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Succession, recession and DEI talk. What to expect from Disney’s annual meeting

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Succession, recession and DEI talk. What to expect from Disney’s annual meeting

Last year, Walt Disney Co.’s annual shareholder meeting was fraught with tension as a billionaire activist investor sought to shake up the boardroom and change the course of the company.

This year, by comparison, will be less charged.

The Burbank media and entertainment company is coming off a strong year for its studio business, with hit films “Inside Out 2,” “Deadpool & Wolverine” and “Moana 2” each grossing more than $1 billion globally. Disney movies grossed an overall worldwide box office of more than $5 billion in 2024.

Disney also reached profitability for the first time in its streaming businesses, which include Disney+, Hulu and ESPN+.

But the company faces questions about softer results in its theme parks division, which has become Disney’s main economic driver. Disney has also recently tried to stay out of political culture wars, particularly as the Trump administration has targeted diversity, equity and inclusion efforts within corporations.

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Ahead of the company’s shareholder meeting Thursday morning, The Times spoke with analysts and investors about what they want the company to address.

The CEO succession plan

Though Disney has signaled it won’t name a successor to Chief Executive Bob Iger until early 2026, investors and analysts are eager for more details about how the search is progressing.

Disney Entertainment Co-Chair Dana Walden, fellow Entertainment Co-Chair Alan Bergman, parks, products and experiences Chair Josh D’Amaro and ESPN boss James Pitaro are all seen as potential internal successors.

Disney’s newly appointed chairman of the board, former Morgan Stanley executive chairman James P. Gorman, leads the CEO succession planning committee. The company said in its proxy statement that management succession planning “remains a top priority for the board.”

Finding the right successor for Iger, 74, is key to the company’s future stability. The firm fumbled in its last attempt to find a replacement for Iger; now-former CEO Bob Chapek lasted less than three years.

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Brian Mulberry, client portfolio manager at Zacks Investment Management, began reducing the firm’s Disney shares after Iger’s departure. Though the firm’s portfolio does not currently include shares of Disney, Mulberry is keeping a close eye on the stock price and wants to get clarity on some of the company’s financial issues before coming to a new position.

“With Bob Iger on his way out, ‘Who’s going to right the ship’ is what we’re particularly looking for in the meeting,” he said.

The prolonged ambiguity about the succession plan is making investors antsy, said Laurent Yoon, senior analyst at Bernstein.

“Bob Iger already came back more than two years ago,” he said. “That uncertainty is not any clearer than before.”

Parks and recession fears

Disney’s experiences division, which includes its theme parks, cruise line and merchandise, ended 2024 with more muted growth due to inflation, expansion costs for the cruise line and softer results at its international parks.

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The company will also face greater competition in Florida this summer when rival Comcast Corp. opens its Epic Universe theme park in Orlando — something analysts have frequently queried Disney executives about during earnings calls.

Disney said during its fourth-quarter earnings call in November that it expected to see 6% to 8% growth in operating income this year from its experiences division. But amid growing economic pessimism and fears of a recession, analysts and investors will be looking to see how the company addresses these potential threats to consumer spending.

“This summer is a very important season for Disney because [the parks business is] expected to recover, and if there’s a recession, then that’s a problem,” said Yoon, who maintains a “Buy” rating for the company’s stock. “There will be questions around what Disney would do in case there seems to be some macro headwinds.”

Even before concerns about an economic downturn took hold, there were growing questions about the affordability of a Disney vacation. Ticket prices at the parks have increased over the years.

Gavin Doyle, who has owned a small number of Disney shares since 2009, will be keeping an ear out for any mentions of discount offers, special promotions or even new details about expansions at the parks.

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“There’s just a lot of levers they can pull … ways to bring people back in a time when demand may be softening,” said Doyle, founder of MickeyVisit.com, a parks affordability guide.

Handicapping ESPN’s flagship streamer

Live sports is a key attraction for consumers, and Disney has frequently mentioned its plans to launch its standalone ESPN flagship streaming product this summer.

But analysts and investors would like more information about pricing, the look of the product, how its experience will be different from the ESPN channel on linear television and how it will work with other services.

With Disney’s continued transition from linear television to streaming, the company will need to make sure “that transition is smooth,” said Yoon of Bernstein.

The company has already launched an ESPN tile on the Disney+ homepage to try to reduce churn and encourage new subscribers.

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Culture wars

One proposal on the company’s proxy statement is an item from the National Center for Public Policy Research, a conservative think tank that is calling on Disney to reconsider its participation in the Human Rights Campaign’s corporate equality index.

