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Disney names theme parks head Josh D’Amaro as new CEO

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Disney names theme parks head Josh D’Amaro as new CEO

Walt Disney Co. selected theme parks chief Josh D’Amaro to be the company’s next chief executive, culminating the most closely watched succession drama in Hollywood.

D’Amaro, who has run the company’s pivotal parks and experiences division for six years, will be charged with steering the Burbank entertainment giant through increasingly turbulent times.

He officially becomes chief executive at the company’s March 18 shareholder meeting — replacing Chief Executive Bob Iger, who will hand over the reins after two decades in the top job revitalizing the company.

Iger will stay on as a senior advisor and board member until his retirement from the company when his contract expires in December.

Dana Walden, co-chair of Disney Entertainment, was named the company’s president and chief creative officer, becoming the first woman to serve as president at the 102-year-old company. She will report to D’Amaro.

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“Josh D’Amaro is an exceptional leader and the right person to become our next CEO,” Iger said in a statement. “He has an instinctive appreciation of the Disney brand, and a deep understanding of what resonates with our audiences, paired with the rigor and attention to detail required to deliver some of our most ambitious projects.”

D’Amaro, who turns 55 this month, is respected on Wall Street and has long been a favorite among legions of Disney superfans who view him as a charismatic cheerleader for Mickey Mouse, Buzz Lightyear and other inhabitants of the Magic Kingdom.

Within Disney, D’Amaro is known for his consensus-building style, his mastery of Disney’s distinct culture and for safeguarding its beloved brands.

D’Amaro, a native of Massachusetts, joined Disney 28 years ago in Anaheim’s Disneyland accounting department and will become the ninth person to lead the company. He steadily rose through the ranks, working in finance, business strategy and marketing and eventually leading Disneyland and then the larger Disney World Resort in Florida.

A big promotion came in early 2020 when he was entrusted with all of the company’s theme parks, cruise lines and its creative cadre of Imagineers.

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His portfolio includes video games and consumer products. He’s overseen numerous high-profile construction projects, including Star Wars: Galaxy’s Edge and the Marvel-themed Avengers Campus at Disneyland as well as the current $60-billion expansion of cruise lines and theme parks, which includes plans for a new venture in Abu Dhabi.

In a statement, Disney’s board noted that D’Amaro currently leads Disney’s largest division, which produced $36 billion in the last fiscal year.

He will oversee all of Disney and its workforce of 230,000 as the entertainment colossus tries to soar in the streaming age amid the erosion of the company’s once-mighty legacy cable TV business and a punishing theatrical business climate.

He also must balance the promise of artificial intelligence without allowing it to destroy the value of Disney’s characters and movie franchises. A further challenge is to help Disney navigate the nation’s divisive political landscape.

Succession planning stretched more than two years.

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“All of the directors became very comfortable with Josh’s skills, aptitude and readiness,” Disney board Chair James Gorman said in an interview. “Readiness was key, and that’s why we moved at this time. We were ready, Bob was ready to step aside, and he felt like Josh was ready as well as Dana and the whole team.”

Disney noted the board, in a meeting Monday, unanimously selected D’Amaro as CEO.

“D’Amaro’s most immediate priorities will be managing the Parks business through what continues to be a bumpy economic environment, particularly for non-wealthy consumers,” TD Cowen media analyst Doug Creutz wrote in a research report. He will also be tasked with “maintaining creative momentum in the Studios, both at the box office and on Disney+.”

While D’Amaro “lacks experience on the creative side of the business,” Creutz wrote, the promotion of Walden, who is respected in Hollywood, should fill that gap.

“It will however be critical for the two executives to be able to forge a strong partnership,” Creutz said.

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Gorman, in the interview, said having a chief creative officer is new for Disney (Iger has largely filled that role without the title). The elevation expands Walden’s purview over Disney’s movie studios and all streaming service content.

“Dana is a strong leader. She’s decisive. She’s got great creative chops and she’s worked well with Alan Bergman as co-chair of entertainment,” Gorman said. “The idea is to ensure we bring creativity to all parts of the company in all corners of the world.”

After Disney’s March meeting, D’Amaro will join the company’s board.

