Josh D’Amaro, chairman of Disney Experiences, speaks during the grand opening ceremony of Shanghai Disney Resort’s Zootopia-themed land on December 19, 2023 in Shanghai, China.
Vcg | Visual China Group | Getty Images
Disney CEO Josh D’Amaro told CNBC’s Julia Boorstin on Friday that the company’s parks division was a “big surprise” last quarter and that he feels confident about the company’s trajectory in the first few months of his tenure at the top of the media giant.
“We’re delivering on everything that we said we’re going to deliver on,” D’Amaro said. “I think there’s clarity inside of the organization in terms of where we need to to go next. A lot of stability with the the team. So you know, almost six months in, I’m feeling pretty good about where we are.”
D’Amaro stepped into the role of Disney CEO in March, succeeding Bob Iger after a closely watched succession race and following a turnaround period at the media giant.
The longtime Disney executive had most recently served as chairman of Disney Experiences, the unit that includes the theme parks, cruise lines and consumer products, and which drives profitability for the company.
His immediate tasks since assuming the top job have been sustaining momentum in Disney’s core growth areas, namely its theme parks and streaming divisions. These areas have been a focus for investors, and in recent quarters, Disney has received a mixed reception from Wall Street.
“I’m not happy with where the stock stands right now,” D’Amaro said Friday. “Our investors aren’t happy with that, but I do believe that we’re sitting in a very great space relative to the entertainment industry.”
Last week Disney reported quarterly results that once again showcased the strength of parks and streaming, and Wall Street appeared pleased with growth in Disney’s theme park segment despite mounting macroeconomic uncertainty for consumers.
On Friday, D’Amaro said that while Disney isn’t “immune” to some of the headwinds hitting theme parks, the company is positioned to respond if needed. Still, he fell short of disclosing whether further theme park price increases were coming, and instead said to expect further investments in its destinations.
The CEO has previously said that his focus in leading Disney is on investing in intellectual property. He often highlights the company’s storytelling and creative unit, as well as the need to embrace technology to advance the company as a whole.
“We have tremendous scale, growing scale internationally. So as it is today, I feel very good about where Disney+ is,” D’Amaro said of the company’s flagship streaming service. “But there are opportunities, obviously, to keep growing it.”
D’Amaro said last week the company is weighing a free, ad-supported streaming product as a way to beckon more viewers to Disney+. On Friday, he called the option a potential “front porch” to get viewers in for free who could later become subscribers.
But D’Amaro’s first few months haven’t been drama-free.
Disney’s latest round of cost-cutting began weeks after D’Amaro took the helm, with an initial round of layoffs affecting nearly 1,000 employees. Most recently the company reportedly cut several hundred employees from its ESPN, Pixar and National Geographic divisions.
The CEO has also been faced with increasing political pressure and scrutiny, particularly around Disney’s ABC. The broadcast network has faced backlash from the Trump administration and Federal Communications Commission Chairman Brendan Carr for its “Jimmy Kimmel Live!” and “The View” programs.
The FCC has also opened an early review of Disney’s broadcast station licenses following concerns around the company’s diversity, equity and inclusion efforts. Disney has shot back at the FCC throughout the early renewal process, calling it an “unlawful, arbitrary, and unconstitutional order.”
