Organization; Names Asad Ayaz Chief Marketing And Brand Officer appeared first on The Walt Disney Company.

]]>

BURBANK, Calif., January 14, 2026 – The Walt Disney Company (NYSE: DIS) today announced the creation of a new enterprise marketing and brand organization designed to align the company’s industry-leading marketing teams more closely across its businesses and strengthen how Disney connects with consumers around the world. Asad Ayaz has been named Chief Marketing and Brand Officer of The Walt Disney Company and will lead the organization.

The new enterprise marketing organization will harness the collective strength of marketing teams across the company to support a more connected approach to how Disney reaches audiences, elevates its campaigns, and advances the business goals of each segment and the company as a whole.

“Over more than two decades at the company – and as Disney’s first-ever Chief Brand Officer – Asad has helped bring the magic of Disney to life for millions through his exceptional leadership,” said The Walt Disney Company’s CEO Bob Iger. “As our businesses have evolved, it’s clear that we need a company-wide role that ensures brand consistency and allows consumers today to seamlessly interact with our wonderful products and experiences. The Chief Marketing and Brand Officer role is critical for this moment, and Asad is the perfect fit.”

“Asad is an exceptional creative leader with strong strategic and operational prowess and deep experience across Disney and its brands, and we are excited for what we will accomplish together as we strengthen the connection between Disney and audiences around the world,” said Disney Entertainment Co-Chairs Alan Bergman and Dana Walden, Disney Experiences Chairman Josh D’Amaro, and ESPN Chairman Jimmy Pitaro in a joint statement.

Ayaz assumes this new role after eight years as President of Marketing for The Walt Disney Studios, and leading marketing for Disney+. As Chief Brand Officer since 2023, he also oversees company-wide brand efforts, alliances, and events, and stewarding Disney’s iconic brands and franchises globally.

The new unified marketing organization will build on Ayaz’s marketing and brand leadership, connecting shared capabilities and modern marketing tools across the company to create greater continuity and agility, and to further enhance and innovate in the ways Disney engages consumers enterprise-wide. Ayaz will report to CEO Bob Iger as Chief Marketing and Brand Officer, and to the segment chairs in leading marketing efforts across the company’s business units.

About The Walt Disney Company

The Walt Disney Company, together with its subsidiaries and affiliates, is a leading diversified international entertainment and media enterprise that includes three business segments: Entertainment, Sports, and Experiences. Disney is a Dow 30 company and had annual revenue of $94.4 billion in its Fiscal Year 2025.

Contacts

David Jefferson
David.J.Jefferson@disney.com
818-560-4832

Charlie Joughin
Charles.Joughin@disney.com
818-560-1244

The post The Walt Disney Company Establishes New Enterprise Marketing Organization; Names Asad Ayaz Chief Marketing And Brand Officer appeared first on The Walt Disney Company.

]]>
TIME Names Disney Among ‘America’s Most Iconic Companies’ https://thewaltdisneycompany.com/news/time-americas-most-iconic-companies/ Thu, 08 Jan 2026 23:39:03 +0000 https://thewaltdisneycompany.com/news// The post TIME Names Disney Among ‘America’s Most Iconic Companies’ appeared first on The Walt Disney Company.

]]>

On Thursday, TIME recognized The Walt Disney Company as one of “America’s Most Iconic Companies,” a list honoring 250 businesses that have shaped the nation’s economic and cultural landscape.

In its feature, which honors the country’s 250th anniversary this year, the iconic publication spotlighted Disney as an enduring name in the media industry, bringing American storytelling that reflect the country’s spirit of optimism, ambition, and innovation to audiences around the world.

“For over a century, Disney has been woven into the American story, with beloved characters and timeless tales that have brought magic, joy and wonder to generations,” Bob Iger, CEO of The Walt Disney Company, said. “Walt Disney’s enduring vision for this great company remains our inspiration, shaping the creativity, curiosity and innovation that fuel our storytelling today. The dreams Walt envisioned for Disney continue to grow, taking us into the future and pushing the boundaries of what is possible for generations to come.”

ESPN, the country’s preeminent sports media brand, was also honored on the list.

According to TIME, the list is “a comprehensive analysis that seeks to identify entities that have not only achieved commercial success but have also become deeply ingrained in the American identity, shaping perceptions, habits, and aspirations.”

The Walt Disney Company is also commemorating America’s semiquincentennial with “Disney Celebrates America.” Currently underway and culminating on the July 4, 2026 weekend, Disney is featuring special programming, storytelling, and experiences across its iconic brands and businesses to celebrate the nation’s remarkable journey, spotlight the people and places that make this country so unique, and inspire patriotism in every generation.

The post TIME Names Disney Among ‘America’s Most Iconic Companies’ appeared first on The Walt Disney Company.

]]>
Disney Unveils New Solutions Powering Its Advertising Ecosystem at Sixth Annual Global Tech & Data Showcase https://thewaltdisneycompany.com/news/tech-data-showcase-advertising-2026/ Thu, 08 Jan 2026 21:54:01 +0000 https://thewaltdisneycompany.com/news// The post Disney Unveils New Solutions Powering Its Advertising Ecosystem at Sixth Annual Global Tech & Data Showcase appeared first on The Walt Disney Company.

]]>

Capabilities Will Deliver Deeper Insights, Connected Measurement, and Smarter Storytelling

Live from CES, Disney revealed how its latest technology and data capabilities are powering stronger outcomes for brands across the most scaled portfolio of live sports and streaming. At the Sixth Annual Global Tech & Data Showcase, the Company showed how AI, insights, and automation — paired with premium content — are driving real impact for marketers.

“Advertisers are raising the bar for both accountability and innovation, seeking impactful ways to align with quality storytelling and data-led solutions that drive meaningful business results,” said Rita Ferro, President, Global Advertising, The Walt Disney Company. “Disney brings together world-class storytelling and the technology that connects brands with fans at scale across the world’s most premium live sports and entertainment experiences.”

Rita Ferro, President, Global Advertising, The Walt Disney Company

Disney’s latest advancements turn insights into impact for advertisers, all while sitting at the intersection of iconic storytelling and live cultural moments.

Creative — Better Versions, Not Just More Versions

  • A new video generation tool designed for advertising allows brands to create high-quality, CTV-ready commercials using existing brand assets and guidelines.
  • It supports creative versioning by audience, context, and placement and is informed by performance signals within the spot.
  • The focus is on helping creative work harder inside Disney environments, while at the same time providing safeguards and building with human oversight and imagination throughout the process.
  • Known and Instinct Pet Food are among the first to collaborate with Disney to test the new video generation tool and develop proof of concept creative.

Planning — Faster, Easier, Smarter Alignment

  • With a new AI-powered internal tool, the planning process with Disney is made faster and easier.
  • The tool captures objectives, audience intent, timing, and constraints to focus on strategy and collaboration, rather than setup.

Connected Measurement — From Reporting to Learning

  • Disney Compass, launched last year, brings together planning, data collaboration, and measurement into a single, connected experience — now supporting campaigns across the U.S. and LATAM, with EMEA coming up next.
  • Expanding into the Disney Compass Brand Portal, the tool provides a unified view of brand performance across campaigns and platforms, with category benchmarks and AI-powered summaries.
  • Soon, Disney Compass will include AI-powered summaries that will highlight key learnings and identify new opportunities for advertisers.
Disney executives speak at 6th Annual Global Tech and Data Showcase live from the Chelsea Theater at the Cosmopolitan Hotel in Las Vegas.
  • Synthesizing attention, brand health, search, and attribution, the new Disney Advertising Brand Impact Metric allows brands to see what’s working, understand why, and optimize while campaigns are live.
  • For instance, brands can measure the impact of attention and search activity on outcomes.

User Experience — Building Around Fan Behavior

  • Disney is bringing vertical video to Disney+ in the U.S. this year, which follows the successful launch of “Verts” on the ESPN app.
  • The experience will evolve as it expands across news and entertainment and delivers a more personalized, dynamic experience that reinforces Disney+ as a must-visit daily destination.
Disney executives speak at 6th Annual Global Tech and Data Showcase live from the Chelsea Theater at the Cosmopolitan Hotel in Las Vegas.

Key takeaways from Disney executives:

  • Dana McGraw, SVP, Data and Measurement Science: “Being a leader in this space means that performance isn’t just checking a box — it’s an always-on evaluation of success. It’s how we are proving the value of aligning with Disney content and Disney fans everyday – empowering you to innovate faster.”
  • Erin Teague, EVP, Product Management: “As we unify the Disney+ and Hulu experience, we’re doing so on a foundation of bolder and more dynamic personalization. We’re driving content discovery that complements each unique fan and exposes everyone to the full depth and breadth of our one-of-a-kind library.”
  • Jamie Power, SVP, Addressable Sales: “It’s clear we are no longer ‘media planning.’ We are now experience-level planning — SAME goals, NEW tools, LIMITLESS possibilities. From planning, to creative, to measurement you can use Disney end to end or seamlessly plug our data into the tools you already love.”
  • Tony Donohoe, EVP, Advertising Platforms: “These are tools and technology we’re bringing to advertisers because we believe they solve actual problems and drive actual value for you. It’s a blend of technical depth and storytelling sensibility that very few companies can deliver.”

The post Disney Unveils New Solutions Powering Its Advertising Ecosystem at Sixth Annual Global Tech & Data Showcase appeared first on The Walt Disney Company.

]]>
Tokyo Disneyland and Tokyo DisneySea Welcome Their 900 Millionth Guest https://thewaltdisneycompany.com/news/tokyo-disneyland-disneysea-900-millionth-guest/ Tue, 06 Jan 2026 16:58:55 +0000 https://thewaltdisneycompany.com/news// The post Tokyo Disneyland and Tokyo DisneySea Welcome Their 900 Millionth Guest appeared first on The Walt Disney Company.

]]>

After 42 years and 266 days since the Grand Opening of Tokyo Disneyland Park on April 15, 1983, Tokyo Disneyland and Tokyo DisneySea Park celebrated the milestone visit of their 900 millionth guest on January 6, 2026.

This year marks the 25th anniversary of Tokyo DisneySea. We express our gratitude to the millions of guests who have visited Tokyo Disney Resort and to all those who have continuously supported Oriental Land Co., Ltd.

“Today, we welcomed our 900 millionth guest to Tokyo Disneyland and Tokyo DisneySea. I am truly grateful and happy to be able to celebrate this momentous day. I would like to express my gratitude to the countless guests who have visited Tokyo Disney Resort, to the Walt Disney Company who is our important partner, to all those who have continuously supported Oriental Land Co., Ltd., and to the cast members who bring happiness to our guests every day,” Wataru Takahashi, Representative Director, President and COO, Oriental Land Co., Ltd., said.

Takahashi continued, “The Tokyo DisneySea 25th “Sparkling Jubilee” special event will commence this April. Cast members will give their utmost to deliver guests a fun and unforgettable celebration of the 25th anniversary of Tokyo DisneySea, the only Disney park themed to the sea. In coming years at Tokyo Disneyland, a new attraction based on the world of the Walt Disney Animation Studios film Wreck-It Ralph will make its debut, and Space Mountain and its surrounding area will be renovated. Tokyo Disney Resort will continue to evolve.”

“On behalf of The Walt Disney Company, I am proud to join in the celebration of Tokyo Disney Resort welcoming its 900 millionth guest. This achievement is a testament to the hard work and commitment of our cast members and our colleagues at Oriental Land Company, thank you all for your passion and dedication. We are grateful for each and every guest who has visited Tokyo Disneyland and Tokyo DisneySea over the past 42 years, and we are honored to be creating magic every day for you,” Martina Sardelli, Vice President, Operations, The Walt Disney Attractions Ltd., said.

“Today, we celebrate the 900 millionth guest milestone. We are thrilled to have been able to share precious experiences with our guests, who hail from all over Japan and the world to visit Tokyo Disney Resort,” Shingo Kameda and Hikaru Hamanaka, 2026–2027 Tokyo Disney Resort Ambassadors, said. “We, as cast members, have been able to create many special memories with our guests. On behalf of all cast members, we would like to thank you all from the bottom of our hearts. We will continue to keep the magic alive so that Tokyo Disney Resort forever remains a place where dreams come true.”

Tokyo Disney Resort will continue to evolve, creating more happiness and delivering unique experiences like never before for our guests.

The post Tokyo Disneyland and Tokyo DisneySea Welcome Their 900 Millionth Guest appeared first on The Walt Disney Company.

]]>
‘Avatar: Fire and Ash’ Surpasses $1 Billion at the Global Box Office https://thewaltdisneycompany.com/news/avatar-fire-and-ash-1-billion/ Mon, 05 Jan 2026 15:28:47 +0000 https://thewaltdisneycompany.com/news// The post ‘Avatar: Fire and Ash’ Surpasses $1 Billion at the Global Box Office appeared first on The Walt Disney Company.

]]>

The Walt Disney Studios announced on Sunday that 20th Century Studios’ Avatar: Fire and Ash has officially surpassed $1 billion at the global box office, cementing another monumental achievement for James Cameron’s groundbreaking franchise and underscoring its unparalleled connection with audiences worldwide.

The milestone makes Avatar: Fire and Ash the third film in the franchise to surpass $1 billion globally, establishing Avatar among the most elite franchises in cinema history — and one of only a select few whose three films have each crossed the billion-dollar threshold. It is also the third $1 billion title released by The Walt Disney Studios in 2025 alongside Zootopia 2 and Lilo & Stitch.

Avatar: Fire and Ash has demonstrated the franchise’s signature theatrical staying power, building its global total through sustained performance driven by premium-format demand, and extended international play — hallmarks that have defined the Avatar phenomenon since 2009.

(L-R) Neytiri (Zoe Saldaña) and Jake Sully (Sam Worthington) in 20th Century Studios' 'Avatar: Fire and Ash.' Photo courtesy of 20th Century Studios. © 2025 20th Century Studios. All Rights Reserved.

Key Highlights:

  • $ 1.083 billion global gross to date ($306 million domestic / $777.1 million international)
  • No. 2 MPA global release of 2025
  • No. 2 among the year’s top-grossing MPA international releases with standout results across multiple markets including China ($138 million and the second highest-grossing MPA film of 2025), France ($81 million), Germany ($64 million), and Korea ($44 million)
  • Franchise power with three Avatar films delivering a combined global box office total exceeding $6.35 billion to date

Avatar: Fire and Ash continues its theatrical run in theaters worldwide.

About Avatar: Fire and Ash:

James Cameron takes audiences back to Pandora in an immersive new adventure with Marine turned Na’vi leader Jake Sully (Sam Worthington), Na’vi warrior Neytiri (Zoe Saldaña), and the Sully family. The film, which is directed by James Cameron and features a screenplay by James Cameron & Rick Jaffa & Amanda Silver, and a story by James Cameron & Rick Jaffa & Amanda Silver & Josh Friedman & Shane Salerno, is produced by James Cameron, p.g.a., and Jon Landau, p.g.a., with Richard Baneham, Rae Sanchini, and David Valdes serving as executive producers. The film also stars Sigourney Weaver, Stephen Lang, Oona Chaplin, Cliff Curtis, Joel David Moore, CCH Pounder, Edie Falco, David Thewlis, Jemaine Clement, Giovanni Ribisi, Britain Dalton, Jamie Flatters, Trinity Jo-Li Bliss, Jack Champion, Brendan Cowell, Bailey Bass, Filip Geljo, Duane Evans, Jr., and Kate Winslet.

The post ‘Avatar: Fire and Ash’ Surpasses $1 Billion at the Global Box Office appeared first on The Walt Disney Company.

]]>
The Walt Disney Company Reports Fourth Quarter and Full Year Earnings for Fiscal 2025 https://thewaltdisneycompany.com/press-releases/the-walt-disney-company-reports-fourth-quarter-and-full-year-earnings-for-fiscal-2025/ Fri, 02 Jan 2026 23:50:14 +0000 https://thewaltdisneycompany.com/news// The post The Walt Disney Company Reports Fourth Quarter and Full Year Earnings for Fiscal 2025 appeared first on The Walt Disney Company.

]]>

BURBANK, Calif.–The Walt Disney Company (NYSE: DIS) today reported earnings for its fourth quarter and full year ended September 27, 2025.

Financial Results for the Quarter and Full Year:

  • Revenues in Q4 of $22.5 billion were comparable to Q4 fiscal 2024, and increased 3% for the year to $94.4 billion from $91.4 billion in the prior year.
  • Income before income taxes for Q4 increased to $2.0 billion from $0.9 billion in Q4 fiscal 2024, and increased to $12.0 billion for the year from $7.6 billion in the prior year.
  • Total segment operating income(1)increased 12% for the year to $17.6 billion from $15.6 billion in the prior year.
  • Diluted earnings per share (EPS) for Q4 increased to $0.73 from $0.25 in Q4 fiscal 2024. Adjusted EPS(1)decreased 3% for Q4 to $1.11 from $1.14 in Q4 fiscal 2024. For the year, diluted EPS increased to $6.85 from $2.72 in fiscal 2024, and adjusted EPS(1) increased 19% to $5.93 from $4.97 in fiscal 2024.

Key Points:

  • Total segment operating income(1)decreased 5% for Q4 to $3.5 billion from $3.7 billion in Q4 fiscal 2024
  • Entertainment: Full year segment operating income increased 19% to $4.7 billion. Q4 segment operating income of $691 million, a decrease of $376 million compared to the prior-year quarter, driven by theatrical slate comparisons. For Q4:
    • Direct-to-Consumer revenue increased 8%, net of an adverse impact of 2 ppts as Disney+ Hotstar was included in the prior-year quarter’s results
    • Direct-to-Consumer operating income increased $99 million to $352 million
    • At the end of the quarter, 196 million Disney+ and Hulu subscriptions, an increase of 12.4 million vs. Q3 fiscal 2025, and 132 million Disney+ subscribers, an increase of 3.8 million vs. Q3 fiscal 2025
    • Linear Networks operating income declined $107 million vs. Q4 fiscal 2024 driven by the Star India transaction, as Star India contributed $84 million to results in Q4 last year
    • Domestic Linear Networks operating income decreased due to lower advertising driven by decreases in viewership and political advertising (political advertising had a $40 million adverse impact on results vs. Q4 fiscal 2024)
    • Content Sales/Licensing and Other declined $368 million vs. Q4 fiscal 2024, reflecting the record theatrical performances of Inside Out 2and Deadpool & Wolverine in the prior-year quarter
  • Sports: Q4 segment operating income of $911 million, a decrease of $18 million compared to the prior-year quarter. For Q4:
    • Domestic ESPN operating income declined 3% vs. the prior-year quarter, as higher marketing and programming and production costs were partially offset by higher advertising and subscription and affiliate revenues
    • Domestic advertising revenue increased 8%
  • Experiences: Record full year segment operating income of $10.0 billion, an increase of $723 million compared to the prior year. Record Q4 segment operating income of $1.9 billion, an increase of $219 million compared to the prior-year quarter. For Q4:
    • International Parks & Experiences operating income grew 25% to $375 million
    • Domestic Parks & Experiences operating income grew 9% to $920 million
 
(1) Total segment operating income and diluted EPS excluding certain items (also referred to as adjusted EPS) are non-GAAP financial measures. The most comparable GAAP measures are income before income taxes and diluted EPS, respectively. See the discussion on pages 18 through 22 for how we define and calculate these measures and a quantitative reconciliation thereof to the most directly comparable GAAP measures.

Guidance and Outlook(1):

  • Q1 Fiscal 2026:
    • Entertainment:
      • DTC SVOD operating income(2)of approximately $375 million
      • Theatrical slate comparisons to drive an adverse impact to segment operating income of $400 million compared to Q1 fiscal 2025
      • Lower political advertising revenue of $140 million compared to Q1 fiscal 2025
      • Unfavorable comparison to $73 million of Star India operating income in Q1 fiscal 2025
    • Experiences:
      • $90 million in pre-opening expenses at Disney Cruise Line, driven by the Disney Destiny and Disney Adventure
      • $60 million in dry dock expenses at Disney Cruise Line
    • Fiscal Year 2026:
      • Entertainment:
        • Double digit percentage segment operating income growth compared to fiscal 2025, weighted to the second half of the year
        • Operating margin of 10% for Entertainment DTC SVOD(2)
      • Sports:
        • Low-single digit percentage segment operating income growth compared to fiscal 2025, with growth weighted to Q4 reflecting the timing of rights expenses, which adversely impacts year-over-year comparability in Q2 and Q3
      • Experiences:
        • High-single digit percentage growth in segment operating income compared to fiscal 2025, weighted to the second half of the year
        • $160 million in pre-opening expenses, driven by the Disney Adventureand Disney Destiny
        • $120 million in dry dock expenses
        • $24 billion in content investment across Entertainment and Sports
      • Double digit adjusted EPS(1)growth compared to fiscal 2025
      • $19 billion in cash provided by operations(2)
      • $9 billion of capital expenditures
      • Doubling share repurchases target to $7 billion compared to fiscal 2025
      • The Board has declared a cash dividend of $1.50 per share, payable in two installments of $0.75 per share, payable on January 15, 2026 (record date December 15, 2025) and July 22, 2026 (record date June 30, 2026)
    • Fiscal Year 2027:
      • Double digit adjusted EPS(1)growth compared to fiscal 2026
 
(1) The fourth quarter of fiscal 2026 includes a 53rd week of operations. Guidance does not include the benefit of the additional week.
(2) Entertainment DTC SVOD operating income is a non-GAAP financial measure. Further, operating margin for Entertainment DTC SVOD is calculated as operating income divided by revenue. The most comparable GAAP measure to Entertainment DTC SVOD operating income is Entertainment segment operating income. See the discussion on pages 18 through 22 for how we define and calculate this measure and why the Company is not providing a forward-looking quantitative reconciliation of Entertainment DTC SVOD operating income (and related margin) to the most comparable GAAP measure.
(3) Diluted EPS excluding certain items (also referred to as adjusted EPS) is a non-GAAP financial measure. The most comparable GAAP measure is diluted EPS. See the discussion on pages 18 through 22 for how we define and calculate this measure and a quantitative reconciliation thereof to the most directly comparable GAAP measure.

Message From Our CEO:

“This was another year of great progress as we strengthened the company by leveraging the value of our creative and brand assets and continued to make meaningful progress in our direct-to-consumer businesses,” said Robert A. Iger, Chief Executive Officer, The Walt Disney Company. “Our strategy, coupled with our portfolio of complementary businesses and a strong balance sheet, enables us to continue investing in high-quality offerings for our consumers and increasing our returns to shareholders, and I’m pleased with our many achievements this fiscal year to position Disney for the future.”

 
(1) Diluted EPS excluding certain items (also referred to as adjusted EPS) is a non-GAAP financial measure. The most comparable GAAP measure is diluted EPS. See the discussion on pages 18 through 22 for how we define and calculate this measure and a quantitative reconciliation thereof to the most directly comparable GAAP measure.
(2) Includes the impact of $1.7 billion in taxes we deferred from fiscal 2025 to fiscal 2026 as a result of tax relief granted due to the California wildfires.

SUMMARIZED FINANCIAL RESULTS

The following table summarizes fourth quarter and full year results for fiscal 2025 and 2024:

  Quarter Ended       Year Ended    
($ in millions, except per share amounts) Sept. 27, 2025   Sept. 28, 2024   Change   Sept. 27, 2025   Sept. 28, 2024   Change
Revenues $ 22,464   $ 22,574   %   $ 94,425   $ 91,361   3 %
Income before income taxes $ 2,045   $ 948   >100 %   $ 12,003   $ 7,569   59 %
Total segment operating income(1) $ 3,480   $ 3,655   (5 )%   $ 17,551   $ 15,601   12 %
Diluted EPS $ 0.73   $ 0.25   >100 %   $ 6.85   $ 2.72   >100 %
Diluted EPS excluding certain items(1) $ 1.11   $ 1.14   (3 )%   $ 5.93   $ 4.97   19 %
Cash provided by operations $ 4,474   $ 5,518   (19 )%   $ 18,101   $ 13,971   30 %
Free cash flow(1) $ 2,558   $ 4,029   (37 )%   $ 10,077   $ 8,559   18 %

 

(1) Total segment operating income, diluted EPS excluding certain items and free cash flow are non-GAAP financial measures. The most comparable GAAP measures are income before income taxes, diluted EPS and cash provided by operations, respectively. See the discussion on pages 18 through 22 for how we define and calculate these measures and a reconciliation thereof to the most directly comparable GAAP measures.

SUMMARIZED SEGMENT FINANCIAL RESULTS

The following table summarizes fourth quarter and full year segment revenue and operating income for fiscal 2025 and 2024:

  Quarter Ended       Year Ended    
($ in millions) Sept. 27, 2025   Sept. 28, 2024   Change   Sept. 27, 2025   Sept. 28, 2024   Change
Revenues:                      
Entertainment $ 10,208     $ 10,829     (6 )%   $ 42,466     $ 41,186     3 %
Sports   3,980       3,914     2 %     17,672       17,619     %
Experiences   8,766       8,240     6 %     36,156       34,151     6 %
Eliminations(1)   (490 )     (409 )   (20 )%     (1,869 )     (1,595 )   (17 )%
Total revenues $ 22,464     $ 22,574     %   $ 94,425     $ 91,361     3 %
Segment operating income:                      
Entertainment $ 691     $ 1,067     (35 )%   $ 4,674     $ 3,923     19 %
Sports   911       929     (2 )%     2,882       2,406     20 %
Experiences   1,878       1,659     13 %     9,995       9,272     8 %
Total segment operating income(2) $ 3,480     $ 3,655     (5 )%   $ 17,551     $ 15,601     12 %

 

(1) Reflects fees paid by (a) Hulu to ESPN and the Entertainment linear networks business for the right to air their networks on Hulu Live TV and (b) ABC Network and Disney+ to ESPN to program certain sports content on ABC Network and Disney+.
(2) Total segment operating income is a non-GAAP financial measure. The most comparable GAAP measure is income before income taxes. See the discussion on pages 18 through 22.

DISCUSSION OF FOURTH QUARTER SEGMENT RESULTS

Star India

On November 14, 2024, the Company and Reliance Industries Limited (RIL) formed a joint venture (India joint venture) that combined the Company’s Star-branded and other general entertainment and sports television channels and Disney+ Hotstar direct-to-consumer service in India (Star India) with certain media and entertainment businesses controlled by RIL (the Star India Transaction). RIL has an effective 56% controlling interest in the joint venture with 37% held by the Company and 7% held by a third party investment company.

The Company recognizes its 37% share of the India joint venture’s results in “Equity in the income of investees.” Star India results through November 14, 2024 were consolidated in the Company’s financial results.

Entertainment

Revenue and operating income for the Entertainment segment were as follows:

  Quarter Ended   Change   Year Ended    
($ in millions) Sept. 27, 2025   Sept. 28, 2024     Sept. 27, 2025   Sept. 28, 2024   Change
Revenues:                      
Linear Networks $ 2,058     $ 2,461   (16 )%   $ 9,364   $ 10,692   (12 )%
Direct-to-Consumer   6,248       5,783   8 %     24,614     22,776   8 %
Content Sales/Licensing and Other   1,902       2,585   (26 )%     8,488     7,718   10 %
  $ 10,208     $ 10,829   (6 )%   $ 42,466   $ 41,186   3 %
Operating income (loss):                      
Linear Networks $ 391     $ 498   (21 )%   $ 2,955   $ 3,452   (14 )%
Direct-to-Consumer   352       253   39 %     1,327     143   >100 %
Content Sales/Licensing and Other   (52 )     316   nm     392     328   20 %
  $ 691     $ 1,067   (35 )%   $ 4,674   $ 3,923   19 %

The decrease in Entertainment operating income in the current quarter compared to the prior-year quarter was due to lower results at Content Sales/Licensing and Other and Linear Networks, partially offset by an increase at Direct-to-Consumer.

Linear Networks

Linear Networks revenues and operating income were as follows:

  Quarter Ended   Change
($ in millions) September 27, 2025   September 28, 2024  
Revenue          
Domestic $ 1,856     $ 1,997   (7 )%
International   202       464   (56 )%
  $ 2,058     $ 2,461   (16 )%
Operating income          
Domestic $ 329     $ 347   (5 )%
International   (33 )     52   nm
Equity in the income of investees   95       99   (4 )%
  $ 391     $ 498   (21 )%

Domestic

Domestic operating income in the current quarter decreased compared to the prior-year quarter due to:

  • A decline in advertising revenue due to lower rates and a decrease in average viewership. The decrease in advertising revenue reflected lower political advertising and the comparison to the Emmy Awards show, which aired in the prior-year quarter.
  • Lower affiliate revenue attributable to fewer subscribers, partially offset by higher effective rates
  • A decrease in programming and production costs driven by lower average cost non-scripted programming, partially offset by higher costs for scripted programming including more original content. Lower average cost non-scripted programming included the comparison to the airing of the Emmy Awards show and political news coverage in the prior-year quarter.

International

The decrease in international operating income was due to the Star India Transaction.

Direct-to-Consumer

Direct-to-Consumer revenues and operating income were as follows:

  Quarter Ended   Change
($ in millions) September 27, 2025   September 28, 2024  
Revenue $ 6,248   $ 5,783   8 %
Operating income $ 352   $ 253   39 %

The increase in operating income was due to:

  • Subscription revenue growth attributable to:
    • Higher effective rates, reflecting increases in pricing
    • An increase in subscribers
    • The absence of Star India subscription revenue in the current quarter due to the Star India Transaction
  • An increase in programming and production costs reflecting:
    • Higher subscriber-based license fees attributable to rate increases for Hulu Live TV programming and more subscribers to bundles with third-party offerings
    • An increase in hours of content available on our services
    • A decrease from the Star India Transaction
  • Higher marketing costs
  • An increase in technology and distribution costs
  • Advertising revenue was comparable to the prior-year quarter as an increase in impressions was offset by lower rates and the absence of Star India advertising revenue
Key Metrics(1) – Fourth Quarter of Fiscal 2025 Comparison to Third Quarter of Fiscal 2025

The following tables and related discussion are on a sequential quarter basis.

Paid subscribers at:

(in millions) September 27, 2025   June 28, 2025   Change
Disney+          
Domestic (U.S. and Canada) 59.3   57.8   3 %
International 72.4   69.9   4 %
Total Disney+(2) 131.6   127.8   3 %
           
Hulu          
SVOD Only 59.7   51.2   17 %
Live TV + SVOD 4.4   4.3   2 %
Total Hulu(2) 64.1   55.5   15 %

Average Monthly Revenue Per Paid Subscriber for the quarter ended:

  September 27, 2025   June 28, 2025   Change
Disney+          
Domestic (U.S. and Canada) $ 8.09   $ 8.09   %
International   8.00     7.67   4 %
Disney+   8.04     7.86   2 %
           
Hulu          
SVOD Only   12.20     12.40   (2 )%
Live TV + SVOD   100.02     100.27   %

 

(1) See discussion on page 17—Entertainment DTC Product Descriptions and Key Definitions
(2) Total may not equal the sum of the column due to rounding

Domestic Disney+ average monthly revenue per paid subscriber was comparable to the prior sequential quarter as higher advertising revenue was offset by the impact of subscriber mix shifts.

International Disney+ average monthly revenue per paid subscriber increased from $7.67 to $8.00 due to favorable impacts from foreign exchange and subscriber mix shifts.

Hulu SVOD Only average monthly revenue per paid subscriber decreased from $12.40 to $12.20 due to the impact of subscriber mix shifts.

Hulu Live TV + SVOD average monthly revenue per paid subscriber decreased from $100.27 to $100.02 due to lower advertising revenue.

Content Sales/Licensing and Other

Content Sales/Licensing and Other revenues and operating income (loss) were as follows:

  Quarter Ended   Change
($ in millions) September 27, 2025   September 28, 2024  
Revenue $ 1,902     $ 2,585   (26 )%
Operating income (loss) $ (52 )   $ 316   nm

The decrease in operating results was due to lower theatrical distribution results, partially offset by a decrease in film cost impairments. The current quarter reflected the release of The Fantastic Four: First Steps, The Roses and Freakier Friday and the carry-over performance of Lilo & Stitch, while the prior-year quarter included the release of Deadpool & Wolverine and the carry-over performance of Inside Out 2.

Sports

Sports revenues and operating income (loss) were as follows:

  Quarter Ended   Change
($ in millions) September 27, 2025   September 28, 2024  
Revenue          
ESPN          
Domestic $ 3,579     $ 3,492     2 %
International   401       364     10 %
    3,980       3,856     3 %
Star India         58     (100 )%
  $ 3,980     $ 3,914     2 %
Operating income (loss)          
ESPN          
Domestic $ 908     $ 936     (3 )%
International   (10 )     (40 )   75 %
    898       896     %
Star India         20     (100 )%
Equity in the income of investees   13       13     %
  $ 911     $ 929     (2 )%

Domestic ESPN

The decrease in domestic ESPN operating income in the current quarter compared to the prior-year quarter reflected:

  • Higher marketing costs due to the August 2025 launch of the ESPN direct-to-consumer service
  • An increase in programming and production costs due to contractual rate increases and costs for new sports rights
  • Advertising revenue growth due to an increase in impressions and higher rates
  • An increase in subscription and affiliate revenue reflecting higher effective rates and the comparison to the temporary suspension of carriage with an affiliate in the prior-year quarter, partially offset by fewer subscribers

ESPN International

The improvement in ESPN international operating results in the current quarter compared to the prior-year quarter was attributable to higher affiliate revenue due to an increase in effective rates, partially offset by fewer subscribers.

Experiences

Experiences revenues and operating income were as follows:

  Quarter Ended   Change
($ in millions) September 27, 2025   September 28, 2024  
Revenue          
Parks & Experiences          
Domestic $ 5,857   $ 5,521   6 %
International   1,742     1,583   10 %
Consumer Products   1,167     1,136   3 %
  $ 8,766   $ 8,240   6 %
Operating income          
Parks & Experiences          
Domestic $ 920   $ 847   9 %
International   375     299   25 %
Consumer Products   583     513   14 %
  $ 1,878   $ 1,659   13 %

Domestic Parks and Experiences

Operating income at our domestic parks and experiences increased compared to the prior-year quarter due to growth at Disney Cruise Line attributable to an increase in passenger cruise days, partially offset by higher fleet expansion costs, both reflecting the launch of the Disney Treasure in the first quarter of the current year.

International Parks and Experiences

International parks and experiences’ operating results increased compared to the prior-year quarter, primarily due to growth at Disneyland Paris. The increase at international parks and experiences was attributable to:

  • Volume growth due to an increase in attendance
  • An increase in guest spending
  • Higher costs attributable to new guest offerings

Consumer Products

The increase in operating income at consumer products was due to higher licensing revenue.

OTHER FINANCIAL INFORMATION

Corporate and Unallocated Shared Expenses

Corporate and unallocated shared expenses decreased $27 million for the quarter, from $408 million to $381 million, due to the timing of allocations to the segments.

Restructuring and Impairment Charges

Restructuring and impairment charges (benefits) were as follows:

  Quarter Ended
($ in millions) September 27, 2025   September 28, 2024
Impairments:      
Equity investments(1) $ 450     $ 165
Star India         210
Goodwill(2)         584
Retail assets         328
Content(3)         187
Severance         69
Other   (68 )    
  $ 382     $ 1,543

 

(1) Primarily related to A+E Global Media (A+E)
(2) Related to general entertainment linear networks
(3) Related to strategic changes in our approach to content curation

Interest Expense, net

Interest expense, net was as follows:

  Quarter Ended    
($ in millions) September 27, 2025   September 28, 2024   Change
Interest expense $ (416 )   $ (532 )   22 %
Interest income, investment income and other   148       171     (13 )%
Interest expense, net $ (268 )   $ (361 )   26 %

The decrease in interest expense was due to lower average debt balances and rates.

The decrease in interest income, investment income and other was due to an unfavorable comparison related to pension and postretirement benefit costs, other than service cost.

Equity in the Income of Investees

Equity in the income of investees was as follows:

  Quarter Ended    
($ in millions) September 27, 2025   September 28, 2024   Change
Amounts included in segment results:          
Entertainment $ 95     $ 97     (2 )%
Sports   13       13     %
India joint venture   (16 )         nm
Amortization of TFCF Corporation (TFCF) intangible assets related to an equity investee         (3 )   100 %
Equity in the income of investees $ 92     $ 107     (14 )%

Income Taxes

The effective income tax rate was as follows:

  Quarter Ended
  September 27, 2025   September 28, 2024
Income before income taxes $ 2,045     $ 948  
Income tax expense   602       384  
Effective income tax rate   29.4 %     40.5 %

The effective income tax rate in the current and prior-year quarters reflected an unfavorable impact of approximately 5 percentage points and 18 percentage points, respectively from impairments that are not tax deductible.

Noncontrolling Interests

Net income attributable to noncontrolling interests was as follows:

  Quarter Ended    
($ in millions) September 27, 2025   September 28, 2024   Change
Net income attributable to noncontrolling interests $ (130 )   $ (104 )   (25 )%

The increase in net income attributable to noncontrolling interests was due to improved results at National Geographic.

Net income attributable to noncontrolling interests is determined on income after royalties and management fees, financing costs and income taxes, as applicable.

FULL YEAR CASH FLOW

Cash from Operations

Cash provided by operations and free cash flow were as follows:

  Year Ended    
($ in millions) September 27, 2025   September 28, 2024   Change
Cash provided by operations $ 18,101     $ 13,971     $ 4,130  
Investments in parks, resorts and other property   (8,024 )     (5,412 )     (2,612 )
Free cash flow(1) $ 10,077     $ 8,559     $ 1,518  

 

(1) Free cash flow is not a financial measure defined by GAAP. The most comparable GAAP measure is cash provided by operations. See the discussion on pages 18 through 22.

Cash provided by operations increased $4.1 billion to $18.1 billion in the current year from $14.0 billion in the prior year driven by:

  • Lower tax payments in the current year compared to the prior year reflecting:
    • Deferral of payments for fiscal 2025 U.S. federal and California state income tax liabilities until October 2025 pursuant to relief related to the 2025 wildfires in California
    • Payment in fiscal 2024 of U.S. federal and California state income tax liabilities related to fiscal 2023 that had been deferred pursuant to relief related to 2023 winter storms in California
  • Lower spending on content at Entertainment due to the Star India Transaction
  • Higher operating income at Experiences

Capital Expenditures

Investments in parks, resorts and other property were as follows:

  Year Ended
($ in millions) September 27, 2025   September 28, 2024
Entertainment $ (1,155 )   $ (977 )
Sports   (3 )     (10 )
Experiences      
Domestic   (5,271 )     (2,710 )
International   (1,158 )     (949 )
Total Experiences   (6,429 )     (3,659 )
Corporate   (437 )     (766 )
Total investments in parks, resorts and other property $ (8,024 )   $ (5,412 )

Capital expenditures increased to $8.0 billion from $5.4 billion due to higher spending on cruise ship fleet expansion and, to a lesser extent, on new theme park attractions at the Experiences segment.

Depreciation Expense

Depreciation expense was as follows:

  Year Ended
($ in millions) September 27, 2025   September 28, 2024
Entertainment $ 773   $ 681
Sports   48     39
Experiences      
Domestic   1,933     1,744
International   782     726
Total Experiences   2,715     2,470
Corporate   323     244
Total depreciation expense $ 3,859   $ 3,434

 

THE WALT DISNEY COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited; $ in millions, except per share data)

  Quarter Ended   Year Ended
  September 27, 2025   September 28, 2024   September 27, 2025   September 28, 2024
Revenues $ 22,464     $ 22,574     $ 94,425     $ 91,361  
Costs and expenses   (19,861 )     (19,829 )     (80,593 )     (79,447 )
Restructuring and impairment charges   (382 )     (1,543 )     (819 )     (3,595 )
Other expense                     (65 )
Interest expense, net   (268 )     (361 )     (1,305 )     (1,260 )
Equity in the income of investees   92       107       295       575  
Income before income taxes   2,045       948       12,003       7,569  
Income taxes   (602 )     (384 )     1,428       (1,796 )
Net income   1,443       564       13,431       5,773  
Net income attributable to noncontrolling interests   (130 )     (104 )     (1,027 )     (801 )
Net income attributable to The Walt Disney Company (Disney) $ 1,313     $ 460     $ 12,404     $ 4,972  
               
Earnings per share attributable to Disney:              
Diluted $ 0.73     $ 0.25     $ 6.85     $ 2.72  
Basic $ 0.73     $ 0.25     $ 6.88     $ 2.72  
               
Weighted average number of common and common equivalent shares outstanding:              
Diluted   1,806       1,819       1,811       1,831  
Basic   1,797       1,814       1,804       1,825  

 

THE WALT DISNEY COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited; $ in millions, except per share data)

  September 27, 2025   September 28, 2024
ASSETS      
Current assets      
Cash and cash equivalents $ 5,695     $ 6,002  
Receivables, net   13,217       12,729  
Inventories   2,134       2,022  
Content advances   2,063       2,097  
Other current assets   1,158       2,391  
Total current assets   24,267       25,241  
Produced and licensed content costs   31,327       32,312  
Investments   8,097       4,459  
Parks, resorts and other property      
Attractions, buildings and equipment   82,041       76,674  
Accumulated depreciation   (48,889 )     (45,506 )
    33,152       31,168  
Projects in progress   6,911       4,728  
Land   1,192       1,145  
    41,255       37,041  
Intangible assets, net   9,272       10,739  
Goodwill   73,294       73,326  
Other assets   10,002       13,101  
Total assets $ 197,514     $ 196,219  
LIABILITIES AND EQUITY      
Current liabilities      
Accounts payable and other accrued liabilities $ 21,203     $ 21,070  
Current portion of borrowings   6,711       6,845  
Deferred revenue and other   6,248       6,684  
Total current liabilities   34,162       34,599  
Borrowings   35,315       38,970  
Deferred income taxes   3,524       6,277  
Other long-term liabilities   9,901       10,851  
Commitments and contingencies      
Equity      
Preferred stock          
Common stock, $0.01 par value, Authorized – 4.6 billion shares, Issued – 1.9 billion shares   59,814       58,592  
Retained earnings   60,410       49,722  
Accumulated other comprehensive loss   (2,914 )     (3,699 )
Treasury stock, at cost, 79 million shares at September 27, 2025 and 47 million shares at September 28, 2024   (7,441 )     (3,919 )
Total Disney Shareholders’ equity   109,869       100,696  
Noncontrolling interests   4,743       4,826  
Total equity   114,612       105,522  
Total liabilities and equity $ 197,514     $ 196,219  

 

THE WALT DISNEY COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited; $ in millions)

  Year Ended
  September 27, 2025   September 28, 2024
OPERATING ACTIVITIES      
Net income $ 13,431     $ 5,773  
Depreciation and amortization   5,326       4,990  
Impairments of goodwill, produced and licensed content and other assets   871       3,511  
Deferred income taxes   (2,739 )     (821 )
Equity in the income of investees   (295 )     (575 )
Cash distributions received from equity investees   145       437  
Net change in produced and licensed content costs and advances   577       1,046  
Equity-based compensation   1,363       1,366  
Other, net   (148 )     (143 )
Changes in operating assets and liabilities      
Receivables   (283 )     (565 )
Inventories   (114 )     (42 )
Other assets   (42 )     265  
Accounts payable and other liabilities   237       156  
Income taxes   (228 )     (1,427 )
Cash provided by operations   18,101       13,971  
       
INVESTING ACTIVITIES      
Investments in parks, resorts and other property   (8,024 )     (5,412 )
Proceeds from sales of investments   4       105  
Purchase of investments   (98 )     (1,506 )
Other, net   75       (68 )
Cash used in investing activities   (8,043 )     (6,881 )
       
FINANCING ACTIVITIES      
Commercial paper borrowings (payments), net   (943 )     1,532  
Borrowings   1,057       132  
Reduction of borrowings   (3,735 )     (3,064 )
Dividends   (1,803 )     (1,366 )
Repurchases of common stock   (3,500 )     (2,992 )
Contributions from noncontrolling interests   12       9  
Acquisition of redeemable noncontrolling interests   (439 )     (8,610 )
Other, net   (1,015 )     (929 )
Cash used in financing activities   (10,366 )     (15,288 )
       
Impact of exchange rates on cash, cash equivalents and restricted cash   5       65  
       
Change in cash, cash equivalents and restricted cash   (303 )     (8,133 )
Cash, cash equivalents and restricted cash, beginning of year   6,102       14,235  
Cash, cash equivalents and restricted cash, end of year $ 5,799     $ 6,102  

ENTERTAINMENT DTC PRODUCT DESCRIPTIONS AND KEY DEFINITIONS

Entertainment DTC Product offerings

In the U.S., Disney+ and Hulu SVOD Only are each offered as a standalone service or as part of various bundled offerings, which may include one of the ESPN DTC plans. Hulu Live TV + SVOD includes Disney+ and ESPN Select. Disney+ is available in more than 150 countries and territories outside the U.S. Depending on the market, our services can be purchased on our websites or through third-party platforms/apps or are available via wholesale arrangements.

Paid subscribers for Entertainment DTC services

Paid subscribers for Entertainment DTC services reflect subscribers for which we recognized subscription revenue. Certain product offerings provide the option for an extra member to be added to an account (extra member add-on). These extra members are not counted as paid subscribers. Subscribers cease to be a paid subscriber as of their effective cancellation date or as a result of a failed payment method. Subscribers to bundled offerings in the U.S. are counted as a paid subscriber for each of the Company’s services included in the bundled offering and subscribers to Hulu Live TV + SVOD are counted as one paid subscriber for each of the Hulu Live TV + SVOD and Disney+ services. Subscribers include those who receive an entitlement to a service through wholesale arrangements, including those for which the service is available to each subscriber of an existing content distribution tier. When we aggregate the total number of paid subscribers across our Entertainment DTC streaming services, we refer to them as paid subscriptions.

International Disney+

International Disney+ includes the Disney+ service outside the U.S. and Canada.