His pay package will be about $38.5 million, consisting of a $2.5-million base salary, a $26.3-million long-term incentive each fiscal year subject to adjustment for performance or economic conditions and a one-time long-term incentive award of $9.7 million. He’s also eligible for an annual performance-based bonus worth 250% of his base pay, which could work out to about $6.3 million.

“Throughout this search process, Josh has demonstrated a strong vision for the company’s future and a deep understanding of the creative spirit that makes Disney unique in an ever-changing marketplace,” Gorman said. “The Board believes he is exceptionally well prepared to guide this global company forward to serve our consumers around the world and create long-term value for shareholders.”

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Disney shares recovered slightly from an earlier slump Tuesday, closing at $104.22. Investors had been rooting for D’Amaro to succeed Iger. He bested three other senior executives for the job: Walden; movie studio head Alan Bergman; and ESPN Chair Jimmy Pitaro.

Bergman and Pitaro will continue in their “critical leadership roles” and work with D’Amaro and Walden, the company said Tuesday.

D’Amaro’s elevation comes six years after Disney’s disastrous CEO handoff to then-parks chief Bob Chapek, who was D’Amaro’s boss for many years. Chapek was sacked after less than three years in the job — a chaotic period marked by COVID-19 pandemic closures and battles with Florida Gov. Ron DeSantis, actor Scarlett Johansson and senior Disney executives.

Iger returned in November 2022 to quell concerns among investors and Disney staff. He has spent the last three years putting the Mouse House back in order, cutting costs with thousands of layoffs and planning for Disney’s future. The changes included transitioning ESPN into a stand-alone streaming app, laying the groundwork for the parks expansion, making a $1.5-billion investment in “Fortnite” developer Epic Games to bolster Disney’s video games and preparing for this week’s long-anticipated succession.

“We have done a lot of fixing, but we’ve also put in place a number of opportunities … to essentially expand at every location that we do business and on the high seas,” Iger said on a Monday earnings call with Wall Street analysts.

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CEO of Disney Bob Iger arrives for a conference in 2023 in Sun Valley, Idaho.

(Kevin Dietsch / Getty Images)

Succession has been a top priority for Disney’s board since Gorman, former chair and chief executive of investment bank Morgan Stanley, took over in early 2025 as chair of Disney’s board.

Seeking to avoid another blunder, board members formalized the succession planning, establishing a committee led by Gorman, who instituted a more rigorous evaluation. Gorman and other committee members spent time with the CEO candidates to learn their strengths, weaknesses and visions for the future.

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The board’s succession committee comprised Gorman, General Motors CEO Mary Barra, Lululemon Athletica CEO Calvin McDonald and Sir Jeremy Darroch, the former head of Sky broadcasting in Britain.

Iger spent hours mentoring the various candidates, including during Disney’s crisis last September when ABC briefly suspended late-night comedian Jimmy Kimmel over remarks in the wake of conservative activist Charlie Kirk’s killing.

Iger helped navigate the conflict amid outrage from political conservatives, President Trump and the chair of the Federal Communications Commission. On the other side, free-speech advocates were furious that Disney appeared to be ready to cut ties with Kimmel to appease the Trump administration.

Instead, Kimmel extended his stay through May 2027.

For D’Amaro, part of the challenge will be living up to the standards set by Iger, who helped the company prosper during his long career.

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“Iger was really the visionary deal maker and the global brand quarterback,” said Bill Campbell, head of research for Paragon Intel in Connecticut. “D’Amaro is really the builder-operator who can protect the magic and make the machine more predictable.”

But Iger himself noted that D’Amaro would have to chart a new path.

“In the world that changes as much as it does, in some form or another trying to preserve the status quo is a mistake,” he said in the Monday earnings call. “I’m certain that my successor will not do that.”

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Commentary: How right-wing anti-transgender attacks led to a Supreme Court ruling upholding sex discrimination

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Commentary: How right-wing anti-transgender attacks led to a Supreme Court ruling upholding sex discrimination

At the Supreme Court, the unfounded fear of boys masquerading as girls in youth sports rolled the clock back on gender equality.

On the surface, the Supreme Court’s June 30 opinion upholding state laws barring transgender girls from women’s and girl’s sports teams looks like a victory for women’s rights.

