D'Amaro: Disney Has 'Stability,' Won't Spin Off ESPN
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- Josh D'Amaro succeeded Bob Iger as Disney CEO in March after chairing Disney Experiences, and told CNBC parks were a "big surprise" last quarter with strength in the segment despite "macroeconomic uncertainty."
- D'Amaro conceded Disney stock — down more than 8% over the past 12 months — is "not where we want it," while pledging further investment in theme park destinations without confirming more price hikes.
- Disney is weighing a free, ad-supported Disney+ tier that D'Amaro called a potential "front porch" to convert non-paying viewers into subscribers, and floated a unified platform meshing streaming with merchandise shopping.
- D'Amaro ruled out spinning off ESPN despite investor pressure, citing "ratings through the roof" for the network's live NFL and NBA rights as a key counterweight to pay-TV cord-cutting losses.
- Disney has cut nearly 1,000 jobs under D'Amaro, with subsequent rounds hitting ESPN, Pixar, and National Geographic even as the CEO said the team has "a lot of stability."
- FCC Chairman Brendan Carr opened an early review of Disney's broadcast station licenses over DEI and programming concerns including "Jimmy Kimmel Live!" and "The View," prompting Disney to call the order "unlawful, arbitrary, and unconstitutional."
Why it matters: For investors, D'Amaro's firm 'no' to an ESPN spinoff preserves Disney's NFL and NBA rights as the principal counterweight to pay-TV cord-cutting losses — but with the stock down 8% over 12 months and the FCC already challenging ABC's licenses, the CEO's claim of 'stability' sits against a backdrop of roughly 1,000 layoffs across parks' most profitable sibling divisions.
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