Average Monthly Revenue Per Paid Subscriber for Entertainment DTC services

Hulu average monthly revenue per paid subscriber is calculated based on the average of the monthly average paid subscribers for each month in the period. The monthly average paid subscribers is calculated as the sum of the beginning of the month and end of the month paid subscriber count, divided by two. Disney+ average monthly revenue per paid subscriber is calculated using a daily average of paid subscribers for the period. Revenue includes subscription fees, advertising (excluding revenue earned from selling advertising spots to other Company businesses), premium and feature add-on revenue and extra member add-on revenue. Advertising revenue generated by content on one DTC streaming service that is accessed through another DTC streaming service by subscribers to both streaming services is allocated between both streaming services. The average revenue per paid subscriber is net of discounts on offerings that carry more than one service. Revenue is allocated to each service based on the relative retail or wholesale price of each service on a standalone basis. Hulu Live TV + SVOD revenue is allocated to the SVOD services based on the wholesale price of the Hulu SVOD Only, Disney+ and ESPN Select bundled offering. In general, wholesale arrangements have a lower average monthly revenue per paid subscriber than subscribers that we acquire directly or through third-party platforms.

NON-GAAP FINANCIAL MEASURES

This earnings release presents diluted EPS excluding certain items (also referred to as adjusted EPS), total segment operating income and free cash flow. This earnings release also presents forward-looking Entertainment DTC SVOD operating income and operating margin (operating income divided by revenue). Diluted EPS excluding certain items, total segment operating income, free cash flow and Entertainment DTC SVOD operating income are important financial measures for the Company but are not financial measures defined by GAAP.

These measures should be reviewed in conjunction with the most comparable GAAP financial measures and are not presented as alternative measures of diluted EPS, income before income taxes, cash provided by operations or Entertainment segment operating income as determined in accordance with GAAP. Diluted EPS excluding certain items, total segment operating income, free cash flow and Entertainment DTC SVOD operating income as we have calculated them may not be comparable to similarly titled measures reported by other companies.

Our definitions and calculations of diluted EPS excluding certain items, total segment operating income and free cash flow, as well as quantitative reconciliations of each of these measures to the most directly comparable GAAP financial measure, are provided below. In addition, our definition of Entertainment DTC SVOD operating income is provided below.

The Company is not providing the forward-looking measure for diluted EPS or Entertainment segment operating income (and related margin), which are the most directly comparable GAAP measures to diluted EPS excluding certain items and Entertainment DTC SVOD operating income (and related margin), respectively, or quantitative reconciliations of forward-looking diluted EPS excluding certain items and Entertainment DTC SVOD operating income (and related margin) to those most directly comparable GAAP measures. The Company is unable to predict or estimate with reasonable certainty the ultimate outcome of certain significant items required for such GAAP measures without unreasonable effort. Information about other adjusting items that is currently not available to the Company could have a potentially unpredictable and significant impact on future GAAP financial results.

Diluted EPS excluding certain items

The Company uses diluted EPS excluding (1) certain items affecting comparability of results from period to period and (2) amortization of TFCF and Hulu intangible assets, including purchase accounting step-up adjustments for released content, to facilitate the evaluation of the performance of the Company’s operations exclusive of these items, and these adjustments reflect how senior management is evaluating segment performance.

The Company believes that providing diluted EPS exclusive of certain items impacting comparability is useful to investors, particularly where the impact of the excluded items is significant in relation to reported earnings and because the measure allows for comparability between periods of the operating performance of the Company’s business and allows investors to evaluate the impact of these items separately.

The Company further believes that providing diluted EPS exclusive of amortization of TFCF and Hulu intangible assets associated with the acquisition in 2019 is useful to investors because the TFCF and Hulu acquisition was considerably larger than the Company’s historic acquisitions with a significantly greater acquisition accounting impact.

The following table reconciles reported diluted EPS to diluted EPS excluding certain items for the fourth quarter:

($ in millions except EPS) Pre-Tax Income/

Loss

  Tax Benefit/

Expense(1)

  After-Tax Income/

Loss(2)

  Diluted EPS(3)   Change vs. prior-year period
Quarter Ended September 27, 2025                  
As reported $ 2,045   $ (602 )   $ 1,443   $ 0.73     >100 %
Exclude:                  
Restructuring and impairment charges(4)   382     28       410     0.23      
Amortization of TFCF and Hulu intangible assets and fair value step-up on film and television costs(5)   388     (90 )     298     0.16      
Hulu Transaction Impacts(6)                 (0.01 )    
Excluding certain items $ 2,815   $ (664 )   $ 2,151   $ 1.11     (3 )%
                   
Quarter Ended September 28, 2024                  
As reported $ 948   $ (384 )   $ 564   $ 0.25      
Exclude:                  
Restructuring and impairment charges(4)   1,543     (172 )     1,371     0.73      
Amortization of TFCF and Hulu intangible assets and fair value step-up on film and television costs(5)   395     (92 )     303     0.16      
Excluding certain items $ 2,886   $ (648 )   $ 2,238   $ 1.14      

 

(1) Tax benefit/expense is determined using the tax rate applicable to the individual item.
(2) Before noncontrolling interest share.
(3) Net of noncontrolling interest share, where applicable. Total may not equal the sum of the column due to rounding.
(4) Charges for the current quarter consisted of an impairment of our investment in A+E ($450 million), partially offset by a benefit from the resolution of certain matters related to the Star India Transaction ($68 million). Charges for the prior-year quarter included impairments related to goodwill ($584 million), assets at our retail business ($328 million), the Star India Transaction ($210 million), content ($187 million) and equity investments ($165 million), and severance costs ($69 million).
(5) For the current quarter, intangible asset amortization was $327 million and step-up amortization was $61 million. For the prior-year quarter, intangible asset amortization was $326 million, step-up amortization was $66 million and amortization of intangible assets related to a TFCF equity investee was $3 million.
(6) Reflects $15 million recognized in “Net income attributable to noncontrolling interests” related to the acquisition of Hulu

The following table reconciles reported diluted EPS to diluted EPS excluding certain items for the year:

($ in millions except EPS) Pre-Tax Income/

Loss

  Tax Benefit/

Expense(1)

  After-Tax Income/

Loss(2)

  Diluted EPS(3)   Change vs. prior year
Year Ended September 27, 2025:                  
As reported $ 12,003   $ 1,428     $ 13,431     $ 6.85     >100 %
Exclude:                  
Hulu Transaction Impacts(4)       (3,277 )     (3,277 )     (1.55 )    
Resolution of a prior-year tax matter       (1,016 )     (1,016 )     (0.56 )    
Amortization of TFCF and Hulu intangible assets and fair value step-up on film and television costs(5)   1,576     (366 )     1,210       0.64      
Restructuring and impairment charges(6)   819     173       992       0.55      
Excluding certain items $ 14,398   $ (3,058 )   $ 11,340     $ 5.93     19 %
                   
Year Ended September 28, 2024:                  
As reported $ 7,569   $ (1,796 )   $ 5,773     $ 2.72      
Exclude:                  
Restructuring and impairment charges(6)   3,595     (293 )     3,302       1.78      
Amortization of TFCF and Hulu intangible assets and fair value step-up on film and television costs(5)   1,677     (391 )     1,286       0.68      
Other expense(7)   65     (11 )     54       0.03      
Favorable adjustments related to prior-year tax matters       (418 )     (418 )     (0.23 )    
Excluding certain items $ 12,906   $ (2,909 )   $ 9,997     $ 4.97      

 

(1) Tax benefit/expense is determined using the tax rate applicable to the individual item.
(2) Before noncontrolling interest share.
(3) Net of noncontrolling interest share, where applicable. Total may not equal the sum of the column due to rounding.
(4) Reflects a $3,277 million non-cash tax benefit recognized upon the change in Hulu’s U.S. income tax classification and $462 million recognized in “Net income attributable to noncontrolling interests” related to the acquisition of Hulu
(5) For the current year, intangible asset amortization was $1,307 million, step-up amortization was $260 million and amortization of intangible assets related to a TFCF equity investee was $9 million. For the prior year, intangible asset amortization was $1,394 million, step-up amortization was $271 million and amortization of intangible assets related to a TFCF equity investee was $12 million.
(6) Charges for the current year included impairment charges related to our investments in A+E and Tata Play Limited ($635 million), content ($109 million) and the Star India Transaction ($143 million), partially offset by a benefit from the resolution of certain matters related to the Star India Transaction ($68 million). Tax expense in the current year includes the estimated tax impact of these charges and a non-cash tax charge of $244 million related to the Star India Transaction. Charges for the prior year included impairments related to the Star India Transaction ($1,545 million), goodwill ($1,287 million), assets at our retail business ($328 million), content ($187 million) and equity investments ($165 million), and severance costs ($83 million).
(7) Due to a charge related to a legal ruling ($65 million)

Total segment operating income

The Company evaluates the performance of its operating segments based on segment operating income, and management uses total segment operating income (the sum of segment operating income from all of the Company’s segments) as a measure of the performance of operating businesses separate from non-operating factors. The Company believes that information about total segment operating income assists investors by allowing them to evaluate changes in the operating results of the Company’s portfolio of businesses separate from non-operational factors that affect net income, thus providing separate insight into both operations and other factors that affect reported results.

The following table reconciles income before income taxes to total segment operating income:

  Quarter Ended       Year Ended    
($ in millions) Sept. 27, 2025   Sept. 28, 2024   Change   Sept. 27, 2025   Sept. 28, 2024   Change
Income before income taxes $ 2,045   $ 948   >100 %   $ 12,003   $ 7,569   59 %
Add (subtract):                      
Corporate and unallocated shared expenses   381     408   7 %     1,646     1,435   (15 )%
Equity in the loss of India joint venture   16       nm     202       nm
Restructuring and impairment charges   382     1,543   75 %     819     3,595   77 %
Other expense         %         65   100 %
Interest expense, net   268     361   26 %     1,305     1,260   (4 )%
Amortization of TFCF and Hulu intangible assets and fair value step-up on film and television costs   388     395   2 %     1,576     1,677   6 %
Total segment operating income $ 3,480   $ 3,655   (5 )%   $ 17,551   $ 15,601   12 %

Free cash flow

The Company uses free cash flow (cash provided by operations less investments in parks, resorts and other property), among other measures, to evaluate the ability of its operations to generate cash that is available for purposes other than capital expenditures. Management believes that information about free cash flow provides investors with an important perspective on the cash available to service debt obligations, make strategic acquisitions and investments and pay dividends or repurchase shares.

The following table presents a summary of the Company’s consolidated cash flows:

  Quarter Ended   Year Ended
($ in millions) Sept. 27, 2025   Sept. 28, 2024   Sept. 27, 2025   Sept. 28, 2024
Cash provided by operations $ 4,474     $ 5,518     $ 18,101     $ 13,971  
Cash used in investing activities   (1,850 )     (1,978 )     (8,043 )     (6,881 )
Cash used in financing activities   (2,276 )     (3,566 )     (10,366 )     (15,288 )
Impact of exchange rates on cash, cash equivalents and restricted cash   (26 )     79       5       65  
Change in cash, cash equivalents and restricted cash   322       53       (303 )     (8,133 )
Cash, cash equivalents and restricted cash, beginning of period   5,477       6,049       6,102       14,235  
Cash, cash equivalents and restricted cash, end of period $ 5,799     $ 6,102     $ 5,799     $ 6,102  

The following table reconciles the Company’s consolidated cash provided by operations to free cash flow:

  Quarter Ended       Year Ended    
($ in millions) Sept. 27, 2025   Sept. 28, 2024   Change   Sept. 27, 2025   Sept. 28, 2024   Change
Cash provided by operations $ 4,474     $ 5,518     $ (1,044 )   $ 18,101     $ 13,971     $ 4,130  
Investments in parks, resorts and other property   (1,916 )     (1,489 )     (427 )     (8,024 )     (5,412 )     (2,612 )
Free cash flow $ 2,558     $ 4,029     $ (1,471 )   $ 10,077     $ 8,559     $ 1,518  

Entertainment DTC SVOD operating income

Entertainment DTC SVOD operating income consists of operating income for the Direct-to-Consumer line of business at the Entertainment segment excluding virtual multichannel video programming distributor services reported in the Direct-to-Consumer line of business. Operating margin for Entertainment DTC SVOD is calculated as operating income divided by revenue.

The Company uses Entertainment DTC SVOD operating income (and related margin) as a measure of the performance of our Entertainment DTC SVOD services and we believe Entertainment DTC SVOD operating income (and related margin) assists investors by allowing them to evaluate the performance of these DTC SVOD services.

FORWARD-LOOKING STATEMENTS

Certain statements and information in this earnings release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our expectations, beliefs, plans, financial prospects, trends or outlook and guidance; financial or performance estimates and expectations (including estimated or expected earnings, operating income, margins, costs, expenses, impact of certain items and timing) and expected drivers; direct-to-consumer prospects, returns to shareholders, including share repurchases, strategic priorities and initiatives and future investments; and other statements that are not historical in nature. Any information that is not historical in nature included in this earnings release is subject to change. These statements are made on the basis of management’s views and assumptions regarding future events and business performance as of the time the statements are made. Management does not undertake any obligation to update these statements.

Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including restructuring or strategic initiatives (including capital investments, asset acquisitions or dispositions, new or expanded business lines or cessation of certain operations), our execution of our business plans (including the content we create and IP we invest in, our pricing decisions, our cost structure and our management and other personnel decisions), our ability to quickly execute on cost rationalization while preserving revenue, the discovery of additional information or other business decisions, as well as from developments beyond the Company’s control, including:

  • the occurrence of subsequent events;
  • deterioration in domestic and global economic conditions or failure of conditions to improve as anticipated;
  • deterioration in or pressures from competitive conditions, including competition to create or acquire content, competition for talent and competition for advertising revenue;
  • consumer preferences and acceptance of our content, offerings, pricing model and price increases, and corresponding subscriber additions and churn, and the market for advertising sales on our DTC streaming services and linear networks;
  • health concerns and their impact on our businesses and productions;
  • international, including tariffs and other trade policies, political or military developments;
  • regulatory and legal developments;
  • technological developments;
  • labor markets and activities, including work stoppages;
  • adverse weather conditions or natural disasters; and
  • availability of content.

Such developments may further affect entertainment, travel and leisure businesses generally and may, among other things, affect (or further affect, as applicable):

  • our operations, business plans or profitability, including direct-to-consumer profitability;
  • demand for our products and services;
  • the performance of the Company’s content;
  • our ability to create or obtain desirable content at or under the value we assign the content;
  • the advertising market for programming;
  • taxation; and
  • performance of some or all Company businesses either directly or through their impact on those who distribute our products.

Additional factors are set forth in the Company’s most recent Annual Report on Form 10-K, including under the captions “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Business,” subsequent quarterly reports on Form 10-Q, including under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and subsequent filings with the Securities and Exchange Commission.

The terms “Company,” “we,” and “our” are used in this report to refer collectively to the parent company and the subsidiaries through which our various businesses are actually conducted.

PREPARED EARNINGS REMARKS AND CONFERENCE CALL INFORMATION

In conjunction with this release, The Walt Disney Company will post prepared management remarks (Executive Commentary) at www.disney.com/investors and will host a conference call today, November 13, 2025, at 8:30 AM EST/5:30 AM PST via a live Webcast. To access the Webcast go to www.disney.com/investors. The Webcast replay will also be available on the site.

 

Contacts

David Jefferson
Corporate Communications
818-560-4832

Carlos Gómez
Investor Relations
818-560-1933

The post The Walt Disney Company Reports Fourth Quarter and Full Year Earnings for Fiscal 2025 appeared first on The Walt Disney Company.

]]>
The Walt Disney Company To Participate In The Wells Fargo Technology, Media, And Telecom Summit https://thewaltdisneycompany.com/press-releases/the-walt-disney-company-to-participate-in-the-wells-fargo-technology-media-and-telecom-summit/ Fri, 02 Jan 2026 23:45:57 +0000 https://thewaltdisneycompany.com/news// The post The Walt Disney Company To Participate In The Wells Fargo Technology, Media, And Telecom Summit appeared first on The Walt Disney Company.

]]>

BURBANK, Calif., November 6, 2025 – Hugh Johnston, Senior Executive Vice President & Chief Financial Officer, The Walt Disney Company (NYSE: DIS) will participate in a question-and-answer session at the Wells Fargo Technology, Media, and Telecom Summit on Wednesday, November 19, 2025 at approximately 11:00 a.m. ET/ 8:00 a.m. PT.

To stream live, please visit www.disney.com/investors. A recording of the question-and-answer session will be archived on our website.

Contacts

Carlos Gómez
Investor Relations
(818) 560-1933

David Jefferson
Corporate Communications
(818) 560-4832

The post The Walt Disney Company To Participate In The Wells Fargo Technology, Media, And Telecom Summit appeared first on The Walt Disney Company.

]]>
The Walt Disney Company Executives To Discuss Fiscal Full Year And Fourth Quarter 2025 Financial Results Via Webcast https://thewaltdisneycompany.com/press-releases/the-walt-disney-company-executives-to-discuss-fiscal-full-year-and-fourth-quarter-2025-financial-results-via-webcast-2/ Fri, 02 Jan 2026 23:42:18 +0000 https://thewaltdisneycompany.com/news// The post The Walt Disney Company Executives To Discuss Fiscal Full Year And Fourth Quarter 2025 Financial Results Via Webcast appeared first on The Walt Disney Company.

]]>

BURBANK, Calif., October 1, 2025 – The Walt Disney Company (NYSE: DIS) will host a live audio webcast to discuss fiscal full year and fourth quarter 2025 financial results beginning at 8:30 a.m. ET / 5:30 a.m. PT on Thursday, November 13, 2025.

Disney will release results before the opening of regular trading on November 13, 2025 and post earnings materials at www.disney.com/investors.

To listen to the webcast, please visit www.disney.com/investors. The webcast will be archived.

Contacts

Carlos Gómez
Investor Relations
(818) 560-1933

David Jefferson
Corporate Communications
(818) 560-4832

Materials and webcast may include forward-looking information.

The post The Walt Disney Company Executives To Discuss Fiscal Full Year And Fourth Quarter 2025 Financial Results Via Webcast appeared first on The Walt Disney Company.

]]>
The Walt Disney Company To Participate In The Bank Of America Media, Communications & Entertainment Conference https://thewaltdisneycompany.com/press-releases/the-walt-disney-company-to-participate-in-the-bank-of-america-media-communications-entertainment-conference/ Fri, 02 Jan 2026 22:56:17 +0000 https://thewaltdisneycompany.com/news// The post The Walt Disney Company To Participate In The Bank Of America Media, Communications & Entertainment Conference appeared first on The Walt Disney Company.

]]>

BURBANK, Calif., August 28, 2025 – Jimmy Pitaro, Chairman, ESPN, The Walt Disney Company (NYSE: DIS) will participate in a question-and-answer session at the Bank of America Media, Communications & Entertainment Conference on Thursday, September 4, 2025 at approximately 1:10 p.m. ET/ 10:10 a.m. PT.

To stream live, please visit www.disney.com/investors. A recording of the question-and-answer session will be archived on our website.

Contacts

Carlos Gómez
Investor Relations
(818) 560-1933

Mike Long
Corporate Communications
(818) 560-4588

Josh Krulewitz
ESPN Communications
(860) 766-2319

The post The Walt Disney Company To Participate In The Bank Of America Media, Communications & Entertainment Conference appeared first on The Walt Disney Company.

]]>
The Walt Disney Company Reports Third Quarter and Nine Months Earnings for Fiscal 2025 https://thewaltdisneycompany.com/press-releases/the-walt-disney-company-reports-third-quarter-and-nine-months-earnings-for-fiscal-2025/ Fri, 02 Jan 2026 22:47:24 +0000 https://thewaltdisneycompany.com/news// The post The Walt Disney Company Reports Third Quarter and Nine Months Earnings for Fiscal 2025 appeared first on The Walt Disney Company.

]]>

BURBANK, Calif.–The Walt Disney Company today reported earnings for its third fiscal quarter ended June 28, 2025.

Financial Results for the Quarter:

  • Revenues increased 2% for Q3 to $23.7 billion from $23.2 billion in Q3 fiscal 2024
  • Income before income taxes increased 4% for Q3 to $3.2 billion from $3.1 billion in Q3 fiscal 2024
  • Total segment operating income(1)increased 8% for Q3 to $4.6 billion from $4.2 billion in Q3 fiscal 2024
  • Diluted earnings per share (EPS) for Q3 improved to $2.92 from $1.43 in Q3 fiscal 2024, and adjusted EPS(1)increased 16% for Q3 to $1.61 from $1.39 in Q3 fiscal 2024

Key Points:

  • Entertainment: Segment operating income of $1.0 billion, a $179 million decrease versus Q3 fiscal 2024
    • Direct-to-Consumer revenue increased 6%, which included an adverse impact of 3 percentage points due to Disney+ Hotstar being included in the prior-year quarter’s results
    • Direct-to-Consumer operating income increased $365 million to $346 million
    • 183 million Disney+ and Hulu subscriptions, an increase of 2.6 million versus Q2 fiscal 2025
    • 128 million Disney+ subscribers, an increase of 1.8 million versus Q2 fiscal 2025
    • Linear Networks operating income declined $269 million versus Q3 fiscal 2024 largely driven by the Star India transaction
    • Content Sales/Licensing and Other declined $275 million versus Q3 fiscal 2024, reflecting the performance of titles in the quarter compared to the strong performance of Inside Out 2in the prior-year quarter
  • Sports: Segment operating income of $1.0 billion, an increase of $235 million versus Q3 fiscal 2024
    • Year-over-year increase reflects the impact of a $314 million loss at Star India in Q3 fiscal 2024
    • Domestic ESPN operating income declined 7% versus the prior-year quarter primarily due to higher programming and production costs reflecting contractual rate increases for the NBA and college sports
    • Domestic advertising revenue growth of 3%
  • Experiences: Segment operating income of $2.5 billion, an increase of $294 million versus Q3 fiscal 2024
    • Operating income in the quarter reflects a ~$40 million benefit from timing of the Easter holiday, and a ~$30 million impact from pre-opening expenses at Disney Cruise Line
    • Domestic Parks & Experiences operating income grew 22% to $1.7 billion
(1) Total segment operating income and diluted EPS excluding certain items (also referred to as adjusted EPS) are non-GAAP financial measures. The most comparable GAAP measures are income before income taxes and diluted EPS, respectively. See the discussion on pages 17 through 21 for how we define and calculate these measures and a quantitative reconciliation thereof to the most directly comparable GAAP measures.

Guidance and Outlook:

  • Q4 Fiscal 2025:
    • Total Disney+ and Hulu subscriptions: Increase of more than 10 million compared to Q3 fiscal 2025, with the majority of the increase coming from Hulu as a result of expanded Charter deal
    • Disney+ subscribers: Modest increase in Disney+ subscribers compared to Q3 fiscal 2025
  • Fiscal Year 2025:
    • Adjusted EPS(1)of $5.85, an increase of 18% over fiscal 2024
    • Entertainment Direct-to-Consumer: Operating income of $1.3 billion
    • Entertainment: Double-digit percentage segment operating income growth
    • Sports: 18% segment operating income growth
    • Experiences: 8% segment operating income growth
    • Disney Cruise Line pre-opening expense of ~$185 million, with ~$50 million in Q4 fiscal 2025
    • Equity loss from India JV of ~$200 million driven by purchase accounting amortization

Message From Our CEO:

“We are pleased with our creative success and financial performance in Q3 as we continue to execute across our strategic priorities,” said Robert A. Iger, Chief Executive Officer, The Walt Disney Company. “The company is taking major steps forward in streaming with the upcoming launch of ESPN’s direct-to-consumer service, our just-announced plans with the NFL, and our forthcoming integration of Hulu into Disney+, creating a truly differentiated streaming proposition that harnesses the highest-caliber brands and franchises, general entertainment, family programming, news, and industry-leading sports content. And we have more expansions underway around the world in our parks and experiences than at any other time in our history. With ambitious plans ahead for all our businesses, we’re not done building, and we are excited for Disney’s future.”

(1) Diluted EPS excluding certain items (also referred to as adjusted EPS) is a non-GAAP financial measure. The most comparable GAAP measure is diluted EPS. See the discussion on pages 17 through 21 for how we define and calculate this measure and why the Company is not providing the forward-looking quantitative reconciliation of diluted EPS excluding certain items to the most comparable GAAP measure.

SUMMARIZED FINANCIAL RESULTS

The following table summarizes third quarter results for fiscal 2025 and 2024:

Quarter Ended Nine Months Ended
($ in millions, except per share amounts) June 28, 2025 June 29,
2024
Change June 28, 2025 June 29, 2024 Change
Revenues $ 23,650 $ 23,155 2 % $ 71,961 $ 68,787 5 %
Income before income taxes $ 3,211 $ 3,093 4 % $ 9,958 $ 6,621 50 %
Total segment operating income(1) $ 4,575 $ 4,225 8 % $ 14,071 $ 11,946 18 %
Diluted EPS $ 2.92 $ 1.43 >100 % $ 6.12 $ 2.46 >100 %
Diluted EPS excluding certain items(1) $ 1.61 $ 1.39 16 % $ 4.82 $ 3.83 26 %
Cash provided by operations $ 3,669 $ 2,602 41 % $ 13,627 $ 8,453 61 %
Free cash flow(1) $ 1,889 $ 1,237 53 % $ 7,519 $ 4,530 66 %

 

(1) Total segment operating income, diluted EPS excluding certain items and free cash flow are non-GAAP financial measures. The most comparable GAAP measures are income before income taxes, diluted EPS and cash provided by operations, respectively. See the discussion on pages 17 through 21 for how we define and calculate these measures and a reconciliation thereof to the most directly comparable GAAP measures.

SUMMARIZED SEGMENT FINANCIAL RESULTS

The following table summarizes third quarter segment revenue and operating income for fiscal 2025 and 2024:

Quarter Ended Nine Months Ended
($ in millions) June 28, 2025 June 29, 2024 Change June 28, 2025 June 29, 2024 Change
Revenues:
Entertainment $ 10,704 $ 10,580 1 % $ 32,258 $ 30,357 6 %
Sports 4,308 4,558 (5 )% 13,692 13,705 %
Experiences 9,086 8,386 8 % 27,390 25,911 6 %
Eliminations(1) (448 ) (369 ) (21 )% (1,379 ) (1,186 ) (16 )%
Total revenues $ 23,650 $ 23,155 2 % $ 71,961 $ 68,787 5 %
Segment operating income:
Entertainment $ 1,022 $ 1,201 (15 )% $ 3,983 $ 2,856 39 %
Sports 1,037 802 29 % 1,971 1,477 33 %
Experiences 2,516 2,222 13 % 8,117 7,613 7 %
Total segment operating income(2) $ 4,575 $ 4,225 8 % $ 14,071 $ 11,946 18 %

 

(1) Reflects fees paid by (a) Hulu to ESPN and the Entertainment linear networks business for the right to air their networks on Hulu Live and (b) ABC Network and Disney+ to ESPN to program certain sports content on ABC Network and Disney+.
(2) Total segment operating income is a non-GAAP financial measure. The most comparable GAAP measure is income before income taxes. See the discussion on pages 17 through 21.

DISCUSSION OF THIRD QUARTER SEGMENT RESULTS

Star India

On November 14, 2024, the Company and Reliance Industries Limited (RIL) completed the formation (the Star India Transaction) of a joint venture (India joint venture) that combines the Company’s Star-branded and other general entertainment and sports television channels and direct-to-consumer Disney+ Hotstar service in India (Star India) with certain media and entertainment businesses controlled by RIL. RIL has an effective 56% controlling interest in the joint venture with 37% held by the Company and 7% held by a third party investment company.

Upon completion of the Star India Transaction, the Company began recognizing its 37% share of the India joint venture’s results in “Equity in the income of investees.” Star India results through November 14, 2024 are consolidated in the Company’s financial results.

Entertainment

Revenue and operating income for the Entertainment segment were as follows:

Quarter Ended Change Nine Months Ended
($ in millions) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024 Change
Revenues:
Linear Networks $ 2,271 $ 2,663 (15 )% $ 7,306 $ 8,231 (11 )%
Direct-to-Consumer 6,176 5,805 6 % 18,366 16,993 8 %
Content Sales/Licensing and Other 2,257 2,112 7 % 6,586 5,133 28 %
$ 10,704 $ 10,580 1 % $ 32,258 $ 30,357 6 %
Operating income (loss):
Linear Networks $ 697 $ 966 (28 )% $ 2,564 $ 2,954 (13 )%
Direct-to-Consumer 346 (19 ) nm 975 (110 ) nm
Content Sales/Licensing and Other (21 ) 254 nm 444 12 >100 %
$ 1,022 $ 1,201 (15 )% $ 3,983 $ 2,856 39 %

The decrease in Entertainment operating income in the current quarter compared to the prior-year quarter was due to lower results at Content Sales/Licensing and Other and Linear Networks, partially offset by an improvement at Direct-to-Consumer.

Linear Networks

Linear Networks revenues and operating income were as follows:

Quarter Ended Change
($ in millions) June 28, 2025 June 29, 2024
Revenue
Domestic $ 2,052 $ 2,145 (4 )%
International 219 518 (58 )%
$ 2,271 $ 2,663 (15 )%
Operating income
Domestic $ 587 $ 682 (14 )%
International 12 157 (92 )%
Equity in the income of investees 98 127 (23 )%
$ 697 $ 966 (28 )%

Domestic

Domestic operating income in the current quarter decreased compared to the prior-year quarter due to:

  • A decline in advertising revenue due to a decrease in average viewership and lower rates
  • Lower affiliate revenue attributable to fewer subscribers, partially offset by higher effective rates
  • Programming and production costs were comparable to the prior-year quarter as higher fees paid to the Sports segment to program sports on ABC were offset by lower costs for non-sports programming

International

The decrease in international operating income was due to the Star India Transaction.

Equity in the Income of Investees

Income from equity investees decreased due to lower income from A+E Television Networks (A+E) attributable to decreases in affiliate and advertising revenue, partially offset by lower marketing costs.

Direct-to-Consumer

Direct-to-Consumer revenues and operating income (loss) were as follows:

Quarter Ended Change
($ in millions) June 28, 2025 June 29, 2024
Revenue $ 6,176 $ 5,805 6 %
Operating income (loss) $ 346 $ (19 ) nm

The improvement in operating results in the current quarter compared to the prior-year quarter was due to:

  • Subscription revenue growth attributable to:
    • Higher effective rates, reflecting increases in pricing
    • An increase in subscribers
    • The absence of Star India subscription revenue in the current quarter due to the Star India Transaction
    • An unfavorable foreign exchange impact
  • A decrease in programming and production costs reflecting:
    • The comparison to International Cricket Council (ICC) programming, which was carried on Disney+ Hotstar in the prior-year quarter
    • An increase in hours of content available on the services
    • Higher subscriber-based license fees attributable to more subscribers to bundles with third-party offerings
  • Lower marketing costs
  • Higher technology and distribution costs
  • A decrease in advertising revenue due to lower rates and the comparison to ICC programming in the prior-year quarter, partially offset by more impressions

Key Metrics(1) – Third Quarter of Fiscal 2025 Comparison to Second Quarter of Fiscal 2025

The following tables and related discussion are on a sequential quarter basis.

Paid subscribers at:

(in millions) June 28, 2025 March 29, 2025 Change
Disney+
Domestic (U.S. and Canada) 57.8 57.8 %
International 69.9 68.2 2 %
Total Disney+(2) 127.8 126.0 1 %
Hulu
SVOD Only 51.2 50.3 2 %
Live TV + SVOD 4.3 4.4 (2 )%
Total Hulu(2) 55.5 54.7 1 %

Average Monthly Revenue Per Paid Subscriber for the quarter ended:

June 28, 2025 March 29, 2025 Change
Disney+
Domestic (U.S. and Canada) $ 8.09 $ 8.06 %
International 7.67 7.52 2 %
Disney+ 7.86 7.77 1 %
Hulu
SVOD Only 12.40 12.36 %
Live TV + SVOD 100.27 99.94 %

 

(1) See discussion on page 16—DTC Product Descriptions and Key Definitions
(2) Total may not equal the sum of the column due to rounding

Domestic Disney+ average monthly revenue per paid subscriber increased from $8.06 to $8.09 as higher advertising revenue was largely offset by the impact of subscriber mix shifts.

International Disney+ average monthly revenue per paid subscriber increased from $7.52 to $7.67 due to a favorable foreign exchange impact and increases in pricing, partially offset by the impact of subscriber mix shifts.

Hulu SVOD Only average monthly revenue per paid subscriber increased from $12.36 to $12.40 as higher advertising revenue was largely offset by the impact of subscriber mix shifts.

Hulu Live TV + SVOD average monthly revenue per paid subscriber increased from $99.94 to $100.27 due to higher advertising revenue.

Content Sales/Licensing and Other

Content Sales/Licensing and Other revenues and operating income (loss) were as follows:

Quarter Ended Change
($ in millions) June 28, 2025 June 29, 2024
Revenue $ 2,257 $ 2,112 7 %
Operating income (loss) $ (21 ) $ 254 nm

The decrease in operating results was due to:

  • Lower theatrical distribution results. The current quarter reflected the release of Elio,Thunderbolts* and Lilo & Stitch, while the prior-year quarter included the release of Inside Out 2.
  • Higher film cost impairments in the current quarter

Sports

Sports revenues and operating income (loss) were as follows:

Quarter Ended Change
($ in millions) June 28, 2025 June 29, 2024
Revenue
ESPN
Domestic $ 3,929 $ 3,908 1 %
International 379 371 2 %
4,308 4,279 1 %
Star India 279 (100 )%
$ 4,308 $ 4,558 (5 )%
Operating income (loss)
ESPN
Domestic $ 1,014 $ 1,085 (7 )%
International (3 ) 5 nm
1,011 1,090 (7 )%
Star India (314 ) 100 %
Equity in the income of investees 26 26 %
$ 1,037 $ 802 29 %

Domestic ESPN

The decrease in domestic ESPN operating results in the current quarter compared to the prior-year quarter reflected:

  • An increase in programming and production costs primarily due to:
    • Higher NBA and college sports rights costs reflecting contractual rate increases
    • The absence of NHL Stanley Cup Finals rights costs in the current quarter. We have the rights to air the Stanley Cup Finals every other year.
  • An increase in revenue attributable to:
    • Higher fees received from the Entertainment segment to program sports content on ABC
    • Advertising revenue growth due to increases in rates, partially offset by lower average viewership
    • A decrease in affiliate revenue reflecting fewer subscribers, largely offset by higher effective rates
    • Lower Ultimate Fighting Championship pay-per-view fees due to lower average buys per event

Star India

The operating loss in Star India in the prior-year quarter reflected Indian Premier League and ICC cricket programming.

Key Metrics(1) – Third Quarter of Fiscal 2025 Comparison to Second Quarter of Fiscal 2025

The following table is on a sequential quarter basis.

June 28, 2025 March 29, 2025 Change
Paid subscribers at: (in millions) 24.1 24.1 %
Average Monthly Revenue Per Paid Subscriber for the quarter ended: $ 6.40 $ 6.58 (3 )%

 

(1) See discussion on page 16—DTC Product Descriptions and Key Definitions

ESPN+ average monthly revenue per paid subscriber decreased from $6.58 to 6.40 due to lower advertising revenue.

Experiences

Experiences revenues and operating income were as follows:

Quarter Ended Change
($ in millions) June 28, 2025 June 29, 2024
Revenue
Parks & Experiences
Domestic $ 6,403 $ 5,820 10 %
International 1,691 1,602 6 %
Consumer Products 992 964 3 %
$ 9,086 $ 8,386 8 %
Operating income
Parks & Experiences
Domestic $ 1,650 $ 1,347 22 %
International 422 435 (3 )%
Consumer Products 444 440 1 %
$ 2,516 $ 2,222 13 %

Domestic Parks and Experiences

Operating results at our domestic parks and experiences increased compared to the prior-year quarter due to growth at our domestic parks and resorts and, to a lesser extent, Disney Cruise Line reflecting:

  • An increase in guest spending due to higher spending at our theme parks
  • Higher volumes attributable to increases in passenger cruise days and occupied room nights. Additional passenger cruise days reflected the launch of the Disney Treasurein the first quarter of the current year
  • Increased costs primarily due to new guest offerings, including the fleet expansion at Disney Cruise Line

OTHER FINANCIAL INFORMATION

Corporate and Unallocated Shared Expenses

Corporate and unallocated shared expenses increased $82 million for the quarter, from $328 million to $410 million, primarily due to a legal settlement, timing of allocations to the segments and higher compensation costs, partially offset by a gain on a land sale.

Restructuring and Impairment Charges

In the current quarter, the Company recorded charges of $185 million primarily for an impairment of an equity investment.

Other Expense

In the prior-year quarter, the Company recorded a charge of $65 million related to a legal ruling.

Interest Expense, net

Interest expense, net was as follows:

Quarter Ended
($ in millions) June 28, 2025 June 29, 2024 Change
Interest expense $ (438 ) $ (509 ) 14 %
Interest income, investment income and other 114 167 (32 )%
Interest expense, net $ (324 ) $ (342 ) 5 %

The decrease in interest expense was due to lower average debt balances and rates, partially offset by a decrease in capitalized interest.

The decrease in interest income, investment income and other was due to an unfavorable comparison related to pension and postretirement benefit costs, other than service cost.

Equity in the Income of Investees

Equity in the income of investees was as follows:

Quarter Ended
($ in millions) June 28, 2025 June 29, 2024 Change
Amounts included in segment results:
Entertainment $ 102 $ 123 (17 )%
Sports 26 26 %
Equity in the loss of India joint venture (50 ) nm
Amortization of TFCF Corporation (TFCF) intangible assets related to an equity investee (3 ) (3 ) %
Equity in the income of investees $ 75 $ 146 (49 )%

Income from equity investees decreased $71 million, to $75 million from $146 million, primarily due to a loss from the India joint venture in the current quarter.

Income Taxes

The effective income tax rate was as follows:

Quarter Ended
June 28, 2025 June 29, 2024
Income before income taxes $ 3,211 $ 3,093
Income tax (benefit) expense (2,732 ) 251
Effective income tax rate (85.1 )% 8.1 %

The effective income tax rate was negative 85.1% in the current quarter compared to a positive effective income tax rate of 8.1% in the prior-year quarter. The current quarter included a $3.3 billion non-cash tax benefit recognized upon the change in Hulu’s U.S. income tax classification. Aside from the $3.3 billion tax benefit, both the current and prior-year quarters reflected benefits from favorable adjustments related to prior year tax matters.

Noncontrolling Interests

Net income attributable to noncontrolling interests was as follows:

Quarter Ended
($ in millions) June 28, 2025 June 29, 2024 Change
Net income attributable to noncontrolling interests $ (681 ) $ (221 ) >(100) %

The increase in net income attributable to noncontrolling interests was due to an incremental payment to acquire Hulu.

Net income attributable to noncontrolling interests is determined on income after royalties and management fees, financing costs and income taxes, as applicable.

Cash from Operations

Cash provided by operations and free cash flow were as follows:

Nine Months Ended
($ in millions) June 28, 2025 June 29, 2024 Change
Cash provided by operations $ 13,627 $ 8,453 $ 5,174
Investments in parks, resorts and other property (6,108 ) (3,923 ) (2,185 )
Free cash flow(1) $ 7,519 $ 4,530 $ 2,989

 

(1) Free cash flow is not a financial measure defined by GAAP. The most comparable GAAP measure is cash provided by operations. See the discussion on pages 17 through 21.

Cash provided by operations increased $5.2 billion to $13.6 billion in the current period from $8.5 billion in the prior-year period driven by:

  • Lower tax payments in the current period compared to the prior-year period reflecting:
    • Deferral of fiscal 2025 U.S. federal and California state income tax payments until October 2025 pursuant to relief related to the 2025 wildfires in California
    • Payment in fiscal 2024 of U.S. federal and California state income taxes related to fiscal 2023 that had been deferred pursuant to relief related to 2023 winter storms in California
  • Higher operating income and, to a lesser extent, lower spending on content at Entertainment
  • Higher operating income at Experiences

Capital Expenditures

Investments in parks, resorts and other property were as follows:

Nine Months Ended
($ in millions) June 28, 2025 June 29, 2024
Entertainment $ (835 ) $ (750 )
Sports (2 )
Experiences
Domestic (4,068 ) (1,953 )
International (865 ) (706 )
Total Experiences (4,933 ) (2,659 )
Corporate (340 ) (512 )
Total investments in parks, resorts and other property $ (6,108 ) $ (3,923 )

Capital expenditures increased to $6.1 billion from $3.9 billion due to higher spend on cruise ship fleet expansion at the Experiences segment, partially offset by lower spend on corporate facilities.

Depreciation Expense

Depreciation expense was as follows:

Nine Months Ended
($ in millions) June 28, 2025 June 29, 2024
Entertainment $ 540 $ 503
Sports 34 29
Experiences
Domestic 1,438 1,287
International 576 538
Total Experiences 2,014 1,825
Corporate 244 159
Total depreciation expense $ 2,832 $ 2,516

THE WALT DISNEY COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited; $ in millions, except per share data)

Quarter Ended Nine Months Ended
June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024
Revenues $ 23,650 $ 23,155 $ 71,961 $ 68,787
Costs and expenses (20,005 ) (19,801 ) (60,732 ) (59,618 )
Restructuring and impairment charges (185 ) (437 ) (2,052 )
Other expense (65 ) (65 )
Interest expense, net (324 ) (342 ) (1,037 ) (899 )
Equity in the income of investees 75 146 203 468
Income before income taxes 3,211 3,093 9,958 6,621
Income taxes 2,732 (251 ) 2,030 (1,412 )
Net income 5,943 2,842 11,988 5,209
Net income attributable to noncontrolling interests (681 ) (221 ) (897 ) (697 )
Net income attributable to The Walt Disney Company (Disney) $ 5,262 $ 2,621 $ 11,091 $ 4,512
Earnings per share attributable to Disney:
Diluted $ 2.92 $ 1.43 $ 6.12 $ 2.46
Basic $ 2.92 $ 1.44 $ 6.14 $ 2.47
Weighted average number of common and common equivalent shares outstanding:
Diluted 1,805 1,829 1,812 1,835
Basic 1,799 1,821 1,806 1,829

THE WALT DISNEY COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited; $ in millions, except per share data)

June 28, 2025 September 28, 2024
ASSETS
Current assets
Cash and cash equivalents $ 5,367 $ 6,002
Receivables, net 13,402 12,729
Inventories 2,080 2,022
Content advances 1,756 2,097
Other current assets 1,215 2,391
Total current assets 23,820 25,241
Produced and licensed content costs 31,278 32,312
Investments 8,671 4,459
Parks, resorts and other property
Attractions, buildings and equipment 81,547 76,674
Accumulated depreciation (48,847 ) (45,506 )
32,700 31,168
Projects in progress 6,294 4,728
Land 1,191 1,145
40,185 37,041
Intangible assets, net 9,639 10,739
Goodwill 73,314 73,326
Other assets 9,705 13,101
Total assets $ 196,612 $ 196,219
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and other accrued liabilities $ 20,500 $ 21,070
Current portion of borrowings 5,732 6,845
Deferred revenue and other 6,740 6,684
Total current liabilities 32,972 34,599
Borrowings 36,531 38,970
Deferred income taxes 3,097 6,277
Other long-term liabilities 10,256 10,851
Commitments and contingencies
Equity
Preferred stock
Common stock, $0.01 par value, Authorized – 4.6 billion shares, Issued – 1.9 billion shares 59,515 58,592
Retained earnings 59,109 49,722
Accumulated other comprehensive loss (3,049 ) (3,699 )
Treasury stock, at cost, 71 million shares at June 28, 2025 and 47 million shares at September 28, 2024 (6,430 ) (3,919 )
Total Disney Shareholders’ equity 109,145 100,696
Noncontrolling interests 4,611 4,826
Total equity 113,756 105,522
Total liabilities and equity $ 196,612 $ 196,219

THE WALT DISNEY COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited; $ in millions)

Nine Months Ended
June 28, 2025 June 29, 2024
OPERATING ACTIVITIES
Net income $ 11,988 $ 5,209
Depreciation and amortization 3,932 3,705
Impairments of goodwill, produced and licensed content and other assets 419 2,038
Deferred income taxes (2,915 ) (489 )
Equity in the income of investees (203 ) (468 )
Cash distributions received from equity investees 110 327
Net change in produced and licensed content costs and advances 819 1,121
Equity-based compensation 1,004 1,036
Other, net (153 ) (20 )
Changes in operating assets and liabilities
Receivables (660 ) (1,373 )
Inventories (70 ) (2 )
Other assets (201 ) 74
Accounts payable and other liabilities (307 ) (814 )
Income taxes (136 ) (1,891 )
Cash provided by operations 13,627 8,453
INVESTING ACTIVITIES
Investments in parks, resorts and other property (6,108 ) (3,923 )
Purchase of investments (98 ) (1,006 )
Other, net 13 26
Cash used in investing activities (6,193 ) (4,903 )
FINANCING ACTIVITIES
Commercial paper borrowings (payments), net (1,498 ) 1,377
Borrowings 1,057 132
Reduction of borrowings (2,969 ) (729 )
Dividends (905 ) (549 )
Repurchases of common stock (2,496 ) (2,523 )
Acquisition of redeemable noncontrolling interests (439 ) (8,610 )
Other, net (840 ) (820 )
Cash used in financing activities (8,090 ) (11,722 )
Impact of exchange rates on cash, cash equivalents and restricted cash 31 (14 )
Change in cash, cash equivalents and restricted cash (625 ) (8,186 )
Cash, cash equivalents and restricted cash, beginning of period 6,102 14,235
Cash, cash equivalents and restricted cash, end of period $ 5,477 $ 6,049

DTC PRODUCT DESCRIPTIONS AND KEY DEFINITIONS

Product offerings

In the U.S., Disney+, ESPN+ and Hulu SVOD Only are each offered as a standalone service or as part of various multi-product offerings. Hulu Live TV + SVOD includes Disney+ and ESPN+. Disney+ is available in more than 150 countries and territories outside the U.S. Depending on the market, our services can be purchased on our websites or through third-party platforms/apps or are available via wholesale arrangements.