The 6-3 opinion by Justice Brett M. Kavanaugh certainly presents itself that way. “Females and males have inherent physical differences relevant to athletic performance,” Kavanaugh wrote. “Therefore, in contact sports, forcing female athletes to compete against males can create significant safety risks.” He also asserted that “forcing female athletes to compete against males can undermine competitive fairness.”

The ruling applied to prohibitions enacted in Idaho and West Virginia against “biological” males’ participation on women’s teams in public schools. Federal judges in both states overturned the bans. The Supreme Court majority restored them. The ruling essentially upholds similar bans enacted in 25 other states.

There was no record of any transgender person participating in school sports in the State, let alone any ‘problem’ with transgender students … creating unfair competition or unsafe conditions.

— Justice Sonia Sotomayor, demolishing the Supreme Court’s argument in favor of banning transgender girls from girl’s sports

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Kavanaugh, like Donald Trump and others in the anti-transgender camp, maintained that one’s gender is an immutable fact of life, established even before birth.

Anything else, Trump stated in an executive order he issued on inauguration day 2025, could only be the product of “gender ideology extremism.” The U.S., his order stated, recognizes “two sexes, male and female. These sexes are not changeable and are grounded in fundamental and incontrovertible reality.” That’s a “biological truth,” he declared.

In his own version of this overconfident and factually insupportable conclusion, Kavanaugh wrote: “As all agree, females and males have inherent physical differences relevant to athletic performance.”

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Science recognizes that some people are “born with sex traits that don’t fit into typical male or female patterns,” to cite a discussion on the Cleveland Clinic web page on the topic “intersex.” The condition “may involve chromosomes, hormones, reproductive organs or genitals.”

From a psychological standpoint, medical science recognizes “gender dysphoria” as a real condition often requiring counseling and medical intervention such as the use of puberty blockers and hormones to stave off the development of secondary sex characteristics until the condition can be resolved.

No one disputes that there are physical differences between the sexes. Few would dispute that on average or even at the median, males may be bigger and more powerful than females, or that in certain contact sports the difference may be telling and on occasion dangerous.

But that’s not the same as asserting that the physical differences between males and females invariably mean that men will invariably prevail over women in all competitions or that their participation will endanger women.

The International Olympic Committee — in a policy statement Kavanaugh cited incompletely — says that in “most running and swimming events,” males have a 10% to 12% advantage over women. That’s a range that would accommodate the full spectrum of outcomes — transgender females win, cisfemales win, they tie. (The “cis” prefix denotes those living consistent with their birth gender.)

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West Virginia and Idaho addressed this ambiguity by banning transgender women from all girls’ teams. So under their rules transgender girls can’t play football or soccer with cisgirls. But what’s the argument in favor of banning them from the 100-yard dash, or cross-country track, or diving, or archery?

But something else is going on here. The Supreme Court’s ruling was almost preordained, given the years-long campaign by conservatives to demonize transgender individuals as if they’re members of an alien species.

It will be recalled that during his presidential campaign, Trump spun a despicable fantasy in which children were kidnapped in school and secretly subjected to sex-change operations.

Trump’s executive order wiped out policies aimed at protecting transgender adults from discrimination. He moved to outlaw gender-affirming medical therapies for anyone under 19 by cutting off federal funding for healthcare institutions that provide such care.

He banned transgender individuals from serving in the military and ordered federal prison officials to move transgender inmates into the general populations consistent with their birth genders, which exposes them to physical assault. (Federal Judge Royce Lamberth of Washington, D.C., has blocked the government from transferring three transgender women into the male prison population or terminating their hormone treatments.)

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I wrote during Trump’s first term, when his anti-transgender policies were still gestating, that the goal was to show that “one can target any community, as long as it doesn’t have a strong political voice or political power. These are the actions of bullies and cowards, pretending to be strong.”

Last year, the Supreme Court struck its first blow against transgender rights by upholding a Tennessee law banning transgender care, including puberty blockers and hormone therapy, for minors. Similar laws have been enacted in 25 other states. The majority in that ruling by Chief Justice John G. Roberts Jr. was identical to the one in the June 30 ruling — Roberts, Kavanaugh, and Justices Clarence Thomas, Samuel A. Alito Jr., Neil M. Gorsuch and Amy Coney Barrett.