The corporate equality index is an annual report that rates employers on their workplace inclusivity for LGBTQ+ workers.

The National Center for Public Policy Research, which often makes proposals at Disney’s shareholder meeting, said Disney’s participation in the index indicated that the company was involved in “partisan behavior” and that it should rethink that decision due to “fiduciary duty to its shareholders.”

Disney recommended its shareholders vote no on the proposal.

The proposal hints at the type of culture wars that Disney has recently started to shrink from. The company recently acknowledged that it removed a trans athlete storyline from a Pixar animated series, saying “many parents would prefer to discuss certain subjects with their children on their own terms and timeline.”

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Disney has also softened some of its internal DEI policies, as have other Hollywood studios and businesses in other industries.

Movie Reviews

‘Night Nurse’ Review: A Caretaker Explores Her Kink for Elder Abuse in the Year’s Strangest Erotic Thriller

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‘Night Nurse’ Review: A Caretaker Explores Her Kink for Elder Abuse in the Year’s Strangest Erotic Thriller

There are any number of erotic thrillers in which rich old men are robbed blind and/or left for dead, but Georgia Bernstein’s admirably bizarre “Night Nurse” might be the first movie of its kind where elder abuse is the source — and possible subject— of its erotic thrills. If there are others, I’m not sure I want to know.

But this woozy debut feature doesn’t rely on its audience being turned on by the relationship between a nubile caretaker and her dementia-addled patient. Their psychosexual bond, meanwhile, hinges on cold-calling vulnerable old people under the guise of a grandchild in financial distress. (“I’m in trouble, nana, send me $10,000 or I’ll be left to rot in jail!” That sort of thing). With its slim wisp of a premise stretched into a Strickland-esque dreamscape that substitutes kink for conflict, the film itself hardly seems convinced by its own wrinkled lust — all desperate kisses and non-touching poses of subservience. More important to Bernstein is what that lust reveals about her characters’ deepest needs, specifically how their need to care and be cared for can be as easily perverted as any other form of desire. 

The Five-Star Weekend series stars D'Arcy Carden as Brooke, Regina Hall as Dru-Ann, Chloë Sevigny as Tatum, Jennifer Garner as Hollis, Gemma Chan as Gigi, shown here posing for a photo

As moody and weightless as the noir-accented score that blows through the movie like a curlicue gust of wind in an old cartoon (credit to musicians Sam Clapp and Steven Jackson), “Night Nurse” lacks the pulse required for its stray feelings to come alive. Still, the film ambiently taps into the latent eroticism of teasing out the distance between how you see yourself and who you really are. Bernstein plays with that distance like a telephone cord wrapped around her fingers, and Eleni — played by the excellent newcomer Cemre Paksoy, powerfully helpless — only frays even more as the receiver is brought near the hook. “Everything I did before today wasn’t me,” the nurse tells co-worker Mona (Eleonore Hendricks) after starting a new job at an Illinois retirement home. “It was somebody else.” 

What she did before today remains unexplored (specifically, what she did to get herself fired from her last gig), but I’m guessing she’s probably changed less than she thought. There’s a faraway flicker in her eyes the moment she catches the vibe between Mona and Douglas (a ribald and elusive Bruce McKenzie), a white-haired seventysomething who shows early signs of dementia but still commands an undiminished sexual energy. “I’m not an invalid,” he coos as Mona bathes him in the tub, to which she replies, “yes, you are,” in a supplicant tone that hints at a rich history of power games between them. 

Later that same night, Douglas will force Eleni to call a stranger, pretend that she’s their granddaughter, and ask for money — he’ll wrap the phone cord around the nurse’s body as she talks and shove her against the wall as they kiss. She’s into it. So into it that he has to clarify the terms of his whole deal: “If you’re looking for a pogo stick, I’m really not your guy.” But Eleni isn’t looking for anything to bounce on. She just wants to be needed, and maybe to need someone in return. Someone who will see her for who she really is and allow her the fantasy of pretending she isn’t being herself when she cons vulnerable strangers out of their money — when she exploits how enthralled those strangers are by the care they have for their loved ones.

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“Night Nurse” doesn’t belabor the psychology, as Bernstein prefers to express her story through heavy-lidded suggestion. Somnambulating from the moment it starts, the film moves through a series of beautifully arranged poses that stretch their latent meaning thin across the surface (Lidia Nikonova’s cinematography lacquers every shot with a seductive dreaminess). We see Douglas smoking in a lawn chair with Mona and Eleni curled around his feet. Eleni riding in the backseat of a convertible as the wind blows through her curls. The full staff of nurses — all of them under Douglas’ sway — stumbling around his condo in a state of zonked out bliss as they roll on the prescription drugs they’ve stolen from the residents. 