Paid subscribers

Paid subscribers reflect subscribers for which we recognized subscription revenue. Certain product offerings provide the option for an extra member to be added to an account (extra member add-on). These extra members are not counted as paid subscribers. Subscribers cease to be a paid subscriber as of their effective cancellation date or as a result of a failed payment method. Subscribers to multi-product offerings in the U.S. are counted as a paid subscriber for each of the Company’s services included in the multi-product offering, and subscribers to Hulu Live TV + SVOD are counted as one paid subscriber for each of the Hulu Live TV + SVOD, Disney+ and ESPN+ services. Subscribers include those who receive an entitlement to a service through wholesale arrangements, including those for which the service is available to each subscriber of an existing content distribution tier. When we aggregate the total number of paid subscribers across our DTC streaming services, we refer to them as paid subscriptions.

International Disney+

International Disney+ includes the Disney+ service outside the U.S. and Canada.

Average Monthly Revenue Per Paid Subscriber

Hulu and ESPN+ average monthly revenue per paid subscriber is calculated based on the average of the monthly average paid subscribers for each month in the period. The monthly average paid subscribers is calculated as the sum of the beginning of the month and end of the month paid subscriber count, divided by two. Disney+ average monthly revenue per paid subscriber is calculated using a daily average of paid subscribers for the period. Revenue includes subscription fees, advertising (excluding revenue earned from selling advertising spots to other Company businesses), premium and feature add-on revenue and extra member add-on revenue but excludes Pay-Per-View revenue. Advertising revenue generated by content on one DTC streaming service that is accessed through another DTC streaming service by subscribers to both streaming services is allocated between both streaming services. The average revenue per paid subscriber is net of discounts on offerings that carry more than one service. Revenue is allocated to each service based on the relative retail or wholesale price of each service on a standalone basis. Hulu Live TV + SVOD revenue is allocated to the SVOD services based on the wholesale price of the Hulu SVOD Only, Disney+ and ESPN+ multi-product offering. In general, wholesale arrangements have a lower average monthly revenue per paid subscriber than subscribers that we acquire directly or through third-party platforms.

NON-GAAP FINANCIAL MEASURES

This earnings release presents diluted EPS excluding certain items (also referred to as adjusted EPS), total segment operating income and free cash flow. Diluted EPS excluding certain items, total segment operating income and free cash flow are important financial measures for the Company but are not financial measures defined by GAAP.

These measures should be reviewed in conjunction with the most comparable GAAP financial measures and are not presented as alternative measures of diluted EPS, income before income taxes or cash provided by operations as determined in accordance with GAAP. Diluted EPS excluding certain items, total segment operating income and free cash flow as we have calculated them may not be comparable to similarly titled measures reported by other companies.

Our definitions and calculations of diluted EPS excluding certain items, total segment operating income and free cash flow, as well as quantitative reconciliations of each of these measures to the most directly comparable GAAP financial measure, are provided below.

The Company is not providing the forward-looking measure for diluted EPS, which is the most directly comparable GAAP measure to diluted EPS excluding certain items, or a quantitative reconciliation of forward-looking diluted EPS excluding certain items to that most directly comparable GAAP measure. The Company is unable to predict or estimate with reasonable certainty the ultimate outcome of certain significant items required for such GAAP measure without unreasonable effort. Information about other adjusting items that is currently not available to the Company could have a potentially unpredictable and significant impact on future GAAP financial results.

Diluted EPS excluding certain items

The Company uses diluted EPS excluding (1) certain items affecting comparability of results from period to period and (2) amortization of TFCF and Hulu intangible assets, including purchase accounting step-up adjustments for released content, to facilitate the evaluation of the performance of the Company’s operations exclusive of these items, and these adjustments reflect how senior management is evaluating segment performance.

The Company believes that providing diluted EPS exclusive of certain items impacting comparability is useful to investors, particularly where the impact of the excluded items is significant in relation to reported earnings and because the measure allows for comparability between periods of the operating performance of the Company’s business and allows investors to evaluate the impact of these items separately.

The Company further believes that providing diluted EPS exclusive of amortization of TFCF and Hulu intangible assets associated with the acquisition in 2019 is useful to investors because the TFCF and Hulu acquisition was considerably larger than the Company’s historic acquisitions with a significantly greater acquisition accounting impact.

The following table reconciles reported diluted EPS to diluted EPS excluding certain items for the third quarter:

($ in millions except EPS) Pre-Tax Income/

Loss

Tax Benefit/

Expense(1)

After-Tax Income/

Loss(2)

Diluted EPS(3) Change vs. prior-year period
Quarter Ended June 28, 2025
As reported $ 3,211 $ 2,732 $ 5,943 $ 2.92 >100 %
Exclude:
Hulu Transaction Impacts(4) (3,277 ) (3,277 ) (1.56 )
Amortization of TFCF and Hulu intangible assets and fair value step-up on film and television costs(5) 395 (92 ) 303 0.16
Restructuring and impairment charges(6) 185 (43 ) 142 0.08
Excluding certain items $ 3,791 $ (680 ) $ 3,111 $ 1.61 16 %
Quarter Ended June 29, 2024
As reported $ 3,093 $ (251 ) $ 2,842 $ 1.43
Exclude:
Income Tax Reserve Adjustments (418 ) (418 ) (0.23 )
Amortization of TFCF and Hulu intangible assets and fair value step-up on film and television costs(5) 397 (93 ) 304 0.16
Other expense(7) 65 (11 ) 54 0.03
Excluding certain items $ 3,555 $ (773 ) $ 2,782 $ 1.39

 

(1) Tax benefit/expense is determined using the tax rate applicable to the individual item.
(2) Before noncontrolling interest share.
(3) Net of noncontrolling interest share, where applicable. Total may not equal the sum of the column due to rounding.
(4) Reflects a $3,277 million non-cash tax benefit recognized upon the change in Hulu’s U.S. income tax classification and $477 million recognized in “Net income attributable to noncontrolling interests” related to the acquisition of Hulu (Hulu Transaction Impacts).
(5) For the current quarter, intangible asset amortization was $326 million, step-up amortization was $66 million and amortization of intangible assets related to a TFCF equity investee was $3 million. For the prior-year quarter, intangible asset amortization was $326 million, step-up amortization was $68 million and amortization of intangible assets related to a TFCF equity investee was $3 million.
(6) Amounts for the current quarter include an impairment charge related to an equity investment ($179 million).
(7) For the prior-year quarter, other expense was due to a charge related to a legal ruling ($65 million).

The following table reconciles reported diluted EPS to diluted EPS excluding certain items for the nine-month period:

($ in millions except EPS) Pre-Tax Income/

Loss

Tax Benefit/

Expense(1)

After-Tax Income/

Loss(2)

Diluted EPS(3) Change vs. prior year
Nine Months Ended June 28, 2025:
As reported $ 9,958 $ 2,030 $ 11,988 $ 6.12 >100 %
Exclude:
Hulu Transaction Impacts (3,277 ) (3,277 ) (1.55 )
Resolution of a prior-year tax matter (1,016 ) (1,016 ) (0.56 )
Amortization of TFCF and Hulu intangible assets and fair value step-up on film and television costs(4) 1,188 (276 ) 912 0.49
Restructuring and impairment charges(5) 437 145 582 0.32
Excluding certain items $ 11,583 $ (2,394 ) $ 9,189 $ 4.82 26 %
Nine Months Ended June 29, 2024:
As reported $ 6,621 $ (1,412 ) $ 5,209 $ 2.46
Exclude:
Restructuring and impairment charges(5) 2,052 (121 ) 1,931 1.05
Amortization of TFCF and Hulu intangible assets and fair value step-up on film and television costs(4) 1,282 (299 ) 983 0.52
Other expense(6) 65 (11 ) 54 0.03
Income Tax Reserve Adjustments (418 ) (418 ) (0.23 )
Excluding certain items $ 10,020 $ (2,261 ) $ 7,759 $ 3.83

 

(1) Tax benefit/expense is determined using the tax rate applicable to the individual item.
(2) Before noncontrolling interest share.
(3) Net of noncontrolling interest share, where applicable. Total may not equal the sum of the column due to rounding.
(4) For the current period, intangible asset amortization was $980 million, step-up amortization was $199 million and amortization of intangible assets related to a TFCF equity investee was $9 million. For the prior-year period, intangible asset amortization was $1,068 million, step-up amortization was $205 million and amortization of intangible assets related to a TFCF equity investee was $9 million.
(5) Amounts for the current period include impairment charges related to an equity investment ($179 million), the Star India Transaction ($143 million) and content ($109 million). Tax expense in the current period includes the estimated tax impact of these charges and a non-cash tax charge of $244 million related to the Star India Transaction. Amounts for the prior-year period include impairments of goodwill ($2,038 million) and a non-cash tax benefit related to the Star India Transaction ($113 million).
(6) For the prior-year period, other expense was due to a charge related to a legal ruling ($65 million).

Total segment operating income

The Company evaluates the performance of its operating segments based on segment operating income, and management uses total segment operating income (the sum of segment operating income from all of the Company’s segments) as a measure of the performance of operating businesses separate from non-operating factors. The Company believes that information about total segment operating income assists investors by allowing them to evaluate changes in the operating results of the Company’s portfolio of businesses separate from non-operational factors that affect net income, thus providing separate insight into both operations and other factors that affect reported results.

The following table reconciles income before income taxes to total segment operating income:

Quarter Ended Nine Months Ended
($ in millions) June 28, 2025 June 29, 2024 Change June 28, 2025 June 29, 2024 Change
Income before income taxes $ 3,211 $ 3,093 4 % $ 9,958 $ 6,621 50 %
Add (subtract):
Corporate and unallocated shared expenses 410 328 (25 )% 1,265 1,027 (23 )%
Equity in the loss of India joint venture 50 nm 186 nm
Restructuring and impairment charges 185 nm 437 2,052 79 %
Other expense 65 100 % 65 100 %
Interest expense, net 324 342 5 % 1,037 899 (15 )%
Amortization of TFCF and Hulu intangible assets and fair value step-up on film and television costs 395 397 1 % 1,188 1,282 7 %
Total segment operating income $ 4,575 $ 4,225 8 % $ 14,071 $ 11,946 18 %

Free cash flow

The Company uses free cash flow (cash provided by operations less investments in parks, resorts and other property), among other measures, to evaluate the ability of its operations to generate cash that is available for purposes other than capital expenditures. Management believes that information about free cash flow provides investors with an important perspective on the cash available to service debt obligations, make strategic acquisitions and investments and pay dividends or repurchase shares.

The following table presents a summary of the Company’s consolidated cash flows:

Quarter Ended Nine Months Ended
($ in millions) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024
Cash provided by operations $ 3,669 $ 2,602 $ 13,627 $ 8,453
Cash used in investing activities (1,720 ) (2,350 ) (6,193 ) (4,903 )
Cash used in financing activities (2,537 ) (898 ) (8,090 ) (11,722 )
Impact of exchange rates on cash, cash equivalents and restricted cash 107 (31 ) 31 (14 )
Change in cash, cash equivalents and restricted cash (481 ) (677 ) (625 ) (8,186 )
Cash, cash equivalents and restricted cash, beginning of period 5,958 6,726 6,102 14,235
Cash, cash equivalents and restricted cash, end of period $ 5,477 $ 6,049 $ 5,477 $ 6,049

The following table reconciles the Company’s consolidated cash provided by operations to free cash flow:

Quarter Ended Nine Months Ended
($ in millions) June 28, 2025 June 29, 2024 Change June 28, 2025 June 29, 2024 Change
Cash provided by operations $ 3,669 $ 2,602 $ 1,067 $ 13,627 $ 8,453 $ 5,174
Investments in parks, resorts and other property (1,780 ) (1,365 ) (415 ) (6,108 ) (3,923 ) (2,185 )
Free cash flow $ 1,889 $ 1,237 $ 652 $ 7,519 $ 4,530 $ 2,989

 

FORWARD-LOOKING STATEMENTS

Certain statements and information in this earnings release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our expectations, beliefs, plans, financial prospects, trends or outlook and guidance; financial or performance estimates and expectations (including estimated or expected revenues, earnings, operating income, costs, expenses and impact of certain items) and expected drivers; direct-to-consumer prospects, including expectations for subscribers and the nature and value of product offerings and enhancements; prospects and consumer demand for our travel and entertainment offerings; business and other plans including transactions for which conditions to close have not been satisfied, including entering into definitive agreements, regulatory or other approvals or other conditions; strategic priorities and initiatives and other statements that are not historical in nature. Any information that is not historical in nature included in this earnings release is subject to change. These statements are made on the basis of management’s views and assumptions regarding future events and business performance as of the time the statements are made. Management does not undertake any obligation to update these statements.

Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including restructuring or strategic initiatives (including capital investments, asset acquisitions or dispositions, new or expanded business lines or cessation of certain operations), our execution of our business plans (including the content we create and IP we invest in, our pricing decisions, our cost structure and our management and other personnel decisions), our ability to quickly execute on cost rationalization while preserving revenue, the discovery of additional information or other business decisions, as well as from developments beyond the Company’s control, including:

  • the occurrence of subsequent events;
  • deterioration in domestic and global economic conditions or failure of conditions to improve as anticipated;
  • deterioration in or pressures from competitive conditions, including competition to create or acquire content, competition for talent and competition for advertising revenue;
  • consumer preferences and acceptance of our content, offerings, pricing model and price increases, and corresponding subscriber additions and churn, and the market for advertising sales on our DTC streaming services and linear networks;
  • health concerns and their impact on our businesses and productions;
  • international, including tariffs and other trade policies, political or military developments;
  • regulatory and legal developments;
  • technological developments;
  • labor markets and activities, including work stoppages;
  • adverse weather conditions or natural disasters; and
  • availability of content.

Such developments may further affect entertainment, travel and leisure businesses generally and may, among other things, affect (or further affect, as applicable):

  • our operations, business plans or profitability, including direct-to-consumer profitability;
  • demand for our products and services;
  • the performance of the Company’s content;
  • our ability to create or obtain desirable content at or under the value we assign the content;
  • the advertising market for programming;
  • taxation; and
  • erformance of some or all Company businesses either directly or through their impact on those who distribute our products.

Additional factors are set forth in the Company’s most recent Annual Report on Form 10-K, including under the captions “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Business,” quarterly reports on Form 10-Q, including under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and subsequent filings with the Securities and Exchange Commission.

The terms “Company,” “we,” and “our” are used in this report to refer collectively to the parent company and the subsidiaries through which our various businesses are actually conducted.

PREPARED EARNINGS REMARKS AND CONFERENCE CALL INFORMATION

In conjunction with this release, The Walt Disney Company will post prepared management remarks (Executive Commentary) at www.disney.com/investors and will host a conference call today, August 6, 2025, at 8:30 AM EDT/5:30 AM PDT via a live Webcast. To access the Webcast go to www.disney.com/investors. The Webcast replay will also be available on the site.

 

 

Contacts

David Jefferson
Corporate Communications
818-560-4832

Carlos Gómez
Investor Relations
818-560-1933

The post The Walt Disney Company Reports Third Quarter and Nine Months Earnings for Fiscal 2025 appeared first on The Walt Disney Company.

]]>
The Walt Disney Company Executives To Discuss Fiscal Third Quarter 2025 Financial Results Via Webcast https://thewaltdisneycompany.com/press-releases/the-walt-disney-company-executives-to-discuss-fiscal-third-quarter-2025-financial-results-via-webcast/ Fri, 02 Jan 2026 22:27:55 +0000 https://thewaltdisneycompany.com/news// The post The Walt Disney Company Executives To Discuss Fiscal Third Quarter 2025 Financial Results Via Webcast appeared first on The Walt Disney Company.

]]>

BURBANK, Calif., July 2, 2025 – The Walt Disney Company (NYSE: DIS) will host a live audio webcast to discuss fiscal third quarter 2025 financial results beginning at 8:30 a.m. ET / 5:30 a.m. PT on Wednesday, August 6, 2025.

Disney will release results before the opening of regular trading on August 6, 2025 and post earnings materials at www.disney.com/investors.

To listen to the webcast, please visit www.disney.com/investors. The webcast will be archived.

Contacts

Carlos Gómez
Investor Relations
(818) 560-1933

David Jefferson
Corporate Communications
(818) 560-4832

Materials and webcast may include forward-looking information.

The post The Walt Disney Company Executives To Discuss Fiscal Third Quarter 2025 Financial Results Via Webcast appeared first on The Walt Disney Company.

]]>
The Walt Disney Company Reports Second Quarter and Six Months Earnings for Fiscal 2025 https://thewaltdisneycompany.com/press-releases/the-walt-disney-company-reports-second-quarter-and-six-months-earnings-for-fiscal-2025/ Fri, 02 Jan 2026 22:16:11 +0000 https://thewaltdisneycompany.com/news// The post The Walt Disney Company Reports Second Quarter and Six Months Earnings for Fiscal 2025 appeared first on The Walt Disney Company.

]]>

BURBANK, Calif.–The Walt Disney Company (NYSE: DIS) today reported earnings for its second fiscal quarter ended March 29, 2025.

Financial Results for the Quarter:

  • Revenues increased 7% for Q2 to $23.6 billion from $22.1 billion in Q2 fiscal 2024
  • Income before income taxes increased $2.4 billion for Q2 to $3.1 billion from $0.7 billion in Q2 fiscal 2024
  • Total segment operating income(1)increased 15% for Q2 to $4.4 billion from $3.8 billion in Q2 fiscal 2024
  • Diluted earnings per share (EPS) for Q2 improved to $1.81 from a loss per share of $0.01 in Q2 fiscal 2024, and adjusted EPS(1)increased 20% for Q2 to $1.45 from $1.21 in Q2 fiscal 2024
(1) Total segment operating income and diluted EPS excluding certain items (also referred to as adjusted EPS) are non-GAAP financial measures. The most comparable GAAP measures are income before income taxes and diluted EPS, respectively. See the discussion on pages 17 through 21 for how we define and calculate these measures and a quantitative reconciliation thereof to the most directly comparable GAAP measures.

Key Points:

  • Entertainment: Segment operating income of $1.3 billion, a $0.5 billion increase versus Q2 fiscal 2024
    • Direct-to-Consumer operating income increased $289 million to $336 million
    • 7 million Disney+ and Hulu subscriptions, an increase of 2.5 million versus Q1 fiscal 2025
    • 0 million Disney+ subscribers, an increase of 1.4 million versus Q1 fiscal 2025
    • Linear Networks operating income grew 2%; year-over-year growth includes a comparison to $89 million of operating income in Q2 fiscal 2024 from Star India
  • Sports: Segment operating income of $687 million, a decrease of $91 million versus Q2 fiscal 2024
    • Higher programming and production costs primarily due to airing three additional College Football Playoff games and an additional NFL game
    • Sports revenue increased 5%, reflecting 7% Domestic ESPN revenue growth
    • Domestic advertising revenue growth of 29%, reflecting a 16 ppt benefit from a change in format of the College Football Playoff and airing additional College Football Playoff and NFL games
    • Sports operating income was adversely impacted by a write-off due to exiting the Venu joint venture
  • Experiences: Segment operating income of $2.5 billion, an increase of $0.2 billion versus Q2 fiscal 2024
    • Domestic Parks & Experiences operating income grew 13% to $1.8 billion
    • Consumer Products operating income grew 14% to $0.4 billion
  • Share Repurchases of $1 billion in the quarter, keeping us on pace to repurchase $3 billion for the year

Guidance and Outlook:

  • Q3 Fiscal 2025:
    • Entertainment Direct-to-Consumer: Modest increase in Disney+ subscribers compared to Q2 fiscal 2025
  • Fiscal Year 2025:
    • Adjusted EPS(1)of $5.75, an increase of 16% over fiscal 2024
    • Cash provided by operations of $17 billion, a $2 billion increase over prior guidance driven by the deferral of tax payments
    • Entertainment: Double-digit percentage segment operating income growth
    • Sports: 18% segment operating income growth
    • Experiences: 6% to 8% segment operating income growth
    • Disney Cruise Line pre-opening expense of ~$200 million, with ~$40 million in Q3 and ~$50 million in Q4
    • Equity loss from India JV of ~$300 million driven by purchase accounting amortization
  • We continue to monitor macroeconomic developments for potential impacts to our businesses and recognize that uncertainty remains regarding the operating environment for the balance of the fiscal year

Message From Our CEO:

“Our outstanding performance this quarter—with adjusted EPS(1) up 20% from the prior year driven by our Entertainment and Experiences businesses—underscores our continued success building for growth and executing across our strategic priorities,” said Robert A. Iger, Chief Executive Officer, The Walt Disney Company. “Following an excellent first half of the fiscal year, we have a lot more to look forward to, including our upcoming theatrical slate, the launch of ESPN’s new DTC offering, and an unprecedented number of expansion projects underway in our Experiences segment. Overall, we remain optimistic about the direction of the company and our outlook for the remainder of the fiscal year.”

(1) Diluted EPS excluding certain items (also referred to as adjusted EPS) is a non-GAAP financial measure. The most comparable GAAP measure is diluted EPS. See the discussion on pages 17 through 21 for how we define and calculate this measure, a historical quantitative reconciliation thereof to the most directly comparable GAAP measure and why the Company is not providing the forward-looking quantitative reconciliation of diluted EPS excluding certain items to the most comparable GAAP measure.

SUMMARIZED FINANCIAL RESULTS

The following table summarizes second quarter results for fiscal 2025 and 2024:

Quarter Ended Six Months Ended
($ in millions, except per share amounts) March 29, 2025 March 30, 2024 Change March 29, 2025 March 30, 2024 Change
Revenues $ 23,621 $ 22,083 7 % $ 48,311 $ 45,632 6 %
Income before income taxes $ 3,087 $ 657 >100 % $ 6,747 $ 3,528 91 %
Total segment operating income(1) $ 4,436 $ 3,845 15 % $ 9,496 $ 7,721 23 %
Diluted EPS $ 1.81 $ (0.01 ) nm $ 3.21 $ 1.03 >100 %
Diluted EPS excluding certain items(1) $ 1.45 $ 1.21 20 % $ 3.22 $ 2.44 32 %
Cash provided by operations $ 6,753 $ 3,666 84 % $ 9,958 $ 5,851 70 %
Free cash flow(1) $ 4,891 $ 2,407 >100 % $ 5,630 $ 3,293 71 %

 

(1) Total segment operating income, diluted EPS excluding certain items and free cash flow are non-GAAP financial measures. The most comparable GAAP measures are income before income taxes, diluted EPS and cash provided by operations, respectively. See the discussion on pages 17 through 21 for how we define and calculate these measures and a reconciliation thereof to the most directly comparable GAAP measures.

SUMMARIZED SEGMENT FINANCIAL RESULTS

The following table summarizes second quarter segment revenue and operating income for fiscal 2025 and 2024:

Quarter Ended Six Months Ended
($ in millions) March 29, 2025 March 30, 2024 Change March 29, 2025 March 30, 2024 Change
Revenues:
Entertainment $ 10,682 $ 9,796 9 % $ 21,554 $ 19,777 9 %
Sports 4,534 4,312 5 % 9,384 9,147 3 %
Experiences 8,889 8,393 6 % 18,304 17,525 4 %
Eliminations(1) (484 ) (418 ) (16 )% (931 ) (817 ) (14 )%
Total revenues $ 23,621 $ 22,083 7 % $ 48,311 $ 45,632 6 %
Segment operating income:
Entertainment $ 1,258 $ 781 61 % $ 2,961 $ 1,655 79 %
Sports 687 778 (12 )% 934 675 38 %
Experiences 2,491 2,286 9 % 5,601 5,391 4 %
Total segment operating income(2) $ 4,436 $ 3,845 15 % $ 9,496 $ 7,721 23 %

 

(1) Reflects fees paid by (a) Hulu to ESPN and the Entertainment linear networks business for the right to air their networks on Hulu Live and (b) ABC Network and Disney+ to ESPN to program certain sports content on ABC Network and Disney+.
(2) Total segment operating income is a non-GAAP financial measure. The most comparable GAAP measure is income before income taxes. See the discussion on pages 17 through 21.

DISCUSSION OF SECOND QUARTER SEGMENT RESULTS

Star India

On November 14, 2024, the Company and Reliance Industries Limited (RIL) completed the formation (the Star India Transaction) of a joint venture (India joint venture) that combines the Company’s Star-branded and other general entertainment and sports television channels and direct-to-consumer Disney+ Hotstar service in India (Star India) with certain media and entertainment businesses controlled by RIL. RIL has an effective 56% controlling interest in the joint venture with 37% held by the Company and 7% held by a third party investment company.

Upon completion of the Star India Transaction, the Company began recognizing its 37% share of the India joint venture’s results in “Equity in the income of investees.” Star India results through November 14, 2024 are consolidated in the Company’s financial results.

Entertainment

Revenue and operating income for the Entertainment segment were as follows:

Quarter Ended Six Months Ended
($ in millions) March 29, 2025 March 30, 2024 Change March 29, 2025 March 30, 2024 Change
Revenues:
Linear Networks $ 2,418 $ 2,765 (13 )% $ 5,035 $ 5,568 (10 )%
Direct-to-Consumer 6,118 5,642 8 % 12,190 11,188 9 %
Content Sales/Licensing and Other 2,146 1,389 54 % 4,329 3,021 43 %
$ 10,682 $ 9,796 9 % $ 21,554 $ 19,777 9 %
Operating income (loss):
Linear Networks $ 769 $ 752 2 % $ 1,867 $ 1,988 (6 )%
Direct-to-Consumer 336 47 >100 % 629 (91 ) nm
Content Sales/Licensing and Other 153 (18 ) nm 465 (242 ) nm
$ 1,258 $ 781 61 % $ 2,961 $ 1,655 79 %

The increase in Entertainment operating income in the current quarter compared to the prior-year quarter was due to improved results at Direct-to-Consumer and Content Sales/Licensing and Other.

Linear Networks

Linear Networks revenues and operating income were as follows:

Quarter Ended
($ in millions) March 29, 2025 March 30, 2024 Change
Revenue
Domestic $ 2,195 $ 2,269 (3 )%
International 223 496 (55 )%
$ 2,418 $ 2,765 (13 )%
Operating income
Domestic $ 625 $ 520 20 %
International 15 92 (84 )%
Equity in the income of investees 129 140 (8 )%
$ 769 $ 752 2 %

Domestic

Domestic operating income in the current quarter increased compared to the prior-year quarter due to:

  • A decrease in marketing costs primarily attributable to fewer new shows at our cable channels and lower marketing costs at ABC Network reflecting more season premieres in the prior-year quarter
  • Lower programming and production costs driven by lower average cost programming at our cable channels, partially offset by a higher average cost mix of programming at ABC Network
  • A decrease in technology costs
  • Affiliate revenue was comparable to the prior-year quarter as higher effective rates were offset by fewer subscribers
  • A decrease in advertising revenue due to lower rates and fewer impressions attributable to lower average viewership

International

The decrease in international operating income was due to the Star India Transaction.

Direct-to-Consumer

Direct-to-Consumer revenues and operating income were as follows:

Quarter Ended Change
($ in millions) March 29, 2025 March 30, 2024
Revenue $ 6,118 $ 5,642 8 %
Operating income $ 336 $ 47 >100 %

The increase in operating income in the current quarter compared to the prior-year quarter was due to:

  • Subscription revenue growth attributable to higher effective rates, reflecting increases in pricing, and more subscribers, partially offset by an unfavorable foreign exchange impact and the absence of Star India subscription revenue in the current quarter due to the Star India Transaction
  • An increase in advertising revenue due to growth in impressions, partially offset by lower rates
  • Higher technology and distribution costs
  • An increase in programming and production costs reflecting:
    • Higher subscriber-based license fees attributable to rate increases for programming the Hulu Live TV service and more subscribers to bundles with third-party offerings, including premium add-ons
    • The absence of Star India programming costs in the current quarter due to the Star India Transaction

Key Metrics – Second Quarter of Fiscal 2025 Comparison to First Quarter of Fiscal 2025

In addition to revenue, costs and operating income, management uses the following key metrics(1) to analyze trends and evaluate the overall performance of our Disney+ and Hulu direct-to-consumer (DTC) product offerings, and we believe these metrics are useful to investors in analyzing the business. The following tables and related discussion are on a sequential quarter basis.

Paid subscribers at:

(in millions) March 29, 2025 December 28, 2024 Change
Disney+
Domestic (U.S. and Canada) 57.8 56.8 2 %
International 68.2 67.8 1 %
Total Disney+(2) 126.0 124.6 1 %
Hulu
SVOD Only 50.3 49.0 3 %
Live TV + SVOD 4.4 4.6 (4 )%
Total Hulu(2) 54.7 53.6 2 %

Average Monthly Revenue Per Paid Subscriber for the quarter ended:

March 29, 2025 December 28, 2024 Change
Disney+
Domestic (U.S. and Canada) $ 8.06 $ 7.99 1 %
International 7.52 7.19 5 %
Disney+ 7.77 7.55 3 %
Hulu
SVOD Only 12.36 12.52 (1 )%
Live TV + SVOD 99.94 99.22 1 %

 

(1) See discussion on page 16—DTC Product Descriptions and Key Definitions
(2) Total may not equal the sum of the column due to rounding

Domestic Disney+ average monthly revenue per paid subscriber increased from $7.99 to $8.06 due to increases in pricing, partially offset by lower advertising revenue.

International Disney+ average monthly revenue per paid subscriber increased from $7.19 to $7.52 due to the impact of subscriber mix shifts and increases in pricing, partially offset by an unfavorable foreign exchange impact.

Hulu SVOD Only average monthly revenue per paid subscriber decreased from $12.52 to $12.36 due to lower advertising revenue, partially offset by increases in pricing.

Hulu Live TV + SVOD average monthly revenue per paid subscriber increased from $99.22 to $99.94 due to increases in pricing, partially offset by lower advertising revenue.

Content Sales/Licensing and Other

Content Sales/Licensing and Other revenues and operating income (loss) were as follows:

Quarter Ended Change
($ in millions) March 29, 2025 March 30, 2024
Revenue $ 2,146 $ 1,389 54 %
Operating income (loss) $ 153 $ (18 ) nm

The improvement in operating results was due to:

  • Higher TV/VOD distribution results due to an increase in sales of episodic content including an impact from the timing of episodes delivered
  • An increase in home entertainment distribution results driven by the performance of Moana 2in the current quarter
  • Theatrical distribution results were comparable to the prior-year quarter, as the carryover performance of first quarter releases, Mufasa: The Lion King and Moana 2, was largely offset by the results of second quarter releases, Snow Whiteand Captain America: Brave New World, including the costs of their initial marketing campaignsThere were no significant titles released the prior-year quarter.

Sports

Sports revenues and operating income (loss) were as follows:

Quarter Ended Change
($ in millions) March 29, 2025 March 30, 2024
Revenue
ESPN
Domestic $ 4,155 $ 3,866 7 %
International 379 341 11 %
4,534 4,207 8 %
Star India 105 (100 )%
$ 4,534 $ 4,312 5 %
Operating income (loss)
ESPN
Domestic $ 648 $ 780 (17 )%
International 21 19 11 %
669 799 (16 )%
Star India (27 ) 100 %
Equity in the income of investees 18 6 >100 %
$ 687 $ 778 (12 )%

Domestic ESPN

The decrease in domestic ESPN operating results in the current quarter compared to the prior-year quarter reflected:

  • Higher programming and production costs primarily attributable to airing three additional College Football Playoff (CFP) games as well as one additional NFL game due to timing
  • Advertising revenue growth due to increases in rates and average viewership. The increase in advertising revenue included a benefit from airing additional CFP and NFL games
  • A modest increase in affiliate revenue reflecting higher effective rates, largely offset by fewer subscribers

Star India

The operating loss in Star India in the prior-year quarter reflected Indian Premier League cricket programming.

Key Metrics – Second Quarter of Fiscal 2025 Comparison to First Quarter of Fiscal 2025

In addition to revenue, costs and operating income, management uses the following key metrics(1) to analyze trends and evaluate the overall performance of our ESPN+ DTC product offering, and we believe these metrics are useful to investors in analyzing the business. The following table is on a sequential quarter basis.

March 29, 2025 December 28, 2024 Change
Paid subscribers at: (in millions) 24.1 24.9 (3 )%
Average Monthly Revenue Per Paid Subscriber for the quarter ended: $ 6.58 $ 6.36 3 %

 

(1) See discussion on page 16—DTC Product Descriptions and Key Definitions

ESPN+ average monthly revenue per paid subscriber increased from $6.36 to 6.58 primarily due to increases in pricing and the impact of subscriber mix shifts.

Experiences

Experiences revenues and operating income were as follows:

Quarter Ended
($ in millions) March 29, 2025 March 30, 2024 Change
Revenue
Parks & Experiences
Domestic $ 6,499 $ 5,958 9 %
International 1,441 1,522 (5 )%
Consumer Products 949 913 4 %
$ 8,889 $ 8,393 6 %
Operating income
Parks & Experiences
Domestic $ 1,823 $ 1,607 13 %
International 225 292 (23 )%
Consumer Products 443 387 14 %
$ 2,491 $ 2,286 9 %

Domestic Parks and Experiences

Operating results at our domestic parks and experiences increased compared to the prior-year quarter primarily due to growth at our domestic parks and resorts and, to a lesser extent, Disney Vacation Club and Disney Cruise Line reflecting:

  • Higher volumes attributable to increases in passenger cruise days, theme park attendance, occupied room nights and Disney Vacation Club unit sales. Additional passenger cruise days reflected the launch of the Disney Treasurein the first quarter of the current year
  • An increase in guest spending due to higher spending at our theme parks
  • Increased costs primarily attributable to the fleet expansion at Disney Cruise Line and inflation

International Parks and Experiences

The decrease in operating income at our international parks and experiences was attributable to Shanghai Disney Resort and Hong Kong Disneyland Resort due to lower theme park attendance and increased costs.

Consumer Products

The increase in operating income at consumer products was due to higher licensing revenue, including a benefit from the release of the licensed game, Marvel Rivals.

OTHER FINANCIAL INFORMATION

Restructuring and Impairment Charges

Charges in the current quarter were $109 million for content impairments. Charges in the prior-year quarter were $2,052 million primarily for goodwill impairments related to Star India and entertainment linear networks.

Interest Expense, net

Interest expense, net was as follows:

Quarter Ended
($ in millions) March 29, 2025 March 30, 2024 Change
Interest expense $ (471 ) $ (501 ) 6 %
Interest income, investment income and other 125 190 (34 )%
Interest expense, net $ (346 ) $ (311 ) (11 )%

The decrease in interest expense was due to lower average rates and debt balances, partially offset by a decrease in capitalized interest.

The decrease in interest income, investment income and other was due to an unfavorable comparison related to pension and postretirement benefit costs, other than service cost, the impact of lower cash and cash equivalent balances and net investment losses in the current quarter.

Equity in the Income of Investees

Equity in the income of investees was as follows:

Quarter Ended
($ in millions) March 29, 2025 March 30, 2024 Change
Amounts included in segment results:
Entertainment $ 124 $ 138 (10 )%
Sports 18 6 >100 %
Equity in the loss of India joint venture (103 ) nm
Amortization of TFCF Corporation (TFCF) intangible assets related to an equity investee (3 ) (3 ) %
Equity in the income of investees $ 36 $ 141 (74 )%

Income from equity investees decreased $105 million, to $36 million from $141 million, due to losses from the India joint venture in the current quarter.

Income Taxes

The effective income tax rate was as follows:

Quarter Ended
March 29, 2025 March 30, 2024
Income before income taxes $ 3,087 $ 657
Income tax (benefit) expense (314 ) 441
Effective income tax rate (10.2 )% 67.1 %

The effective income tax rate in the current quarter reflected a non-cash tax benefit from the resolution of a prior-year tax matter.

The effective income tax rate in the prior-year quarter reflected an unfavorable impact from goodwill impairments, which are not tax deductible, partially offset by a non-cash tax benefit in connection with the Star India Transaction.

Excluding the impact of these items, the effective income tax rate would be 22.7% in the current quarter compared to 20.7% in the prior-year quarter.

Noncontrolling Interests

Net income attributable to noncontrolling interests was as follows:

Quarter Ended
($ in millions) March 29, 2025 March 30, 2024 Change
Net income attributable to noncontrolling interests $ (126 ) $ (236 ) 47 %

The decrease in net income attributable to noncontrolling interests was due to costs in connection with the purchase of NBCU’s interest in Hulu in the prior-year quarter and lower results at ESPN, Shanghai Disney Resort and, to a lesser extent, Hong Kong Disneyland Resort.

Net income attributable to noncontrolling interests is determined on income after royalties and management fees, financing costs and income taxes, as applicable.

Cash from Operations

Cash provided by operations and free cash flow were as follows:

Six Months Ended
($ in millions) March 29, 2025 March 30, 2024 Change
Cash provided by operations $ 9,958 $ 5,851 $ 4,107
Investments in parks, resorts and other property (4,328 ) (2,558 ) (1,770 )
Free cash flow(1) $ 5,630 $ 3,293 $ 2,337

 

(1) Free cash flow is not a financial measure defined by GAAP. The most comparable GAAP measure is cash provided by operations. See the discussion on pages 17 through 21.

Cash provided by operations increased $4.1 billion to $10.0 billion in the current period from $5.9 billion in the prior-year period driven by:

  • Lower tax payments in the current period compared to the prior-year period due to payments in the first half of fiscal 2024 for U.S. federal and California state income taxes related to fiscal 2023 that had been deferred pursuant to relief related to 2023 winter storms in California. In addition, fiscal 2025 U.S. federal and California state income tax payments have been deferred until October 2025 pursuant to relief related to the 2025 wildfires in California.
  • Higher operating income and, to a lesser extent, lower spending on content at Entertainment

Capital Expenditures

Investments in parks, resorts and other property were as follows:

Six Months Ended
($ in millions) March 29, 2025 March 30, 2024
Entertainment $ (522 ) $ (522 )
Sports (1 )
Experiences
Domestic (3,022 ) (1,198 )
International (561 ) (466 )
Total Experiences (3,583 ) (1,664 )
Corporate (223 ) (371 )
Total investments in parks, resorts and other property $ (4,328 ) $ (2,558 )

Capital expenditures increased to $4.3 billion from $2.6 billion due to higher spend on cruise ship fleet expansion at the Experiences segment.

Depreciation Expense

Depreciation expense was as follows:

Six Months Ended
($ in millions) March 29, 2025 March 30, 2024
Entertainment $ 355 $ 332
Sports 21 22
Experiences
Domestic 951 850
International 379 353
Total Experiences 1,330 1,203
Corporate 160 105
Total depreciation expense $ 1,866 $ 1,662

 

THE WALT DISNEY COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited; $ in millions, except per share data)

Quarter Ended Six Months Ended
March 29, 2025 March 30, 2024 March 29, 2025 March 30, 2024
Revenues $ 23,621 $ 22,083 $ 48,311 $ 45,632
Costs and expenses (20,115 ) (19,204 ) (40,727 ) (39,817 )
Restructuring and impairment charges (109 ) (2,052 ) (252 ) (2,052 )
Interest expense, net (346 ) (311 ) (713 ) (557 )
Equity in the income of investees 36 141 128 322
Income before income taxes 3,087 657 6,747 3,528
Income taxes 314 (441 ) (702 ) (1,161 )
Net income 3,401 216 6,045 2,367
Net income attributable to noncontrolling interests (126 ) (236 ) (216 ) (476 )
Net income (loss) attributable to The Walt Disney Company (Disney) $ 3,275 $ (20 ) $ 5,829 $ 1,891
Earnings (loss) per share attributable to Disney:
Diluted $ 1.81 $ (0.01 ) $ 3.21 $ 1.03
Basic $ 1.81 $ (0.01 ) $ 3.22 $ 1.03
Weighted average number of common and common equivalent shares outstanding:
Diluted 1,814 1,834 1,816 1,838
Basic 1,808 1,834 1,810 1,833

 

THE WALT DISNEY COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited; $ in millions, except per share data)

March 29, 2025 September 28, 2024
ASSETS
Current assets
Cash and cash equivalents $ 5,852 $ 6,002
Receivables, net 12,571 12,729
Inventories 1,999 2,022
Content advances 1,063 2,097
Other current assets 1,250 2,391
Total current assets 22,735 25,241
Produced and licensed content costs 31,820 32,312
Investments 8,794 4,459
Parks, resorts and other property
Attractions, buildings and equipment 79,721 76,674
Accumulated depreciation (47,532 ) (45,506 )
32,189 31,168
Projects in progress 5,740 4,728
Land 1,166 1,145
39,095 37,041
Intangible assets, net 10,006 10,739
Goodwill 73,313 73,326
Other assets 10,070 13,101
Total assets $ 195,833 $ 196,219
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and other accrued liabilities $ 20,729 $ 21,070
Current portion of borrowings 6,446 6,845
Deferred revenue and other 6,854 6,684
Total current liabilities 34,029 34,599
Borrowings 36,443 38,970
Deferred income taxes 6,298 6,277
Other long-term liabilities 10,297 10,851
Commitments and contingencies
Equity
Preferred stock
Common stock, $0.01 par value, Authorized – 4.6 billion shares, Issued – 1.9 billion shares 59,199 58,592
Retained earnings 53,733 49,722
Accumulated other comprehensive loss (2,877 ) (3,699 )
Treasury stock, at cost, 63 million shares at March 29, 2025 and 47 million shares at September 28, 2024 (5,716 ) (3,919 )
Total Disney Shareholders’ equity 104,339 100,696
Noncontrolling interests 4,427 4,826
Total equity 108,766 105,522
Total liabilities and equity $ 195,833 $ 196,219

 

THE WALT DISNEY COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited; $ in millions)

Six Months Ended
March 29, 2025 March 30, 2024
OPERATING ACTIVITIES
Net income $ 6,045 $ 2,367
Depreciation and amortization 2,600 2,485
Impairments of goodwill, produced and licensed content and other assets 240 2,038
Deferred income taxes 93 (211 )
Equity in the income of investees (128 ) (322 )
Cash distributions received from equity investees 79 300
Net change in produced and licensed content costs and advances 1,889 1,699
Equity-based compensation 647 675
Other, net (35 ) (6 )
Changes in operating assets and liabilities
Receivables (367 ) (156 )
Inventories (1 ) 26
Other assets 10 (185 )
Accounts payable and other liabilities (1,025 ) (1,075 )
Income taxes (89 ) (1,784 )
Cash provided by operations 9,958 5,851
INVESTING ACTIVITIES
Investments in parks, resorts and other property (4,328 ) (2,558 )
Other, net (145 ) 5
Cash used in investing activities (4,473 ) (2,553 )
FINANCING ACTIVITIES
Commercial paper borrowings (payments), net (791 ) 42
Borrowings 1,057 133
Reduction of borrowings (2,913 ) (645 )
Dividends (905 ) (549 )
Repurchases of common stock (1,785 ) (1,001 )
Acquisition of redeemable noncontrolling interests (8,610 )
Other, net (216 ) (194 )
Cash used in financing activities (5,553 ) (10,824 )
Impact of exchange rates on cash, cash equivalents and restricted cash (76 ) 17
Change in cash, cash equivalents and restricted cash (144 ) (7,509 )
Cash, cash equivalents and restricted cash, beginning of period 6,102 14,235
Cash, cash equivalents and restricted cash, end of period $ 5,958 $ 6,726

DTC PRODUCT DESCRIPTIONS AND KEY DEFINITIONS

Product offerings

In the U.S., Disney+, ESPN+ and Hulu SVOD Only are each offered as a standalone service or as part of various multi-product offerings. Hulu Live TV + SVOD includes Disney+ and ESPN+. Disney+ is available in more than 150 countries and territories outside the U.S. Depending on the market, our services can be purchased on our websites or through third-party platforms/apps or are available via wholesale arrangements.

Paid subscribers

Paid subscribers reflect subscribers for which we recognized subscription revenue. Certain product offerings provide the option for an extra member to be added to an account (extra member add-on). These extra members are not counted as paid subscribers. Subscribers cease to be a paid subscriber as of their effective cancellation date or as a result of a failed payment method. Subscribers to multi-product offerings in the U.S. are counted as a paid subscriber for each of the Company’s services included in the multi-product offering, and subscribers to Hulu Live TV + SVOD are counted as one paid subscriber for each of the Hulu Live TV + SVOD, Disney+ and ESPN+ services. Subscribers include those who receive an entitlement to a service through wholesale arrangements, including those for which the service is available to each subscriber of an existing content distribution tier. When we aggregate the total number of paid subscribers across our DTC streaming services, we refer to them as paid subscriptions.

International Disney+

International Disney+ includes the Disney+ service outside the U.S. and Canada.

Average Monthly Revenue Per Paid Subscriber

Hulu and ESPN+ average monthly revenue per paid subscriber is calculated based on the average of the monthly average paid subscribers for each month in the period. The monthly average paid subscribers is calculated as the sum of the beginning of the month and end of the month paid subscriber count, divided by two. Disney+ average monthly revenue per paid subscriber is calculated using a daily average of paid subscribers for the period. Revenue includes subscription fees, advertising (excluding revenue earned from selling advertising spots to other Company businesses), premium and feature add-on revenue and extra member add-on revenue but excludes Pay-Per-View revenue. Advertising revenue generated by content on one DTC streaming service that is accessed through another DTC streaming service by subscribers to both streaming services is allocated between both streaming services. The average revenue per paid subscriber is net of discounts on offerings that carry more than one service. Revenue is allocated to each service based on the relative retail or wholesale price of each service on a standalone basis. Hulu Live TV + SVOD revenue is allocated to the SVOD services based on the wholesale price of the Hulu SVOD Only, Disney+ and ESPN+ multi-product offering. In general, wholesale arrangements have a lower average monthly revenue per paid subscriber than subscribers that we acquire directly or through third-party platforms.