Who are the targets of this ideological campaign? They number only about 1.6 million U.S. adults, or one-half of 1% of the U.S. population. About 300,000 adolescents ages 13 to 17, or 1.4%, identify as transgender, according to a study by UCLA School of Law.

In West Virginia, as Justice Sonia Sotomayor observed in her dissenting opinion, “there was no record of any transgender person participating in school sports in the State, let along any ‘problem’ with transgender students … creating unfair competition or unsafe conditions.”

In endorsing the flat bans directed at transgender women in Idaho and West Virginia, Kavanaugh argued that any attempt to implement case-by-case judgments of students’ requests to join sports teams inconsistent with their biological gender would create “an enormous practical and administrability problem.”

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Is that so? That wasn’t the case in Maine, where the annual K-12 population is more than 170,000. There, a committee was charged with determining whether a student’s participation in a sport consistent with their gender identity but inconsistent with their biological sex would “result in an unfair athletic advantage” or present a risk of injury to others. The committee held 56 hearings from 2013 through 2021, or an average of seven per year. During the entire time span, only four involved transgender girls. (The outcome of those hearings couldn’t be learned.)

It was Maine’s policy, one might recall, that provoked a confrontation between Trump and Maine Gov. Janet Mills at the White House last year, when Trump threatened to withhold federal funding from the state unless it barred transgender students from competing on women’s sports teams. “We’ll see you in court,” Mills snapped.

Whether the Idaho and West Virginia laws genuinely protect girls from unfair competition is questionable. (The Idaho law is styled the “Fairness in Women’s Sports Act.”) In practice, the laws may subject women in public schools to “invasive sex verification procedures,” as educational expert George Theoharis of Syracuse University wrote after the court ruling.

They’re also based on a retrograde view of women as fragile creatures needing men’s protection, Theoharis wrote — “the same logic that has historically been used to justify excluding women from making their own healthcare decisions and girls from rigorous math and science; that physically demanding work is simply beyond them.” (There don’t appear to be any state laws barring transgender women from competing in men’s sports.)

Becky Pepper-Jackson, the plaintiff in the West Virginia case, in which she is identified only as B.P.J., is the only transgender girl who sought to join girl’s teams — track and cross-country — in the state. That was in 2021, just after West Virginia passed its law and she was about to enter sixth grade. She didn’t appear to pose any competitive risk to others on the track and cross-country teams she applied to join — her lawyers told the Supreme Court that on those no-cut teams, she “came in near the back.”

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Anyway, she had not gone through male puberty, which theoretically might have endowed her with a competitive advantage, because she had been taking puberty blockers and female hormones.

Thanks to the court’s ruling, Sotomayor observed in a dissent joined by Justices Elena Kagan and Ketanji Brown Jackson, West Virginia can deny Becky access to school sports “because it thinks they have an inherent athletic advantage, even if the facts show that they do not.”

B.P.J., Sotomayor wrote, “cannot practice on girls’ teams, even if she would not take anyone’s spot in an eventual competition, even if everyone who tries out for the team makes it, and even if having the chance to participate could aid immensely in treating B. P. J.’s gender dysphoria.”

So whose interest was really protected by the Supreme Court?

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Orange County real estate investor pleads not guilty in $100 million bank fraud case

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Orange County real estate investor pleads not guilty in 0 million bank fraud case

An Orange County real estate investor accused of criminally defrauding an Arizona bank of nearly $100 million pleaded not guilty Monday and remains in custody.

Mahender Makhijani, 44, of Corona del Mar — who also was ordered by an arbitrator to pay $1.34 billion in a separate civil fraud case — was arraigned in Santa Ana federal court on two charges.

He is accused of bank fraud and making a false statement to a bank in a June 8 case involving a $100 million real estate loan made by Phoenix-based Western Alliance Bank. He was taken into custody on June 10.

Makhijani is accused of providing bogus collateral for the October 2024 loan now in default. In a civil lawsuit, Western Alliance said the outstanding balance as nearly $99 million.

Prosecutors say he falsified title insurance policies that showed the bank would have a first lien on the underlying collateral if the loan went bad, when in fact it did not.