Once you’ve seen one shot of this movie, you’ve practically seen them all, at least until things escalate during a rushed and unsatisfying third act that forces Eleni into an honest confrontation with herself. People will do just about anything to feel needed — they’ll give whatever degree of care allows them to receive it in return. “Night Nurse” understands that desire, but remains far too numb to treat it. 

Grade: C+

The Independent Film Company will relase “Night Nurse” in theaters on Friday, July 10.

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Lucas Museum to give free annual passes to South L.A. neighbors, host community preview day

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Lucas Museum to give free annual passes to South L.A. neighbors, host community preview day

The Lucas Museum of Narrative Art, which is moving at light speed toward its Sept. 22 opening, announced Thursday that it will give free annual passes to its South L.A. neighbors living in the 90037 ZIP Code. The 300,000-square-foot, $1-billion museum located in Exposition Park will also host a special community preview day on Sept. 13, more than a week before the general public gets to step inside.

The 90037 ZIP Code has a population of more than 65,000 and is bordered roughly by the 110 Freeway to the west, Slauson Avenue to the south, Central Avenue to the east and Martin Luther King Jr. Boulevard to the north. Residents can register for passes at lucasmuseum.org/lm37 and will be alerted in August when the program launches. Pass holders can reserve tickets for themselves and one guest.

Tickets for non-pass holders go on sale July 21. They cost $25 for adults and $21 for seniors. Kids 17 and under are free.

“Storytelling has the power to bring people together and create a sense of community,” said Lucas Museum Chief Executive Tracey Bates in a news release about the program. “Through LM37, we are inviting our South Los Angeles neighbors to make the museum part of their lives and take their own path of discovery through the art, programs and experiences that will help shape this new cultural hub for Los Angeles.”

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The community preview day is designed to give local business owners, community partners, civic leaders and registered LM37 pass holders a sneak peak of the 10,000 square feet of exhibition space, as well as the expansive gardens with 11 acres of park space.

The opening programming, curated by co-founder George Lucas, features 20 inaugural exhibitions across more than 30 galleries, including one titled “Star Wars in Motion,” containing vehicle designs, high-speed racers, flying vessels, props, costumes and illustrations from the first six films in the beloved franchise.

More than 1,200 objects will be on display from Lucas’ personal collection of narrative art. Highlights include work by Norman Rockwell and Dorothea Lange, as well as a variety of manga, children’s book illustrations and comics.

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Movie review: Supergirl is a blast

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Movie review: Supergirl is a blast

Last year’s “Superman” ended with Iggy Pop singing “Because I’m a punk rocker, yes I am” — an ironic coda for a superlatively square hero. But it rings straightforwardly true for Superman’s cousin.

Milly Alcock’s Kara Zor-El, or Supergirl, sports not a spandex suit but a Blondie T-shirt. When we meet her in Craig Gillespie’s “Supergirl,” she’s been on an interstellar bender for days. She’s more Courtney Love than Clark Kent.

Nonchalant and sarcastic, Kara is also a little Han Solo-ish, you might say, given that she moves capriciously through the galaxy in her junky spaceship while getting in fights in extraterrestrial bars. She’s a welcome, jagged riff on more buttoned-up superheroes, and Alcock is terrific in the role. If only “Supergirl” was as good as she is.

While the latest DC release, and second under James Gunn’s stewardship, has its moments, “Supergirl” struggles to match Kara’s punk-rock energy with an equally spirited supporting cast and story.

Skepticism seems to have gathered for “Supergirl” ahead of its release. Many fans have argued it wasn’t the right next step for DC Universe. But I’m not so sure. Alcock’s breezy cameo in “Superman” was one of that movie’s highlights. Handing the follow-up to her, and her faithful floating dog Krypto, strikes me as an extremely natural next step. When in doubt, follow the dog.

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And much of “Supergirl” is winning. It resides almost entirely in space, touching down only momentarily on Earth. In its consistently creative production design, clever needle drops and underdog story arc, “Supergirl” resides a little closer to Gunn’s “Guardians of the Galaxy” movies than other DC entries. Its outer space is filled with cosmic detritus, mean characters and cute critters. Seth Rogen as the voice of a tiny alien co-piloting a space bus is an inspired concoction, as is a shabbier sci-fi realm with rest stops along the intergalactic highway.

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