NON-GAAP FINANCIAL MEASURES

This earnings release presents diluted EPS excluding certain items (also referred to as adjusted EPS), total segment operating income and free cash flow. Diluted EPS excluding certain items, total segment operating income and free cash flow are important financial measures for the Company but are not financial measures defined by GAAP.

These measures should be reviewed in conjunction with the most comparable GAAP financial measures and are not presented as alternative measures of diluted EPS, income before income taxes or cash provided by operations as determined in accordance with GAAP. Diluted EPS excluding certain items, total segment operating income and free cash flow as we have calculated them may not be comparable to similarly titled measures reported by other companies.

Our definitions and calculations of diluted EPS excluding certain items, total segment operating income and free cash flow, as well as quantitative reconciliations of each of these measures to the most directly comparable GAAP financial measure, are provided below.

The Company is not providing the forward-looking measure for diluted EPS, which is the most directly comparable GAAP measure to diluted EPS excluding certain items, or a quantitative reconciliation of forward-looking diluted EPS excluding certain items to that most directly comparable GAAP measure. The Company is unable to predict or estimate with reasonable certainty the ultimate outcome of certain significant items required for such GAAP measure without unreasonable effort. Information about other adjusting items that is currently not available to the Company could have a potentially unpredictable and significant impact on future GAAP financial results.

Diluted EPS excluding certain items

The Company uses diluted EPS excluding (1) certain items affecting comparability of results from period to period and (2) amortization of TFCF and Hulu intangible assets, including purchase accounting step-up adjustments for released content, to facilitate the evaluation of the performance of the Company’s operations exclusive of these items, and these adjustments reflect how senior management is evaluating segment performance.

The Company believes that providing diluted EPS exclusive of certain items impacting comparability is useful to investors, particularly where the impact of the excluded items is significant in relation to reported earnings and because the measure allows for comparability between periods of the operating performance of the Company’s business and allows investors to evaluate the impact of these items separately.

The Company further believes that providing diluted EPS exclusive of amortization of TFCF and Hulu intangible assets associated with the acquisition in 2019 is useful to investors because the TFCF and Hulu acquisition was considerably larger than the Company’s historic acquisitions with a significantly greater acquisition accounting impact.

The following table reconciles reported diluted EPS to diluted EPS excluding certain items for the second quarter:

($ in millions except EPS) Pre-Tax Income/

Loss

Tax Benefit/

Expense(1)

After-Tax Income/

Loss(2)

Diluted EPS(3) Change vs. prior-year period
Quarter Ended March 29, 2025
As reported $ 3,087 $ 314 $ 3,401 $ 1.81 nm
Exclude:
Resolution of a prior-year tax matter (1,016 ) (1,016 ) (0.56 )
Amortization of TFCF and Hulu intangible assets and fair value step-up on film and television costs(4) 396 (92 ) 304 0.16
Restructuring and impairment charges(5) 109 (25 ) 84 0.05
Excluding certain items $ 3,592 $ (819 ) $ 2,773 $ 1.45 20 %
Quarter Ended March 30, 2024
As reported $ 657 $ (441 ) $ 216 $ (0.01 )
Exclude:
Restructuring and impairment charges(5) 2,052 (121 ) 1,931 1.06
Amortization of TFCF and Hulu intangible assets and fair value step-up on film and television costs(4) 434 (101 ) 333 0.17
Excluding certain items $ 3,143 $ (663 ) $ 2,480 $ 1.21

 

(1) Tax benefit/expense is determined using the tax rate applicable to the individual item.
(2) Before noncontrolling interest share.
(3) Net of noncontrolling interest share, where applicable. Total may not equal the sum of the column due to rounding.
(4) For the current quarter, intangible asset amortization was $327 million, step-up amortization was $66 million and amortization of intangible assets related to a TFCF equity investee was $3 million. For the prior-year quarter, intangible asset amortization was $362 million, step-up amortization was $69 million and amortization of intangible assets related to a TFCF equity investee was $3 million.
(5) Amounts for the current quarter reflect content impairments ($109 million). Amounts for the prior-year quarter include impairments of goodwill ($2,038 million).

The following table reconciles reported diluted EPS to diluted EPS excluding certain items for the six-month period:

($ in millions except EPS) Pre-Tax Income/

Loss

Tax Benefit/

Expense(1)

After-Tax Income/

Loss(2)

Diluted EPS(3) Change vs. prior year
Six Months Ended March 29, 2025:
As reported $ 6,747 $ (702 ) $ 6,045 $ 3.21 >100 %
Exclude:
Amortization of TFCF and Hulu intangible assets and fair value step-up on film and television costs(4) 793 (184 ) 609 0.32
Restructuring and impairment charges(5) 252 188 440 0.25
Resolution of a prior-year tax matter (1,016 ) (1,016 ) (0.56 )
Excluding certain items $ 7,792 $ (1,714 ) $ 6,078 $ 3.22 32 %
Six Months Ended March 30, 2024:
As reported $ 3,528 $ (1,161 ) $ 2,367 $ 1.03
Exclude:
Restructuring and impairment charges(5) 2,052 (121 ) 1,931 1.06
Amortization of TFCF and Hulu intangible assets and fair value step-up on film and television costs(4) 885 (206 ) 679 0.36
Excluding certain items $ 6,465 $ (1,488 ) $ 4,977 $ 2.44

 

(1) Tax benefit/expense is determined using the tax rate applicable to the individual item.
(2) Before noncontrolling interest share.
(3) Net of noncontrolling interest share, where applicable. Total may not equal the sum of the column due to rounding.
(4) For the current period, intangible asset amortization was $654 million, step-up amortization was $133 million and amortization of intangible assets related to a TFCF equity investee was $6 million. For the prior-year period,  intangible asset amortization was $742 million, step-up amortization was $137 million and amortization of intangible assets related to a TFCF equity investee was $6 million.
(5) Amounts for the current period include impairment charges related to the Star India Transaction ($143 million) and content ($109 million). Tax expense in the current period includes the estimated tax impact of these charges and a non-cash tax charge of $244 million related to the Star India Transaction. Amounts for the prior-year period include impairments of goodwill ($2,038 million).

Total segment operating income

The Company evaluates the performance of its operating segments based on segment operating income, and management uses total segment operating income (the sum of segment operating income from all of the Company’s segments) as a measure of the performance of operating businesses separate from non-operating factors. The Company believes that information about total segment operating income assists investors by allowing them to evaluate changes in the operating results of the Company’s portfolio of businesses separate from non-operational factors that affect net income, thus providing separate insight into both operations and other factors that affect reported results.

The following table reconciles income before income taxes to total segment operating income:

Quarter Ended Six Months Ended
($ in millions) March 29, 2025 March 30, 2024 Change March 29, 2025 March 30, 2024 Change
Income before income taxes $ 3,087 $ 657 >100 % $ 6,747 $ 3,528 91 %
Add (subtract):
Corporate and unallocated shared expenses 395 391 (1 )% 855 699 (22 )%
Equity in the loss of India joint venture 103 nm 136 nm
Restructuring and impairment charges 109 2,052 95 % 252 2,052 88 %
Interest expense, net 346 311 (11 )% 713 557 (28 )%
Amortization of TFCF and Hulu intangible assets and fair value step-up on film and television costs 396 434 9 % 793 885 10 %
Total segment operating income $ 4,436 $ 3,845 15 % $ 9,496 $ 7,721 23 %

Free cash flow

The Company uses free cash flow (cash provided by operations less investments in parks, resorts and other property), among other measures, to evaluate the ability of its operations to generate cash that is available for purposes other than capital expenditures. Management believes that information about free cash flow provides investors with an important perspective on the cash available to service debt obligations, make strategic acquisitions and investments and pay dividends or repurchase shares.

The following table presents a summary of the Company’s consolidated cash flows:

Quarter Ended Six Months Ended
($ in millions) March 29, 2025 March 30, 2024 March 29, 2025 March 30, 2024
Cash provided by operations $ 6,753 $ 3,666 $ 9,958 $ 5,851
Cash used in investing activities (1,898 ) (1,307 ) (4,473 ) (2,553 )
Cash used in financing activities (4,556 ) (2,818 ) (5,553 ) (10,824 )
Impact of exchange rates on cash, cash equivalents and restricted cash 77 (62 ) (76 ) 17
Change in cash, cash equivalents and restricted cash 376 (521 ) (144 ) (7,509 )
Cash, cash equivalents and restricted cash, beginning of period 5,582 7,247 6,102 14,235
Cash, cash equivalents and restricted cash, end of period $ 5,958 $ 6,726 $ 5,958 $ 6,726

The following table reconciles the Company’s consolidated cash provided by operations to free cash flow:

Quarter Ended Six Months Ended
($ in millions) March 29, 2025 March 30, 2024 Change March 29, 2025 March 30, 2024 Change
Cash provided by operations $ 6,753 $ 3,666 $ 3,087 $ 9,958 $ 5,851 $ 4,107
Investments in parks, resorts and other property (1,862 ) (1,259 ) (603 ) (4,328 ) (2,558 ) (1,770 )
Free cash flow $ 4,891 $ 2,407 $ 2,484 $ 5,630 $ 3,293 $ 2,337

FORWARD-LOOKING STATEMENTS

Certain statements and information in this earnings release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our expectations, beliefs, plans, financial prospects, trends or outlook and guidance; financial or performance estimates and expectations (including estimated or expected revenues, earnings, operating income, cash position, costs, expenses and impact of certain items) and expected drivers; direct-to-consumer prospects, including expectations for subscribers; prospects and consumer demand for our travel and entertainment offerings; business and other plans; strategic priorities and initiatives and other statements that are not historical in nature. Any information that is not historical in nature included in this earnings release is subject to change. These statements are made on the basis of management’s views and assumptions regarding future events and business performance as of the time the statements are made. Management does not undertake any obligation to update these statements.

Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including restructuring or strategic initiatives (including capital investments, asset acquisitions or dispositions, new or expanded business lines or cessation of certain operations), our execution of our business plans (including the content we create and IP we invest in, our pricing decisions, our cost structure and our management and other personnel decisions), our ability to quickly execute on cost rationalization while preserving revenue, the discovery of additional information or other business decisions, as well as from developments beyond the Company’s control, including:

  • the occurrence of subsequent events;
  • deterioration in domestic and global economic conditions or failure of conditions to improve as anticipated;
  • deterioration in or pressures from competitive conditions, including competition to create or acquire content, competition for talent and competition for advertising revenue;
  • consumer preferences and acceptance of our content, offerings, pricing model and price increases, and corresponding subscriber additions and churn, and the market for advertising sales on our DTC streaming services and linear networks;
  • health concerns and their impact on our businesses and productions;
  • international, including tariffs and other trade policies, political or military developments;
  • regulatory and legal developments;
  • technological developments;
  • labor markets and activities, including work stoppages;
  • adverse weather conditions or natural disasters; and
  • availability of content.

Such developments may further affect entertainment, travel and leisure businesses generally and may, among other things, affect (or further affect, as applicable):

  • our operations, business plans or profitability, including direct-to-consumer profitability;
  • demand for our products and services;
  • the performance of the Company’s content;
  • our ability to create or obtain desirable content at or under the value we assign the content;
  • the advertising market for programming;
  • taxation; and
  • performance of some or all Company businesses either directly or through their impact on those who distribute our products.

Additional factors are set forth in the Company’s most recent Annual Report on Form 10-K, including under the captions “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Business,” quarterly reports on Form 10-Q, including under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and subsequent filings with the Securities and Exchange Commission.

The terms “Company,” “we,” and “our” are used in this report to refer collectively to the parent company and the subsidiaries through which our various businesses are actually conducted.

PREPARED EARNINGS REMARKS AND CONFERENCE CALL INFORMATION

In conjunction with this release, The Walt Disney Company will post prepared management remarks (Executive Commentary) at www.disney.com/investors and will host a conference call today, May 7, 2025, at 8:30 AM EDT/5:30 AM PDT via a live Webcast. To access the Webcast go to www.disney.com/investors. The Webcast replay will also be available on the site.

Contacts

David Jefferson
Corporate Communications
818-560-4832

Carlos Gomez
Investor Relations
818-560-1933

The post The Walt Disney Company Reports Second Quarter and Six Months Earnings for Fiscal 2025 appeared first on The Walt Disney Company.

]]>
The Walt Disney Company Executives To Discuss Fiscal Second Quarter 2025 Financial Results Via Webcast https://thewaltdisneycompany.com/press-releases/the-walt-disney-company-executives-to-discuss-fiscal-second-quarter-2025-financial-results-via-webcast/ Fri, 02 Jan 2026 21:55:19 +0000 https://thewaltdisneycompany.com/news// The post The Walt Disney Company Executives To Discuss Fiscal Second Quarter 2025 Financial Results Via Webcast appeared first on The Walt Disney Company.

]]>

BURBANK, Calif., April 3, 2025 – The Walt Disney Company (NYSE: DIS) will host a live audio webcast to discuss fiscal second quarter 2025 financial results beginning at 8:30 a.m. ET / 5:30 a.m. PT on Wednesday, May 7, 2025.

Disney will release results before the opening of regular trading on May 7, 2025 and post earnings materials at www.disney.com/investors.

To listen to the webcast, please visit www.disney.com/investors. The webcast will be archived.

Contacts

Carlos Gómez
Investor Relations
(818) 560-1933

David Jefferson
Corporate Communications
(818) 560-4832

Materials and webcast may include forward-looking information.

The post The Walt Disney Company Executives To Discuss Fiscal Second Quarter 2025 Financial Results Via Webcast appeared first on The Walt Disney Company.

]]>
The Walt Disney Company To Webcast Its Annual Meeting Of Shareholders https://thewaltdisneycompany.com/press-releases/the-walt-disney-company-to-webcast-its-annual-meeting-of-shareholders/ Fri, 02 Jan 2026 21:51:19 +0000 https://thewaltdisneycompany.com/news// The post The Walt Disney Company To Webcast Its Annual Meeting Of Shareholders appeared first on The Walt Disney Company.

]]>

BURBANK, Calif., March 13, 2025 – The annual meeting of shareholders of The Walt Disney Company (NYSE: DIS), including remarks by management regarding the Company, will be available live via webcast at www.disney.com/investors beginning at 1:00 p.m. ET / 10:00 a.m. PT on March 20, 2025. The webcast presentation will be archived.

Contacts

Carlos Gómez
Investor Relations
(818) 560-1933

David Jefferson
Corporate Communications
(818) 560-4832

Webcast may include forward-looking information.

The post The Walt Disney Company To Webcast Its Annual Meeting Of Shareholders appeared first on The Walt Disney Company.

]]>
The Walt Disney Company at the Morgan Stanley Technology, Media, and Telecom Conference https://thewaltdisneycompany.com/press-releases/the-walt-disney-company-at-the-morgan-stanley-technology-media-and-telecom-conference/ Fri, 02 Jan 2026 21:45:41 +0000 https://thewaltdisneycompany.com/news// The post The Walt Disney Company at the Morgan Stanley Technology, Media, and Telecom Conference appeared first on The Walt Disney Company.

]]>

Dana Walden, Co-Chairman, Disney Entertainment, The Walt Disney Company participated in a question-and-answer session at the Morgan Stanley Technology, Media, and Telecom Conference on Tuesday, March 4, 2025.

Downloads

Forward-Looking Statements

Certain statements in this discussion may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our expectations, beliefs, plans, goals, financial prospects, trends, outlook or guidance and drivers; business plans, priorities and opportunities; future programming and production costs, capital expenditures and investments; impact of organizational structure and leadership decisions; plans, expectations or drivers, as applicable, for direct-to-consumer profitability, advertising, revenue and subscriber growth, pricing, product acceptance and enhancements, expansion, changes to subscription offerings, churn, engagement and margins; consumer and advertiser sentiment, behavior or demand; cost reductions and available efficiencies; expected benefits of new initiatives and offerings; value of our intellectual property, content offerings, businesses and assets, including franchises and brands; and other statements that are not historical in nature. Any information that is not historical in nature is subject to change. These statements are made on the basis of management’s views and assumptions regarding future events and business performance as of the time the statements are made. Management does not undertake any obligation to update these statements.

Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including restructuring or strategic initiatives (including capital investments, asset acquisitions or dispositions, new or expanded business lines or cessation of certain operations), our execution of our business plans (including the content we create and IP we invest in, our pricing decisions, our cost structure and our management and other personnel decisions), our ability to execute on cost rationalization while preserving revenue, the discovery of additional information or other business decisions, as well as from developments beyond the Company’s control, including:

  • the occurrence of subsequent events;
  • deterioration in domestic and global economic conditions or a failure of conditions to improve as anticipated;
  • deterioration in or pressures from competitive conditions, including competition to create or acquire content, competition for talent and competition for advertising revenue;
  • consumer preferences and acceptance of our content, offerings, pricing model and price increases, and corresponding subscriber additions and churn, and the market for advertising sales on our direct-to-consumer services and linear networks;
  • health concerns and their impact on our businesses and productions;
  • international, political or military developments;
  • regulatory and legal developments;
  • technological developments;
  • labor markets and activities, including work stoppages;
  • adverse weather conditions or natural disasters; and
  • availability of content.

Such developments may further affect entertainment, travel and leisure businesses generally and may, among other things, affect (or further affect, as applicable):

  • our operations, business plans or profitability, including direct-to-consumer profitability;
  • demand for our products and services;
  • the performance of the Company’s content;
  • our ability to create or obtain desirable content at or under the value we assign the content;
  • the advertising market for programming;
  • taxation; and
  • performance of some or all Company businesses either directly or through their impact on those who distribute our products.

Additional factors are set forth in the Company’s most recent Annual Report on Form 10-K, including under the captions “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Business,” quarterly reports on Form 10-Q, including under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and subsequent filings with the Securities and Exchange Commission.

The terms “Company,” “Disney,” “we,” and “our” are used above and in this discussion to refer collectively to the parent company and the subsidiaries through which our various businesses are actually conducted.

The post The Walt Disney Company at the Morgan Stanley Technology, Media, and Telecom Conference appeared first on The Walt Disney Company.

]]>
Disney Advertising Shares Ad-Supported Monthly Active Users (MAU) & Methodology https://thewaltdisneycompany.com/press-releases/disney-advertising-shares-ad-supported-monthly-active-users-mau-methodology/ Fri, 02 Jan 2026 21:38:19 +0000 https://thewaltdisneycompany.com/news// The post Disney Advertising Shares Ad-Supported Monthly Active Users (MAU) & Methodology appeared first on The Walt Disney Company.

]]>

Numbers Include An Estimated 157 Million Global Users Across Disney+, Hulu and ESPN+

January 8, 2025 (Burbank, Calif) – Disney Advertising, a subsidiary of The Walt Disney Company (NYSE: DIS), is sharing its estimated global and domestic (U.S. and Canada) ad-supported MAU numbers, cumulative across its streaming portfolio, and its detailed calculation methodology.

At the 5th annual Tech and Data Showcase at the Consumer Electronics Show (CES) today, President of Global Advertising, Rita Ferro, is sharing that the company’s ad-supported monthly active users have reached an estimated 157 million globally, including 112 million domestically, on average per month over the last six months.

“Disney sits at the intersection of world class sports and entertainment content, with the most high-value audiences in ad-supported global streaming at scale,” said Rita Ferro, President of Global Advertising. “We wanted to be the first to offer our industry greater transparency into the methodology used to estimate our engaged global ad-supported monthly active users.”

Additional details include:

  • Unlike linear advertising, there is no industry standard methodology for measuring global streaming advertising audience size.
  • Disney Advertising set out to define a globally consistent approach and methodology to estimate ad-supported audience numbers.
  • The ad-supported MAU numbers are derived from active accounts across Disney’s streaming ecosystem (Disney+, Hulu, ESPN+)* who have viewed ad-supported content continuously for more than 10 seconds.
  • Each active account is then multiplied by the number of estimated users per account (global average is 2.6 and it varies by application and region) to estimate the total number of users.
  • Multipliers are determined by first-party survey data representing subscribers in regions with an advertising tier.** This survey includes more than 13,000 individuals ages 18-64.
  • As an advertising industry leader focused on proving the power of our data, this is another step that delivers intentional and impactful results for brands – in a uniquely Disney way.

*Estimated active users are added across applications without de-duplication
**Does not include Hotstar subscribers

We do not assume any obligation to publicly provide revisions or updates to the information provided herein.

ABOUT DISNEY+ 
Disney+ is the dedicated streaming home for movies and shows from Disney, Pixar, Marvel, Star Wars, and National Geographic, along with The Simpsons and much more. In select international markets, it also includes the general entertainment content brand, Star, and in the U.S., eligible bundle subscribers can also access extensive Hulu and ESPN+ content on Disney+, including next day TV, Hulu and ESPN Originals, live sports events and studio programming. The flagship direct-to-consumer streaming service from Disney, Disney+ offers an unmatched collection of exclusive originals, including feature-length films, documentaries, live-action and animated series, and short-form content. With unprecedented access to Disney’s long history of incredible film and television entertainment, Disney+ is also the exclusive streaming home for the newest releases from The Walt Disney Studios. Disney+ is available as a standalone streaming service or as part of bundle offerings in the U.S. that give subscribers access to different combinations of Disney+, Hulu, and ESPN+. For more, visit disneyplus.com, or find the Disney+ app on most mobile and connected TV devices.

ABOUT HULU
Hulu is a leading premium streaming service that offers an expansive slate of live and on-demand entertainment through a wide array of subscription options that give consumers ultimate control over their viewing experience. As part of the Disney Entertainment segment, Hulu is the only on-demand offering that provides access to shows from every major U.S. broadcast network, libraries of hit TV series and films – including licensed content streaming exclusively on Hulu – and award-winning Originals. Hulu is available as a standalone streaming service or as part of bundle offerings with different combinations of Disney+ and ESPN+ and can be further personalized through a variety of premium and Live TV add-on subscriptions. With Hulu + Live TV, subscribers receive a unique combination of 95+ live news, entertainment and sports TV channels and can access Hulu’s on-demand library, Disney+, and ESPN+ all in one plan. Visit hulu.com to subscribe or learn more about the service.

About ESPN+
ESPN+ is the No. 1 sports streaming platform, serving fans in the U.S. with exclusive access to more than 32,000 live sports events each year, an unmatched library of on-demand replays and acclaimed original content, and premium written articles by the top reporters and analysts from ESPN.com. Fans sign up to ESPN+ for just $11.99 a month (or $119.99 per year) at ESPN.comESPNplus.com or in the ESPN App on mobile and connected devices. For more visit the ESPN+ Press Kit.

Contacts

Tori Fernandes, Disney Advertising
Tori.Fernandes@disney.com

April Carretta, DTC Communications
April.Carretta@disney.com

Nicolette Hamm, DTC Communications
Nicolette.Hamm@disney.com

The post Disney Advertising Shares Ad-Supported Monthly Active Users (MAU) & Methodology appeared first on The Walt Disney Company.

]]>
Fubo And Disney’s Hulu + Live TV Virtual MVPD Businesses To Combine https://thewaltdisneycompany.com/press-releases/fubo-and-disneys-hulu-live-tv-virtual-mvpd-businesses-to-combine/ Fri, 02 Jan 2026 21:32:36 +0000 https://thewaltdisneycompany.com/news// The post Fubo And Disney’s Hulu + Live TV Virtual MVPD Businesses To Combine appeared first on The Walt Disney Company.

]]>
  • Disney to combine its Hulu + Live TV business with Fubo and become majority owner of the resulting company
  • The combined business will operate under the Fubo publicly traded company name (NYSE: FUBO) led by the existing Fubo management team; Fubo and Hulu + Live TV will continue to be available to consumers as separate offerings
  • With a combined 6.2 million North American subscribers between Fubo and Hulu + Live TV, the new vMVPD company is expected to enhance consumer choice through more flexible programming offerings
  • Fubo to create a new Sports & Broadcasting service, featuring Disney’s premier sports and broadcast networks
  • All litigation between Fubo and Disney has been settled

NEW YORK and BURBANK, Calif., January 6, 2025 – FuboTV Inc. (NYSE: FUBO) and The Walt Disney Company (NYSE: DIS) today announced that they have entered into a definitive agreement for Disney to combine its Hulu + Live TV business with Fubo (the “Transaction”), forming a combined virtual MVPD company. The Transaction will enhance consumer choice by making available a broad set of programming offerings, and is subject to regulatory approvals, Fubo shareholder approval, and the satisfaction of other customary closing conditions.

Under the terms of the definitive agreement, at closing, Disney will own 70% of Fubo. Fubo’s existing management team, led by Fubo Co-founder and CEO David Gandler, will operate the newly combined Fubo and Hulu + Live TV businesses.

“We are thrilled to collaborate with Disney to create a consumer-first streaming company that combines the strengths of the Fubo and Hulu + Live TV brands,” said Gandler. “This combination enables us to deliver on our promise to provide consumers with greater choice and flexibility. Additionally, this agreement allows us to scale effectively, strengthens Fubo’s balance sheet and positions us for positive cash flow. It’s a win for consumers, our shareholders, and the entire streaming industry.”

“This combination will allow both Hulu + Live TV and Fubo to enhance and expand their virtual MVPD offerings and provide consumers with even more choice and flexibility,” said Justin Warbrooke, Executive Vice President and Head of Corporate Development, The Walt Disney Company. “We have confidence in the Fubo management team and their ability to grow the business, delivering high-quality offerings that serve subscribers with the content they want and offering great value.”

Combined Business to Provide Enhanced Consumer Choice

Fubo and Hulu + Live TV each provide customers the ability to stream a broad array of live broadcast and cable networks on their connected TVs, mobile phones, tablets, and other internet-connected devices.

Combining the businesses of Fubo and Hulu + Live TV—which together have over 6.2 million subscribers in North America — will facilitate an enhanced choice of programming packages and address a variety of consumer preferences at attractive price points.

In connection with the Transaction, Disney will enter into a new carriage agreement with Fubo that will allow Fubo to create a new Sports & Broadcast service, featuring Disney’s premier sports and broadcast networks including ABC, ESPN, ESPN2, ESPNU, SECN, ACCN, ESPNEWS, as well as ESPN+.

Fubo and Hulu + Live TV will continue to be available to consumers as separate offerings post-closing. Hulu + Live TV, a leader in entertainment programming, will continue to be streamed in the Hulu app and be offered as part of the attractive bundle with Hulu, Disney+ and ESPN+. Fubo, which streams more than 55,000 live sporting events annually, will continue to serve its subscribers in the Fubo app.

The combined company will negotiate carriage agreements with content providers for both Hulu + Live TV and Fubo services independently from Disney.

Combined Company will Benefit from Synergies

Following the closing of the Transaction, Fubo will be governed by a board of directors with the majority appointed by Disney, as well as independent directors. Gandler will also serve on the board of directors continuing as Fubo’s CEO. The Transaction will provide the combined company with the resources and support of Disney, and the existing Fubo management team will continue to focus on driving growth and profitability.

The Transaction will also enable Fubo shareholders to benefit from synergies of the combination. The combined business will realize synergies through more flexible programming packaging to cater to all audiences, greater innovation, and sales and marketing opportunities.

The combined company is projected to be well-capitalized and cash-flow positive immediately after the closing of the Transaction.

Transaction Details and Litigation Settlement

In conjunction with the Transaction, Fubo has settled all litigation with Disney and ESPN related to Venu Sports, the previously announced sports streaming platform planned by ESPN, FOX and Warner Bros. Discovery. Fubo has also settled all litigation with FOX and Warner Bros. Discovery.

In connection therewith, at signing of the Transaction, Disney, FOX and Warner Bros. Discovery will make an aggregate cash payment to Fubo of $220 million.

In addition, Disney has committed to provide a $145 million term loan to Fubo in 2026 as part of the Transaction.

Additionally, a termination fee of $130 million will be payable to Fubo under certain circumstances, including if the Transaction fails to close due to the failure to obtain requisite regulatory approvals on the terms and conditions set forth in the definitive agreement.

Advisors

Wells Fargo is serving as the lead financial advisor to Fubo and Evercore is also serving as financial advisor to Fubo. Latham & Watkins LLP is serving as legal advisor to Fubo in connection with the Transaction, and Kellogg Hansen LLP represented Fubo in its antitrust litigation. Centerview Partners LLC is serving as financial advisor to The Walt Disney Company and Cravath, Swaine & Moore LLP is serving as legal advisor to The Walt Disney Company.

Further Information Relating to Fubo

Fubo will file a Form 8-K regarding the Transaction, available on its investor relations website at https://ir.fubo.tv.

Investor Conference Call

Fubo will conduct an investor conference call at 9:00 a.m. EST / 6:00 a.m. PST today, January 6, 2025. The live webcast will be available on the Events & Presentations page of Fubo’s investor relations website. Fubo’s investor deck can be accessed on its investor relations website at https://ir.fubo.tv

Important Information About the Transaction and Where to Find It

The Transaction will be submitted to the shareholders of Fubo for their consideration and approval at a special meeting. In connection with the Transaction, Fubo will file with the Securities and Exchange Commission (the “SEC”) a preliminary proxy statement for the Fubo shareholder meeting. Once the SEC completes its review of the preliminary proxy statement, a definitive proxy statement and a form of proxy will be filed with the SEC and mailed or otherwise furnished to the shareholders of Fubo. Fubo may also file other documents with the SEC regarding the Transaction. This press release is not a substitute for the Fubo proxy statement or any other document that Fubo may file with the SEC or send to its shareholders in connection with the Transaction. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS OF FUBO ARE URGED TO READ THE FUBO PROXY STATEMENT AND ALL OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, IN CONNECTION WITH THE TRANSACTION OR INCORPORATED BY REFERENCE TO THE PROXY STATEMENT, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY, WHEN THEY BECOME AVAILABLE, BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the Fubo proxy statement (when available) and other documents filed with the SEC by Fubo through the website maintained by the SEC at www.sec.gov or by contacting the investor relations department of:

Fubo
https://ir.fubo.tv

Ameet Padte, Fubo
ameet@fubo.tv

JCIR, Fubo
ir@fubo.tv

Participants in the Solicitation

Fubo and its respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the Transaction. Information regarding Fubo’s directors and executive officers, including a description of their direct interests, by security holdings or otherwise, is available in Fubo’s Annual Report on Form 10-K for the year ended December 31, 2023 and its proxy statement dated April 26, 2024, which are filed with the SEC. Additional information will be available in the Fubo proxy statement to be filed in connection with the Transaction.

No Offer or Solicitation

This communication is for informational purposes only and is not intended to and does not constitute an offer to subscribe for, buy or sell, or the solicitation of an offer to subscribe for, buy or sell, or an invitation to subscribe for, buy or sell any securities or a solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, invitation, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.

Cautionary Notes on Forward Looking Statements

This communication contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “target,” “project,” “to be,” similar expressions, and variations or negatives of these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the consummation of the Transaction and the anticipated benefits thereof. These and other forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to: (i) the completion of the Transaction may not occur on the anticipated terms and timing or at all, (ii) the required regulatory approvals may not be obtained, or that in order to obtain such regulatory approvals, conditions may be imposed that adversely affect the anticipated benefits from the Transaction or cause the parties to abandon the Transaction, (iii) the risk that a condition to closing of the Transaction may not be satisfied, (iv) the risk that the anticipated tax treatment of the Transaction is not obtained, (v) potential litigation relating to the Transaction that could be instituted against Fubo, Disney or their respective directors, (vi) potential adverse reactions or changes to business relationships may result from the announcement or completion of the Transaction, (vii) risks associated with third party contracts containing consent and/or other provisions that may be triggered by the Transaction, (viii) negative effects may result from the announcement or the consummation of the Transaction on the market price of Fubo’s or Disney’s common stock, (ix) the potential impact of unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition and losses on the future prospects, business and management strategies for the management, expansion and growth of Fubo’s or Disney’s operations after the consummation of the Transaction and on the other conditions to the completion of the Transaction, (x) disruptions from the Transaction may harm Fubo’s or Disney’s business, including current plans and operations, (xi) Fubo or Disney may not be able to retain or hire key personnel, (xii) there may be adverse legal and regulatory developments or determinations or adverse changes in, or interpretations of, U.S. or foreign laws, rules or regulations, including tax laws, rules and regulations, that could delay or prevent completion of the Transaction or cause the terms of the Transaction to be modified, and (xiii) there may be risks associated with management’s response to any of the aforementioned factors.

These risks, as well as other risks associated with the Transaction, will be more fully discussed in the Fubo proxy statement that will be filed with the SEC in connection with the Transaction. While the list of factors presented here is, and the list of factors to be presented in the proxy statement are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Fubo’s or Disney’s consolidated financial condition, results of operations, credit rating or liquidity. Neither Fubo nor Disney assumes any obligation to publicly provide revisions or updates to any forward looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.

The term “Disney” is used in this release to refer collectively to the parent company and the subsidiaries through which various businesses are actually conducted.

Contacts

Investor Contacts:

Ameet Padte, Fubo
ameet@fubo.tv

JCIR, Fubo
ir@fubo.tv

Carlos Gomez, The Walt Disney Company
carlos.gomez@disney.com

Media Contacts:

Jennifer L. Press, Fubo
jpress@fubo.tv

Bianca Illion, Fubo
billion@fubo.tv

David Jefferson, The Walt Disney Company
David.J.Jefferson@disney.com

Mike Long, The Walt Disney Company
Mike.P.Long@disney.com

The post Fubo And Disney’s Hulu + Live TV Virtual MVPD Businesses To Combine appeared first on The Walt Disney Company.

]]>
The Walt Disney Company Declares Cash Dividend Of $1.00 Per Share https://thewaltdisneycompany.com/press-releases/the-walt-disney-company-declares-cash-dividend-of-1-00-per-share/ Fri, 02 Jan 2026 21:11:51 +0000 https://thewaltdisneycompany.com/news// The post The Walt Disney Company Declares Cash Dividend Of $1.00 Per Share appeared first on The Walt Disney Company.

]]>

BURBANK, Calif., December 4, 2024 – The Walt Disney Company (NYSE: DIS) Board of Directors today declared a cash dividend of $1.00 per share. This represents a 33% increase over the $0.75 per share paid to shareholders during fiscal year 2024.

The dividend will be paid in two installments of $0.50 per share, according to the following record and payable dates:

Record Dates Payable Dates
December 16, 2024 January 16, 2025
June 24, 2025 July 23, 2025

“It’s been a highly successful year for The Walt Disney Company, stemming from the extensive strategic work across the company to improve quality, innovation, efficiency, and value creation,” said Robert A. Iger, Chief Executive Officer, The Walt Disney Company. “With the company operating from a renewed position of strength, we are pleased to increase the dividend for shareholders while continuing to invest for the future and drive sustained growth through Disney’s world-class portfolio of assets.”

About The Walt Disney Company

The Walt Disney Company, together with its subsidiaries and affiliates, is a leading diversified international entertainment and media enterprise that includes three business segments: Entertainment, Sports, and Experiences. Disney is a Dow 30 company and had annual revenue of $91.4 billion in its Fiscal Year 2024.

Forward-Looking Statements

Certain statements in this communication may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our expectations, beliefs, financial prospects, impact of strategic initiatives and other statements that are not historical in nature. Any information that is not historical in nature is subject to change. These statements are made on the basis of the management’s views and assumptions regarding future events and business performance as of the time the statements are made. Management does not undertake any obligation to update these statements.

Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including restructuring or strategic initiatives, our execution of our business plans, our ability to quickly execute on cost rationalization while preserving revenue, the discovery of additional information or other business decisions, as well as from developments beyond the Company’s control, including: the occurrence of subsequent events; deterioration in domestic and global economic conditions or a failure of conditions to improve as anticipated; deterioration in or pressures from competitive conditions, including competition to create or acquire content, competition for talent and competition for advertising revenue; consumer preferences and acceptance of our content, offerings, pricing model and price increases, and corresponding subscriber additions and churn, and the market for advertising sales on our DTC streaming services and linear networks; health concerns and their impact on our businesses and productions; international, political or military developments; regulatory and legal developments; technological developments; labor markets and activities, including work stoppages; adverse weather conditions or natural disasters; and availability of content. Such developments may further affect entertainment, travel and leisure businesses generally and may, among other things, affect (or further affect, as applicable): our operations, business plans or profitability, including direct-to-consumer profitability; demand for our products and services; the performance of the Company’s content; our ability to create or obtain desirable content at or under the value we assign the content; the advertising market for programming; taxation; and performance of some or all Company businesses either directly or through their impact on those who distribute our products.

Additional factors are set forth in the Company’s most recent Annual Report on Form 10-K , including under the captions “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Business,” and subsequent filings with the Securities and Exchange Commission, including, among others, quarterly reports on Form 10-Q.

The terms “Company,” “Disney,” “we,” and “our” are used above to refer collectively to the parent company and the subsidiaries through which our various businesses are actually conducted.

Contacts

Carlos Gómez
Investor Relations
carlos.gomez@disney.com
(818) 560-1933

David Jefferson
Corporate Communications
david.j.jefferson@disney.com
(818) 560-4832

Kelvin Liu
Corporate Communications
kelvin.liu@disney.com
(818) 560-3117

The post The Walt Disney Company Declares Cash Dividend Of $1.00 Per Share appeared first on The Walt Disney Company.

]]>
The Walt Disney Company To Participate In The UBS Global Media And Communications Conference https://thewaltdisneycompany.com/press-releases/the-walt-disney-company-to-participate-in-the-ubs-global-media-and-communications-conference/ Fri, 02 Jan 2026 21:05:07 +0000 https://thewaltdisneycompany.com/news// The post The Walt Disney Company To Participate In The UBS Global Media And Communications Conference appeared first on The Walt Disney Company.

]]>

BURBANK, Calif., Dec 2, 2024 – Hugh Johnston, Senior Executive Vice President & Chief Financial Officer, The Walt Disney Company (NYSE: DIS) will participate in a question-and-answer session at the UBS Global Media and Communications Conference on Monday, December 9, 2024 at approximately 1:30 p.m. ET/ 10:30 a.m. PT.

To stream live, please visit www.disney.com/investors. A recording of the question-and-answer session will be archived on our website.

Contacts

Carlos Gómez
Investor Relations
(818) 560-1933

David Jefferson
Corporate Communications
(818) 560-4832

The post The Walt Disney Company To Participate In The UBS Global Media And Communications Conference appeared first on The Walt Disney Company.

]]>
The Walt Disney Company Reports Fourth Quarter and Full Year Earnings for Fiscal 2024 https://thewaltdisneycompany.com/press-releases/the-walt-disney-company-reports-fourth-quarter-and-full-year-earnings-for-fiscal-2024/ Fri, 02 Jan 2026 21:01:13 +0000 https://thewaltdisneycompany.com/news// The post The Walt Disney Company Reports Fourth Quarter and Full Year Earnings for Fiscal 2024 appeared first on The Walt Disney Company.

]]>
BURBANK, Calif.–The Walt Disney Company (NYSE: DIS) today reported earnings for its fourth quarter and full year ended September 28, 2024.

Financial Results for the Quarter and Full Year:

  • Revenues increased 6% for Q4 to $22.6 billion from $21.2 billion in the prior-year quarter, and 3% for the year to $91.4 billion from $88.9 billion in the prior year.
  • Income before income taxes declined 6% to $0.9 billion in Q4 from $1.0 billion in the prior-year quarter and increased 59% for the year to $7.6 billion from $4.8 billion in the prior year.
  • Diluted earnings per share (EPS) for Q4 increased 79% to $0.25 from $0.14 in the prior-year quarter, and for the year more than doubled to $2.72 from $1.29 in the prior year.

Key Points:

  • We achieved strong 23% growth in total segment operating income([1]) for Q4 and 21% for the year, and 39% growth in adjusted EPS(1) to $1.14 from $0.82 for Q4 and 32% to $4.97 from $3.76 for the year.
  • Entertainment segment operating income improved significantly, to $1.1 billion, up $0.8 billion in Q4 versus the prior-year quarter.
  • Entertainment DTC delivered 14% ad revenue growth in Q4, contributing to $253 million in operating income, and our combined DTC streaming businesses improved their profitability in Q4, with operating income(1) of $321 million.
  • We ended the quarter with 174 million Disney+ Core and Hulu subscriptions, and more than 120 million Disney+ Core paid subscribers, an increase of 4.4 million over the prior quarter.
  • Pixar’s Inside Out 2 and Marvel’s Deadpool & Wolverine broke numerous box office records and helped drive $316 million in operating income at Content Sales/Licensing and Other in Q4.
  • Sports segment operating income was $0.9 billion, a decline of $0.1 billion compared to the prior-year quarter. Domestic ESPN advertising revenue in Q4 grew 7% versus the prior-year quarter.
  • The Experiences segment had record revenue and operating income for the full year. In Q4, Experiences revenue increased $0.1 billion, or 1%, and operating income of $1.7 billion was a decline of $0.1 billion, or 6% compared to the prior-year quarter. Domestic Parks & Experiences operating income increased in Q4, on comparable attendance to the prior-year quarter, driven by higher guest spending, partially offset by higher expenses and costs related to new guest offerings driven by Disney Cruise Line. International Parks & Experiences operating income declined in Q4.
(1)

Diluted EPS excluding certain items (also referred to as adjusted EPS), total segment operating income and DTC streaming businesses operating income are non-GAAP financial measures. The most comparable GAAP measures are diluted EPS, income before income taxes and segment operating income for the Entertainment segment and Sports segment, respectively. See the discussion on pages 18 through 22 for how we define and calculate these measures and a quantitative reconciliation thereof to the most directly comparable GAAP measures.

Guidance and Outlook:

  • We are confident in the long-term prospects for the business and believe we are well positioned for growth.
  • Fiscal 2025:
    • High-single digit adjusted EPS(1) growth compared to fiscal 2024
    • Approximately $15 billion in cash provided by operations
    • Approximately $8 billion of capital expenditures
    • Target dividend growth that tracks our earnings growth
    • Targeting $3 billion in stock repurchases
    • Entertainment: Double digit percentage segment operating income growth compared to fiscal 2024, weighted to the first half of the year
      • Entertainment DTC operating income increase of approximately $875 million versus fiscal 2024, which includes a comparison to an adverse impact of our India DTC business of approximately $200 million on fiscal 2024 Entertainment DTC results
      • Modest decline in Q1 Disney+ Core subscribers versus Q4
      • Q1 Content Sales/Licensing and Other operating income relatively in-line with Q4
    • Sports: 13% segment operating income growth compared to fiscal 2024 on a reported basis. Adjusting for the impact of our India business on Sports’ fiscal 2024 results, operating income is expected to decrease approximately 10%
    • Experiences: 6% to 8% segment operating income growth compared to fiscal 2024, weighted to the second half of the year
      • Q1 operating income adversely impacted by approximately $130 million due to Hurricanes Helene and Milton and approximately $90 million due to Disney Cruise Line pre-launch costs
  • Fiscal 2026(2):
    • Double digit adjusted EPS(1) growth
    • Double digit growth in cash provided by operations
    • When comparing to our fiscal 2025 guide, we expect:
      • Entertainment: Double digit percentage segment operating income growth; 10% operating margin for our Entertainment SVOD DTC businesses (excluding our Hulu Live DMVPD service)(1)
      • Sports: Low single digit percentage segment operating income growth
      • Experiences: High single digit percentage segment operating income growth
  • Fiscal 2027:
    • Double digit adjusted EPS(1) growth
(1)

Diluted EPS excluding certain items (also referred to as adjusted EPS) is a non-GAAP financial measure. Operating margin for Entertainment SVOD DTC businesses (excluding our Hulu Live DMVPD service) is calculated as operating income divided by revenue. Operating income for Entertainment SVOD DTC businesses (excluding our Hulu Live DMVPD service) is a non-GAAP financial measure. The most comparable GAAP measures to these non-GAAP measures are diluted EPS and Entertainment segment operating income, respectively. See the discussion on pages 18 through 22 for how we define and calculate these measures and why the Company is not providing forward-looking quantitative reconciliations of diluted EPS excluding certain items and operating income (and related margin) for our Entertainment SVOD DTC businesses (excluding our Hulu Live DMVPD service) to the most comparable GAAP measures.

(2)

Fiscal 2026 includes a 53rd week and these segment operating income growth rates exclude the expected benefit of the extra week.

 

Message From Our CEO:

“This was a pivotal and successful year for The Walt Disney Company, and thanks to the significant progress we’ve made, we have emerged from a period of considerable challenges and disruption well positioned for growth and optimistic about our future,” said Robert A. Iger, Chief Executive Officer, The Walt Disney Company. “Our solid performance in the fiscal fourth quarter reflected the success of our strategic efforts to improve quality, innovation, efficiency, and value creation. In Q4 we saw one of the best quarters in the history of our film studio, improved profitability in our streaming businesses, a record-breaking 60 Emmy Awards for the company, the continued power of live sports, and the unveiling of an impressive collection of new projects coming to our Experiences segment. As a result of our strategies and our focus on managing our businesses for both the near- and long-term, we are differentiating ourselves from traditional competitors, leveraging the deepest and broadest set of entertainment assets in the industry to drive attractive returns and further advance our goals.”

 

SUMMARIZED FINANCIAL RESULTS

The following table summarizes fourth quarter and full year results for fiscal 2024 and 2023:

Quarter Ended

Year Ended

($ in millions, except per share amounts)

Sept. 28, 2024

Sept. 30, 2023

Change

Sept. 28, 2024

Sept. 30, 2023

Change

Revenues

$

22,574

$

21,241

6

%

$

91,361

$

88,898

3

%

Income before income taxes

$

948

$

1,007

(6

)%

$

7,569

$

4,769

59

%

Total segment operating income(1)

$

3,655

$

2,976

23

%

$

15,601

$

12,863

21

%

Diluted EPS

$

0.25

$

0.14

79

%

$

2.72

$

1.29

>100 %

Diluted EPS excluding certain items(1)

$

1.14

$

0.82

39

%

$

4.97

$

3.76

32

%

Cash provided by operations

$

5,518

$

4,802

15

%

$

13,971

$

9,866

42

%

Free cash flow(1)

$

4,029

$

3,428

18

%

$

8,559

$

4,897

75

%

(1)

Total segment operating income, diluted EPS excluding certain items and free cash flow are non-GAAP financial measures. The most comparable GAAP measures are income before income taxes, diluted EPS and cash provided by operations, respectively. See the discussion on pages 18 through 22 for how we define and calculate these measures and a reconciliation thereof to the most directly comparable GAAP measures.