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A trial was set for August 11 before U.S. District Judge David O. Carter in Santa Ana.

Michael Schachter, his criminal defense attorney, did not respond to messages seeking comment.

In the civil case, an arbitrator in May ordered Makhijani to pay Laguna Beach real estate mogul Mohammad Honarkar $1.34 billion after ruling he had fraudulently induced him into a 2021 joint venture — and then wrested control and lost to creditors more than two dozen properties Honarkar had owned.

Makhijani has not been criminally charged in that case, but prosecutors alleged in an affidavit in support of the bank fraud charges that he used “force and threats” in his dealings with Honarkar and others — including taking over the landmark Hotel Laguna in 2023 that Honarkar was renovating.

Prosecutors sought to hold Makhijani without bail after his arrest.

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The affidavit noted he is a legal Indian immigrant with a home and bank accounts in that country, has access to private jets and threatened to “run away” if caught in a difficult situation.

The request was denied and he was granted $500,000 bail.

However, Makhijani remains in custody after a hearing sought by prosecutors last month before Magistrate Judge Autumn Spaeth.

The judge declined to accept a $450,000 cashier’s check submitted by a Makhijani associate for the bail, finding insufficient proof the source of the funds was legitimate, according to court records.

Makhijani is not prominent outside Orange County real estate circles, but he established a thriving distressed-assets business over the last decade that attracted prominent Southern California real estate investors.

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Prosecutors said it paid for a lifestyle that included two multimillion-dollar homes in Corona del Mar, a luxury apartment in Newport Beach and various luxury vehicles.

As of last month, prosecutors had not fully traced his assets, which they believe are not held in his name and some of which may be in India.

The businessman employed an array of shell companies and strawmen to sign documents on his behalf, and to stand in for him as operators of his companies, according to the affidavit.

Makhijani told an associate he took extra precautions because wanted to insulate himself from litigation and that “they were sharks in the distressed world who took advantage of people,” the affidavit stated.

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Many indie festival films struggle to get distribution. Alamo Drafthouse is trying to change that

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Many indie festival films struggle to get distribution. Alamo Drafthouse is trying to change that

Dine-in movie theater chain Alamo Drafthouse Cinema is launching a new initiative to show unreleased independent films that had successful festival runs, a move that comes as specialty films have struggled to gain distribution.

The Alamo Exclusives program, announced Wednesday, will give limited theatrical runs to films that showed at festivals including Sundance, the Toronto International Film Festival, Tribeca Festival and South by Southwest festival, as well as Alamo’s own Fantastic Fest.

The idea is to help showcase films that received critical acclaim, but did not secure distribution or acquisition deals. The chain will not acquire these films, but instead will enter into agreements with filmmakers to exhibit their films on Alamo Drafthouse screens. By showing these films to audiences on the big screen, these films could get the momentum they need for further opportunities.

The program’s first film will be the documentary “Butthole Surfers: The Hole Truth and Nothing Butt,” which debuted last year at South by Southwest and chronicles the history of the punk rock band.

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The film will be shown in Alamo Drafthouse theaters for a limited time later this summer.

The Austin-based chain, which is owned by Sony Pictures, has a long history of curating indie films for its audiences, giving Alamo Drafthouse confidence that its viewers want to see these kinds of movies, company chief executive Michael Kustermann said in a statement.

“Time and again, they’ve shown they’ll come out to support bold, original films when given the opportunity,” he said. The new Alamo Exclusives “gives us another way to champion filmmaker-driven films that deserve to be discovered and connect them with the wider Alamo Drafthouse audience.”

The initiative comes at a difficult time for indie films. Since the pandemic upended the movie business, traditional studios and distributors have had less appetite for risk, including betting on smaller indie films out of festivals.

And as the 2023 dual writers’ and actors’ strikes thinned out theatrical lineups, that aversion to uncertainty became a push for reliable and profitable hits.

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“Too many incredible films premiere at festivals and then never receive the theatrical life they deserve,” Lisa Dreyer, director of Fantastic Fest and film innovation at Alamo, said in a statement. “We are actively searching for films across all genres, from horror to comedy, to everything in-between, to champion in this new, exciting way.”

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