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Things are not looking good for Disney.
The Walt Disney Company can’t catch a break on Wall Street, with share prices continuing to tumble down. Walt Disney Company stock is creeping into the $70 range for the very first time since the massive COVID-19 sell-off in March of 2020. The only previous time Disney’s stock price reached a similar price was in October 2014. These drops in price come as The Walt Disney Company is faced with multiple controversies, legal troubles, and a general uncertainty about the future of the company.
For starters, Disney is entangled in a fierce battle against Gov. Ron DeSantis and his home state of Florida. This war started back in 2022 when Disney publicly denounced Florida’s highly-debated “Don’t Say Gay” bill. This landed Disney in a heap of trouble, resulting in the Reedy Creek Improvement District being dismantled and, thus, Walt Disney World losing its self-governing status. This meant that the Walt Disney World Resort would no longer be able to operate of its own accord, at least in the way it was used to.
Disney eventually sued Florida and Gov. DeSantis, citing violations of the First Amendment.
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Disney has also faced serious financial trouble with its streaming service Disney+. This paid service is set to compete with Netflix and Amazon Prime Video, featuring hundreds of classic Disney films and television series. However, this service has consistently been bleeding subscribers, resulting in a net loss for The Walt Disney Company. The quick exit of former Disney CEO Bob Chapek certainly hurt the outlook of the company, with longtime Disney veteran Bob Iger stepping back into the role in late 2022. The relationship between Bob Iger and Bob Chapek is one for the ages and will surely be revealed even further in the future.
Iger has made quite a name for himself in the brief time he’s been back at the helm of The Walt Disney Company. Iger found himself in hot water after his comments about the ongoing Hollywood writers and actors strike went viral, calling the demands of those striking “unrealistic.”
One could make the argument that The Walt Disney Company never truly recovered from the COVID-19 outbreak of 2020. This unprecedented global pandemic forced Disney to close multiple parks and resorts around the world, put a halt to movies and television series, and cut back on employment.
What do you think about current-day Disney?