SUMMARIZED SEGMENT FINANCIAL RESULTS

The following table summarizes fourth quarter and full year segment revenue and operating income for fiscal 2024 and 2023:

Quarter Ended

Year Ended

($ in millions)

Sept. 28, 2024

Sept. 30, 2023

Change

Sept. 28, 2024

Sept. 30, 2023

Change

Revenues:

Entertainment

$

10,829

$

9,524

14

%

$

41,186

$

40,635

1

%

Sports

3,914

3,910

%

17,619

17,111

3

%

Experiences

8,240

8,160

1

%

34,151

32,549

5

%

Eliminations(2)

(409

)

(353

)

(16

)%

(1,595

)

(1,397

)

(14

)%

Total revenues

$

22,574

$

21,241

6

%

$

91,361

$

88,898

3

%

Segment operating income:

Entertainment

$

1,067

$

236

>100 %

$

3,923

$

1,444

>100 %

Sports

929

981

(5

)%

2,406

2,465

(2

)%

Experiences

1,659

1,759

(6

)%

9,272

8,954

4

%

Total segment operating income(1)

$

3,655

$

2,976

23

%

$

15,601

$

12,863

21

%

(1)

Total segment operating income is a non-GAAP financial measure. The most comparable GAAP measure is income before income taxes. See the discussion on pages 18 through 22.

(2)

Reflects fees paid by Hulu to ESPN and the Entertainment linear networks business for the right to air their networks on Hulu Live and fees paid by ABC Network and Disney+ to ESPN to program certain sports content on ABC Network and Disney+.

 

DISCUSSION OF FOURTH QUARTER SEGMENT RESULTS

Entertainment

Revenue and operating income for the Entertainment segment are as follows:

Quarter Ended

Change

Year Ended

($ in millions)

Sept. 28, 2024

Sept. 30, 2023

Sept. 28, 2024

Sept. 30, 2023

Change

Revenues:

Linear Networks

$

2,461

$

2,628

(6

)%

$

10,692

$

11,701

(9

)%

Direct-to-Consumer

5,783

5,036

15

%

22,776

19,886

15

%

Content Sales/Licensing and Other

2,585

1,860

39

%

7,718

9,048

(15

)%

$

10,829

$

9,524

14

%

$

41,186

$

40,635

1

%

Operating income (loss):

Linear Networks

$

498

$

805

(38

)%

$

3,452

$

4,119

(16

)%

Direct-to-Consumer

253

(420

)

nm

143

(2,496

)

nm

Content Sales/Licensing and Other

316

(149

)

nm

328

(179

)

nm

$

1,067

$

236

>100 %

$

3,923

$

1,444

>100 %

 

The increase in Entertainment operating income in the current quarter compared to the prior-year quarter was due to improved results at Direct-to-Consumer and Content Sales/Licensing and Other, partially offset by a decrease at Linear Networks.

Linear Networks

Linear Networks revenues and operating income are as follows:

Quarter Ended

Change

($ in millions)

September 28, 2024

September 30, 2023

Revenue

Domestic

$

1,997

$

2,099

(5

)%

International

464

529

(12

)%

$

2,461

$

2,628

(6

)%

Operating income

Domestic

$

347

$

529

(34

)%

International

52

114

(54

)%

Equity in the income of investees

99

162

(39

)%

$

498

$

805

(38

)%

 

Domestic

Domestic operating income in the current quarter decreased compared to the prior-year quarter due to:

  • Higher marketing costs primarily resulting from more season premieres in the current quarter reflecting the impact of guild strikes in the prior-year quarter
  • Lower affiliate revenue primarily attributable to fewer subscribers including the impact of the non-renewal of carriage of certain networks by an affiliate, partially offset by higher effective rates
  • A decline in advertising revenue resulting from a decrease in impressions reflecting lower average viewership, partially offset by higher rates
  • Programming and production costs were comparable to the prior-year quarter as higher average cost programming at ABC Network, in part due to the impact of guild strikes in the prior-year quarter, was largely offset by lower average cost programming at our cable channels

International

The decrease in International operating income was attributable to:

  • Lower affiliate revenue primarily due to a decline in effective rates and fewer subscribers
  • Higher marketing costs

Equity in the Income of Investees

Income from equity investees decreased due to lower income from A+E Television Networks (A+E) attributable to decreases in affiliate and advertising revenue.

Direct-to-Consumer

Direct-to-Consumer revenues and operating income (loss) are as follows:

Quarter Ended

Change

($ in millions)

September 28, 2024

September 30, 2023

Revenue

$

5,783

$

5,036

15

%

Operating income (loss)

$

253

$

(420

)

nm

 

The improvement in operating results in the current quarter compared to the prior-year quarter was due to:

  • Subscription revenue growth attributable to higher effective rates due to increases in retail pricing and subscriber growth, partially offset by an unfavorable foreign exchange impact
  • An increase in advertising revenue due to higher impressions, partially offset by lower rates
  • Lower marketing costs at Disney+
  • Higher technology and distribution costs
  • An increase in programming and production costs reflecting:
    • Higher subscriber-based fees for programming the Hulu Live TV service attributable to rate increases
    • Lower costs for non-sports content attributable to a decrease at Disney+, partially offset by an increase at Hulu

Key Metrics – Fourth Quarter of Fiscal 2024 Comparison to Third Quarter of Fiscal 2024

In addition to revenue, costs and operating income, management uses the following key metrics(1) to analyze trends and evaluate the overall performance of our Disney+ and Hulu direct-to-consumer (DTC) product offerings, and we believe these metrics are useful to investors in analyzing the business. The following tables and related discussion are on a sequential quarter basis.

Paid subscribers at:

(in millions)

September 28, 2024

June 29, 2024

Change

Disney+

Domestic (U.S. and Canada)

56.0

54.8

2

%

International (excluding Disney+ Hotstar)

66.7

63.5

5

%

Disney+ Core(2)

122.7

118.3

4

%

Disney+ Hotstar

35.9

35.5

1

%

Hulu

SVOD Only

47.4

46.7

1

%

Live TV + SVOD

4.6

4.4

5

%

Total Hulu(2)

52.0

51.1

2

%

Average Monthly Revenue Per Paid Subscriber for the quarter ended:

September 28, 2024

June 29, 2024

Change

Disney+

Domestic (U.S. and Canada)

$

7.70

$

7.74

(1

)%

International (excluding Disney+ Hotstar)

6.95

6.78

3

%

Disney+ Core

7.30

7.22

1

%

Disney+ Hotstar

0.78

1.05

(26

)%

Hulu

SVOD Only

12.54

12.73

(1

)%

Live TV + SVOD

95.82

96.11

%

(1)

See discussion on page 17—DTC Product Descriptions and Key Definitions

(2)

Total may not equal the sum of the column due to rounding

 

Domestic Disney+ average monthly revenue per paid subscriber decreased from $7.74 to $7.70 due to a higher mix of subscribers to ad-supported and wholesale offerings, partially offset by higher advertising revenue.

International Disney+ (excluding Disney+ Hotstar) average monthly revenue per paid subscriber increased from $6.78 to $6.95 due to higher retail pricing, partially offset by a higher mix of subscribers to ad-supported and wholesale offerings and an unfavorable foreign exchange impact.

Disney+ Hotstar average monthly revenue per paid subscriber decreased from $1.05 to $0.78 due to lower advertising revenue.

Hulu SVOD Only average monthly revenue per paid subscriber decreased from $12.73 to $12.54 primarily due to a higher mix of subscribers to multi-product offerings and lower advertising revenue.

Content Sales/Licensing and Other

Content Sales/Licensing and Other revenues and operating income (loss) are as follows:

Quarter Ended

Change

($ in millions)

September 28, 2024

September 30, 2023

Revenue

$

2,585

$

1,860

39

%

Operating income (loss)

$

316

$

(149

)

nm

 

The improvement in operating results was primarily due to higher theatrical distribution results reflecting the strong performance of Inside Out 2 and Deadpool & Wolverine in the current quarter. The prior-year quarter included Haunted Mansion.

Sports

Sports revenues and operating income (loss) are as follows:

Quarter Ended

Change

($ in millions)

September 28, 2024

September 30, 2023

Revenue

ESPN

Domestic

$

3,492

$

3,455

1

%

International

364

363

%

3,856

3,818

1

%

Star India

58

92

(37

)%

$

3,914

$

3,910

%

Operating income (loss)

ESPN

Domestic

$

936

$

987

(5

)%

International

(40

)

(34

)

(18

)%

896

953

(6

)%

Star India

20

12

67

%

Equity in the income of investees

13

16

(19

)%

$

929

$

981

(5

)%

 

Domestic ESPN

The decrease in domestic ESPN operating results in the current quarter compared to the prior-year quarter was due to:

  • Higher programming and production costs attributable to an increase in college football rights costs and higher production costs, partially offset by lower NFL rights costs as a result of airing one fewer game in the current quarter
  • Lower affiliate revenue due to fewer subscribers, partially offset by higher effective rates
  • Advertising revenue growth reflecting increases in rates and sponsorship revenue, partially offset by lower average viewership
  • Growth in subscription revenue due to higher effective rates attributable to an increase in retail pricing

Key Metrics – Fourth Quarter of Fiscal 2024 Comparison to Third Quarter of Fiscal 2024

In addition to revenue, costs and operating income, management uses the following key metrics(1) to analyze trends and evaluate the overall performance of our ESPN+ DTC product offering, and we believe these metrics are useful to investors in analyzing the business. The following table and related discussion are on a sequential quarter basis.

September 28, 2024

June 29, 2024

Change

Paid subscribers at: (in millions)

25.6

24.9

3

%

Average Monthly Revenue Per Paid Subscriber for the quarter ended:

$

5.94

$

6.23

(5

)%

(1)

See discussion on page 17—DTC Product Descriptions and Key Definitions

 

The decrease in ESPN+ average monthly revenue per paid subscriber was due to lower advertising revenue and a higher mix of subscribers to wholesale and multi-product offerings.

Experiences

Experiences revenues and operating income are as follows:

Quarter Ended

Change

($ in millions)

September 28, 2024

September 30, 2023

Revenue

Parks & Experiences

Domestic

$

5,521

$

5,384

3

%

International

1,583

1,665

(5

)%

Consumer Products

1,136

1,111

2

%

$

8,240

$

8,160

1

%

Operating income

Parks & Experiences

Domestic

$

847

$

808

5

%

International

299

441

(32

)%

Consumer Products

513

510

1

%

$

1,659

$

1,759

(6

)%

 

Domestic Parks and Experiences

The increase in operating income at our domestic parks and experiences reflected:

  • Guest spending growth attributable to increases in per capita guest spending at our theme parks and cruise line
  • Lower sales of Disney Vacation Club units
  • Higher costs primarily due to inflation, new guest offerings, increased technology spending and higher operations support costs, partially offset by the comparison to depreciation in the prior-year quarter related to the closure of Star Wars: Galactic Starcruiser

International Parks and Experiences

International parks and experiences’ operating results decreased compared to the prior-year quarter due to:

  • Lower volumes attributable to declines in attendance
  • An increase in costs primarily due to new guest offerings and higher depreciation
  • A decrease in guest spending due to lower theme park per capita guest spending, partially offset by an increase in per room spending at our resorts

OTHER FINANCIAL INFORMATION

DTC Streaming Businesses

Revenue and operating income (loss) for our combined DTC streaming businesses, which consist of the Direct-to-Consumer line of business at the Entertainment segment and ESPN+ at the Sports segment, are as follows:

Quarter Ended

Change

Year Ended

($ in millions)

Sept. 28, 2024

Sept. 30, 2023

Sept. 28, 2024

Sept. 30, 2023

Change

Revenue

$

6,296

$

5,553

13

%

$

24,938

$

21,926

14

%

Operating income (loss) (1)

$

321

$

(387

)

nm

$

134

$

(2,612

)

nm

(1)

DTC streaming businesses operating income (loss) is not a financial measure defined by GAAP. The most comparable GAAP measures are segment operating income for the Entertainment segment and Sports segment. See the discussion on page 22 for how we define and calculate this measure and a reconciliation of it to the most directly comparable GAAP measures.

 

Corporate and Unallocated Shared Expenses

Corporate and unallocated shared expenses increased $115 million for the quarter, from $293 million to $408 million, driven by increased professional fees and compensation costs.

Restructuring and Impairment Charges

Restructuring and impairment charges were as follows:

Quarter Ended

($ in millions)

September 28, 2024

September 30, 2023

Impairments:

Goodwill(1)

$

584

$

721

Retail assets

328

Star India

210

Content(2)

187

137

Equity investments

165

141

Severance

69

22

$

1,543

$

1,021

(1)

In the current quarter, goodwill impairment related to our general entertainment linear networks. In the prior-year quarter, goodwill impairments related to our general entertainment and international sports linear networks.

(2)

In the current and prior-year quarters, content impairments related to strategic changes in our approach to content curation.

 

Interest Expense, net

Interest expense, net was as follows:

Quarter Ended

($ in millions)

September 28, 2024

September 30, 2023

Change

Interest expense

$

(532

)

$

(501

)

(6

)%

Interest income, investment income and other

171

219

(22

)%

Interest expense, net

$

(361

)

$

(282

)

(28

)%

 

The increase in interest expense was primarily due to lower capitalized interest.

The decrease in interest income, investment income and other reflected the impact of lower cash and cash equivalent balances, partially offset by lower investment losses and a favorable comparison of pension and postretirement benefit costs, other than service cost.

Equity in the Income of Investees

Equity in the income of investees was as follows:

Quarter Ended

($ in millions)

September 28, 2024

September 30, 2023

Change

Amounts included in segment results:

Entertainment

$

97

$

158

(39

)%

Sports

13

16

(19

)%

A+E gain(1)

56

(100

)%

Amortization of TFCF Corporation (TFCF) intangible assets related to an equity investee

(3

)

(3

)

%

Equity in the income of investees

$

107

$

227

(53

)%

(1)

Restructuring and impairment charges included the impact of a content license agreement termination with A+E, which generated a gain at A+E. The Company’s 50% interest in this gain was $56 million (A+E gain) in the prior-year quarter.

 

Income from equity investees decreased $120 million, to $107 million from $227 million, due to lower income from A+E.

Income Taxes

The effective income tax rate was as follows:

Quarter Ended

September 28, 2024

September 30, 2023

Income before income taxes

$

948

$

1,007

Income tax expense

384

313

Effective income tax rate

40.5

%

31.1

%

 

The increase in effective income tax rate was due to the impact from adjustments related to prior years and an unfavorable impact from higher non-tax deductible impairments in the current quarter compared to the prior-year quarter. Adjustments related to prior years were favorable in the prior-year quarter and unfavorable in the current quarter.

Noncontrolling Interests

Net income attributable to noncontrolling interests was as follows:

Quarter Ended

($ in millions)

September 28, 2024

September 30, 2023

Change

Net income attributable to noncontrolling interests

$

(104

)

$

(430

)

76

%

 

The decrease in net income attributable to noncontrolling interests was due to the comparison to the accretion of NBC Universal’s interest in Hulu in the prior-year quarter as we had accreted to the full guaranteed redemption value by December 2023. The decrease was also due to lower results at Shanghai Disney Resort and National Geographic.

Net income attributable to noncontrolling interests is determined on income after royalties and management fees, financing costs and income taxes, as applicable.

FULL YEAR CASH FLOW

Cash from Operations

Cash provided by operations and free cash flow were as follows:

Year Ended

($ in millions)

September 28, 2024

September 30, 2023

Change

Cash provided by operations

$

13,971

$

9,866

$

4,105

Investments in parks, resorts and other property

(5,412

)

(4,969

)

(443

)

Free cash flow(1)

$

8,559

$

4,897

$

3,662

(1)

Free cash flow is not a financial measure defined by GAAP. The most comparable GAAP measure is cash provided by operations. See the discussion on pages 18 through 22.

 

Cash provided by operations increased $4.1 billion to $14.0 billion in the current year from $9.9 billion in the prior year driven by:

  • Lower film and television production spending and the timing of payments for sports rights
  • Collateral receipts related to our hedging program in the current year compared to collateral payments in the prior year
  • Higher operating income at Entertainment
  • A payment in the prior year related to the termination of content licenses in fiscal 2022
  • Higher cash tax payments in fiscal 2024 compared to fiscal 2023. Fiscal 2023 U.S. federal and California state tax payments were deferred and paid in fiscal 2024 pursuant to relief provided by the Internal Revenue Service and California State Board of Equalization as a result of 2023 winter storms in California. In addition, a portion of fiscal 2024 U.S. federal and Florida state taxes was paid in fiscal 2024 and the remainder has been deferred to fiscal 2025 pursuant to relief provided by the Internal Revenue Service and Florida Department of Revenue as a result of 2024 hurricanes in Florida.

Capital Expenditures

Investments in parks, resorts and other property were as follows:

Year Ended

($ in millions)

September 28, 2024

September 30, 2023

Entertainment

$

977

$

1,032

Sports

10

15

Experiences

Domestic

2,710

2,203

International

949

822

Total Experiences

3,659

3,025

Corporate

766

897

Total investments in parks, resorts and other property

$

5,412

$

4,969

 

Capital expenditures increased to $5.4 billion from $5.0 billion due to higher spend on cruise ship fleet expansion and new attractions at the Experiences segment, partially offset by lower spend on Corporate facilities.

Depreciation Expense

Depreciation expense was as follows:

Year Ended

($ in millions)

September 28, 2024

September 30, 2023

Entertainment

$

681

$

669

Sports

39

73

Experiences

Domestic

1,744

2,011

International

726

669

Total Experiences

2,470

2,680

Corporate

244

204

Total depreciation expense

$

3,434

$

3,626

 

THE WALT DISNEY COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited; $ in millions, except per share data)

Quarter Ended

Year Ended

September 28, 2024

September 30, 2023

September 28, 2024

September 30, 2023

Revenues

$

22,574

$

21,241

$

91,361

$

88,898

Costs and expenses

(19,829

)

(19,158

)

(79,447

)

(79,906

)

Restructuring and impairment charges

(1,543

)

(1,021

)

(3,595

)

(3,892

)

Other income (expense), net

(65

)

96

Interest expense, net

(361

)

(282

)

(1,260

)

(1,209

)

Equity in the income of investees

107

227

575

782

Income before income taxes

948

1,007

7,569

4,769

Income taxes

(384

)

(313

)

(1,796

)

(1,379

)

Net income

564

694

5,773

3,390

Net income attributable to noncontrolling interests

(104

)

(430

)

(801

)

(1,036

)

Net income attributable to The Walt Disney Company (Disney)

$

460

$

264

$

4,972

$

2,354

Earnings per share attributable to Disney:

Diluted

$

0.25

$

0.14

$

2.72

$

1.29

Basic

$

0.25

$

0.14

$

2.72

$

1.29

Weighted average number of common and common equivalent shares outstanding:

Diluted

1,819

1,833

1,831

1,830

Basic

1,814

1,831

1,825

1,828

 

THE WALT DISNEY COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited; $ in millions, except per share data)

September 28, 2024

September 30, 2023

ASSETS

Current assets

Cash and cash equivalents

$

6,002

$

14,182

Receivables, net

12,729

12,330

Inventories

2,022

1,963

Content advances

2,097

3,002

Other current assets

2,391

1,286

Total current assets

25,241

32,763

Produced and licensed content costs

32,312

33,591

Investments

4,459

3,080

Parks, resorts and other property

Attractions, buildings and equipment

76,674

70,090

Accumulated depreciation

(45,506

)

(42,610

)

31,168

27,480

Projects in progress

4,728

6,285

Land

1,145

1,176

37,041

34,941

Intangible assets, net

10,739

13,061

Goodwill

73,326

77,067

Other assets

13,101

11,076

Total assets

$

196,219

$

205,579

LIABILITIES AND EQUITY

Current liabilities

Accounts payable and other accrued liabilities

$

21,070

$

20,671

Current portion of borrowings

6,845

4,330

Deferred revenue and other

6,684

6,138

Total current liabilities

34,599

31,139

Borrowings

38,970

42,101

Deferred income taxes

6,277

7,258

Other long-term liabilities

10,851

12,069

Commitments and contingencies

Redeemable noncontrolling interests

9,055

Equity

Preferred stock

Common stock, $0.01 par value, Authorized – 4.6 billion shares, Issued – 1.9 billion shares at September 28, 2024 and 1.8 billion shares at September 30, 2023

58,592

57,383

Retained earnings

49,722

46,093

Accumulated other comprehensive loss

(3,699

)

(3,292

)

Treasury stock, at cost, 47 million shares at September 28, 2024 and 19 million shares at September 30, 2023

(3,919

)

(907

)

Total Disney Shareholders’ equity

100,696

99,277

Noncontrolling interests

4,826

4,680

Total equity

105,522

103,957

Total liabilities and equity

$

196,219

$

205,579

 

THE WALT DISNEY COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited; $ in millions)

Year Ended

September 28, 2024

September 30, 2023

OPERATING ACTIVITIES

Net income

$

5,773

$

3,390

Depreciation and amortization

4,990

5,369

Impairments of goodwill, produced and licensed content and other assets

3,511

3,128

Net (gain)/loss on investments

5

(166

)

Deferred income taxes

(821

)

(1,346

)

Equity in the income of investees

(575

)

(782

)

Cash distributions received from equity investees

437

720

Net change in produced and licensed content costs and advances

1,046

(1,908

)

Equity-based compensation

1,366

1,143

Pension and postretirement medical cost amortization

(96

)

4

Other, net

(52

)

137

Changes in operating assets and liabilities

Receivables

(565

)

358

Inventories

(42

)

(183

)

Other assets

265

(201

)

Accounts payable and other liabilities

156

(1,142

)

Income taxes

(1,427

)

1,345

Cash provided by operations

13,971

9,866

INVESTING ACTIVITIES

Investments in parks, resorts and other property

(5,412

)

(4,969

)

Proceeds from sales of investments

105

458

Purchase of investments

(1,506

)

Other, net

(68

)

(130

)

Cash used in investing activities

(6,881

)

(4,641

)

FINANCING ACTIVITIES

Commercial paper borrowings (payments), net

1,532

(191

)

Borrowings

132

83

Reduction of borrowings

(3,064

)

(1,675

)

Dividends

(1,366

)

Repurchases of common stock

(2,992

)

Contributions from noncontrolling interests

9

735

Acquisition of redeemable noncontrolling interests

(8,610

)

(900

)

Other, net

(929

)

(776

)

Cash used in financing activities

(15,288

)

(2,724

)

Impact of exchange rates on cash, cash equivalents and restricted cash

65

73

Change in cash, cash equivalents and restricted cash

(8,133

)

2,574

Cash, cash equivalents and restricted cash, beginning of year

14,235

11,661

Cash, cash equivalents and restricted cash, end of year

$

6,102

$

14,235

 

DTC PRODUCT DESCRIPTIONS AND KEY DEFINITIONS

Product offerings

In the U.S., Disney+, ESPN+ and Hulu SVOD Only are each offered as a standalone service or as part of various multi-product offerings. Hulu Live TV + SVOD includes Disney+ and ESPN+. Disney+ is available in more than 150 countries and territories outside the U.S. and Canada. In India and certain other Southeast Asian countries, the service is branded Disney+ Hotstar. In certain Latin American countries prior to July 2024, we offered Disney+ as well as Star+, a general entertainment SVOD service, which was available on a standalone basis or together with Disney+ (Combo+). At the end of June 2024, we merged these services into a single Disney+ product offering. Depending on the market, our services can be purchased on our websites or through third-party platforms/apps or are available via wholesale arrangements.

Paid subscribers

Paid subscribers reflect subscribers for which we recognized subscription revenue. Certain product offerings provide the option for an extra member to be added to an account (extra member add-on). These extra members are not counted as paid subscribers. Subscribers cease to be a paid subscriber as of their effective cancellation date or as a result of a failed payment method. Subscribers to multi-product offerings in the U.S. are counted as a paid subscriber for each of the Company’s services included in the multi-product offering and subscribers to Hulu Live TV + SVOD are counted as one paid subscriber for each of the Hulu Live TV + SVOD, Disney+ and ESPN+ services. In Latin America prior to July 2024, if a subscriber had either the standalone Disney+ or Star+ service or subscribed to Combo+, the subscriber was counted as one Disney+ paid subscriber. Subscribers include those who receive an entitlement to a service through wholesale arrangements, including those for which the service is available to each subscriber of an existing content distribution tier. When we aggregate the total number of paid subscribers across our DTC streaming services, we refer to them as paid subscriptions.

International Disney+ (excluding Disney+ Hotstar)

International Disney+ (excluding Disney+ Hotstar) includes the Disney+ service outside the U.S. and Canada.

Average Monthly Revenue Per Paid Subscriber

Hulu and ESPN+ average monthly revenue per paid subscriber is calculated based on the average of the monthly average paid subscribers for each month in the period. The monthly average paid subscribers is calculated as the sum of the beginning of the month and end of the month paid subscriber count, divided by two. Disney+ average monthly revenue per paid subscriber is calculated using a daily average of paid subscribers for the period. Revenue includes subscription fees, advertising (excluding revenue earned from selling advertising spots to other Company businesses), premium and feature add-on revenue and extra member add-on revenue but excludes Pay-Per-View revenue. Advertising revenue generated by content on one DTC streaming service that is accessed through another DTC streaming service by subscribers to both streaming services is allocated between both streaming services. The average revenue per paid subscriber is net of discounts on offerings that carry more than one service. Revenue is allocated to each service based on the relative retail or wholesale price of each service on a standalone basis. Hulu Live TV + SVOD revenue is allocated to the SVOD services based on the wholesale price of the Hulu SVOD Only, Disney+ and ESPN+ multi-product offering. In general, wholesale arrangements have a lower average monthly revenue per paid subscriber than subscribers that we acquire directly or through third-party platforms.

NON-GAAP FINANCIAL MEASURES

This earnings release presents diluted EPS excluding certain items (also referred to as adjusted EPS), total segment operating income, free cash flow and DTC streaming businesses operating income (loss). This earnings release also presents forward-looking operating margin for Entertainment SVOD DTC businesses (excluding our Hulu Live DMVPD service), which is calculated as operating income divided by revenue. Diluted EPS excluding certain items, total segment operating income, free cash flow, DTC streaming businesses operating income (loss) and operating income for Entertainment SVOD DTC businesses (excluding our Hulu Live DMVPD service) are important financial measures for the Company but are not financial measures defined by GAAP.

These measures should be reviewed in conjunction with the most comparable GAAP financial measures and are not presented as alternative measures of diluted EPS, income before income taxes, cash provided by operations, Entertainment and Sports segment operating income (loss) or Entertainment segment operating income as determined in accordance with GAAP. Diluted EPS excluding certain items, total segment operating income, free cash flow, DTC streaming businesses operating income (loss) and operating income (and related margin) for Entertainment SVOD DTC businesses (excluding our Hulu Live DMVPD service) as we have calculated them may not be comparable to similarly titled measures reported by other companies.

Our definitions and calculations of diluted EPS excluding certain items, total segment operating income, free cash flow and DTC streaming businesses operating income (loss), as well as quantitative reconciliations of each of these measures to the most directly comparable GAAP financial measure, are provided below. In addition, our definition of operating income (and related margin) for Entertainment SVOD DTC businesses (excluding our Hulu Live DMVPD service) is provided below.

The Company is not providing the forward-looking measure for diluted EPS or Entertainment segment operating income (and related margin), which are the most directly comparable GAAP measures to diluted EPS excluding certain items and operating income (and related margin) for Entertainment SVOD DTC businesses (excluding our Hulu Live DMVPD service), respectively, or quantitative reconciliations of forward-looking diluted EPS excluding certain items and operating income (and related margin) for our Entertainment SVOD DTC businesses (excluding our Hulu Live DMVPD service) to those most directly comparable GAAP measures. The Company is unable to predict or estimate with reasonable certainty the ultimate outcome of certain significant items required for such GAAP measures without unreasonable effort. Information about other adjusting items that is currently not available to the Company could have a potentially unpredictable and significant impact on future GAAP financial results.

Diluted EPS excluding certain items

The Company uses diluted EPS excluding (1) certain items affecting comparability of results from period to period and (2) amortization of TFCF and Hulu intangible assets, including purchase accounting step-up adjustments for released content, to facilitate the evaluation of the performance of the Company’s operations exclusive of these items, and these adjustments reflect how senior management is evaluating segment performance.

The Company believes that providing diluted EPS exclusive of certain items impacting comparability is useful to investors, particularly where the impact of the excluded items is significant in relation to reported earnings and because the measure allows for comparability between periods of the operating performance of the Company’s business and allows investors to evaluate the impact of these items separately.

The Company further believes that providing diluted EPS exclusive of amortization of TFCF and Hulu intangible assets associated with the acquisition in 2019 is useful to investors because the TFCF and Hulu acquisition was considerably larger than the Company’s historic acquisitions with a significantly greater acquisition accounting impact.

The following table reconciles reported diluted EPS to diluted EPS excluding certain items for the fourth quarter:

($ in millions except EPS)

Pre-Tax Income/

Loss

Tax Benefit/

Expense(1)

After-Tax Income/

Loss(2)

Diluted

EPS(3)

Change vs. prior-year period

Quarter Ended September 28, 2024

As reported

$

948

$

(384

)

$

564

$

0.25

79

%

Exclude:

Restructuring and impairment charges(4)

1,543

(172

)

1,371

0.73

Amortization of TFCF and Hulu intangible assets and fair value step-up on film and television costs(5)

395

(92

)

303

0.16

Excluding certain items

$

2,886

$

(648

)

$

2,238

$

1.14

39

%

Quarter Ended September 30, 2023

As reported

$

1,007

$

(313

)

$

694

$

0.14

Exclude:

Restructuring and impairment charges(4)

965

(57

)

908

0.50

Amortization of TFCF and Hulu intangible assets and fair value step-up on film and television costs(5)

429

(100

)

329

0.18

Excluding certain items

$

2,401

$

(470

)

$

1,931

$

0.82

(1)

Tax benefit/expense is determined using the tax rate applicable to the individual item.

(2)

Before noncontrolling interest share.

(3)

Net of noncontrolling interest share, where applicable. Total may not equal the sum of the column due to rounding.

(4)

Charges for the current quarter included impairments of goodwill ($584 million), assets at our retail business ($328 million), Star India ($210 million), content ($187 million) and equity investments ($165 million), and severance costs ($69 million). Charges for the prior-year quarter included impairments of goodwill ($721 million), an equity investment ($141 million) and licensed content ($137 million) and severance costs ($22 million), net of the A+E gain ($56 million).

(5)

For the current quarter, intangible asset amortization was $326 million, step-up amortization was $66 million and amortization of intangible assets related to a TFCF equity investee was $3 million. For the prior-year quarter, intangible asset amortization was $361 million, step-up amortization was $65 million and amortization of intangible assets related to a TFCF equity investee was $3 million.

The following table reconciles reported diluted EPS to diluted EPS excluding certain items for the year:

($ in millions except EPS)

Pre-Tax Income/

Loss

Tax Benefit/

Expense(1)

After-Tax Income/

Loss(2)

Diluted

EPS(3)

Change vs. prior year

Year Ended September 28, 2024:

As reported

$

7,569

$

(1,796

)

$

5,773

$

2.72

>100 %

Exclude:

Restructuring and impairment charges(4)

3,595

(293

)

3,302

1.78

Amortization of TFCF and Hulu intangible assets and fair value step-up on film and television costs(5)

1,677

(391

)

1,286

0.68

Other expense(6)

65

(11

)

54

0.03

Income Tax Reserve Adjustments

(418

)

(418

)

(0.23

)

Excluding certain items

$

12,906

$

(2,909

)

$

9,997

$

4.97

32

%

Year Ended September 30, 2023:

As reported

$

4,769

$

(1,379

)

$

3,390

$

1.29

Exclude:

Restructuring and impairment charges(4)

3,836

(717

)

3,119

1.69

Amortization of TFCF and Hulu intangible assets and fair value step-up on film and television costs(5)

1,998

(465

)

1,533

0.82

Other income, net(6)

(96

)

13

(83

)

(0.05

)

Excluding certain items

$

10,507

$

(2,548

)

$

7,959

$

3.76

(1)

Tax benefit/expense is determined using the tax rate applicable to the individual item.

(2)

Before noncontrolling interest share.

(3)

Net of noncontrolling interest share, where applicable. Total may not equal the sum of the column due to rounding.

(4)

Charges for the current year included impairments of Star India ($1,545 million), goodwill ($1,287 million), assets at our retail business ($328 million), content ($187 million) and equity investments ($165 million), and severance costs ($83 million). Charges for the prior year included content impairments ($2,577 million), severance costs ($357 million), impairments of goodwill ($721 million) and an equity investment ($141 million), and costs related to exiting our businesses in Russia ($69 million), net of the A+E gain ($56 million).

(5)

For the current year, intangible asset amortization was $1,394 million, step-up amortization was $271 million and amortization of intangible assets related to a TFCF equity investee was $12 million. For the prior year, intangible asset amortization was $1,547 million, step-up amortization was $439 million and amortization of intangible assets related to a TFCF equity investee was $12 million.

(6)

For the current year, other expense was due to a charge related to a legal ruling ($65 million). For the prior year, other income, net was due to a gain on our investment in DraftKings ($169 million), partially offset by a charge related to a legal ruling ($101 million).

 

Total segment operating income

The Company evaluates the performance of its operating segments based on segment operating income, and management uses total segment operating income (the sum of segment operating income from all of the Company’s segments) as a measure of the performance of operating businesses separate from non-operating factors. The Company believes that information about total segment operating income assists investors by allowing them to evaluate changes in the operating results of the Company’s portfolio of businesses separate from non-operational factors that affect net income, thus providing separate insight into both operations and other factors that affect reported results.

The following table reconciles income before income taxes to total segment operating income:

Quarter Ended

Year Ended

($ in millions)

Sept. 28, 2024

Sept. 30, 2023

Change

Sept. 28, 2024

Sept. 30, 2023

Change

Income before income taxes

$

948

$

1,007

(6

)%

$

7,569

$

4,769

59

%

Add (subtract):

Corporate and unallocated shared expenses

408

293

(39

)%

1,435

1,147

(25

)%

Restructuring and impairment charges

1,543

965

(60

)%

3,595

3,836

6

%

Other (income) expense, net

%

65

(96

)

nm

Interest expense, net

361

282

(28

)%

1,260

1,209

(4

)%

Amortization of TFCF and Hulu intangible assets and fair value step-up on film and television costs

395

429

8

%

1,677

1,998

16

%

Total segment operating income

$

3,655

$

2,976

23

%

$

15,601

$

12,863

21

%

 

Free cash flow

The Company uses free cash flow (cash provided by operations less investments in parks, resorts and other property), among other measures, to evaluate the ability of its operations to generate cash that is available for purposes other than capital expenditures. Management believes that information about free cash flow provides investors with an important perspective on the cash available to service debt obligations, make strategic acquisitions and investments and pay dividends or repurchase shares.

The following table presents a summary of the Company’s consolidated cash flows:

Quarter Ended

Year Ended

($ in millions)

Sept. 28, 2024

Sept. 30, 2023

Sept. 28, 2024

Sept. 30, 2023

Cash provided by operations

$

5,518

$

4,802

$

13,971

$

9,866

Cash used in investing activities

(1,978

)

(1,382

)

(6,881

)

(4,641

)

Cash used in financing activities

(3,566

)

(597

)

(15,288

)

(2,724

)

Impact of exchange rates on cash, cash equivalents and restricted cash

79

(101

)

65

73

Change in cash, cash equivalents and restricted cash

53

2,722

(8,133

)

2,574

Cash, cash equivalents and restricted cash, beginning of period

6,049

11,513

14,235

11,661

Cash, cash equivalents and restricted cash, end of period

$

6,102

$

14,235

$

6,102

$

14,235

The following table reconciles the Company’s consolidated cash provided by operations to free cash flow:

Quarter Ended

Year Ended

($ in millions)

Sept. 28, 2024

Sept. 30, 2023

Change

Sept. 28, 2024

Sept. 30, 2023

Change

Cash provided by operations

$

5,518

$

4,802

$

716

$

13,971

$

9,866

$

4,105

Investments in parks, resorts and other property

(1,489

)

(1,374

)

(115

)

(5,412

)

(4,969

)

(443

)

Free cash flow

$

4,029

$

3,428

$

601

$

8,559

$

4,897

$

3,662

 

DTC Streaming Businesses

The Company uses combined DTC streaming businesses operating income (loss) because it believes that this measure allows investors to evaluate the performance of its portfolio of streaming businesses and track progress against the Company’s goal of reaching profitability at its combined streaming businesses.

The following tables reconcile Entertainment and Sports segment operating income (loss) to the DTC streaming businesses operating income (loss):

Quarter Ended

September 28, 2024

September 30, 2023

($ in millions)

Entertainment

Sports

DTC Streaming Businesses

Entertainment

Sports

DTC Streaming Businesses

Linear Networks

$

498

$

861

$

805

$

948

DTC streaming businesses (Direct-to-Consumer and ESPN+ businesses)

253

68

$

321

(420

)

33

$

(387

)

Content Sales/Licensing and Other

316

(149

)

Segment operating income

$

1,067

$

929

$

236

$

981

Year Ended

September 28, 2024

September 30, 2023

Entertainment

Sports

DTC Streaming Businesses

Entertainment

Sports

DTC Streaming Businesses

Linear Networks

$

3,452

$

2,415

$

4,119

$

2,581

DTC streaming businesses (Direct-to-Consumer and ESPN+ businesses)

143

(9

)

$

134

(2,496

)

(116

)

$

(2,612

)

Content Sales/Licensing and Other

328

(179

)

Segment operating income

$

3,923

$

2,406

$

1,444

$

2,465

 

Operating Income for Entertainment SVOD DTC businesses (excluding our Hulu Live DMVPD service)

Operating income for Entertainment SVOD DTC businesses (excluding our Hulu Live DMVPD service) consists of operating income for the Direct-to-Consumer line of business at the Entertainment segment less our Hulu Live DMVPD service.

The Company uses operating income (and related margin) for Entertainment SVOD DTC businesses (excluding our Hulu Live DMVPD service) as a measure of the performance of our Entertainment SVOD direct-to-consumer services separate from our Hulu Live DMVPD service, which we believe assists investors by allowing them to evaluate the performance of these SVOD direct-to-consumer services.

 

FORWARD-LOOKING STATEMENTS

Certain statements and information in this earnings release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our expectations, beliefs, plans, financial prospects, trends or outlook and guidance; financial or performance estimates and expectations (including estimated or expected revenues, earnings, operating income, cash position and margins) and expected drivers; direct-to-consumer prospects, including expectations for subscriber growth; timing, availability or nature of our offerings; future capital expenditures and investments, including opportunities for growth and expansion; future capital allocation, including dividends and share repurchases; value of our intellectual property, content offerings, businesses and assets; business and other plans; strategic priorities and initiatives; consumer sentiment, behavior or demand and other statements that are not historical in nature. Any information that is not historical in nature included in this earnings release is subject to change. These statements are made on the basis of management’s views and assumptions regarding future events and business performance as of the time the statements are made. Management does not undertake any obligation to update these statements.

Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including restructuring or strategic initiatives (including capital investments, asset acquisitions or dispositions, new or expanded business lines or cessation of certain operations), our execution of our business plans (including the content we create and IP we invest in, our pricing decisions, our cost structure and our management and other personnel decisions), our ability to quickly execute on cost rationalization while preserving revenue, the discovery of additional information or other business decisions, as well as from developments beyond the Company’s control, including:

  • the occurrence of subsequent events;
  • deterioration in domestic and global economic conditions or failure of conditions to improve as anticipated;
  • deterioration in or pressures from competitive conditions, including competition to create or acquire content, competition for talent and competition for advertising revenue;
  • consumer preferences and acceptance of our content, offerings, pricing model and price increases, and corresponding subscriber additions and churn, and the market for advertising sales on our DTC streaming services and linear networks;
  • health concerns and their impact on our businesses and productions;
  • international, political or military developments;
  • regulatory and legal developments;
  • technological developments;
  • labor markets and activities, including work stoppages;
  • adverse weather conditions or natural disasters; and
  • availability of content.

Such developments may further affect entertainment, travel and leisure businesses generally and may, among other things, affect (or further affect, as applicable):

  • our operations, business plans or profitability, including direct-to-consumer profitability;
  • demand for our products and services;
  • the performance of the Company’s content;
  • our ability to create or obtain desirable content at or under the value we assign the content;
  • the advertising market for programming;
  • taxation; and
  • performance of some or all Company businesses either directly or through their impact on those who distribute our products.

Additional factors are set forth in the Company’s most recent Annual Report on Form 10-K, including under the captions “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Business,” quarterly reports on Form 10-Q, including under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and subsequent filings with the Securities and Exchange Commission.

The terms “Company,” “we,” and “our” are used in this report to refer collectively to the parent company and the subsidiaries through which our various businesses are actually conducted.

 

PREPARED EARNINGS REMARKS AND CONFERENCE CALL INFORMATION

In conjunction with this release, The Walt Disney Company will post prepared management remarks (Executive Commentary) at www.disney.com/investors and will host a conference call today, November 14, 2024, at 8:30 AM EST/5:30 AM PST via a live Webcast. To access the Webcast go to www.disney.com/investors. The corresponding earnings presentation and webcast replay will also be available on the site.

([1]) Diluted EPS excluding certain items (also referred to as adjusted EPS), total segment operating income and DTC streaming businesses operating income are non-GAAP financial measures. The most comparable GAAP measures are diluted EPS, income before income taxes and segment operating income for the Entertainment segment and Sports segment, respectively. See the discussion on pages 18 through 22 for how we define and calculate these measures and a quantitative reconciliation thereof to the most directly comparable GAAP measures.

 

Contacts

David Jefferson
Corporate Communications
818-560-4832

Carlos Gomez
Investor Relations
818-560-1933

The post The Walt Disney Company Reports Fourth Quarter and Full Year Earnings for Fiscal 2024 appeared first on The Walt Disney Company.

]]>
The Walt Disney Company Board Names James P. Gorman As Chairman, Effective January 2, 2025 https://thewaltdisneycompany.com/press-releases/the-walt-disney-company-board-names-james-p-gorman-as-chairman-effective-january-2-2025/ Fri, 02 Jan 2026 20:37:46 +0000 https://thewaltdisneycompany.com/news// The post The Walt Disney Company Board Names James P. Gorman As Chairman, Effective January 2, 2025 appeared first on The Walt Disney Company.

]]>

He Will Succeed Mark G. Parker, Who Is Departing After Nine Years of Service on the Disney Board

Gorman Provides Update on Succession Planning Process, Says Board Plans to Announce Disney’s Next CEO in Early 2026

BURBANK, Calif., October 21, 2024 – The Walt Disney Company (NYSE: DIS) Board of Directors (the “Board”) has named James P. Gorman as Chairman of the Board, effective January 2, 2025.  He will succeed Mark G. Parker, who is departing the Disney Board on January 2 after nine years of service.

Gorman is Executive Chairman of Morgan Stanley and, as previously announced, will be stepping down from that role on December 31, 2024. He is currently Chair of the Disney Board’s Succession Planning Committee, which is working to identify and prepare the next chief executive officer of The Walt Disney Company.

“James Gorman is an esteemed leader who has become an invaluable voice on the Disney Board since joining earlier this year, and I am extremely pleased that he has agreed to assume the role of Chairman upon my departure. Drawing on his vast experience, James is expertly guiding the extensive search process for a new CEO, which remains a top priority for the Board,” said Parker, who is Executive Chairman of NIKE, Inc. “As I prepare to leave the Board to focus on other areas of my work, I am proud of Disney’s renewed position of strength and excited for the company’s future, and I want to thank my fellow directors, Bob Iger and his exemplary management team for their continued strong leadership and dedication.”

“The Disney Board has benefited tremendously from James Gorman’s expertise and guidance, and we are lucky to have him as our next Chairman – particularly as the Board continues to move forward with the succession process,” Iger said. “I’m extremely grateful to Mark Parker for his many years of Board service and leadership, which have been so valuable to this company and its shareholders, and to me as CEO.”

“I am honored and humbled to have the opportunity to serve as Disney’s Chairman at this important moment in the company’s history,” Gorman said. “In the short time I have had the opportunity to work with Mark, I have come to appreciate and deeply respect his authentic leadership, humility and intelligence. I know all Directors join me in saying we have been honored to serve with him as the Chairman of the Board.”

“A critical priority before us is to appoint a new CEO, which we now expect to announce in early 2026. This timing reflects the progress the Succession Planning Committee and the Board are making, and will allow ample time for a successful transition before the conclusion of Bob Iger’s contract in December 2026,” Gorman said.

About the Succession Planning Committee

The Board’s Succession Planning Committee is chaired by Gorman and includes directors Mary T. Barra and Calvin R. McDonald, as well as Parker until his departure. The Committee and the full Board continue to undertake a deliberate and thoughtful succession planning process, including evaluation of transition structures and organizational frameworks, and planning for potential impacts of succession decisions across the Company. The Committee met six times in fiscal 2024, consistently engaging with the full Board on the substance of the decisions to be made. The Board discussed succession planning at each of its regularly scheduled meetings in fiscal 2024. The Committee and Board continue to review internal candidates and external candidates.

About James P. Gorman

James P. Gorman is Executive Chairman of Morgan Stanley and has announced that he will be ceding this role in December 2024. Previously, Gorman served as Morgan Stanley’s Chief Executive Officer from 2010 to 2023 and Chairman from 2012 to 2023. He joined the firm in 2006 and was named Co-President in 2007. Before joining Morgan Stanley, Gorman held executive positions at Merrill Lynch and was a senior partner at McKinsey & Co. He serves as a Director of the Council on Foreign Relations and is a member of the Business Council. He formerly served as a Director of the Federal Reserve Bank of New York and President of the Federal Advisory Council to the U.S. Federal Reserve Board. Gorman has been a Director of the Company since 2024.

