Disney: leaders came and went.

1. Leaders came and went. Disney filed 31 leadership changes since 2016, more than 80% of large service companies (the median is 22). The day after each, its shares moved a median 0.1 points against its sector. The news was rarely news.
2. Twelve decisions on record. Stratrix has verified twelve of Disney's big decisions, each with what happened next. The hardest year after: "Disney+ Was a Forced Retreat: ESPN's Affiliate Fees Were Eroding Before Streaming Launched", with its shares 68 points behind the S&P 500 over the next three years. The best: "Disney Paid $4.3 Billion for Marvel While Sony Held Spider-Man and Fox Held the X-Men", 47 points ahead of the S&P 500 over the next three years.

Financial results

As reported in its annual filings. Losses in red.

Stratrix Decision Cases

• 2025ESPN Just Started Selling Cord-Cutters the Channel That Pays It $8 a Month to Stay on CableHeld in part · shares −28 pts vs the S&P 500 over a year
• 2024Disney crushed Peltz 94% to 31% — then ran his governance playbook within six monthsStood · shares −32 pts vs the S&P 500 over a year
• 2023Four Broken Handoffs in 60 Years: Disney's Board Kept Handing the Keys BackToo early to call · shares −55 pts vs the S&P 500 over 3 years
• 2022Iger Returned to Disney to Fix a Fire He Helped SetStood · shares −63 pts vs the S&P 500 over 3 years
• 2022Disney Tried to Stay Out of the Fight. That Choice Cost It a Fight.Reversed · shares −65 pts vs the S&P 500 over 3 years
• 2019Disney+ Was a Forced Retreat: ESPN's Affiliate Fees Were Eroding Before Streaming LaunchedStood · shares −68 pts vs the S&P 500 over 3 years
• 2019Disney launched Disney+ at $6.99 — and the cable channels, not the parks, ate the lossesStood · shares −49 pts vs the S&P 500 over 3 years
• 2019Price Hikes and Password Crackdowns Carried Disney+ to Its First $47M ProfitHeld in part · shares −42 pts vs the S&P 500 over 3 years
• 2009Disney Paid $4.3 Billion for Marvel While Sony Held Spider-Man and Fox Held the X-MenStood · shares +47 pts vs the S&P 500 over 3 years
• 2006Disney Was Turned Around Twice — and the Second Time Was Cleaning Up After the FirstStood
• 1984Disney Paid Roughly $300 Million in Greenmail Three Months Before Eisner Walked InStood
• 1957The Map Walt Drew in 1957: How Disney Turned One Skill Into Seven Businesses That Feed Each OtherStood