Disney: The Renaissance and the Empire

In 1984, the Walt Disney Company was worth more dead than alive. Disney Animation — the heart of Walt's famous flywheel — had stagnated for years, bleeding away talent while corporate raiders circled, salivating over offers to sell off the film library to MGM and offload the parks to hotel operators. But what followed instead was the greatest turnaround in media history under Michael Eisner and Frank Wells. Beauty and the Beast. The Lion King. Broadway. Bringing the Disney Vault home on VHS and DVD. And the greatest media acquisition of all time — ESPN.

And then... it all almost fell apart. Again. Euro Disney turned into a money pit. Boardroom and executive infighting ran rampant. Animation descended into a dumpster fire. (Remember Chicken Little? Us neither.) Comcast — Comcast!! — tried to steal the company via a hostile takeover. Out of the chaos, a new generation of Disney management emerged under Bob Iger to stage yet another epic comeback with Pixar, Marvel and Lucasfilm, creating the defining media empire of the 21st century…until the tech companies came along. Tune in for the ultimate Acquired thrill ride: Disney, Part II.

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Links:

• Sign up for email updates, get our takeaways and research photos from each episode, and vote on future topics!
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• The Acquired Disney Part II Companion PDF
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• Our Disney Part II column in WSJ
• Worldly Partners' Multi-Decade Disney Study
• All episode sources

Carve Outs:

• Warby Parker Transitions Extra Active
• Michael Arndt's Toy Story 3 Story Presentation
• The Golden State Valkyries

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00:00:00 Start
00:00:50 Intro
00:05:07 Disney in Chaos (1984)
00:11:33 Eisner, Wells, Katzenberg Arrive (1984)
00:24:30 Animation Renaissance & CAPS Tech (1989)
00:37:33 Flywheel Extensions: Home Video, Retail & Broadway
00:54:32 Challenges & ABC/ESPN Acquisition (1994-1995)
01:05:55 ESPN: Disney's Accidental Goldmine
01:21:26 Eisner's Decline & Save Disney Campaign (2001-2004)
01:34:53 Comcast Hostile Takeover Bid (2004)
01:41:58 Bob Iger's Vision & Pixar Acquisition (2005-2006)
01:52:17 Pixar: From Lucasfilm to Steve Jobs (1979-1995)
02:03:11 Toy Story, IPO & Eisner Conflict (1995)
02:34:30 Disney Acquires Pixar (2006)
02:46:37 Marvel & Lucasfilm Acquisitions (2009-2012)
02:58:01 Streaming Pivot: Cord Cutting & BAMTech (2015)
03:06:30 The Disney+ Strategy & FOX Acquisition (2017-2019)
03:19:01 The Disney+ Launch, COVID, & Chapek's Tenure (2019-2022)
03:42:15 Iger's Return, Challenges & Parks Revival (2022-2026)
03:50:54 The Business Today: Parks & Streaming Focus
03:59:22 Analysis: Disney+ Strategy & The New Media Landscape
04:10:01 Analysis: Bull/Bear Cases
04:21:20 Quintessence
04:24:39 Carve-Outs + Outro

‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.