About The Walt Disney Company

The Walt Disney Company, together with its subsidiaries and affiliates, is a leading diversified international family entertainment and media enterprise that includes three business segments: Entertainment, Sports and Experiences. Disney is a Dow 30 company and had annual revenue of $88.9 billion in its Fiscal Year 2023.

Forward-Looking Statements

Certain statements and information in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, among other things, regarding changes to the Board of Directors, succession, governance and other statements that are not historical in nature. Any information that is not historical in nature included in this release is subject to change. These statements are made on the basis of views and assumptions regarding future events as of the time the statements are made. The Company does not undertake any obligation to update these statements. Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including changes to the Board of Directors and business or governance decisions, as well as from developments beyond the Company’s control, including the factors set forth in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023 and subsequent filings with the Securities and Exchange Commission.

Contacts

David Jefferson
Corporate Communications
david.j.jefferson@disney.com
(818) 560-4832

Kelvin Liu
Corporate Communications
kelvin.liu@disney.com
(818) 560-3117

The post The Walt Disney Company Board Names James P. Gorman As Chairman, Effective January 2, 2025 appeared first on The Walt Disney Company.

]]>
The Walt Disney Company Board Names James P. Gorman As Succession Planning Committee Chair https://thewaltdisneycompany.com/press-releases/the-walt-disney-company-board-names-james-p-gorman-as-succession-planning-committee-chair/ Fri, 02 Jan 2026 20:29:07 +0000 https://thewaltdisneycompany.com/news// The post The Walt Disney Company Board Names James P. Gorman As Succession Planning Committee Chair appeared first on The Walt Disney Company.

]]>

BURBANK, Calif., August 21, 2024 – The Walt Disney Company (NYSE: DIS) Board of Directors has named Board member James P. Gorman to chair its Succession Planning Committee (the “Committee”), it was announced today by Mark G. Parker, Chairman of the Board.

Gorman, who joined the Disney Board earlier this year, oversaw the recent succession process at Morgan Stanley, where he serves as Executive Chairman following several years as the firm’s Chairman and CEO.

“James is a highly respected leader, and we’ve asked him to serve as the new Chair of the Succession Planning Committee given his deep succession planning experience and long-term strategic mentality,” said Parker, who most recently served as the Committee’s Chair. “Succession planning is a top priority of the Board, and I am eager to continue collaborating with James on the Committee as we advance the important work we have already been doing to identify and prepare the next CEO of The Walt Disney Company.”

In addition to Gorman and Parker, directors Mary T. Barra and Calvin R. McDonald will continue to serve on the Committee. All members of the Committee have direct experience in CEO and senior leadership succession planning for Fortune 500 companies.

“I look forward to working alongside Mark and my other fellow Committee members in advising the Board as we continue to press forward expeditiously with this work,” Gorman said.

Succession Planning Committee Background, Process and Progress to Date

In January 2023, the Board intensified and expanded its approach to CEO succession planning through the formation of a special Succession Planning Committee to advise the Board and plan for a transition of leadership that aligns with the Company’s long-term strategic goals. At the direction of the Board, the Committee and the full Board continue to undertake a deliberate succession planning process, including evaluation of transition structures and organizational frameworks, and planning for potential impacts of succession decisions across the Company. The Committee has met six times to date in fiscal 2024, consistently engaging with the full Board on the substance of the decisions to be made. The Board has discussed succession planning at each of its regularly scheduled meetings in fiscal 2024. As detailed in the Committee’s March 2024 letter to shareholders, the Committee and Board are reviewing internal candidates and external candidates. Internal candidates are going through a preparation process that includes mentorship from Disney CEO Robert A. Iger, external coaching, and engagement with all Board directors.  

James P. Gorman Background

James P. Gorman is Executive Chairman of Morgan Stanley and has announced that he will be ceding this role in December 2024. Previously, Mr. Gorman served as Morgan Stanley’s Chief Executive Officer from 2010 to 2023 and Chairman from 2012 to 2023. He joined the firm in 2006 and was named Co-President in 2007. Before joining Morgan Stanley, Mr. Gorman held executive positions at Merrill Lynch and was a senior partner at McKinsey & Co. He serves as a Director of the Council on Foreign Relations and is a member of the Business Council. He formerly served as a Director of the Federal Reserve Bank of New York and President of the Federal Advisory Council to the U.S. Federal Reserve Board. Mr. Gorman has been a Director of the Company since 2024.

About The Walt Disney Company

The Walt Disney Company, together with its subsidiaries and affiliates, is a leading diversified international family entertainment and media enterprise that includes three business segments: Entertainment, Sports and Experiences. Disney is a Dow 30 company and had annual revenue of $88.9 billion in its Fiscal Year 2023.

Forward-Looking Statements

Certain statements and information in this earnings release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including governance statements that are not historical in nature. Any information that is not historical in nature included in this release is subject to change. These statements are made on the basis of views and assumptions regarding future events as of the time the statements are made. The Company does not undertake any obligation to update these statements. Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including business or governance decisions, as well as from developments beyond the Company’s control, including the factors set forth in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023 and subsequent filings with the Securities and Exchange Commission.

Contacts

David Jefferson
Corporate Communications
david.j.jefferson@disney.com
(818) 560-4832

Mike Long
Corporate Communications
mike.p.long@disney.com
(818) 560-4588

The post The Walt Disney Company Board Names James P. Gorman As Succession Planning Committee Chair appeared first on The Walt Disney Company.

]]>
The Walt Disney Company Announces Departure Of Board Director Safra A. Catz https://thewaltdisneycompany.com/press-releases/the-walt-disney-company-announces-departure-of-board-director-safra-a-catz/ Fri, 02 Jan 2026 20:21:25 +0000 https://thewaltdisneycompany.com/news// The post The Walt Disney Company Announces Departure Of Board Director Safra A. Catz appeared first on The Walt Disney Company.

]]>

BURBANK, Calif., July 19, 2024 – The Walt Disney Company (NYSE: DIS) announced today that Safra A. Catz, Chief Executive Officer of Oracle Corp., is departing its Board of Directors after six years of distinguished service.

“Throughout her tenure on Disney’s Board of Directors, Safra has provided invaluable insight that has helped shape the company’s long-term strategic planning amid a rapidly changing technological landscape that affects our businesses,” said Robert A. Iger, Chief Executive Officer.  “Her contributions have been tremendous, and on behalf of The Walt Disney Company, I want to personally thank Safra for her years of service.”

“I’ve been honored to serve on Disney’s Board, and I am especially proud of the work we’ve done to fortify the company’s unparalleled strengths and continue its rich legacy of innovation,” said Catz. “As I leave the Board today, I am grateful to have had the opportunity to work with Bob and his talented leadership team, and the accomplished members of the Disney Board. I wish the company and its employees every success in the future.”

With Catz’s departure, the size of Disney’s Board has been reduced from 12 directors to 11.

About The Walt Disney Company 
The Walt Disney Company, together with its subsidiaries and affiliates, is a leading diversified international family entertainment and media enterprise that includes three business segments: Entertainment, Sports and Experiences. Disney is a Dow 30 company and had annual revenue of $88.9 billion in its Fiscal Year 2023.

Contacts

David Jefferson
Corporate Communications
david.j.jefferson@disney.com
(818) 560-4832

Mike Long
Corporate Communications
mike.p.long@disney.com
(818) 560-4588

The post The Walt Disney Company Announces Departure Of Board Director Safra A. Catz appeared first on The Walt Disney Company.

]]>
Shareholders Vote To Elect Disney’s Full Slate Of 12 Directors https://thewaltdisneycompany.com/press-releases/shareholders-vote-to-elect-disneys-full-slate-of-12-directors/ Fri, 02 Jan 2026 20:03:19 +0000 https://thewaltdisneycompany.com/news// The post Shareholders Vote To Elect Disney’s Full Slate Of 12 Directors appeared first on The Walt Disney Company.

]]>

BURBANK, Calif., April 3, 2024 – The Walt Disney Company (NYSE: DIS) announced that, based on the tabulation of its proxy solicitor, it appears that Disney’s full slate of 12 directors has been elected by a substantial margin over the nominees of Trian and Blackwells at Disney’s 2024 Annual Meeting of Shareholders today. Final voting tallies are subject to certification by the Company’s independent inspector of elections, and preliminary and final results will be included in the Company’s reports to be filed with the Securities and Exchange Commission in the coming days.

Shareholders voted to elect all 12 nominees recommended by the Disney Board: Mary T. Barra, Safra A. Catz, Amy L. Chang, D. Jeremy Darroch, Carolyn N. Everson, Michael B.G. Froman, James P. Gorman, Robert A. Iger, Maria Elena Lagomasino, Calvin R. McDonald, Mark G. Parker, and Derica W. Rice.

“We are immensely grateful to our shareholders for their investment in Disney and their belief in its future, particularly during this period of great change in the broader entertainment industry. We are fortunate to have a highly qualified Board of Directors who possess a profound commitment to the enduring strength of this company and an enormous amount of experience and expertise, including succession planning. I’m thankful for Bob and his exceptional management team, as well as Disney’s employees and Cast Members around the world, for continuing to deliver for consumers and shareholders throughout this distracting proxy battle,” said Mark Parker, Chairman of the Board, The Walt Disney Company.

“I want to thank our shareholders for their trust and confidence in our Board and management. With the distracting proxy contest now behind us, we’re eager to focus 100% of our attention on our most important priorities: growth and value creation for our shareholders and creative excellence for our consumers,” said Bob Iger, Chief Executive Officer, The Walt Disney Company.

Forward-Looking Statements

Certain statements in this communication may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding areas of focus, priorities and other statements that are not historical in nature. These statements are made on the basis of the Company’s views and assumptions regarding future events and business performance and plans as of the time the statements are made. The Company does not undertake any obligation to update these statements unless required by applicable laws or regulations, and you should not place undue reliance on forward-looking statements.

Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including restructuring or strategic initiatives (including capital investments, asset acquisitions or dispositions, new or expanded business lines or cessation of certain operations), our execution of our business plans (including the content we create and intellectual property we invest in, our pricing decisions, our cost structure and our management and other personnel decisions), our ability to quickly execute on cost rationalization while preserving revenue, the discovery of additional information or other business decisions, as well as from developments beyond the Company’s control, including: the occurrence of subsequent events; deterioration in domestic or global economic conditions or failure of conditions to improve as anticipated, including heightened inflation, capital market volatility, interest rate and currency rate fluctuations and economic slowdown or recession; deterioration in or pressures from competitive conditions, including competition to create or acquire content, competition for talent and competition for advertising revenue, consumer preferences and acceptance of our content and offerings, pricing model and price increases, and corresponding subscriber additions and churn, and the market for advertising and sales on our direct-to-consumer services and linear networks; health concerns and their impact on our businesses and productions; international, political or military developments; regulatory or legal developments; technological developments; labor markets and activities, including work stoppages; adverse weather conditions or natural disasters; and availability of content. Such developments may further affect entertainment, travel and leisure businesses generally and may, among other things, affect (or further affect, as applicable): our operations, business plans or profitability, including direct-to-consumer profitability; our expected benefits of the composition of the Board; demand for our products and services; the performance of the Company’s content; our ability to create or obtain desirable content at or under the value we assign the content; the advertising market for programming; income tax expense; and performance of some or all Company businesses either directly or through their impact on those who distribute our products.

Additional factors are set forth in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023, including under the captions “Risk Factors”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business”, and subsequent filings with the Securities and Exchange Commission (the “SEC”), including, among others, quarterly reports on Form 10-Q.

Contacts

Media Contacts:

David Jefferson
Corporate Communications
The Walt Disney Company
david.j.jefferson@disney.com
(818) 560-4832

Mike Long
Corporate Communications
The Walt Disney Company
mike.p.long@disney.com
(818) 560-4588

Steve Lipin
Gladstone Place Partners
slipin@gladstoneplace.com
(212) 230-5931

Investor Contact:

Alexia Quadrani
Investor Relations
The Walt Disney Company
alexia.quadrani@disney.com
(818) 560-4490

The post Shareholders Vote To Elect Disney’s Full Slate Of 12 Directors appeared first on The Walt Disney Company.

]]>
The Walt Disney Company Comments On ISS Recommendation https://thewaltdisneycompany.com/press-releases/the-walt-disney-company-comments-on-iss-recommendation/ Fri, 02 Jan 2026 20:01:09 +0000 https://thewaltdisneycompany.com/news// The post The Walt Disney Company Comments On ISS Recommendation appeared first on The Walt Disney Company.

]]>

ISS recommends Disney shareholders vote “FOR” 11 of Disney’s director nominees, recognizing “positive changes” to the Board and the “relevant experiences and business insights” of Disney’s directors

ISS recommendation fails to acknowledge the diverse set of skills and experience on Disney’s Board, including significant value added by Maria Elena Lagomasino  

Disney urges shareholders to protect the value of their investment and vote FOR all 12 of Disney’s Director Nominees – including Maria Elena Lagomasino – on the WHITE proxy card

BURBANK, Calif., March 21, 2024 – The Walt Disney Company (NYSE: DIS) today commented on a report published by Institutional Shareholder Services (ISS) in connection with the election of the company’s director nominees at the Company’s Annual Meeting on April 3, 2024:

“While we’re heartened to see support for Michael Froman and ISS’s recommendation to withhold on dissident directors Jay Rasulo and the Blackwells’ nominees, we strongly believe that ISS reached the wrong conclusion in its recent report when it comes to adding Nelson Peltz to the board,” said Mark Parker, Chairman of The Walt Disney Company Board of Directors. “In contrast to Glass Lewis, ISS fails to acknowledge the breadth of perspective and expertise Ms. Lagomasino adds to the Board. The strong recent performance and results overseen by the Disney Board demonstrate our focus on long-term shareholder value creation and succession planning and our commitment to good governance practices.”

The Walt Disney Company disagrees with ISS’s recommendation to support Trian nominee Nelson Peltz and believes Disney’s 12 Board nominees are best qualified to provide diligent oversight of management and create sustainable shareholder value. Nelson Peltz does not bring additive skills to the board, nor does he have a meaningful plan to deliver superior shareholder value in an evolving and increasingly complex global landscape, in stark contrast to the director Trian seeks to replace – Maria Elena Lagomasino. Furthermore, ISS suggests that the Board “comprises well-qualified and accomplished directors” and “does not lack a key skill set.”

Additionally, it’s worth noting that Trian’s silent partner, former Disney employee Ike Perlmutter, owns almost 79% of Trian’s Disney shares. In its report, ISS agrees that Perlmutter’s involvement is “an unfortunate distraction.” This dynamic is relevant to assessing the Trian Group’s nominees, as Mr. Perlmutter has a fraught history and longstanding personal agenda against Disney’s CEO, Robert A. Iger, which would likely inhibit Nelson Peltz from working constructively with Disney’s Board, threatening the company’s continued turnaround.

Ms. Lagomasino is a seasoned financial leader with an extensive capital markets career that has been centered on fiduciary responsibility, honing an investor perspective, and deep expertise in corporate governance. She is a governance expert who brings a strong shareholder perspective to the Board as a founder of the Institute for the Fiduciary Standard, a think tank committed to promoting the vital importance of the fiduciary standard in investment and financial advice. She has, among other roles, served as the President and CEO of JPMorgan Private Bank, a Trustee of Carnegie Corporation of New York and the Chair of its Investment Committee overseeing $4b, and the CEO of WE Family Offices managing $14b for clients. She also serves as the Lead Independent Director of The Coca-Cola Company.

The Board strongly believes that replacing any of Disney’s nominees with any of the Trian Group or Blackwells nominees would deprive the company of skills and expertise required to help drive value for shareholders, a belief Glass Lewis’ report on March 18 also supports. Disney recommends that shareholders vote FOR only its 12 nominees and withhold votes for the Trian Group and Blackwells nominees using the WHITE proxy card.

Shareholders with questions about how to vote their shares may call the Company’s proxy solicitor, Innisfree M&A Incorporated, at (877) 456-3463 (toll-free from the U.S. and Canada) or +1 (412) 232-3651 (from other countries).

Forward-Looking Statements
Certain statements in this communication may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s expectations; beliefs; plans; strategies; business or financial prospects or outlook; future shareholder value; expected growth and value creation; profitability; investments; capital allocation, including dividends and share repurchases; earnings expectations; expected drivers and guidance, including free cash flow and funding sources; expected benefits of new initiatives; cost reductions and efficiencies; content offerings; priorities or performance; and other statements that are not historical in nature. These statements are made on the basis of the Company’s views and assumptions regarding future events and business performance and plans as of the time the statements are made. The Company does not undertake any obligation to update these statements unless required by applicable laws or regulations, and you should not place undue reliance on forward-looking statements.

Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including restructuring or strategic initiatives (including capital investments, asset acquisitions or dispositions, new or expanded business lines or cessation of certain operations), our execution of our business plans (including the content we create and intellectual property we invest in, our pricing decisions, our cost structure and our management and other personnel decisions), our ability to quickly execute on cost rationalization while preserving revenue, the discovery of additional information or other business decisions, as well as from developments beyond the Company’s control, including: the occurrence of subsequent events; deterioration in domestic or global economic conditions or failure of conditions to improve as anticipated, including heightened inflation, capital market volatility, interest rate and currency rate fluctuations and economic slowdown or recession; deterioration in or pressures from competitive conditions, including competition to create or acquire content, competition for talent and competition for advertising revenue, consumer preferences and acceptance of our content and offerings, pricing model and price increases, and corresponding subscriber additions and churn, and the market for advertising and sales on our direct-to-consumer services and linear networks; health concerns and their impact on our businesses and productions; international, political or military developments; regulatory or legal developments; technological developments; labor markets and activities, including work stoppages; adverse weather conditions or natural disasters; and availability of content. Such developments may further affect entertainment, travel and leisure businesses generally and may, among other things, affect (or further affect, as applicable): our operations, business plans or profitability, including direct-to-consumer profitability; our expected benefits of the composition of the Board; demand for our products and services; the performance of the Company’s content; our ability to create or obtain desirable content at or under the value we assign the content; the advertising market for programming; income tax expense; and performance of some or all Company businesses either directly or through their impact on those who distribute our products.

Additional factors are set forth in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023, including under the captions “Risk Factors”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business”, and subsequent filings with the Securities and Exchange Commission (the “SEC”), including, among others, quarterly reports on Form 10-Q.

Additional Information and Where to Find It
Disney has filed with the SEC a definitive proxy statement on Schedule 14A, containing a form of WHITE proxy card, with respect to its solicitation of proxies for Disney’s 2024 Annual Meeting of Shareholders. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED BY DISNEY AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT ANY SOLICITATION. Investors and security holders may obtain copies of these documents and other documents filed with the SEC by Disney free of charge through the website maintained by the SEC at www.sec.gov. Copies of the documents filed by Disney are also available free of charge by accessing Disney’s website at http://www.disney.com/investors.

Participants
Disney, its directors and executive officers and other members of management and employees will be participants in the solicitation of proxies with respect to a solicitation by Disney. Information about Disney’s executive officers and directors is available in Disney’s definitive proxy statement for its 2024 Annual Meeting, which was filed with the SEC on February 1, 2024. To the extent holdings by our directors and executive officers of Disney securities reported in the proxy statement for the 2024 Annual Meeting have changed, such changes have been or will be reflected on Statements of Change in Ownership on Forms 3, 4 or 5 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at www.sec.gov.

Contacts

David Jefferson
The Walt Disney Company
Corporate Communications
818-560-4832
david.j.jefferson@disney.com

Mike Long
The Walt Disney Company
Corporate Communications
(818) 560-4588
mike.p.long@disney.com

Alexia Quadrani
The Walt Disney Company
Investor Relations
(818) 560-6601
alexia.quadrani@disney.com

Steve Lipin
Gladstone Place
(212) 230-5930
slipin@gladstoneplace.com

The post The Walt Disney Company Comments On ISS Recommendation appeared first on The Walt Disney Company.

]]>
Glass Lewis Recommends That Disney Shareholders Vote The White Proxy Card ‘For’ Only Disney’s Director Nominees https://thewaltdisneycompany.com/press-releases/glass-lewis-recommends-that-disney-shareholders-vote-the-white-proxy-card-for-only-disneys-director-nominees/ Fri, 02 Jan 2026 19:55:19 +0000 https://thewaltdisneycompany.com/news// The post Glass Lewis Recommends That Disney Shareholders Vote The White Proxy Card ‘For’ Only Disney’s Director Nominees appeared first on The Walt Disney Company.

]]>

Glass Lewis recommends Disney shareholders “WITHHOLD” on the Trian Group and Blackwells nominees

Glass Lewis highlights Disney’s clear strategy, “measurable shifts” in the trajectory of Disney’s business since Bob Iger’s return, and strong recent additions to the Board among other things

Disney’s Board of Directors urges shareholders vote the WHITE proxy card for only Disney’s 12 nominees and not the Trian Group or Blackwells nominees

BURBANK, Calif., March 18, 2024 – The Walt Disney Company (NYSE: DIS) announced that independent proxy voting and corporate governance advisory firm Glass, Lewis & Co. (Glass Lewis) today recommended shareholders vote the WHITE proxy card in support of all of Disney’s 12 director nominees (and no other nominees) at the Company’s Annual Meeting on April 3, 2024.

“We are pleased that Glass Lewis recognizes the strength of our highly qualified nominees and supports our plans to return this iconic company to a period of sustained growth and shareholder value creation,” said Mark Parker, Chairman of The Walt Disney Company Board of Directors. “In its recommendation, Glass Lewis clearly identifies the strength of the diverse skillsets across our Board nominees, the credibility of our succession planning process and recent changes to the Board and compensation program and the promise of our recent efforts to bolster growth and value creation to position Disney for the future.”

In a report dated March 18, 2024, Glass Lewis noted the following of Disney’s strategy and progress against key initiatives designed to improve financial and operational performance:

  • “…the Company is undertaking what we consider to be a credible effort to shift key operational priorities under the leadership of one of the most well-respected CEOs in the industry.”
  • “While it remains too early to say with certainty that each of those programs will prove successful, we believe it is similarly too early to suggest there exists adequate cause for investors to support alternate solicitations which may prove significantly less accretive to Disney’s trajectory, by comparison.”
  • “…we consider the subsequent 15 months [since Iger’s return] have provided management and an incrementally reconstituted board with adequate opportunity to launch a more credible succession program and develop, communicate and execute on several key initiatives which appear to reasonably target acknowledged operational and financial weaknesses at Disney.”

In commenting on Disney’s current governance practices, succession planning efforts, and the experience and engagement of the current Disney Board, relative to the Trian Group and Blackwells proposals, Glass Lewis stated:

  • “We note the board has demonstrated a willingness to refresh its membership in the service of shareholder responsiveness and skill reconstitution with some reasonable regularity, resulting in an average tenure of less than 5 years across the incumbent slate.”
  • “…given what we believe is already a credible plan underway for Disney, we struggle to see many of Trian’s intentions as representing a likely net gain for investors.”
  • “Notwithstanding faults in Disney’s prior succession initiative, Trian’s intent to launch a new process is not clearly superior to, and may be heavily duplicative of, Disney’s ongoing effort, which is already tied to a special board committee composed of members we believe to be credible.”

Disney recommends that shareholders vote FOR only its 12 nominees and withhold votes for the Trian Group and Blackwells nominees using the WHITE card, in line with the recommendation from Glass Lewis. In contrast to our highly qualified nominees and their successful track record, in our view, the alternate nominees do not bring additive skills or qualifications to the Disney Board and have no unique, meaningful plan to deliver superior shareholder value.

Shareholders with questions about how to vote their shares may call the Company’s proxy solicitor, Innisfree M&A Incorporated, at (877) 456-3463 (toll-free from the U.S. and Canada) or +1 (412) 232-3651 (from other countries).

Forward-Looking Statements

Certain statements in this communication may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s expectations; beliefs; plans; strategies; business or financial prospects or outlook; future shareholder value; expected growth and value creation; profitability; investments; capital allocation, including dividends and share repurchases; earnings expectations; expected drivers and guidance, including free cash flow and funding sources; expected benefits of new initiatives; cost reductions and efficiencies; content offerings; priorities or performance; and other statements that are not historical in nature. These statements are made on the basis of the Company’s views and assumptions regarding future events and business performance and plans as of the time the statements are made. The Company does not undertake any obligation to update these statements unless required by applicable laws or regulations, and you should not place undue reliance on forward-looking statements.

Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including restructuring or strategic initiatives (including capital investments, asset acquisitions or dispositions, new or expanded business lines or cessation of certain operations), our execution of our business plans (including the content we create and intellectual property we invest in, our pricing decisions, our cost structure and our management and other personnel decisions), our ability to quickly execute on cost rationalization while preserving revenue, the discovery of additional information or other business decisions, as well as from developments beyond the Company’s control, including: the occurrence of subsequent events; deterioration in domestic or global economic conditions or failure of conditions to improve as anticipated, including heightened inflation, capital market volatility, interest rate and currency rate fluctuations and economic slowdown or recession; deterioration in or pressures from competitive conditions, including competition to create or acquire content, competition for talent and competition for advertising revenue, consumer preferences and acceptance of our content and offerings, pricing model and price increases, and corresponding subscriber additions and churn, and the market for advertising and sales on our direct-to-consumer services and linear networks; health concerns and their impact on our businesses and productions; international, political or military developments; regulatory or legal developments; technological developments; labor markets and activities, including work stoppages; adverse weather conditions or natural disasters; and availability of content. Such developments may further affect entertainment, travel and leisure businesses generally and may, among other things, affect (or further affect, as applicable): our operations, business plans or profitability, including direct-to-consumer profitability; our expected benefits of the composition of the Board; demand for our products and services; the performance of the Company’s content; our ability to create or obtain desirable content at or under the value we assign the content; the advertising market for programming; income tax expense; and performance of some or all Company businesses either directly or through their impact on those who distribute our products.

Additional factors are set forth in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023, including under the captions “Risk Factors”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business”, and subsequent filings with the Securities and Exchange Commission (the “SEC”), including, among others, quarterly reports on Form 10-Q.

Additional Information and Where to Find It

Disney has filed with the SEC a definitive proxy statement on Schedule 14A, containing a form of WHITE proxy card, with respect to its solicitation of proxies for Disney’s 2024 Annual Meeting of Shareholders. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED BY DISNEY AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT ANY SOLICITATION. Investors and security holders may obtain copies of these documents and other documents filed with the SEC by Disney free of charge through the website maintained by the SEC at www.sec.gov. Copies of the documents filed by Disney are also available free of charge by accessing Disney’s website at http://www.disney.com/investors.

Participants

Disney, its directors and executive officers and other members of management and employees will be participants in the solicitation of proxies with respect to a solicitation by Disney. Information about Disney’s executive officers and directors is available in Disney’s definitive proxy statement for its 2024 Annual Meeting, which was filed with the SEC on February 1, 2024. To the extent holdings by our directors and executive officers of Disney securities reported in the proxy statement for the 2024 Annual Meeting have changed, such changes have been or will be reflected on Statements of Change in Ownership on Forms 3, 4 or 5 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at www.sec.gov.

Contacts

David Jefferson
The Walt Disney Company
Corporate Communications
818-560-4832
david.j.jefferson@disney.com

Mike Long
The Walt Disney Company
Corporate Communications
(818) 560-4588
mike.p.long@disney.com

Alexia Quadrani
The Walt Disney Company
Investor Relations
(818) 560-6601
alexia.quadrani@disney.com

Steve Lipin
Gladstone Place
(212) 230-5930
slipin@gladstoneplace.com

The post Glass Lewis Recommends That Disney Shareholders Vote The White Proxy Card ‘For’ Only Disney’s Director Nominees appeared first on The Walt Disney Company.

]]>
Disney Board Of Directors Sends Letter To Shareholders Highlighting Clear Progress Made And Promises Kept As It Executes Strategic Transformation https://thewaltdisneycompany.com/press-releases/disney-board-of-directors-sends-letter-to-shareholders-highlighting-clear-progress-made-and-promises-kept-as-it-executes-strategic-transformation/ Fri, 02 Jan 2026 19:51:56 +0000 https://thewaltdisneycompany.com/news// The post Disney Board Of Directors Sends Letter To Shareholders Highlighting Clear Progress Made And Promises Kept As It Executes Strategic Transformation appeared first on The Walt Disney Company.

]]>

Board and Management continue to deliver on strategic priorities outlined last year

Encourages shareholders to vote the WHITE proxy card FOR only Disney’s 12 nominees and to visit VoteDisney.com for more information

BURBANK, Calif., February 26, 2024 – The Walt Disney Company (NYSE:DIS) Board of Directors today sent a letter to shareholders detailing the progress it has made and continues to make on its strategic priorities, delivering on the promises it made just over one year ago.

The Board has been laser-focused on a strategy that will drive shareholder value. The Company has restored its cash dividend and subsequently increased the dividend payment declared for July 2024 by 50%. Disney is also targeting $3 billion in share buybacks for FY24. As shared in its first quarter earnings, the Company has also made great strides in reigning in costs and is on track to meet or exceed its cost cutting target of $7.5 billion by the end of FY24. Disney also reaffirmed it is on track to deliver $8 billion in free cash flow¹, and to reach profitability in its combined DTC streaming businesses² in Q4 FY24. Disney’s creative engines continue to be recognized with numerous nominations across the TV and film industry.

Disney’s Board of Directors believes all of its 12 nominees are uniquely qualified to continue this important progress and create long-term shareholder value. The Board urges shareholders to protect their investment and the future of the Company by voting the WHITE proxy card FOR only Disney’s 12 nominees NOW and not the Trian Group or Blackwells nominees. The 2024 Annual Meeting of Shareholders will be held on April 3, 2024.

The Disney Board of Directors does not endorse the Trian Group nominees, Nelson Peltz and Jay Rasulo, or the Blackwells nominees, Craig Hatkoff, Jessica Schell and Leah Solivan, and believes that they are unqualified to serve on Disney’s Board and preserve value creation for shareholders in this increasingly complex global landscape.

The Company’s proxy statement and other important information related to the Annual Meeting can be found at VoteDisney.com.

Contacts

Media Contacts:
David Jefferson
The Walt Disney Company
Corporate Communications
818-560-4832
david.j.jefferson@disney.com

Mike Long
The Walt Disney Company
Corporate Communications
(818) 560-4588
mike.p.long@disney.com

Steve Lipin
Gladstone Place
(212) 230-5930
slipin@gladstoneplace.com

[1] Free cash flow is a non-GAAP financial measure. The most comparable GAAP measure is cash provided by operations. See how we define and calculate this measure and why Disney is not providing a forward-looking quantitative reconciliation to the most comparable GAAP measure at the end of the attached shareholder letter.

[2] DTC streaming businesses operating income is a non-GAAP financial measure. The most comparable GAAP measures are segment operating income for the entertainment segment and the sports segment. See how we define and calculate this measure and why Disney is not providing a forward-looking quantitative reconciliation to the most comparable GAAP measures at the end of the attached shareholder letter.

The post Disney Board Of Directors Sends Letter To Shareholders Highlighting Clear Progress Made And Promises Kept As It Executes Strategic Transformation appeared first on The Walt Disney Company.

]]>
Disney Board of Directors Sends Letter to Shareholders, Emphasizes Strong Results and Commitment to Driving Long-Term Shareholder Value https://thewaltdisneycompany.com/press-releases/disney-board-of-directors-sends-letter-to-shareholders-emphasizes-strong-results-and-commitment-to-driving-long-term-shareholder-value/ Fri, 02 Jan 2026 19:48:22 +0000 https://thewaltdisneycompany.com/news// The post Disney Board of Directors Sends Letter to Shareholders, Emphasizes Strong Results and Commitment to Driving Long-Term Shareholder Value appeared first on The Walt Disney Company.

]]>

Announces 50% dividend increase from January dividend and share repurchase program with $3 billion targeted in fiscal 2024 

Unveils a series of exciting new initiatives

Encourages shareholders to visit VoteDisney.com for more information

BURBANK, Calif., February 12, 2024 – The Walt Disney Company (NYSE:DIS) Board of Directors today sent a letter to shareholders highlighting its strong first-quarter FY24 results and significant steps Disney is taking as it successfully executes a strategic transformation of the Company.

Disney’s Board of Directors urges shareholders to protect their investment and the future of the Company by voting the WHITE proxy card for only Disney’s 12 nominees and not the Trian Group or Blackwells nominees. The 2024 Annual Meeting of Shareholders will be held on April 3, 2024.

The Disney Board of Directors does not endorse the Trian Group nominees, Nelson Peltz and Jay Rasulo, or the Blackwells nominees, Craig Hatkoff, Jessica Schell and Leah Solivan, and believes that they do not possess the appropriate range of talent, skill, perspective and/or expertise to effectively support the Board’s ongoing efforts to drive profitable growth and shareholder value creation in the face of continuing, industry-wide challenges.

The Company’s proxy statement and other important information related to the Annual Meeting can be found at VoteDisney.com. The website also includes a video message to shareholders from Bob Iger https://votedisney.com/ceo-message. The full text of the letter follows.

***

VOTE THE WHITE PROXY CARD TODAY FOR ALL 12 OF DISNEY’S HIGHLY QUALIFIED DIRECTOR NOMINEES

February 12, 2024

Dear Fellow Shareholder,

Over the course of the last year, your Board and management team have executed an ambitious plan to return The Walt Disney Company to a period of sustained growth and shareholder value creation. On February 7, 2024, we announced very strong results for the first quarter of FY24 – results that demonstrate we have entered a new era at Disney. Today, the Company is building from a renewed position of strength.

Your Board and management team remain committed to driving meaningful growth and creating sustainable shareholder value long into the future. Our strategy is working, as evidenced by our strong financial results and a series of exciting announcements reinforcing the Company’s growth trajectory, including new direct-to-consumer plans from ESPN, a transformative collaboration with and investment in Fortnite’s Epic Games and significant upcoming content releases, such as a surprise animated sequel to Moana coming to theaters and Taylor Swift’s historic concert film, which will stream exclusively on Disney+.

Despite these efforts, two activist hedge funds, Trian Fund Management, L.P. and Blackwells Capital, are each seeking to replace members of your Board with their own separate nominees, none of whom your Board believes possess the appropriate range of talent, skill, perspective and/or expertise to effectively support Disney’s building priorities in the face of continuing industry-wide challenges.

That is why your vote using the WHITE proxy card FOR the election of ONLY your Board’s 12 nominees at the upcoming Annual Meeting is critically important. Visit VoteDisney.com today for more information on the Company’s strategy and how to vote your shares.

YOUR BOARD HAS OVERSEEN STRONG RECENT PERFORMANCE AND IS DEDICATED TO DRIVING GROWTH AND CREATING LONG-TERM SHAREHOLDER VALUE

The stage is now set for significant growth and success,” said CEO Bob Iger, pointing to renewed vigor across all of our businesses.

Disney’s first-quarter fiscal 2024 results demonstrate good progress on its strategic priorities:

  • Significant YoY growth in income before income taxes and total segment operating income in the first quarter[1]
  • Diluted earnings per share (EPS) for the first quarter increased 49% from the previous year to $1.04 per share
  • Excluding certain items, diluted EPS for the first quarter increased 23% from the previous year to $1.22 per share[1]
  • On track to generate roughly $8 billion in free cash flow in FY24[2]
  • Expect full year fiscal 2024 EPS excluding certain items to increase by at least 20% versus 2023, to approximately $4.60[3]

Our continued turnaround in earnings and free cash flow gives us an opportunity not only to invest in our growth businesses, but also to increase shareholder returns while maintaining a strong balance sheet:

  • Returned to paying a cash dividend in January 2024
  • Declared a 50% increase to the January 2024 dividend, payable in July 2024
  • Announced target of $3 billion common share repurchase in FY24, the first repurchases since FY18

DISNEY’S STRATEGIC TRANSFORMATION IS YIELDING STRONG RESULTS

We are building for the future, taking the necessary steps to position Disney as the preeminent creator of global content and a leader in technological innovation, and our first quarter FY24 results show we’re moving in the right direction:

Fortifying ESPN for the Future

  • Announced a new joint venture with Fox and Warner Bros. Discovery, launching in the fall of 2024[4], to give ESPN customers and all sports fans more of the sports they want in a single place at a competitive price, available via a new app and as part of a Disney+ and Hulu bundle
  • Released plans to make the full suite of ESPN’s channels available direct to consumer as a stand-alone and highly interactive digital destination before football season in 2025. When we launch our stand‐alone ESPN service, we will also make it available via Disney+ for bundle subscribers, similar to what we’ve done for Hulu

Building Streaming into a Profitable Growth Business

Disney has an ambitious streaming strategy that brings together our unparalleled branded and franchise content under Disney+, while we are also securing full control of Hulu and expanding our sports streaming offerings to reach even greater audiences. We have rationalized the business while investing in our core franchises. As a result of these efforts, entertainment direct-to-consumer (DTC) operating income improved 86% year-over-year.

We still expect to reach profitability at our combined streaming businesses in Q4 of fiscal 2024 and have never been more confident about our path to creating a strong and sustainable streaming business that we fully expect to be a key earnings growth driver for the Company. We are optimistic in prospects for ongoing subscriber growth in the longer term underpinned by:

  • Strength of our slate
    • 6/10 most streamed movies across all streaming platforms in the United States in 2023 were ours
    • #1 most streamed children’s show across any streaming platform in Bluey (exclusive to the Disney Channel and Disney+ in the U.S.)
    • Significant upcoming theatrical releases to be leveraged later on streaming, including Inside Out 2, Moana 2Deadpool 3Mufasa: The Lion King, and more
    • Technological enhancements to improve engagement and lower churn
    • Impact of Hulu on bundled subscribers

The beta launch of Hulu on Disney+ is exceeding every metric we planned for, and we are looking forward to the full launch next month as we offer an even more unified streaming experience to consumers.

Reinvigorating our Creative Engines

Disney’s film studios and creative teams are the heart of our business – that’s why one of the key steps we took as we restructured and streamlined our business was to put more decision-making power back in the hands of our creative teams while rationalizing costs.

BEST IN CLASS STORYTELLING CONTINUES TO ACHIEVE CRITICAL SUCCESS

We are incredibly excited about our upcoming slate of new theatrical releases as we revitalize our powerful content engines, including an animated sequel to Moana coming this November along with Kingdom of the Planet of the Apes, Inside Out 2, Deadpool 3, Alien: Romulus, and Mufasa: The Lion King.

Turbocharging Growth in Parks and Experiences

One of the things that truly sets Disney apart is our unique ability to turn top quality IP into top quality experiences. Given our unrivaled and growing library of popular stories and characters, as well as our innovative technology, buildable land, unmatched creativity, and strong returns on invested capital, we are confident about the growth potential from our new investments in this business.

  • Disney’s Experiences business generated all-time records in revenue, operating income, and operating margin in Q1
  • Guests have enthusiastically responded to World of Frozen at Hong Kong Disneyland and our new Zootopia land at Shanghai Disney Resort
  • Disney has many untapped stories waiting to be brought to life in Parks across the globe as investment continues

Games

It’s not just our parks where we’re creating new opportunities for consumers to engage with the characters and franchises they love.

We have entered into an agreement to acquire an equity stake in Epic Games alongside a multiyear collaboration on an all-new games and entertainment universe, bringing together Disney’s beloved brands and franchises with the hugely popular Fortnite in Disney’s biggest-ever entry into the world of games, offering significant opportunities for growth and expansion in the gaming space.

We know our consumers and our investors have high expectations for Disney and we are taking all steps necessary to build for the future and find ways to exceed those high expectations.

VOTE THE WHITE PROXY CARD FOR ONLY DISNEY’S 12 NOMINEES TO PROTECT ITS FUTURE

Disney has the right Board and management team in place to continue delivering on our strategic transformation, with the relevant skillsets, experiences, professional backgrounds and diversity of perspective necessary to position this Company for long-term growth, success and value creation.

Your Board urges you to vote the WHITE proxy card FOR ONLY Disney’s 12 nominees. We recommend you not vote using any blue proxy card from the Trian Group or green proxy card from Blackwells. Please disregard and discard those cards.

Thank you again for your investment in and commitment to The Walt Disney Company.

Sincerely,

The Walt Disney Company Board of Directors

Forward-Looking Statements

Certain statements in this communication may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s expectations; beliefs; plans; strategies; business or financial prospects or outlook; future shareholder value; expected growth and value creation; profitability; investments; capital allocation, including dividends and share repurchases; earnings expectations; expected drivers and guidance, including future adjusted EPS, free cash flow and funding sources; expected benefits of new initiatives; cost reductions and efficiencies; content offerings; priorities or performance; and other statements that are not historical in nature. These statements are made on the basis of the Company’s views and assumptions regarding future events and business performance and plans as of the time the statements are made. The Company does not undertake any obligation to update these statements unless required by applicable laws or regulations, and you should not place undue reliance on forward-looking statements.

Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including restructuring or strategic initiatives (including capital investments, asset acquisitions or dispositions, new or expanded business lines or cessation of certain operations), our execution of our business plans (including the content we create and intellectual property we invest in, our pricing decisions, our cost structure and our management and other personnel decisions), our ability to quickly execute on cost rationalization while preserving revenue, the discovery of additional information or other business decisions, as well as from developments beyond the Company’s control, including: the occurrence of subsequent events; deterioration in domestic or global economic conditions or failure of conditions to improve as anticipated, including heightened inflation, capital market volatility, interest rate and currency rate fluctuations and economic slowdown or recession; deterioration in or pressures from competitive conditions, including competition to create or acquire content, competition for talent and competition for advertising revenue; consumer preferences and acceptance of our content and offerings, pricing model and price increases, and corresponding subscriber additions and churn, and the market for advertising and sales on our direct-to-consumer services and linear networks; health concerns and their impact on our businesses and productions; international, political or military developments; regulatory or legal developments; technological developments; labor markets and activities, including work stoppages; adverse weather conditions or natural disasters; and availability of content. Such developments may further affect entertainment, travel and leisure businesses generally and may, among other things, affect (or further affect, as applicable): our operations, business plans or profitability, including direct-to-consumer profitability; our expected benefits of the composition of the Board; demand for our products and services; the performance of the Company’s content; our ability to create or obtain desirable content at or under the value we assign the content; the advertising market for programming; income tax expense; and performance of some or all Company businesses either directly or through their impact on those who distribute our products.

Additional factors are set forth in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023, including under the captions “Risk Factors”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business”, and subsequent filings with the Securities and Exchange Commission (the “SEC”), including, among others, quarterly reports on Form 10-Q.

Additional Information and Where to Find It

Disney has filed with the SEC a definitive proxy statement on Schedule 14A, containing a form of WHITE proxy card, with respect to its solicitation of proxies for Disney’s 2024 Annual Meeting of Shareholders. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED BY DISNEY AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT ANY SOLICITATION. Investors and security holders may obtain copies of these documents and other documents filed with the SEC by Disney free of charge through the website maintained by the SEC at www.sec.gov. Copies of the documents filed by Disney are also available free of charge by accessing Disney’s website at www.disney.com/investors.

Participants

Disney, its directors and executive officers and other members of management and employees will be participants in the solicitation of proxies with respect to a solicitation by Disney. Information about Disney’s executive officers and directors is available in Disney’s definitive proxy statement for its 2024 Annual Meeting, which was filed with the SEC on February 1, 2024. To the extent holdings by our directors and executive officers of Disney securities reported in the proxy statement for the 2024 Annual Meeting have changed, such changes have been or will be reflected on Statements of Change in Ownership on Forms 3, 4 or 5 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at www.sec.gov.

Non-GAAP Financial Measures

This presentation includes the presentation and discussion of certain financial information that differs from what is reported under U.S. GAAP, including total segment operating income, diluted EPS excluding certain items and free cash flow. These measures should be reviewed in conjunction with the most comparable GAAP financial measures and should not be considered substitutes for, or superior to, those GAAP financial measures.

“Total segment operating income” is a non-GAAP financial measure calculated as income before income taxes less certain non-operating factors. Disney’s management believes that information about total segment operating income allows investors to evaluate changes in the operating results of Disney’s portfolio of businesses separate from non-operational factors that affect net income, thus providing separate insight into both operations and other factors that affect reported results. A qualitative reconciliation of historical measures of total segment operating income to income before income taxes, which is the most directly comparable GAAP measure, is provided at the end of this letter.

“Diluted EPS excluding certain items” is a non-GAAP financial measure calculated as diluted EPS less certain items affecting comparability of results from period to period and amortization of TFCF and Hulu intangible assets, including purchase accounting step-up adjustments for released content. Disney’s management believes that information about diluted EPS excluding certain items allows investors to evaluate the performance of Disney’s operations exclusive of these items, which is how senior management evaluate segment performance. Qualitative reconciliation of historical measures of diluted EPS excluding certain items to diluted EPS, which is the most directly comparable GAAP measure, is provided at the end of this letter. Disney is not providing forward-looking measures for diluted EPS, or a quantitative reconciliation of the forward-looking diluted EPS excluding certain items to that most directly comparable GAAP measure. Disney is unable to predict or estimate with reasonable certainty the ultimate outcome of certain items required for the GAAP measure without unreasonable effort. Information about other adjusting items that is currently not available to Disney could have a potentially unpredictable and significant impact on its future GAAP financial results.

“Free cash flow” is a non-GAAP financial measure calculated as cash provided by continuing operations less investments in parks, resorts and other property. Disney’s management believes that information about free cash flow provides investors with an important perspective on the cash available to service debt obligations, make strategic acquisitions and investments and pay dividends or repurchase shares. Disney is not providing forward-looking measures for cash provided by continuing operations, which is the most directly comparable GAAP measure, or a quantitative reconciliation of the forward-looking free cash flow to that most directly comparable GAAP measure. Disney is unable to predict or estimate with reasonable certainty the ultimate outcome of certain items required for the GAAP measure without unreasonable effort. Information about other adjusting items that is currently not available to Disney could have a potentially unpredictable and significant impact on its future GAAP financial results.

Contacts

Investor Contact:
Alexia Quadrani
The Walt Disney Company
Investor Relations
(818) 560-6601
alexia.quadrani@disney.com

Media Contacts:
David Jefferson
The Walt Disney Company
Corporate Communications
818-560-4832
david.j.jefferson@disney.com

Mike Long
The Walt Disney Company
Corporate Communications
(818) 560-4588
mike.p.long@disney.com

Steve Lipin
Gladstone Place
(212) 230-5930
slipin@gladstoneplace.com

Reconciliation of Diluted EPS Excluding Certain Items for Q1

(In Millions except EPS)

The following table reconciles reported diluted EPS to diluted EPS excluding certain items for the first quarter:

  1. Tax benefit/expense is determined using the tax rate applicable to the individual item
  2. Before noncontrolling interest share
  3. Net of noncontrolling interest share, where applicable. Total may not equal the sum of the column due to rounding
  4. For the current quarter, intangible asset amortization was $380 million, step-up amortization was $68 million and amortization of intangible assets related to TFCF equity investees was $3 million. For the prior-year quarter, intangible asset amortization was $417 million, step-up amortization was $159 million and amortization of intangible assets related to TFCF equity investees was $3 million
  5. Charges related to exiting our businesses in Russia
  6. DraftKings loss ($70 million), partially offset by a gain on the sale of a business ($28 million)

Reconciliation of Total Segment Operating Income for Q1

(In Millions)

The following table reconciles income before income taxes to total segment operating income ($ in millions):

[1] Total segment operating income and diluted EPS excluding certain items are non-GAAP financial measures. The most comparable GAAP measures are income before income taxes and diluted EPS, respectively. See how we define and calculate these measures and reconciliations thereof to the most directly comparable GAAP measures at the end of the letter.

[2] Free cash flow is a non-GAAP financial measure. The most comparable GAAP measure is cash provided by operations. See how we define and calculate this measure and why Disney is not providing a forward-looking quantitative reconciliation to the most comparable GAAP measure at the end of this letter.

[3] Diluted EPS excluding certain items is a non-GAAP financial measure. The most comparable GAAP measure is diluted EPS. See how we define and calculate this measure and why Disney is not providing a forward-looking quantitative reconciliation to the most comparable GAAP measure at the end of this letter.

[4] The formation of the pay service is subject to the negotiation of definitive agreements among the parties.

The post Disney Board of Directors Sends Letter to Shareholders, Emphasizes Strong Results and Commitment to Driving Long-Term Shareholder Value appeared first on The Walt Disney Company.

]]>
The Walt Disney Company Highlights Strength of its Highly Qualified Board and Clear Strategy to Deliver Growth and Shareholder Value https://thewaltdisneycompany.com/press-releases/the-walt-disney-company-highlights-strength-of-its-highly-qualified-board-and-clear-strategy-to-deliver-growth-and-shareholder-value/ Fri, 02 Jan 2026 19:39:16 +0000 https://thewaltdisneycompany.com/news// The post The Walt Disney Company Highlights Strength of its Highly Qualified Board and Clear Strategy to Deliver Growth and Shareholder Value appeared first on The Walt Disney Company.

]]>

BURBANK, Calif., February 1, 2024 – The Walt Disney Company (NYSE:DIS) today sent a letter to shareholders outlining the strength of the Board of Directors and its oversight of Disney’s strategy and management team as the Company navigates a new era of building that will drive meaningful growth and shareholder value creation well into the future.

Disney’s Board of Directors urges shareholders to protect their investment and the future of the Company by voting the WHITE proxy card for only Disney’s 12 nominees and not the Trian Group or Blackwells nominees. The 2024 Annual Meeting of Shareholders will be held on April 3, 2024, and all shareholders of record as of the close of business on February 5, 2024 are entitled to vote at the meeting.

Disney has the right strategy to drive profitable growth and value creation for shareholders and has made substantial progress against our objectives to make our business more efficient and effective, including a sharpened focus on our greatest brand and franchise assets, a continued commitment to cutting costs and a reinstatement of the dividend. The Company, its management and the Board remain focused on this building plan, which will position our streaming businesses for sustained growth and profitability, reinvigorate the Company’s film studios, fortify ESPN for the future and turbocharge growth in Disney’s Experiences business.

Further, Disney believes all 12 of its nominees are best qualified to create sustainable shareholder value. The Disney Board of Directors is comprised of engaged, diverse and dynamic leaders whose skills, perspectives and insights are essential in driving profitable growth and delivering on Disney’s strategic priorities as the Company navigates ongoing, industry-wide challenges.

The Disney Board of Directors does not endorse the Trian Group nominees, Nelson Peltz and Jay Rasulo, or the Blackwells nominees, Craig Hatkoff, Jessica Schell and Leah Solivan, and believes that they do not possess the appropriate range of talent, skill, perspective and/or expertise to effectively support the Board’s ongoing efforts to drive profitable growth and shareholder value creation in the face of continuing, industry-wide challenges.

The Company’s proxy statement has been filed with the SEC and is being mailed to shareholders. Shareholders with questions about how to vote their shares using the WHITE proxy card may call the Company’s proxy solicitor toll-free at 1 (877) 456-3463 (from the U.S. and Canada) or at +1 (412) 232-3651 (from other countries).

The full text of the shareholder letter follows.

 

February 1, 2024

Dear Fellow Shareholders,

Thank you for your investment in The Walt Disney Company and your commitment to its enduring legacy as the leading name in global entertainment. Disney has an unparalleled portfolio of valuable businesses, brands and assets, and a best-in-class management team who, in close coordination with your Board, have made substantial progress executing on the strategic transformation of the Company. As a result, Disney has overcome one of the most challenging periods in its history and a new era of building is well underway to drive meaningful growth and shareholder value creation long into the future.

That is why your vote using the WHITE proxy card FOR the election of ONLY your Board’s 12 nominees at this year’s upcoming Annual Meeting is particularly critical. As detailed in Disney’s proxy statement, two hedge funds, Trian Fund Management, L.P. and Blackwells Capital, are each seeking to replace a portion of your Board with their own separate nominees, all of whom your Board believes do not possess the appropriate range of talent, skill, perspective and/or expertise to effectively support the Board’s ongoing efforts to drive profitable growth and shareholder value creation in the face of continuing industry-wide challenges. Your Board believes that the attempts by the Trian Group and Blackwells are likely to derail Disney’s progress as election of any of their less qualified nominees would hinder the transformation efforts underway.

ELECT THE BOARD BEST QUALIFIED TO CREATE SUSTAINABLE SHAREHOLDER VALUE

Just one year after initiating a strategic overhaul of the Company to restore creativity to the heart of its businesses and establish a more efficient, cost-effective and streamlined approach to operations, the Board and management team of The Walt Disney Company are now intensely focused on building for the future. This building plan, which is already showing strong results as described below, is designed to position our streaming businesses for sustained growth and profitability, reinvigorate the Company’s film studios, fortify ESPN for the future and turbocharge growth in Disney’s Experiences business over the long term.

Delivering on Disney’s significant growth potential will require leadership that has a deep understanding of the Company’s current strengths and assets and entertainment industry expertise – particularly in navigating the myriad disruptive forces that are unique to the media industry today. The Disney Board and management team fully meets these requirements, being comprised of engaged, diverse and dynamic leaders, whose skillsets are closely aligned with the key drivers of our business, including media and entertainment, direct-to-consumer expertise, strategic transformation, technology and innovation and 360-degree brand activation.

With its powerful brands, truly unique portfolio of high-performing businesses, Bob Iger at the helm alongside a seasoned group of world-class executives and a Board committed to creating sustainable value for all shareholders, we believe that Disney has tremendous underlying strength. We have accomplished a remarkable amount of work in a brief amount of time, moving from a period of fixing to a period of building.

I. Vote on the WHITE Proxy Card TODAY in Support of ONLY Disney Director Nominees, Not Trian’s or Blackwells’

It is important that you use the WHITE proxy card to vote for the election of only your Board’s 12 nominees: Mary T. Barra, Safra A. Catz, Amy L. Chang, D. Jeremy Darroch, Carolyn N. Everson, Michael B.G. Froman, James P. Gorman, Robert A. Iger, Maria Elena Lagomasino, Calvin R. McDonald, Mark G. Parker and Derica W. Rice.

Your Board does not endorse either of the Trian Group’s nominees (Nelson Peltz and Jay Rasulo) or any of Blackwells’ nominees (Craig Hatkoff, Jessica Schell and Leah Solivan). We believe that the election of any of these individuals would impede leadership’s ongoing execution of Disney’s strategic realignment and the Board’s efforts to create value for shareholders for the reasons set forth below.

In contrast to your current directors who have skills and experiences directly relevant to, and closely aligned with, the key drivers of our business and our strategic priorities:

  • Mr. Peltz brings no media experience and has presented no strategic ideas for Disney, while Mr. Rasulo’s perspective is stale given he left Disney in 2015 and has not held any executive positions in the industry since.
  • Mr. Hatkoff and Ms. Solivan do not have any relevant large, public media and entertainment company experience or skills that would assist the Board in continuing to oversee the successful execution of our strategic transformation.
  • Ms. Schell would not be an independent director and does not have any experience serving as a director of a public company.

II. Disney’s Board is Optimally Constituted to Oversee Strategy, Growth, Succession Planning and Long-Term Shareholder Value Creation

Disney’s directors possess significant expertise in implementing strategic priorities while creating superior, sustainable shareholder value at some of the most iconic American companies, and have the skillsets, experiences and professional backgrounds representing a diversity of perspectives and characteristics that are particularly relevant to the Company’s business and strategic objectives.

We remain steadfastly invested in Disney’s long-term success and are committed to strong oversight for the Company and its shareholders, as well as Board refreshment and aligning Board skills and experiences with our strategic priorities to continue driving the Company’s strategic transformation for the benefit of all of our shareholders. To that end, the Board recently named two new directors – James Gorman and Jeremy Darroch – both widely respected leaders who will bring fresh perspectives and expertise that complements the talents and experience of the Disney Board as we continue to focus on delivering for shareholders and consumers alike.

The Board remains committed to and actively engaged in the high-priority work of succession planning. In particular, we are confident that new Board member Mr. Gorman’s highly successful tenure leading Morgan Stanley through its own business transformation and his stewardship of a very successful multi-year CEO succession process will be hugely additive to the Board’s efforts in this area. To that end, he was appointed to the Board’s Succession Planning Committee, which remains committed to CEO succession planning and achieving a successful long-term outcome for Disney and its shareholders.

III. Disney Has the Right Strategy to Drive Profitable Growth and Value Creation for Shareholders

Led by a strong Board and management team, Disney is on the right strategic path. The Company has emerged from one of the most challenging periods in its history and is now fully in the midst of a new era of building for future growth and profitability.

We have aggressively executed our key strategic priorities to make Disney’s businesses more efficient and effective, reinvigorated our foundational creative engines and sharpened our focus on our greatest brand and franchise assets. We’ve done this while cutting costs – ~$7.5 billion in cost reductions targeted by the end of FY24 – and are continuing to seek additional efficiencies without compromising our commitment to quality, growth and value creation.

Given our strong balance sheet and commitment to cost cutting, we returned to paying our shareholders a cash dividend of $0.30 per share in respect of the second half of FY23 on January 10, 2024. This is a strong starting point, from which we see ample opportunity to continue to increase shareholder returns in the future as earnings and cash flow grow.

Disney’s Building Priorities

We are intently focused on achieving significant and sustained growth and profitability in our Streaming business. Disney built a leading Direct to Consumer (“DTC”) platform in only four years and we are continuing to improve our DTC offerings with high-quality content, best-in-class proprietary advertising tools and a more unified experience that are intended to result in more subscriptions, higher engagement and lower churn. During our Q423 earnings call, we reiterated our expectation of achieving profitability in streaming by the end of FY24 and are working to deliver attractive profit margins in the future.

For the past 100 years, our Film Studios have produced some of the most iconic stories and characters, generating value across the entire company. We are intensely focused on strengthening the creative output of our film studios to bring joy to the next generation of audiences with our creative excellence.

We are committed to telling great stories, leaning into our core brands and franchises and reducing overall output to enable us to concentrate on fewer projects and maintain the highest levels of quality. To that end, we are targeting a $4.5 billion reduction of annual entertainment cash content spend to focus on a more selective, high-quality slate. As we restore creativity to the heart of our business, we are also continuing our efforts around the creation of fresh and compelling original IP.

With ESPN, we have the world’s leading sports media brand and plan to transform it into the preeminent digital sports platform. We are confident in the value of sports, demonstrated by ESPN’s immense popularity and its growth in both revenue and operating income over the past two fiscal years amidst a backdrop of notable linear industry declines. As we prepare ESPN for a streaming future, there are enormous opportunities to reach fans in compelling new ways and fully integrate key features into our primary digital ESPN offering.

Additionally, we are optimistic about the prospect of strategic relationships for ESPN to assist with content, marketing and distribution.

Disney is also prioritizing strategic investments to turbocharge growth in our Experiences business, and is planning to invest ~$60 billion in capital over the next 10 years to enhance and expand domestic and international parks, as well as cruise line capacity. We know the attractive return prospects of these investments for shareholders and are confident in the growth potential of these investments given our wealth of IP, innovative technology, buildable land and unmatched creativity.

Overall, our progress and building strategy have been recognized by investor ValueAct Capital, which supports the Board’s recommended nominees. “Disney is the world’s leading entertainment company. It has the best intellectual property, sports brand and parks & experiences assets in the industry. As legacy technologies transition to digital platforms, we believe Disney can lead the media industry forward,” said Mason Morfit, Co-CEO of ValueAct.

IV. Disney is On the Right Path to Deliver Results for its Shareholders

After 100 years, we know Disney continues to have an enduring positive impact on generations of people around the world. We also know that this Company has tremendous resilience and fortitude in times of great change and uncertainty. The Company’s Board and management team are laser-focused on building upon this legacy, driving growth and leveraging our iconic intellectual property, unparalleled franchises and best-in-class portfolio of assets to deliver value for shareholders.

Disney’s Board remains committed to oversight of management as it executes against its strategic vision to drive increased shareholder value and celebrate the creativity and storytelling that have been at the heart of Disney’s iconic legacy.

Your Board recommends that you vote on the WHITE proxy card FOR all 12 of Disney’s nominees. We urge you not to vote using any blue proxy card from the Trian Group or green proxy card from Blackwells. Please disregard and discard those cards.

Thank you again for your continued support of The Walt Disney Company.

Sincerely,

The Walt Disney Company Board of Directors

For more information, please visit VoteDisney.com

Forward-Looking Statements

Certain statements in this communication may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s expectations; beliefs; plans; strategies; business or financial prospects or outlook; future shareholder value; expected growth and value creation; profitability; investments; cost reductions and efficiencies; content offerings; priorities or performance; and other statements that are not historical in nature. These statements are made on the basis of the Company’s views and assumptions regarding future events and business performance and plans as of the time the statements are made. The Company does not undertake any obligation to update these statements unless required by applicable laws or regulations, and you should not place undue reliance on forward-looking statements.

Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including restructuring or strategic initiatives or other business decisions, as well as from developments beyond the Company’s control, including: the occurrence of subsequent events; further deterioration in domestic or global economic conditions or failure of conditions to improve as anticipated, including heightened inflation, capital market volatility, interest rate and currency rate fluctuations and economic slowdown or recession; deterioration in or pressures from competitive conditions, including competition to create or acquire content; consumer preferences and acceptance of our content and offerings, pricing model and price increases, and corresponding subscriber additions and churn, and the market for advertising and sales on our direct-to-consumer services and linear networks; health concerns and their impact on our businesses; international, political or military developments; regulatory or legal developments; technological developments; labor markets and activities, including work stoppages; adverse weather conditions or natural disasters; and availability of content. Such developments may further affect entertainment, travel and leisure businesses generally and may, among other things, affect (or further affect, as applicable): our operations, business plans or profitability, including direct-to-consumer profitability; our expected benefits of the composition of the Board; demand for our products and services; the performance of the Company’s content; our ability to create or obtain desirable content at or under the value we assign the content; the advertising market for programming; income tax expense; and performance of some or all Company businesses either directly or through their impact on those who distribute our products.

Additional factors are set forth in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023, including under the captions “Risk Factors”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business”, and subsequent filings with the Securities and Exchange Commission (the “SEC”), including, among others, quarterly reports on Form 10-Q.

Additional Information and Where to Find It

Disney has filed with the SEC a definitive proxy statement on Schedule 14A, containing a form of WHITE proxy card, with respect to its solicitation of proxies for Disney’s 2024 Annual Meeting of Shareholders. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED BY DISNEY AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT ANY SOLICITATION. Investors and security holders may obtain copies of these documents and other documents filed with the SEC by Disney free of charge through the website maintained by the SEC at www.sec.gov. Copies of the documents filed by Disney are also available free of charge by accessing Disney’s website at www.disney.com/investors.

Participants

Disney, its directors and executive officers and other members of management and employees will be participants in the solicitation of proxies with respect to a solicitation by Disney. Information about Disney’s executive officers and directors is available in Disney’s definitive proxy statement for its 2024 Annual Meeting, which was filed with the SEC on February 1, 2024. To the extent holdings by our directors and executive officers of Disney securities reported in the proxy statement for the 2024 Annual Meeting have changed, such changes have been or will be reflected on Statements of Change in Ownership on Forms 3, 4 or 5 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at www.sec.gov.

Media Contacts

David Jefferson
The Walt Disney Company
Corporate Communications

(818) 560-4832

david.j.jefferson@disney.com

Mike Long
The Walt Disney Company
Corporate Communications

(818) 560-4588

mike.p.long@disney.com

Steve Lipin
Gladstone Place

(212) 230-5930

slipin@gladstoneplace.com

The post The Walt Disney Company Highlights Strength of its Highly Qualified Board and Clear Strategy to Deliver Growth and Shareholder Value appeared first on The Walt Disney Company.

]]>
The Walt Disney Company Nominates 12 Directors For Election At Upcoming Annual Meeting Of Shareholders https://thewaltdisneycompany.com/press-releases/the-walt-disney-company-nominates-12-directors-for-election-at-upcoming-annual-meeting-of-shareholders/ Fri, 02 Jan 2026 19:35:19 +0000 https://thewaltdisneycompany.com/news// The post The Walt Disney Company Nominates 12 Directors For Election At Upcoming Annual Meeting Of Shareholders appeared first on The Walt Disney Company.

]]>

BURBANK, Calif., January 16, 2024— The Walt Disney Company (NYSE: DIS) Board of Directors disclosed its recommended slate of 12 nominees for election at the 2024 Annual Meeting of Shareholders in preliminary proxy materials filed today with the Securities and Exchange Commission.

The Board has unanimously recommended that shareholders vote for Mary T. Barra, Safra A. Catz, Amy L. Chang, D. Jeremy Darroch, Carolyn N. Everson, Michael B.G. Froman, James P. Gorman, Robert A. Iger, Maria Elena Lagomasino, Calvin R. McDonald, Mark G. Parker, and Derica W. Rice.

The director candidates possess significant expertise in implementing strategic priorities while growing shareholder value across a spectrum of varied businesses, and have the skill sets, experiences and professional backgrounds representing a diversity of perspectives and characteristics that are particularly relevant to Disney’s business and strategic objectives. Parker, who serves as Chairman of the Disney Board, is Executive Chairman of NIKE, Inc. and its former Chairman, President and Chief Executive Officer; Iger, Disney’s Chief Executive Officer, formerly also served as Chairman; Barra is Chair and Chief Executive Officer of General Motors Co.; Catz is Chief Executive Officer of Oracle Corp. and its former President; Chang is a former senior executive at Cisco Systems, Inc. and Google and a current director of Procter & Gamble Co.; Everson is a former senior executive at Instacart, Meta Platforms, Inc. and Microsoft Corp. and a current director of The Coca-Cola Co. and Under Armour Inc.; Froman is President of the Council on Foreign Relations and former Vice Chairman and President, Strategic Growth at Mastercard Inc.; Lagomasino is Chief Executive Officer and Managing Partner of WE Family Offices and a former senior executive at JP Morgan Private Bank and Chase Manhattan Bank and a current director of The Coca-Cola Co.; McDonald is Chief Executive Officer of lululemon athletica inc.; and Rice is a former senior executive at CVS Health Corp. and Eli Lilly and Co. and a current director of The Carlyle Group Inc., Bristol-Myers Squibb Co., and Target Corp.

The Board has been continually refreshed, with a focus on directors whose industry experience is additive to the company’s strategic priorities. This includes the recent additions of Darroch, former Executive Chairman and Group Chief Executive Officer of Sky; and Gorman, Executive Chairman and former Chairman and Chief Executive Officer of Morgan Stanley, both of whom will be standing for election at the annual meeting. The average tenure of the current Board is six years, with seven out of twelve serving less than six years, and the Board is led by an independent chairman.

The nominees reflect Disney’s ongoing commitment to a strong Board focused on the long-term performance of the company, strategic growth initiatives, the succession planning process, and increasing shareholder value.

The Board does not endorse the nominations of Nelson Peltz and James Rasulo put forth by Trian Fund Management, L.P. and its affiliates, led by Nelson Peltz and supported by former Disney executive Isaac Perlmutter (collectively, the “Trian Group”). The Board recommends that shareholders do not vote for the Trian Group nominees, and that they reject a related proposal from the Trian Group to amend the Company Bylaws.

Separately, the Board does not endorse the nominations of Craig Hatkoff, Jessica Schell and Leah Solivan put forth for election as directors by Blackwells Onshore I LLC, Blackwells Capital LLC and Jason Aintabi (collectively, the “Blackwells Group”), and recommends that shareholders not vote for the Blackwells Group nominees. The Board also recommends shareholders reject a related proposal from the Blackwells Group.

For more information on the Board’s recommendations that shareholders vote in favor of Disney’s nominees and against the Trian Group’s nominees and the Blackwells Group’s nominees, please refer to Disney’s preliminary proxy statement filed with the Securities and Exchange Commission today.

Forward-Looking Statements

Certain statements in this communication may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Board’s areas of focus and the Company’s expectations, beliefs, plans, strategies, business or financial prospects or outlook, future shareholder value, priorities or performance; and other statements that are not historical in nature. These statements are made on the basis of the Company’s views and assumptions regarding future events and business performance and plans as of the time the statements are made. The Company does not undertake any obligation to update these statements unless required by applicable laws or regulations, and you should not place undue reliance on forward-looking statements.

Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including restructuring or strategic initiatives or other business decisions, as well as from developments beyond the Company’s control, including: the occurrence of subsequent events; further deterioration in domestic or global economic conditions or failure of conditions to improve as anticipated, including heightened inflation, capital market volatility, interest rate and currency rate fluctuations and economic slowdown or recession; deterioration in or pressures from competitive conditions, including competition to create or acquire content; consumer preferences and acceptance of our content and offerings, pricing model and price increases, and corresponding subscriber additions and churn, and the market for advertising and sales on our direct-to-consumer services and linear networks; health concerns and their impact on our businesses; international, political or military developments; regulatory or legal developments; technological developments; labor markets and activities, including work stoppages; adverse weather conditions or natural disasters; and availability of content. Such developments may further affect entertainment, travel and leisure businesses generally and may, among other things, affect (or further affect, as applicable): our operations, business plans or profitability, including direct-to-consumer profitability; our expected benefits of the composition of the Board; demand for our products and services; the performance of the Company’s content; our ability to create or obtain desirable content at or under the value we assign the content; the advertising market for programming; income tax expense; and performance of some or all Company businesses either directly or through their impact on those who distribute our products.

Additional factors are set forth in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023, including under the captions “Risk Factors”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business”, and subsequent filings with the Securities and Exchange Commission (the “SEC”), including, among others, quarterly reports on Form 10-Q

Additional Information and Where to Find It

Disney has filed with the SEC a preliminary proxy statement on Schedule 14A, containing a form of WHITE proxy card, with respect to its solicitation of proxies for Disney’s 2024 Annual Meeting of Shareholders. The proxy statement is in preliminary form and Disney intends to file and mail a definitive proxy statement to shareholders of Disney. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED BY DISNEY AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT ANY SOLICITATION. Investors and security holders may obtain copies of these documents and other documents filed with the SEC by Disney free of charge through the website maintained by the SEC at www.sec.gov. Copies of the documents filed by Disney are also available free of charge by accessing Disney’s website at www.thewaltdisneycompany.com.

Participants

Disney, its directors and executive officers and other members of management and employees will be participants in the solicitation of proxies with respect to a solicitation by Disney. Information about Disney’s executive officers and directors is available in Disney’s preliminary proxy statement for its 2024 Annual Meeting, which was filed with the SEC on January 16, 2024, and will be included in Disney’s definitive proxy statement, once available. To the extent holdings by our directors and executive officers of Disney securities reported in the proxy statement for the 2024 Annual Meeting have changed, such changes have been or will be reflected on Statements of Change in Ownership on Forms 3, 4 or 5 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at www.sec.gov.

Contacts

David Jefferson
Corporate Communications
(818) 560-4832
david.j.jefferson@disney.com

Mike Long
Corporate Communications
(818) 560-4588
mike.p.long@disney.com

Steve Lipin
Gladstone Place Partners
(212) 230-5930
slipin@gladstoneplace.com

The post The Walt Disney Company Nominates 12 Directors For Election At Upcoming Annual Meeting Of Shareholders appeared first on The Walt Disney Company.

]]>
Statement From The Walt Disney Company https://thewaltdisneycompany.com/press-releases/statement-from-the-walt-disney-company-6/ Fri, 02 Jan 2026 19:30:40 +0000 https://thewaltdisneycompany.com/news// The post Statement From The Walt Disney Company appeared first on The Walt Disney Company.

]]>

BURBANK, Calif., January 3, 2024—The Walt Disney Company (NYSE: DIS) confirmed today that Blackwells Capital LLC, together with its affiliates (collectively, “Blackwells”), has provided notice of its intent to nominate three individuals for election to the Company’s Board of Directors at the 2024 Annual Meeting of Shareholders.

Disney has an experienced, diverse, and highly qualified Board that is focused on the long-term performance of the company, strategic growth initiatives including the ongoing transformation of its businesses, the succession planning process, and increasing shareholder value.

The Governance and Nominating Committee, which evaluates director nominations, will review the proposed Blackwells nominees and provide a recommendation to the Board as part of its governance process.

The Company expects to file preliminary materials with respect to the 2024 Annual Meeting of Shareholders with the Securities and Exchange Commission (“SEC”), which will include the Board’s recommended slate of director nominees. Disney shareholders are not required to take any action at this time.

Forward-Looking Statements

Certain statements in this communication may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s expectations, plans, strategies, business or financial prospects or outlook; future shareholder value, business position, restructuring or transformation; and other statements that are not historical in nature. These statements are made on the basis of the Company’s views and assumptions regarding future events and business performance and plans as of the time the statements are made. The Company does not undertake any obligation to update these statements unless required by applicable laws or regulations, and you should not place undue reliance on forward-looking statements.

Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including restructuring or strategic initiatives or other business decisions, as well as from developments beyond the Company’s control, including: the occurrence of subsequent events; further deterioration in domestic or global economic conditions or failure of conditions to improve as anticipated; deterioration in or pressures from competitive conditions; health concerns and their impact on our businesses and productions; international, political or military developments; regulatory or legal developments; technological developments; labor markets and activities, including work stoppages; adverse weather conditions or natural disasters; and availability of content. Such developments may further affect entertainment, travel and leisure businesses generally and may, among other things, affect (or further affect, as applicable): our operations, business plans or profitability, including direct-to-consumer profitability; our expected benefits of the composition of the Board; demand for our products and services; the performance of the Company’s content; our ability to create or obtain desirable content at or under the value we assign the content; the advertising market for programming; income tax expense; and performance of some or all Company businesses either directly or through their impact on those who distribute our products.

Additional factors are set forth in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023, including under the captions “Risk Factors”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business”, and subsequent filings with the Securities and Exchange Commission, including, among others, quarterly reports on Form 10-Q.

Additional Information and Where to Find It

The Company intends to file with the SEC a proxy statement on Schedule 14A, containing a form of WHITE proxy card, with respect to its solicitation of proxies for the 2024 Annual Meeting of Shareholders. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED BY THE COMPANY AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ANY SOLICITATION. Investors and security holders may obtain copies of these documents and other documents filed with the SEC by the Company free of charge through the website maintained by the SEC at www.sec.gov. Copies of the documents filed by the Company are also available free of charge by accessing the Company’s website at www.thewaltdisneycompany.com.

Participants

Disney, its directors and executive officers and other members of management and employees will be participants in the solicitation of proxies with respect to a solicitation by Disney. Information about Disney’s executive officers and directors is available in Disney’s Annual Report on Form 10-K for the year ended September 30, 2023, which was filed with the SEC on November 21, 2023, and in its proxy statement for the 2023 Annual Meeting of Shareholders, which was filed with the SEC on February 13, 2023, and in its Current Reports on Form 8-K filed with the SEC on March 13, 2023, April 20, 2023, June 15, 2023, July 12, 2023, November 6, 2023, November 29, 2023 and December 22, 2023. To the extent holdings by our directors and executive officers of Disney securities reported in the proxy statement for the 2023 Annual Meeting or in such Form 8-K have changed, such changes have been or will be reflected on Statements of Change in Ownership on Forms 3, 4 or 5 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at www.sec.gov.

Contacts

David Jefferson
Corporate Communications
(818) 560-4832
david.j.jefferson@disney.com

Mike Long
Corporate Communications
(818) 560-4588
mike.p.long@disney.com

Steve Lipin
Gladstone Place Partners
(212) 230-5930
slipin@gladstoneplace.com

The post Statement From The Walt Disney Company appeared first on The Walt Disney Company.

]]>
The Walt Disney Company And ValueAct Capital Enter Into Information-Sharing Arrangement To Facilitate Strategic Consultation During Company’s Transformation https://thewaltdisneycompany.com/press-releases/the-walt-disney-company-and-valueact-capital-enter-into-information-sharing-arrangement-to-facilitate-strategic-consultation-during-companys-transformation/ Fri, 02 Jan 2026 19:27:33 +0000 https://thewaltdisneycompany.com/news// The post The Walt Disney Company And ValueAct Capital Enter Into Information-Sharing Arrangement To Facilitate Strategic Consultation During Company’s Transformation appeared first on The Walt Disney Company.

]]>

Investment Firm Will Support the Disney Board’s Slate of Director Nominees at 2024 Annual Meeting

BURBANK and SAN FRANCISCO, Calif., January 3, 2024—The Walt Disney Company (NYSE: DIS) and ValueAct Capital Management, L.P. have entered into a confidentiality agreement that enables the company to provide information to the investment firm and consult with ValueAct on strategic matters, including through meetings with the Disney Board and management.

ValueAct has extensive experience investing in media and technology companies navigating significant business transformations, including Spotify, The New York Times, 21st Century Fox, Nintendo, Microsoft, Adobe and Salesforce.

“ValueAct Capital has a track record of collaboration and cooperation with the companies it invests in, and its Co-CEO Mason Morfit has been very constructive in the conversations we’ve had over the past year. We welcome their input as long-term shareholders,” said Robert A. Iger, Disney’s Chief Executive Officer.

“Disney is the world’s leading entertainment company. It has the best intellectual property, sports brand and parks & experiences assets in the industry. As legacy technologies transition to digital platforms, we believe Disney can lead the media industry forward. We could not be more excited to partner with Bob and the Board to help create long-term sustainable shareholder value,” said Mason Morfit, ValueAct Capital Co-CEO and Chief Investment Officer.

ValueAct has confirmed it will support the Disney Board of Directors’ recommended slate of nominees for election to the Board at the 2024 Annual Meeting.

Forward-Looking Statements

Certain statements in this communication may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s plans, strategies, business or financial prospects or outlook; future shareholder value, business position, restructuring or transformation; and other statements that are not historical in nature. These statements are made on the basis of the Company’s views and assumptions regarding future events and business performance and plans as of the time the statements are made. The Company does not undertake any obligation to update these statements unless required by applicable laws or regulations, and you should not place undue reliance on forward-looking statements.

Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including restructuring or strategic initiatives or other business decisions, as well as from developments beyond the Company’s control, including: the occurrence of subsequent events; further deterioration in domestic or global economic conditions or failure of conditions to improve as anticipated; deterioration in or pressures from competitive conditions; health concerns and their impact on our businesses and productions; international, political or military developments; regulatory or legal developments; technological developments; labor markets and activities, including work stoppages; adverse weather conditions or natural disasters; and availability of content. Such developments may further affect entertainment, travel and leisure businesses generally and may, among other things, affect (or further affect, as applicable): our operations, business plans or profitability, including direct-to-consumer profitability; our expected benefits of the composition of the Board; demand for our products and services; the performance of the Company’s content; our ability to create or obtain desirable content at or under the value we assign the content; the advertising market for programming; income tax expense; and performance of some or all Company businesses either directly or through their impact on those who distribute our products.

Additional factors are set forth in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023, including under the captions “Risk Factors”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business”, and subsequent filings with the Securities and Exchange Commission, including, among others, quarterly reports on Form 10-Q.

Additional Information and Where to Find It

The Company intends to file with the SEC a proxy statement on Schedule 14A, containing a form of WHITE proxy card, with respect to its solicitation of proxies for the 2024 Annual Meeting of Shareholders. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED BY THE COMPANY AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ANY SOLICITATION. Investors and security holders may obtain copies of these documents and other documents filed with the SEC by the Company free of charge through the website maintained by the SEC at www.sec.gov. Copies of the documents filed by the Company are also available free of charge by accessing the Company’s website at www.thewaltdisneycompany.com.

Participants

Disney, its directors and executive officers and other members of management and employees will be participants in the solicitation of proxies with respect to a solicitation by Disney. Information about Disney’s executive officers and directors is available in Disney’s Annual Report on Form 10-K for the year ended September 30, 2023, which was filed with the SEC on November 21, 2023, and in its proxy statement for the 2023 Annual Meeting of Shareholders, which was filed with the SEC on February 13, 2023, and in its Current Reports on Form 8-K filed with the SEC on March 13, 2023, April 20, 2023, June 15, 2023, July 12, 2023, November 6, 2023, November 29, 2023 and December 22, 2023. To the extent holdings by our directors and executive officers of Disney securities reported in the proxy statement for the 2023 Annual Meeting or in such Form 8-K have changed, such changes have been or will be reflected on Statements of Change in Ownership on Forms 3, 4 or 5 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at www.sec.gov.

Contacts

David Jefferson
Corporate Communications
(818) 560-4832
david.j.jefferson@disney.com

Mike Long
Corporate Communications
(818) 560-4588
mike.p.long@disney.com

Steve Lipin
Gladstone Place Partners
(212) 230-5930
slipin@gladstoneplace.com

ValueAct Contact:

media@valueact.com

The post The Walt Disney Company And ValueAct Capital Enter Into Information-Sharing Arrangement To Facilitate Strategic Consultation During Company’s Transformation appeared first on The Walt Disney Company.

]]>
Statement From The Walt Disney Company https://thewaltdisneycompany.com/press-releases/statement-from-the-walt-disney-company-5/ Fri, 02 Jan 2026 19:20:05 +0000 https://thewaltdisneycompany.com/news// The post Statement From The Walt Disney Company appeared first on The Walt Disney Company.

]]>

BURBANK, Calif., December 14, 2023 – The Walt Disney Company (NYSE: DIS) confirmed today that Trian Fund Management, L.P., alongside certain affiliates, including Trian’s previously disclosed partnership with Isaac Perlmutter pursuant to which it obtained beneficial ownership of Mr. Perlmutter’s Disney shares (collectively, “Trian”), has provided notice of its intent to nominate two individuals for election to the Company’s Board of Directors at the 2024 Annual Meeting of Shareholders.

Disney has an experienced, diverse, and highly qualified Board that is focused on the long-term performance of the Company, strategic growth initiatives including the ongoing transformation of its businesses, the succession planning process, and increasing shareholder value.

The Governance and Nominating Committee, which evaluates director nominations, will review the proposed Trian nominees and provide a recommendation to the Board as part of its governance process.

The Company expects to file preliminary materials with respect to the 2024 Annual Meeting of Shareholders with the Securities and Exchange Commission (“SEC”), which will include the Board’s recommended slate of director nominees. Disney shareholders are not required to take any action at this time.

Forward-Looking Statements

Certain statements in this communication may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s expectations, beliefs, plans, and continuation of commitments and focus; our business or financial prospects, trends or outlook; business plans or opportunities; future performance and growth; organizational structure and leadership decisions; strategies and strategic priorities and opportunities; and other statements that are not historical in nature. These statements are made on the basis of the Company’s views and assumptions regarding future events and business performance and plans as of the time the statements are made. The Company does not undertake any obligation to update these statements unless required by applicable laws or regulations, and you should not place undue reliance on forward-looking statements.

Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including restructuring or strategic initiatives or other business decisions, as well as from developments beyond the Company’s control, including: the occurrence of subsequent events; further deterioration in domestic or global economic conditions or failure of conditions to improve as anticipated; deterioration in or pressures from competitive conditions; health concerns and their impact on our businesses and productions; international, political or military developments; regulatory or legal developments; technological developments; labor markets and activities, including work stoppages; adverse weather conditions or natural disasters; and availability of content. Such developments may further affect entertainment, travel and leisure businesses generally and may, among other things, affect (or further affect, as applicable): our operations, business plans or profitability, including direct-to-consumer profitability; our expected benefits of the composition of the Board; demand for our products and services; the performance of the Company’s content; our ability to create or obtain desirable content at or under the value we assign the content; the advertising market for programming; income tax expense; and performance of some or all Company businesses either directly or through their impact on those who distribute our products.

Additional factors are set forth in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023, including under the captions “Risk Factors”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business”, and subsequent filings with the Securities and Exchange Commission, including, among others, quarterly reports on Form 10-Q.

Additional Information and Where to Find it

The Company intends to file with the SEC a proxy statement on Schedule 14A, containing a form of WHITE proxy card, with respect to its solicitation of proxies for the 2024 Annual Meeting of Shareholders. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED BY THE COMPANY AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ANY SOLICITATION. Investors and security holders may obtain copies of these documents and other documents filed with the SEC by the Company free of charge through the website maintained by the SEC at www.sec.gov. Copies of the documents filed by the Company are also available free of charge by accessing the Company’s website at www.thewaltdisneycompany.com.

Participants

Disney, its directors and executive officers and other members of management and employees will be participants in the solicitation of proxies with respect to a solicitation by Disney. Information about Disney’s executive officers and directors is available in Disney’s Annual Report on Form 10-K for the year ended September 30, 2023, which was filed with the SEC on November 21, 2023, and in its proxy statement for the 2023 Annual Meeting of Shareholders, which was filed with the SEC on February 13, 2023, and in its Current Reports on Form 8-K filed with the SEC on March 13, 2023, April 20, 2023, June 15, 2023, July 12, 2023, November 6, 2023 and November 29, 2023. To the extent holdings by our directors and executive officers of Disney securities reported in the proxy statement for the 2023 Annual Meeting or in such Form 8-K have changed, such changes have been or will be reflected on Statements of Change in Ownership on Forms 3, 4 or 5 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at www.sec.gov.

Contact

Mike Long
Corporate Communication
(818) 560-4588
mike.p.long@disney.com

The post Statement From The Walt Disney Company appeared first on The Walt Disney Company.

]]>
The Walt Disney Company Declares Cash Dividend Of $0.30 Per Share https://thewaltdisneycompany.com/press-releases/the-walt-disney-company-declares-cash-dividend-of-0-30-per-share/ Fri, 02 Jan 2026 19:15:33 +0000 https://thewaltdisneycompany.com/news// The post The Walt Disney Company Declares Cash Dividend Of $0.30 Per Share appeared first on The Walt Disney Company.

]]>

BURBANK, Calif., November 30, 2023 – The Walt Disney Company (NYSE: DIS) Board of Directors today announced a cash dividend of $0.30 per share in respect of the second half of fiscal year 2023, payable January 10, 2024 to shareholders of record at the close of business on December 11, 2023.

“This has been a year of important progress for The Walt Disney Company, defined by a strategic restructuring and a renewed focus on long-term growth,” said Mark Parker, Chairman of the Board. “As Disney moves forward with its key strategic objectives, we are pleased to declare a dividend for our shareholders while we continue to invest in the company’s future and prioritize meaningful value creation.”

About The Walt Disney Company

The Walt Disney Company, together with its subsidiaries and affiliates, is a leading diversified international family entertainment and media enterprise that includes three business segments: Entertainment, Sports and Experiences. Disney is a Dow 30 company and had annual revenue of $88.9 billion in its Fiscal Year 2023.

Forward-Looking Statements

Certain statements in this communication may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s expectations, plans, priorities, focus and other statements that are not historical in nature. These statements are made on the basis of the Company’s views and assumptions regarding future events and business performance as of the time the statements are made. The Company does not undertake any obligation to update these statements.

Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including restructuring or strategic initiatives or other business decisions, as well as from developments beyond the Company’s control, including: the occurrence of subsequent events; further deterioration in domestic or global economic conditions or failure of conditions to improve as anticipated; deterioration or pressures from competitive conditions, including competition to create or acquire content, competition for talent and competition for advertising revenue; consumer preferences and acceptance of our content, offerings, pricing model and price increases, and corresponding subscriber additions and churn, and the market for advertising sales on our direct-to-consumer services and linear networks; health concerns and their impact on our businesses and productions; international, political or military developments; regulatory or legal developments; technological developments; labor markets and activities, including work stoppages; adverse weather conditions or natural disasters; and availability of content. Such developments may further affect entertainment, travel and leisure businesses generally and may, among other things, affect (or further affect, as applicable): our operations, business plans or profitability, including direct-to-consumer profitability; demand for our products and services; the performance of the Company’s content; our ability to create or obtain desirable content at or under the value we assign the content; the advertising market for programming; income tax expense; and performance of some or all Company businesses either directly or through their impact on those who distribute our products.

Additional factors are set forth in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023 under the captions “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Business,” and subsequent filings with the Securities and Exchange Commission, including, among others, quarterly reports on Form 10-Q.

The terms “Company,” “we,” and “our” are used above to refer collectively to the parent company and the subsidiaries through which our various businesses are actually conducted.

Contacts

Alexia Quadrani
Investor Relations
alexia.quadrani@disney.com
(818) 560-6601

David Jefferson
Corporate Communications
david.j.jefferson@disney.com
(818) 560-4832

Mike Long
Corporate Communications
mike.p.long@disney.com
(818) 560-4588

The post The Walt Disney Company Declares Cash Dividend Of $0.30 Per Share appeared first on The Walt Disney Company.

]]>
Statement From The Walt Disney Company https://thewaltdisneycompany.com/press-releases/statement-from-the-walt-disney-company-3/ Fri, 02 Jan 2026 19:12:48 +0000 https://thewaltdisneycompany.com/news// The post Statement From The Walt Disney Company appeared first on The Walt Disney Company.

]]>

BURBANK, Calif., November 30, 2023 – The Walt Disney Company (NYSE: DIS) issued the following statement today in response to the statement released by Nelson Peltz, founding partner of Trian, relating to Disney and its Board of Directors:

The Walt Disney Company has a proven track record of delivering long-term value to our shareholders and is in the midst of a significant transformation to reinforce our position as the world’s preeminent entertainment company. Over the past twelve months, we restructured the company to restore creativity to the center of all our businesses as we significantly reduce costs and drive efficiencies, and we are on track to achieve about $7.5 billion in cost savings – $2 billion more than our original target.

Disney is moving from a period of fixing to a new era of building, as the entire media sector navigates the crosscurrents of the competitive landscape for streaming. We are executing on four key building opportunities that will be central to our success: achieving significant and sustained profitability in our streaming business; building ESPN into the preeminent digital sports platform; improving the output and economics of our film studios; and turbocharging growth in our Experiences business. Our extraordinary portfolio of businesses, brands and assets—and the key synergies between them—are the foundation to developing the popular franchises that will continue to drive our strategic success. With one of the strongest balance sheets in the media sector, Disney expects free cash flow to approach pre-COVID levels in fiscal 2024, and the Board and management are steadfast in our commitment to ensuring The Walt Disney Company’s long-term success for the benefit of all our shareholders.

Disney also continues to refresh its Board of Directors, including the appointments of James P. Gorman, Chairman and Chief Executive Officer of Morgan Stanley, and Sir Jeremy Darroch, a veteran media executive and former Group Chief Executive of Sky, as new directors, as the result of a lengthy and comprehensive search that began in April of this year.  Their appointments reflect Disney’s commitment to a strong board focused on the long-term performance of the company, strategic growth initiatives, the succession planning process, and increasing shareholder value. As also announced yesterday, Disney board member Francis A. deSouza has decided not to stand for reelection at the annual meeting.

Mr. Peltz, in partnership with Isaac Perlmutter, a former Disney executive, intends to take its case to shareholders. Mr. Perlmutter owns 78% of the shares that Mr. Peltz claims beneficial ownership of, or more than 25 million of the 33 million shares. This dynamic is relevant to assessing Mr. Peltz and any other nominees he may put forth as directors, as Mr. Perlmutter was terminated from his employment by Disney earlier this year and has voiced his longstanding personal agenda against Disney’s CEO, Robert A. Iger, which may be different than that of all other shareholders.

The Disney Board will recommend to shareholders its slate of director nominees in the company’s proxy statement to be filed with the Securities and Exchange Commission and distributed to all shareholders eligible to vote at the annual meeting.

Disney shareholders are not required to take any action at this time.

Forward-Looking Statements

Certain statements in this communication may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s expectations, beliefs, plans, and continuation of commitments and focus; expected growth and drivers of performance or growth; our business or financial prospects, trends or outlook; business plans or opportunities; future performance and growth; organizational structure and leadership decisions; plans or expectations for direct-to-consumer profitability, product acceptance and enhancements and subscription offerings; consumer behavior or demand; cost reductions and efficiencies;  strategies and strategic priorities and opportunities; value of our intellectual property, content offerings, businesses and assets, including franchises and brands; future free cash flow; and other statements that are not historical in nature. These statements are made on the basis of management’s views and assumptions regarding future events and business performance as of the time the statements are made. Management does not undertake any obligation to update these statements.

Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including restructuring or strategic initiatives or other business decisions, as well as from developments beyond the Company’s control, including: the occurrence of subsequent events; further deterioration in domestic or global economic conditions or failure of conditions to improve as anticipated; deterioration or pressures from competitive conditions, including competition to create or acquire content, competition for talent and competition for advertising revenue; consumer preferences and acceptance of our content, offerings, pricing model and price increases, and corresponding subscriber additions and churn, and the market for advertising sales on our direct-to-consumer services and linear networks; health concerns and their impact on our businesses and productions; international, political or military developments; regulatory or legal developments; technological developments; labor markets and activities, including work stoppages; adverse weather conditions or natural disasters; and availability of content. Such developments may further affect entertainment, travel and leisure businesses generally and may, among other things, affect (or further affect, as applicable): our operations, business plans or profitability, including direct-to-consumer profitability; our expected benefits of the composition of the Board; demand for our products and services; the performance of the Company’s content; our ability to create or obtain desirable content at or under the value we assign the content; the advertising market for programming; income tax expense; and performance of some or all Company businesses either directly or through their impact on those who distribute our products.

Additional factors are set forth in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023 under the captions “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Business,” and subsequent filings with the Securities and Exchange Commission, including, among others, quarterly reports on Form 10-Q.

Contacts

David Jefferson
Corporate Communications
David.J.Jefferson@disney.com
818-560-4832

Mike Long
Corporate Communications
Mike.P.Long@disney.com
818-560-4588

The post Statement From The Walt Disney Company appeared first on The Walt Disney Company.

]]>
The Walt Disney Company Board Appoints Morgan Stanley’s James P. Gorman And Veteran Media Executive Sir Jeremy Darroch As New Directors https://thewaltdisneycompany.com/press-releases/the-walt-disney-company-board-appoints-morgan-stanleys-james-p-gorman-and-veteran-media-executive-sir-jeremy-darroch-as-new-directors/ Fri, 02 Jan 2026 19:09:49 +0000 https://thewaltdisneycompany.com/news// The post The Walt Disney Company Board Appoints Morgan Stanley’s James P. Gorman And Veteran Media Executive Sir Jeremy Darroch As New Directors appeared first on The Walt Disney Company.

]]>

BURBANK, Calif., November 29, 2023 – The Walt Disney Company (NYSE: DIS) Board of Directors has appointed James P. Gorman, Chairman and Chief Executive Officer of Morgan Stanley, and Sir Jeremy Darroch, a veteran media executive and former Group Chief Executive of Sky, as new directors. Darroch’s appointment is effective January 9, 2024, and Gorman’s is effective February 5, 2024.

The selection of Gorman, a deeply respected leader at one of the world’s preeminent global financial institutions, and Darroch, an accomplished chief executive and financial leader with significant experience in the international media and consumer products sectors, follows a lengthy and comprehensive search that began in April 2023. Their appointments reflect Disney’s commitment to a strong board focused on the long-term performance of the company, strategic growth initiatives, the succession planning process, and increasing shareholder value.

“James and Jeremy are both widely respected leaders in their industries, and their expertise will complement the talents and experience of the Disney board as we continue to focus on delivering for consumers and shareholders alike,” said Mark G. Parker, Chairman of the Board, The Walt Disney Company. “In the 14 years that James has been CEO of Morgan Stanley, he has overseen a strategic transformation of the institution and delivered significant shareholder value, and was integral to Morgan Stanley’s well-managed succession process over the past year,” Parker said. “Jeremy brings extensive leadership in the international media business, and during his tenure at Sky, he led Sky’s successful transition from a linear satellite broadcaster to one of Europe’s largest multi-platform TV providers.”

“Disney stands apart, both in its creative excellence and its deep connection with consumers,” said Gorman. “It is an incredible opportunity to join this accomplished board of directors, and to lend my experience and perspective as the company implements its strategic vision to build for the future.”

“I am thrilled to join the board of directors of one of the most beloved brands in the world at such a pivotal moment for the company,” said Darroch. “I look forward to working closely with my fellow board members to advise Disney’s executive leadership on the implementation of their strategic priorities designed to drive sustained growth and create long-term shareholder value.”

Gorman and Darroch will be included in the company’s slate of director nominees in the proxy statement for Disney’s 2024 Annual Meeting of Shareholders. Disney board member Francis A. deSouza has decided not to stand for reelection at the annual meeting, as he pursues new opportunities in the technology sector that will require his full attention.

“I’m immensely proud to have had the opportunity to serve such an important and cherished institution alongside this group of esteemed board members,” deSouza said. “I have enormous admiration and affection for the company and its leaders and Cast Members, and I look forward to cheering on every future success as a lifelong Disney fan as I step down to pursue my next career endeavors.”

“We are grateful to Francis for his years of service on the Disney board, and understand his desire not to stand for reelection in the spring as he pursues his next venture,” said Parker. “He has provided invaluable guidance during his tenure, and we wish him the very best.”

Disney’s directors bring significant expertise in implementing strategic priorities while growing shareholder value across a spectrum of varied businesses. Along with Parker, Executive Chairman of NIKE, Inc., and deSouza, former President and Chief Executive Officer of Illumina, Inc., Disney’s board includes Mary T. Barra, Chair and Chief Executive Officer of General Motors Co.; Safra A. Catz, Chief Executive Officer of Oracle Corp.; Amy L. Chang, former senior executive at Cisco and Google and a current director of Procter & Gamble; Carolyn N. Everson, former senior executive at Instacart, Meta and Microsoft and a current director of The Coca-Cola Co. and Under Armour Inc.; Michael B.G. Froman, President of the Council on Foreign Relations and former Vice Chairman and President, Strategic Growth at Mastercard Inc.; Robert A. Iger, Chief Executive Officer, The Walt Disney Company; Maria Elena Lagomasino, Chief Executive Officer and Managing Partner of WE Family Offices and a former senior executive at JP Morgan Private Bank and Chase Manhattan Bank; Calvin R. McDonald, Chief Executive Officer of lululemon athletica inc.; and Derica W. Rice, a former senior executive at CVS Health and Eli Lilly and a current director of The Carlyle Group Inc., Bristol-Myers Squibb Co., and Target Corp. The addition of Gorman and Darroch will temporarily increase Disney’s board to 13 members.

James P. Gorman Background

James Gorman became Chief Executive Officer of Morgan Stanley in January 2010 and Chairman in January 2012, and he will assume the role of Executive Chairman on January 1, 2024. He joined the firm in February 2006 and was named Co-President in December 2007. Before joining Morgan Stanley, Gorman held executive positions at Merrill Lynch. As CEO and Chairman of Morgan Stanley, Gorman has an established record driving strategic transformation of a global financial institution with a long-term sustainable business model. Gorman has successfully executed innovative technological strategies leading the acquisition and integration of online trading platform E-Trade, and will provide key perspectives as Disney leverages technology to advance its strategy. Through his roles at Morgan Stanley, Merrill Lynch, and as former President of the Federal Advisory Council to the U.S. Federal Reserve Board, Gorman also brings deep finance management, investment and fiduciary expertise evaluating businesses. Gorman earned a bachelor’s degree and law degree from the University of Melbourne and an M.B.A. from Columbia University.

Sir Jeremy Darroch Background

Sir Jeremy Darroch is the former Executive Chairman and Group Chief Executive of Sky. He joined Sky as Chief Financial Officer in 2004 and was promoted to Group Chief Executive in 2007, and served as Executive Chairman in 2021. As Group Chief Executive of Sky, Darroch led the company’s tremendous growth and transformation from a linear satellite broadcaster into one of Europe’s largest multi-platform TV providers. His experience will lend valuable insights to Disney’s board and management in navigating the strategic expansion of DTC offerings and changing media and entertainment landscapes, as well as perspectives on creative content investment and brand evolution. As the former CFO of Sky, Darroch also has extensive expertise in finance, accounting and risk management. He is a director and the pending Chairman of Reckitt Benckiser Group plc. Darroch was knighted by King Charles III in June. He holds a bachelor’s degree in economics from the University of Hull.

About The Walt Disney Company

The Walt Disney Company, together with its subsidiaries and affiliates, is a leading diversified international family entertainment and media enterprise that includes three business segments: Entertainment, Sports and Experiences. Disney is a Dow 30 company and had annual revenue of $88.9 billion in its Fiscal Year 2023.

Forward-Looking Statements

Certain statements in this communication may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s expectations, beliefs, plans, and continuation of commitments and focus and other statements that are not historical in nature. These statements are made on the basis of management’s views and assumptions regarding future events and business performance as of the time the statements are made. Management does not undertake any obligation to update these statements.

Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including restructuring or strategic initiatives or other business decisions, as well as from developments beyond the Company’s control, including: the occurrence of subsequent events; further deterioration in domestic or global economic conditions or failure of conditions to improve as anticipated; deterioration or pressures from competitive conditions, including competition to create or acquire content, competition for talent and competition for advertising revenue; consumer preferences and acceptance of our content, offerings, pricing model and price increases, and corresponding subscriber additions and churn, and the market for advertising sales on our direct-to-consumer services and linear networks; health concerns and their impact on our businesses and productions; international, political or military developments; regulatory or legal developments; technological developments; labor markets and activities, including work stoppages; adverse weather conditions or natural disasters; and availability of content. Such developments may further affect entertainment, travel and leisure businesses generally and may, among other things, affect (or further affect, as applicable): our operations, business plans or profitability, including direct-to-consumer profitability; our expected benefits of the composition of the Board; demand for our products and services; the performance of the Company’s content; our ability to create or obtain desirable content at or under the value we assign the content; the advertising market for programming; income tax expense; and performance of some or all Company businesses either directly or through their impact on those who distribute our products.

Additional factors are set forth in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023 under the captions “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Business,” and subsequent filings with the Securities and Exchange Commission, including, among others, quarterly reports on Form 10-Q.

Contacts

David Jefferson
Corporate Communications
david.j.jefferson@disney.com
(818) 560-4832

Mike Long
Corporate Communications
mike.p.long@disney.com
(818) 560-4588

The post The Walt Disney Company Board Appoints Morgan Stanley’s James P. Gorman And Veteran Media Executive Sir Jeremy Darroch As New Directors appeared first on The Walt Disney Company.

]]>
The Walt Disney Company Names Hugh Johnston As Senior Executive Vice President And Chief Financial Officer https://thewaltdisneycompany.com/press-releases/the-walt-disney-company-names-hugh-johnston-as-senior-executive-vice-president-and-chief-financial-officer/ Fri, 02 Jan 2026 18:59:26 +0000 https://thewaltdisneycompany.com/news// The post The Walt Disney Company Names Hugh Johnston As Senior Executive Vice President And Chief Financial Officer appeared first on The Walt Disney Company.

]]>

BURBANK, Calif., November 6, 2023 – Hugh F. Johnston has been named Senior Executive Vice President and Chief Financial Officer of The Walt Disney Company (NYSE: DIS) effective December 4, it was announced today by Robert A. Iger, Chief Executive Officer. Johnston is Vice Chairman and Chief Financial Officer of PepsiCo, where he has held numerous leadership positions during a highly successful 34-year career with the multinational food and beverage giant.

As Disney’s Chief Financial Officer, Johnston will report directly to Iger and will lead the company’s worldwide finance organization, which includes corporate real estate, corporate strategy and business development, enterprise controllership, enterprise technology, financial planning and analysis, global product and labor standards, global security, investor relations, risk management, tax, and treasury.

“Hugh’s well-earned reputation as one of the best CFOs in America and his wealth of leadership experience in both financial and operational roles overseeing a diverse portfolio of top global brands make him a perfect addition to Disney’s senior leadership team,” said Iger. “His expertise will serve Disney and its shareholders well as we continue the transformative work we are doing to drive growth and value creation.

“I would also like to extend my sincere gratitude to Kevin Lansberry, who stepped into the CFO role on an interim basis earlier this year,” Iger said. “Kevin has provided steady leadership and invaluable counsel to our executive management team, and he will continue to be one of our company’s most important financial leaders as he returns to his role as CFO of our Disney Experiences segment.”

“Disney is such a storied company, with the most beloved brands in the world and a strong financial foundation to support the company of the future that Bob and his team are building,” Johnston said. “Very few companies have withstood the test of time that Disney has, making the company as rare as it is special. I share Bob’s enthusiasm for Disney’s future, and I am incredibly excited to join this management team in this moment of opportunity and possibility.”

Johnston joined PepsiCo in 1987, and has held a variety of roles, including Executive Vice President, Global Operations, PepsiCo; President, Pepsi-Cola North America; Senior Vice President, Transformation, PepsiCo; Senior Vice President and Chief Financial Officer, PepsiCo Beverages and Foods; and Senior Vice President, Mergers and Acquisitions, PepsiCo. Johnston also served as Vice President, Retail at Merck & Co. from 1999 until 2002, when he rejoined PepsiCo.

Johnston was named CFO of PepsiCo in 2010 and has been responsible for providing strategic financial leadership for PepsiCo, including ensuring the company’s strategy creates shareholder value, communicating the company’s strategies and performance to investors, and implementing a capital structure, financial processes and controls to support the company’s growth and return on investment goals.

Johnston currently serves as a member of the board and chair of the audit committee of Microsoft Corp., and as a member of the board and chair of the audit committee of HCA Healthcare. He is also a director for the Peterson Institute for International Economics, a leading global economic think tank.

Johnston holds a Bachelor of Science degree from Syracuse University and an M.B.A. from the University of Chicago.

Contacts

David Jefferson
Corporate Communications
(818) 560-4832
david.j.jefferson@disney.com

Mike Long
Corporate Communications
(818) 560-4588
mike.p.long@disney.com

Alexia Quadrani
Investor Relations
(818) 560-6601
alexia.quadrani@disney.com

The post The Walt Disney Company Names Hugh Johnston As Senior Executive Vice President And Chief Financial Officer appeared first on The Walt Disney Company.

]]>
The Walt Disney Company To Purchase Remaining Stake In Hulu From Comcast https://thewaltdisneycompany.com/press-releases/the-walt-disney-company-to-purchase-remaining-stake-in-hulu-from-comcast/ Fri, 02 Jan 2026 18:55:48 +0000 https://thewaltdisneycompany.com/news// The post The Walt Disney Company To Purchase Remaining Stake In Hulu From Comcast appeared first on The Walt Disney Company.

]]>

BURBANK, Calif., November 1, 2023—The Walt Disney Company (NYSE: DIS) announced today that it will acquire the 33% stake in Hulu, LLC held by Comcast Corp.’s (NASDAQ: CMCSA) NBC Universal (NBCU), following Comcast’s November 1 exercise of its right under the put/call arrangement between the two companies. The acquisition of Comcast’s stake in Hulu at fair market value will further Disney’s streaming objectives.

Under the terms of the put/call arrangement, by December 1, Disney expects it will pay NBCU approximately $8.61 billion, representing NBCU’s percentage of the $27.5 billion guaranteed floor value for Hulu that was set when the companies entered into their agreement in 2019 minus the anticipated outstanding capital call contributions payable by NBCU to Disney. Under the appraisal process agreed to by Disney and Comcast, Hulu’s equity fair value will be assessed as of September 30, 2023, and if the value is ultimately determined to be greater than the guaranteed floor value, Disney will pay NBCU its percentage of the difference between the equity fair value and the guaranteed floor value. While the timing of the appraisal process is uncertain, we anticipate it should be completed during the 2024 calendar year.

Contacts

David Jefferson
Corporate Communications
(818) 560-4832
david.j.jefferson@disney.com

Mike Long
Corporate Communications
(818) 560-4588
mike.p.long@disney.com

Alexia Quadrani
Investor Relations
(818) 560-6601
alexia.quadrani@disney.com

The post The Walt Disney Company To Purchase Remaining Stake In Hulu From Comcast appeared first on The Walt Disney Company.

]]>
Alexia Quadrani Promoted To Executive Vice President, Investor Relations For The Walt Disney Company https://thewaltdisneycompany.com/press-releases/alexia-quadrani-promoted-to-executive-vice-president-investor-relations-for-the-walt-disney-company/ Fri, 02 Jan 2026 18:45:08 +0000 https://thewaltdisneycompany.com/news// The post Alexia Quadrani Promoted To Executive Vice President, Investor Relations For The Walt Disney Company appeared first on The Walt Disney Company.

]]>

BURBANK, Calif., July 18, 2023 – The Walt Disney Company (NYSE: DIS) today announced that Alexia Quadrani has been promoted to the role of Executive Vice President, Investor Relations for the company. Quadrani most recently served as Disney’s Senior Vice President, Investor Relations.

Quadrani will continue to serve as Disney’s primary information liaison to the global investment community, while working as a key advisor and resource to the company’s senior management team. Quadrani’s responsibilities include expanding the company’s relationships with sell-side and buy-side investment analysts, industry analysts, and investors worldwide; providing input on the company’s financial reporting activities; managing stock share administration; and leading ongoing engagement with the governance community and Environmental, Social, and Governance (ESG) focused investors.

Prior to joining Disney last year, Quadrani served as Managing Director and Senior Analyst, U.S. Media Equity Research at J.P. Morgan for 14 years. Her coverage included entertainment, advertising and video game stocks. Quadrani joined J.P. Morgan in 2008 through its merger with Bear Stearns, where she had served as Senior Managing Director since 1997. She was an Institutional Investor-ranked analyst for more than 20 years.

Quadrani holds an MBA in finance from New York University’s Stern School of Business and a BS from the School of Foreign Service at Georgetown University.

Contacts

David Jefferson
Corporate Communications
(818) 818-560-4832

Mike Long
Corporate Communications
(818) 560-4588

Alexia Quadrani
Investor Relations
(818) 560-6601

The post Alexia Quadrani Promoted To Executive Vice President, Investor Relations For The Walt Disney Company appeared first on The Walt Disney Company.

]]>
The Walt Disney Company Board Of Directors Extends Robert A. Iger’s Contract As CEO Through 2026 https://thewaltdisneycompany.com/press-releases/the-walt-disney-company-board-of-directors-extends-robert-a-igers-contract-as-ceo-through-2026/ Fri, 02 Jan 2026 18:42:42 +0000 https://thewaltdisneycompany.com/news// The post The Walt Disney Company Board Of Directors Extends Robert A. Iger’s Contract As CEO Through 2026 appeared first on The Walt Disney Company.

]]>

Board Points to Iger’s Successful Leadership Record and Ongoing Strategic Transformation of the Company to Meet Industry Challenges

BURBANK, Calif., July 12, 2023—The Walt Disney Company (NYSE: DIS) Board of Directors announced today that Robert A. Iger has agreed to continue to serve as Chief Executive Officer through December 31, 2026. In voting unanimously to extend Mr. Iger’s contract by two years, the independent members of the Board of Directors noted that Iger’s extension provides continuity of leadership during the Company’s ongoing transformation, and allows more time to execute a transition plan for CEO succession, which remains a priority for the Board.

“Time and again, Bob has shown an unparalleled ability to successfully transform Disney to drive future growth and financial returns, earning him a reputation as one of the world’s best CEOs,” said Mark G. Parker, Chairman, The Walt Disney Company. “Bob has once again set Disney on the right strategic path for ongoing value creation, and to ensure the successful completion of this transformation while also allowing ample time to position a new CEO for long-term success, the Board determined it is in the best interest of shareholders to extend his tenure, and he has agreed to our request to remain Chief Executive Officer through the end of 2026.”

“Since my return to Disney just seven months ago, I’ve examined virtually every facet of our businesses to fully understand the tremendous opportunities before us, as well as the challenges we’ve been facing from the broader economic environment and the tectonic shifts in our industry. On my first day back, we began making important and sometimes difficult decisions to address some existing structural and efficiency issues, and despite the challenges, I believe Disney’s long-term future is incredibly bright,” said Iger. “But there is more to accomplish before this transformative work is complete, and because I want to ensure Disney is strongly positioned when my successor takes the helm, I have agreed to the Board’s request to remain CEO for an additional two years. The importance of the succession process cannot be overstated, and as the Board continues to evaluate a highly qualified slate of internal and external candidates, I remain intensely focused on a successful transition.”

Iger returned to the company in November of 2022 after serving as CEO and Chairman from 2005 to 2020, and then as Executive Chairman and Chairman of the Board through 2021. Since returning as CEO, he has led a significant, enterprise-wide transformation to restore creativity to the center of the company and position Disney’s streaming business for sustained growth and profitability. Throughout his time as the company’s chief executive, Iger’s strategic vision has focused on three fundamental pillars: generating the best creative content possible; fostering innovation and utilizing the latest technology; and expanding into new markets across the globe.

Widely recognized as one of the world’s most consequential business leaders, Iger has built on Disney’s rich history of unforgettable storytelling with the acquisitions of Pixar (2006), Marvel (2009), Lucasfilm (2012), and 21st Century Fox (2019); the landmark opening of Disney’s first theme park and resort in mainland China, Shanghai Disney Resort; and the release of a number of record-setting films, including Marvel’s Avengers: Endgame, Disney’s Frozen and Frozen 2, and Marvel’s groundbreaking Black Panther. Always one to embrace new technology, Iger made Disney an industry leader through its creative content offerings across multiple new platforms, including the highly successful launch of the Disney+ streaming service in November 2019.

Iger first became Chief Executive Officer of Disney in October 2005 and was elected Chairman in 2012. From 2000-2005, he served as Disney’s President and Chief Operating Officer. Iger officially joined the Disney senior management team in 1996 as Chairman of the Disney-owned ABC Group, and in 1999 was given the additional responsibility of President, Walt Disney International. He began his career at ABC in 1974.

Iger was inducted into the Television Academy Hall of Fame in 2020, and the Broadcasting and Cable Hall of Fame in 2015. In 2022, he was recognized as an Honorary Knight Commander of the Most Excellent Order of the British Empire by Her Late Majesty Queen Elizabeth II for his services to the UK / US relations. He is the author of the New York Times best-selling book The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of The Walt Disney Company, which has sold more than a million copies since its publication in 2019. He is a graduate of Ithaca College.

Contacts

David Jefferson
Corporate Communications
(818) 560-4832

Mike Long
Corporate Communications
(818) 560-4588

Alexia Quadrani
Investor Relations
(818) 560-6601

The post The Walt Disney Company Board Of Directors Extends Robert A. Iger’s Contract As CEO Through 2026 appeared first on The Walt Disney Company.

]]>
Disney CEO Robert A. Iger To Appear On CNBC’s “Squawk Box” From Allen & Company Sun Valley Conference July 13 https://thewaltdisneycompany.com/press-releases/disney-ceo-robert-a-iger-to-appear-on-cnbcs-squawk-box-from-allen-company-sun-valley-conference-july-13/ Fri, 02 Jan 2026 18:37:37 +0000 https://thewaltdisneycompany.com/news// The post Disney CEO Robert A. Iger To Appear On CNBC’s “Squawk Box” From Allen & Company Sun Valley Conference July 13 appeared first on The Walt Disney Company.

]]>

BURBANK, Calif., July 11, 2023 – Robert A. Iger, Chief Executive Officer, The Walt Disney Company (NYSE: DIS), will appear on CNBC’s Squawk Box in an interview with David Faber from Allen & Company’s Sun Valley conference on Thursday, July 13, 2023, at approximately 8:00 a.m. ET/ 5:00 a.m. PT.

To watch live, please visit CNBC.

Contacts

David Jefferson
Corporate Communications
(818) 560-4832

Mike Long
Corporate Communications
(818) 560-4588

Alexia Quadrani
Investor Relations
(818) 560-6601

The post Disney CEO Robert A. Iger To Appear On CNBC’s “Squawk Box” From Allen & Company Sun Valley Conference July 13 appeared first on The Walt Disney Company.

]]>
Statement From The Walt Disney Company https://thewaltdisneycompany.com/press-releases/statement-from-the-walt-disney-company/ Fri, 02 Jan 2026 18:35:37 +0000 https://thewaltdisneycompany.com/news// The post Statement From The Walt Disney Company appeared first on The Walt Disney Company.

]]>

BURBANK, Calif., February 9, 2023—The Walt Disney Company (NYSE: DIS) Board of Directors issued the following statement today in response to Nelson Peltz’s announcement that Trian Fund is no longer pursuing a proxy contest at Disney:

“We respect and value the input of all our shareholders and we appreciate the decision by Trian Fund announced by Nelson Peltz this morning.

This is a moment of great opportunity for The Walt Disney Company, as we recommit to our historic 100-year legacy of unrivaled creativity and a future of sustained growth and profitability. We are pleased that our Board and management can remain focused without the distraction of a proxy contest, and we have tremendous faith in Bob Iger’s leadership and the transformative vision for Disney’s future he set forth yesterday.

We will continue to engage with all our shareholders, and we look forward to our upcoming annual meeting on April 3, 2023. All shareholders of record as of the close of business February 8, 2023 are entitled to vote at the meeting.”

Contacts

Media Contacts:

David Jefferson
The Walt Disney Company
(818) 560-4832

Steve Lipin
Gladstone Place Partners
(212) 230-5930

Investor Contact:
Alexia Quadrani
The Walt Disney Company
(818) 560-6601

The post Statement From The Walt Disney Company appeared first on The Walt Disney Company.

]]>
The Walt Disney Company Underscores Board Strength And Focus On Value Creation, Sends Letter To Shareholders https://thewaltdisneycompany.com/press-releases/the-walt-disney-company-underscores-board-strength-and-focus-on-value-creation-sends-letter-to-shareholders/ Fri, 02 Jan 2026 18:32:48 +0000 https://thewaltdisneycompany.com/news// The post The Walt Disney Company Underscores Board Strength And Focus On Value Creation, Sends Letter To Shareholders appeared first on The Walt Disney Company.

]]>

BURBANK, Calif., February 2, 2023 – The Walt Disney Company Board of Directors (NYSE:DIS) today responded to materials issued by the Trian Group. The Disney Board of Directors is focused on delivering long-term sustainable value and continually works to ensure it is comprised of the right mix of experience, skills and perspectives to guide Disney, particularly as it navigates this dynamic period.

The Disney Board of Directors does not endorse Nelson Peltz (or his son Matthew, who is running as an alternate Mr. Peltz may swap in) as a nominee, and believes the election of either Mr. Peltz or his son would threaten the strategic management of Disney during a period of important change in the media landscape.

Inexplicably, Trian seeks to replace Michael Froman, a highly valued member of the Board with deep background in global trade and international business, who the Board believes is far better qualified than either Mr. Peltz or his son to help drive value for shareholders. Neither Mr. Peltz nor his son offer skills or experience additive to the Disney Board that replace the decades-long experience of Mr. Froman.

Mr. Froman’s decades of experience in business and international affairs are critical to helping Disney assess the risks and opportunities in an increasingly complex global marketplace, given its strategic focus on global growth of its customer base and innovation in changing markets. Mr. Froman has served as U.S. Trade Representative, where he worked on trade-related issues to advance the interests of the U.S. government and American businesses in foreign markets, including on issues affecting the digital economy, the usage and protection of data, and intellectual property rights, all of which are critical to Disney’s business. He served as Assistant to the President of the United States and as Deputy National Security Advisor for International Economic Policy, a position held jointly at the National Security Council and the National Economic Council. He also served as Chief Executive Officer of CitiInsurance and Chief Operating Officer of Citigroup’s alternative investments business, and is currently Vice Chairman and President, Strategic Growth, Mastercard Inc. He works closely with his fellow members of the Disney Board to guide the company, providing expert advice on complex international economic, policy and regulatory affairs to assist with Disney’s international strategy and operations, among other matters.

The Company expects to mail its proxy materials, including its WHITE proxy card, to all shareholders in the near future. The Disney Board urges shareholders to take no action at the moment and to simply discard any materials or blue proxy card they may receive from Trian Group. Shareholders should instead give themselves the benefit of voting on a fully informed basis, taking the Board and management team’s important update on its strategy to create value into consideration.

The Disney Board also mailed a letter to shareholders. The full text follows.

DO NOT RETURN ANY BLUE PROXY CARD FROM TRIAN 

CAST YOUR VOTE ON AN INFORMED BASIS:
WAIT FOR DISNEY’S MATERIALS DESCRIBING IN DETAIL THE IMPORTANT FACTS TO CONSIDER
IN YOUR 2023 ELECTION OF DIRECTORS

Dear Fellow Shareholder,

We want to thank you for your investment in, and commitment to, The Walt Disney Company.

Your Board is committed to delivering sustainable, superior shareholder value. Over the last several years, we have focused on ensuring that the Board has the right combination of experience, skills and perspectives to guide Disney through a period of unprecedented change in the media business. We recently added a new Director, Carolyn Everson, a well-respected leader with deep experience in roles at complex global companies and a strong background in building world-class media and digital advertising businesses.

This past year has been a dynamic period for Disney. We recently announced that Mark Parker will become Chairman of the Board following our 2023 Annual Meeting of Shareholders. Mark’s four decades of experience at NIKE, including his service as chief executive officer, his deep understanding of creatively driven, consumer-facing businesses with world-class brands and his experience using technology to develop successful direct-to-consumer models, make him ideally suited to take on this role. He will also chair our newly formed Succession Planning Committee, whose mandate is to assist the Board in identifying and onboarding a successor to our recently returned chief executive officer, Bob Iger.

An activist investor, Trian Fund Management, L.P., along with other entities affiliated with Nelson Peltz, has nominated Mr. Peltz (or if he is unable to serve or for good cause will not serve, then his son Matthew) for election as a director at the upcoming Annual Meeting in opposition to the nominees recommended by your Board.

Your Board does not endorse Mr. Peltz (or his son) as a nominee and believes that his election would threaten our efforts to manage Disney for all shareholders. Over more than six months of engagement with Mr. Peltz, in both conversations and written materials, he has demonstrated that he does not understand Disney’s businesses and he lacks the perspective and experience to contribute to the objective of delivering shareholder value in a rapidly shifting media ecosystem.

If you have already received materials with a blue proxy card from the Trian Group, please simply discard them and do not vote at this time.

Your company’s proxy materials will be mailed soon, including the WHITE card with voting instructions. Your vote FOR our nominees on the WHITE card will be especially important at this year’s upcoming Annual Meeting.

Your Board and management team have engaged extensively with Mr. Peltz in 2022 and 2023, even before he bought any Disney stock. In fact, Mr. Peltz sought a board seat before he was a shareholder. We are skeptical of his motives and believe he would be disruptive at a crucial period for Disney.

Your independent and highly qualified Board has provided strong oversight focused on delivering sustained shareholder value. Ten of the 11 board members are independent, five have Fortune 500 CFO or CEO experience and we have strong diversity on our Board. The Board is overseeing important strategic changes that our CEO Bob Iger is executing, such as putting more decision-making into the creative teams, implementing a cost reduction plan, prioritizing streaming profitability and improving the guest experience in our parks.

Under Bob Iger’s previous tenure as CEO, the company delivered significant long-term shareholder value. From 09/30/2005 to 02/25/2020, Disney generated total shareholder return of 554%, compared to 244% for the S&P 500, as well as exceeded returns from media peers. We are pleased to have Bob back at the helm during this current period of change in our industry.

We look forward to providing you with more information regarding the Board and management team’s strategy to deliver shareholder value in today’s rapidly shifting media ecosystem and the reasons why the election of Mr. Peltz will not benefit that plan.

In the interim, we strongly urge you to simply discard and NOT to vote using any blue proxy card sent to you by the Trian Group. Please wait to vote until you can do so on a fully informed basis.

We thank you for your investment in The Walt Disney Company.

Board of Directors

The Walt Disney Company

 

Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding mandates, the future, business plans and other statements that are not historical in nature. These statements are made on the basis of the Company’s views and assumptions regarding future events and business performance and plans as of the time the statements are made. The Company does not undertake any obligation to update these statements unless required by applicable laws or regulations, and you should not place undue reliance on forward-looking statements.

Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including restructuring or strategic initiatives or other business decisions, as well as from developments beyond the Company’s control, including: further deterioration in domestic and global economic conditions; deterioration in or pressures from competitive conditions; consumer preferences and acceptance of our content, offerings, pricing model and price increases and the market for advertising sales on our DTC services and linear networks; health concerns and their impact on our businesses; international, regulatory, political or military developments; technological developments; labor markets and activities; adverse weather conditions or natural disasters; legal or regulatory changes; each such risk includes the current and future impacts of, and is amplified by, COVID-19 and related mitigation efforts. Such developments may further affect entertainment, travel and leisure businesses generally and may, among other things, affect (or further affect, as applicable): our operations, business plans or profitability; and demand for our products and services.

Additional factors are set forth in the Company’s Annual Report on Form 10-K for the year ended October 1, 2022 under the captions “Risk Factors,” “Management’s Discussion and Analysis,” and “Business,” and subsequent filings with the Securities and Exchange Commission, including, among others, quarterly reports on Form 10-Q.

Additional Information and Where to Find it

Disney has filed with the SEC a preliminary proxy statement on Schedule 14A, containing a form of WHITE proxy card, with respect to its solicitation of proxies for Disney’s 2023 Annual Meeting of Shareholders. The proxy statement is in preliminary form and Disney intends to file and mail a definitive proxy statement to stockholders of Disney. This communication is not a substitute for any proxy statement or other document that Disney has filed or may file with the SEC in connection with any solicitation by Disney.

INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED BY DISNEY AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT ANY SOLICITATION. Investors and security holders may obtain copies of these documents and other documents filed with the SEC by Disney free of charge through the website maintained by the SEC at www.sec.gov. Copies of the documents filed by Disney are also available free of charge by accessing Disney’s website at www.thewaltdisneycompany.com.

Participants

This communication is neither a solicitation of a proxy or consent nor a substitute for any proxy statement or other filings that may be made with the SEC. Nonetheless, Disney, its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies with respect to a solicitation by Disney. Information about Disney’s executive officers and directors is available in Disney’s preliminary proxy statement for its 2023 Annual Meeting, which was filed with the SEC on January 17, 2023, as amended on January 31, 2023, and will be included in Disney’s definitive proxy statement, once available. To the extent holdings by our directors and executive officers of Disney securities reported in the proxy statement for the 2023 Annual Meeting have changed, such changes have been or will be reflected on Statements of Change in Ownership on Forms 3, 4 or 5 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at www.sec.gov. 

Contacts

Media Contacts:

Steve Lipin
Gladstone Place Partners
(212) 230-5930

David Jefferson
The Walt Disney Company
(818) 560-4832

Investor Relations Contact:

Alexia Quadrani
(818) 560-6601

The post The Walt Disney Company Underscores Board Strength And Focus On Value Creation, Sends Letter To Shareholders appeared first on The Walt Disney Company.

]]>
Mark Parker To Be Named Chairman Of The Walt Disney Company https://thewaltdisneycompany.com/press-releases/mark-parker-to-be-named-chairman-of-the-walt-disney-company/ Fri, 02 Jan 2026 18:24:46 +0000 https://thewaltdisneycompany.com/news// The post Mark Parker To Be Named Chairman Of The Walt Disney Company appeared first on The Walt Disney Company.

]]>

Parker, a Disney director since 2016 and Executive Chairman of NIKE, will succeed Susan Arnold as independent Chairman following Annual Meeting of Shareholders

Board also responds to letter from Trian Group; recommends shareholders vote FOR all Board nominees and not support the Trian candidate

BURBANK, Calif., January 11, 2023—The Walt Disney Company (NYSE: DIS) Board of Directors announced that it has elected independent director Mark G. Parker as Chairman of the Board, effective following the Annual Meeting of Shareholders.  Mr. Parker, a seven-year member of the Disney Board and Executive Chairman of NIKE, Inc., will succeed Susan E. Arnold, who will not stand for re-election pursuant to the 15-year term limit under Disney’s Board Tenure Policy.  As a result, the size of the Board will be reduced to 11 members.

“Mark Parker is an incredibly well-respected leader who over seven years as a Disney director has helped the Company effectively navigate through a time of unprecedented change,” Ms. Arnold said. “During his four decades at NIKE, Mark has led one of the world’s most recognized consumer brands through various market evolutions and a successful CEO transition, and he is uniquely positioned to chair the Disney Board during this period of transformation.”

“Mark Parker’s vision, incredible depth of experience and wise counsel have been invaluable to Disney, and I look forward to continuing working with him in his new role, along with our other directors, as we chart the future course for this amazing company,” said Robert A. Iger, Chief Executive Officer, The Walt Disney Company. “On behalf of my fellow Board members and the entire Disney management team, I also want to thank Susan for her superb leadership as Chairman and for her tireless work over the past 15 years as an exemplary steward of the Disney brand.”

Said Mr. Parker: “I am honored to have the opportunity to serve as Disney’s Chairman, and I look forward to working closely with Bob and his management team on a strategy of growth that balances investment with profitability, while preserving Disney’s core mission of creative excellence, to deliver shareholder value. At the same time, it is the top priority of mine and the Board’s to identify and prepare a successful CEO successor, and that process has already begun.”

Mr. Parker will also chair a newly created Succession Planning Committee of the Board, which will advise the Board on CEO succession planning, including review of internal and external candidates. Mr. Parker served as NIKE’s Chairman and CEO until 2020, when he became Executive Chairman.

The Walt Disney Company Board has continued to evolve to ensure it has the right combination of backgrounds, skill sets and perspectives to guide the Company into the future. Today, Disney’s directors bring experience across a relevant range of disciplines, including brand, marketing and retail, direct-to-consumer expertise, and technology and innovation.

The Board is nominating for re-election at the Company’s Annual Meeting incumbent directors Mary T. Barra, Safra A. Catz, Amy L. Chang, Francis A. deSouza, Carolyn Everson, Michael B.G. Froman, Robert A. Iger, Maria Elena Lagomasino, Calvin R. McDonald, Mark G. Parker and Derica W. Rice.

Board Responds to Trian Partners Nomination by Recommending Shareholders vote for all of the Company’s Nominees 

Trian Partners L.P. and Trian Partners Parallel Fund I, L.P., wholly owned subsidiaries of Trian Fund Management, L.P., along with other entities affiliated with Nelson Peltz (collectively, the “Trian Group”), have nominated Nelson Peltz for election as director at the Annual Meeting in opposition to the nominees recommended by the Board, and brought a proposal to amend Disney’s Bylaws.

The Walt Disney Company remains open to constructive engagement and ideas that help drive shareholder value. While senior leadership of The Walt Disney Company and its Board of Directors have engaged with Mr. Peltz numerous times over the last few months, the Board does not endorse the Trian Group nominee, and recommends that shareholders not support its nominee, and instead vote FOR all the Company’s nominees (noted above).

The Walt Disney Company has had a long-term track record of financial and creative success, built on the ability to leverage its rich intellectual property and unparalleled storytelling across its many businesses, from theatrical, streaming and linear broadcast to parks and resorts, and one of the most resonant names in sports, ESPN.  Mr. Iger’s mandate is to use his two-year term and depth of experience in the industry to adapt the business model for the shifting media landscape, rebalancing investment with revenue opportunity while bringing a renewed focus on the creative talent that has made The Walt Disney Company the envy of the industry. Mr. Iger has already taken decisive steps to realign content creation and distribution, and reposition Disney’s streaming platforms and linear broadcast and cable networks for enhanced profitability for the Company.

Under Mr. Iger’s first tenure as CEO from September 2005 through February 2020, the Company’s total shareholder return was 554%, which exceeded the S&P 500 total shareholder return of 244%. The company’s market capitalization grew nearly fivefold during his tenure from $48 billion to over $230 billion.

The Board of The Walt Disney Company has been continually refreshed, with a focus on directors whose industry experience is additive to the company’s strategic priorities. The average tenure of the current Board is four years, with three directors serving fewer than two years, and in addition the Board is led by an independent chairman.

The Company expects to file preliminary materials with respect to the 2023 Annual Meeting of Stockholders shortly and looks forward to communicating with its stockholders once definitive proxy materials are available.  The date of the Annual Meeting has not yet been announced.

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding mandates, profitability, the future, business plans and other statements that are not historical in nature. These statements are made on the basis of the Company’s views and assumptions regarding future events and business performance and plans as of the time the statements are made. The Company does not undertake any obligation to update these statements unless required by applicable laws or regulations, and you should not place undue reliance on forward-looking statements.

Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including restructuring or strategic initiatives or other business decisions, as well as from developments beyond the Company’s control, including: further deterioration in domestic and global economic conditions; deterioration in or pressures from competitive conditions; consumer preferences and acceptance of our content, offerings, pricing model and price increases and the market for advertising sales on our DTC services and linear networks; health concerns and their impact on our businesses; international, regulatory, political or military developments; technological developments; labor markets and activities; adverse weather conditions or natural disasters; legal or regulatory changes; each such risk includes the current and future impacts of, and is amplified by, COVID-19 and related mitigation efforts. Such developments may further affect entertainment, travel and leisure businesses generally and may, among other things, affect (or further affect, as applicable): our operations, business plans or profitability; and demand for our products and services.

Additional factors are set forth in the Company’s Annual Report on Form 10-K for the year ended October 1, 2022 under the captions “Risk Factors,” “Management’s Discussion and Analysis,” and “Business,” and subsequent filings with the Securities and Exchange Commission.

Additional Information and Where to Find it

Disney intends to file with the SEC a proxy statement on Schedule 14A, containing a form of WHITE proxy card, with respect to its solicitation of proxies for Disney’s 2023 Annual Meeting of Shareholders. This communication is not a substitute for any proxy statement or other document that Disney may file with the SEC in connection with any solicitation by Disney.

INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED BY DISNEY AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ANY SOLICITATION. Investors and security holders may obtain copies of these documents and other documents filed with the SEC by Disney free of charge through the website maintained by the SEC at www.sec.gov. Copies of the documents filed by Disney are also available free of charge by accessing Disney’s website at www.thewaltdisneycompany.com.

Participants

This communication is neither a solicitation of a proxy or consent nor a substitute for any proxy statement or other filings that may be made with the SEC. Nonetheless, Disney, its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies with respect to a solicitation by Disney. Information about Disney’s executive officers and directors is available in Disney’s Annual Report on Form 10-K for the year ended October 1, 2022, which was filed with the SEC on November 29, 2022, and in its proxy statement for the 2022 Annual Meeting of Shareholders, which was filed with the SEC on January 19, 2022, and in its Current Reports on Form 8-K filed with the SEC on June 28, 2022, September 30, 2022 and November 21, 2022. To the extent holdings of Disney securities reported in the proxy statement for the 2022 Annual Meeting or in such Form 8-K have changed, such changes have been or will be reflected on Statements of Change in Ownership on Forms 3, 4 or 5 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at www.sec.gov.

Contacts

Media Contacts:

David Jefferson
Corporate Communications
The Walt Disney Company
(818) 560-4832

Steve Lipin
Gladstone Place Partners
(212) 230-5930

Investor Relations Contact:

Alexia Quadrani
Investor Relations
The Walt Disney Company
(818) 560-6601

The post Mark Parker To Be Named Chairman Of The Walt Disney Company appeared first on The Walt Disney Company.

]]>
Disney Recommends Shareholders Reject Mini-Tender Offer By TRC Capital Investment https://thewaltdisneycompany.com/press-releases/disney-recommends-shareholders-reject-mini-tender-offer-by-trc-capital-investment/ Fri, 02 Jan 2026 18:10:56 +0000 https://thewaltdisneycompany.com/news// The post Disney Recommends Shareholders Reject Mini-Tender Offer By TRC Capital Investment appeared first on The Walt Disney Company.

]]>

BURBANK, Calif., December 30, 2022 – The Walt Disney Company (NYSE: DIS) recently became aware that TRC Capital Investment Corp. (TRC) has made an unsolicited mini-tender offer to purchase up to 1,500,000 shares of Disney common stock, and, per a press release issued by TRC on December 28, 2022 (the TRC Press Release), has amended the terms of such offer to decrease the offer price payable to $85.00 a share, down from a prior offer price of $89.15 a share.

Disney recommends that shareholders not tender their shares in response to TRC’s unsolicited offer because the offer price of $85.00 per share is below the current market price for Disney shares. This means that, based on today’s closing market price, Disney shareholders who tender their shares in the offer will receive a below-market price.

Disney is not affiliated or associated in any way with TRC, its mini-tender offer or the offer documentation. TRC has made similar mini-tender offers for shares of other companies. Mini-tender offers seek to acquire not more than 5 percent of a company’s shares outstanding, thereby avoiding many disclosure and procedural requirements of the U.S. Securities and Exchange Commission (the “SEC”) that are designed to protect investors. As a result, mini-tender offers do not provide investors with the same level of protection as provided by larger tender offers under United States federal securities laws.

The SEC has cautioned investors that some bidders making mini-tender offers are “betting that the market price will rise before the offer closes and then extending the offer until it does or improperly canceling if it doesn’t.” The SEC has provided guidance to investors on mini-tender offers at www.sec.gov/investor/pubs/minitend.htm.

Disney urges investors to obtain current market quotations for their shares, consult with their broker or financial advisor and exercise caution with respect to TRC’s offer. Disney recommends that shareholders who have not responded to TRC’s offer take no action. Shareholders who have already tendered their shares may withdraw them in accordance with the terms included in TRC’s offering documents.  Per the TRC Press Release, the offer is scheduled to expire at 12:01 a.m. New York City time on Thursday, January 12, 2023, unless extended. TRC reported that as of the close of business on Tuesday, December 27, 2022, no shares had been tendered.

Disney requests that a copy of this news release be included with all distributions of materials relating to TRC’s mini-tender offer related to shares of Disney common stock.

Contacts

David Jefferson
Corporate Communications
(818) 560-4832
david.j.jefferson@disney.com

Mike Long
Corporate Communications
(818) 560-4588
mike.p.long@disney.com

Alexia Quadrani
Investor Relations
(818) 560-6601
alexia.quadrani@disney.com

The post Disney Recommends Shareholders Reject Mini-Tender Offer By TRC Capital Investment appeared first on The Walt Disney Company.

]]>