Potential acquisition of Disney by Apple

The logos of the Walt Disney Company and Apple Inc.

Since the 2000s, there has been persistent and periodic speculation of a potential acquisition of the Walt Disney Company, an American media conglomerate, by Apple Inc., an American technology company. Despite there being no evidence of such plans, the notion has been routinely suggested by analysts and pundits and repeatedly dismissed by both companies.

Apple and Disney have historically shared a close relationship, largely due to Disney's collaboration and subsequent acquisition of Pixar, which was owned by Apple founder Steve Jobs, and the subsequent friendship between Jobs and Disney CEO Bob Iger. Rumors have surfaced periodically since then, including when the Trump administration proposed a tax reform program in 2017, when the COVID-19 pandemic caused Disney's stock to sink to historic lows in 2020, and when Iger returned as CEO in 2022 after a two-year hiatus.

Advocates of the theory argue that a merger would complement both companies and allow Apple to strengthen its entertainment ventures, while dissenters point to the two companies' dissimilar business approaches, likely regulatory scrutiny, and the cost of such an acquisition as evidence neither side is interested in a merger. Executives from Apple and Disney have been presented with these rumors, with both sides denying that a deal is in the works. Various publications have cited insiders and Disney employees' beliefs that Iger intends to eventually sell the company to Apple.

Background

Steve Jobs (L) and Bob Iger (R) were close friends

Apple Inc. is an American technology company co-founded by Steve Jobs, specializing in consumer electronics and information technology. ^[1] It is the largest company in the world by market capitalization and one of the Big Four technology companies of Silicon Valley. ^{[2] [3]} The Walt Disney Company is an American mass media and entertainment conglomerate co-founded by Walt Disney, specializing in film production and theme parks. ^[4] It is the largest entertainment company in the world, ^[5] operating one of the Big Five film studios of Hollywood (Walt Disney Studios) and the world's largest amusement park company (Disney Parks). ^{[6] [7]}

Since the turn of the 21st century, the two companies have shared a strong business relationship. ^{[8] [9] [10]} Pixar Animation Studios, a film studio owned by Jobs, ^[11] began collaborating with Walt Disney Pictures on computer-animated feature films starting with Toy Story in 1995, ^[12] culminating in Disney's acquisition of Pixar in 2006. ^[13] This had followed a skirmish between Jobs and then–Disney CEO Michael Eisner over distribution arrangements, ^{[14] [15]} which led to a falling out between the two companies until Bob Iger's ascension as CEO in 2005. ^[13] As a result of the merger, Jobs became Disney's largest individual shareholder and joined Disney's board of directors. ^[10]

Iger and Jobs developed a close friendship: ^[16] Disney was the first studio to sell its films and television series on Apple's iTunes platform, ^{[8] [9] [10]} while Iger consulted Jobs when revamping the Disney Store and purchasing Marvel Entertainment. ^{[17] [18]} TheWrap called the two companies "Hollywood's best friends with benefits" and an "informal corporate couple". ^[19] After Jobs died in 2011, Iger was invited to Apple's board of directors, on which he served as a member until his resignation in 2019, when the two companies' business interests overlapped for the first time with the launch of Disney+ competitor Apple TV+. ^{[20] [16] [10]} In his memoir The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of the Walt Disney Company, Iger remarked that if Jobs were still alive, their two companies might have combined. ^{[21] [22]}

History

2006–2017: Early speculation

Analysts and pundits have long theorized that Apple could or should acquire Disney, either in part or as a whole. The speculation dates back to the days of Disney's collaboration with Pixar, especially after Disney purchased the company. ^[23] One month after the buyout in February 2006, Barron's reported that Apple could "make a bid to buyout [ sic ] Disney", ^[24] regurgitating the rumor in October 2010. ^{[25] [26]} Speculation especially intensified after Iger became a board member of Apple. ^[27] A decade earlier, in 1998, rumors had circulated of a possible takeover of Apple by Disney, a combination industry insiders viewed as "a natural fit". ^[28]

Francis McInerney of consulting firm North River Ventures told The Washington Post in 2014 that an Apple–Disney merger was "frighteningly obvious" due to the two companies' similar corporate cultures and lack of overlap, believing that such a merger would benefit both sides. However, the Post pointed out Apple's tendency not to make large corporate acquisitions, in addition to potential regulatory scrutiny. ^[29] In 2016, Liberty Media chairman John Malone speculated in an interview with CNBC that Apple could be interested in purchasing Disney if they spun off ESPN to alleviate costs; ^[30] in 2017, hedge fund Margate Capital founder Samantha Greenberg wrote that Disney was a "logical acquisition target" for Apple. ^[31]

2017–2020: Trump tax reform

In March 2017, speculation once again ran rampant regarding a possible acquisition of Disney by Apple, fueled by investment bank RBC Capital Markets's claims that such a merger could happen, albeit with a low likelihood. ^{[32] [27] [33]} RBC reasoned that this "[made] sense strategically" to complement Apple's struggling foray into the media industry and compete with Netflix, noting that it would significantly accrete Apple's earnings. However, the firm acknowledged that a deal was contingent on the fate of the Trump administration's tax reform program, the Tax Cuts and Jobs Act, which proposed a tax holiday on the repatriation of offshore capital. ^{[33] [34]} Apple CEO Tim Cook's comments the year prior refusing to rule out larger acquisitions further heightened these rumors. ^[34] Still, CNBC's Tae Kim dismissed the suggestion as "far-fetched", ^[33] while Todd Spangler of Variety cautioned that investors might demur to such a costly purchase. ^[34] Nelson Wu of Investment advisory firm Open Square Capital believed Apple could have "the capacity to manage both companies", ^[35] while TheStreet 's Jim Cramer and Gene Munster of Loup Ventures cast doubt on the deal materializing. ^{[36] [35]} The Wall Street Journal called the idea a "fairy tale". ^[37]

Rumors continued to swirl in the ensuing months and years. In May 2017, investment bank Citigroup named Disney as one of seven potential targets Apple could take over, once again citing the Trump tax bill and Apple's strategic fit. ^[38] This analysis predated to Disney's announcement that it would acquire 21st Century Fox, with Citi placing the likelihood of an Apple–Disney merger at 20–30 percent. ^[39] Paul R. La Monica of CNN Business wrote that while Apple certainly had the financial wherewithal to purchase Disney, it was unlikely they would be willing to do so due to Disney's high market value. ^[40] Forbes senior contributor Chuck Jones arrived at the same conclusion after calculating the two companies' projected earnings per share in 2020 and estimating the costs of a hypothetical transaction. ^[41] Writing for The Conversation in January 2018, associate professors Danielle Logue of the University of Technology Sydney and Charlene Zietsma of the Pennsylvania State University wrote off the rumors as "pure fantasy", considering most of Disney's assets would not fit Apple's portfolio, but acknowledged that a merger would prove vastly beneficial to Apple's sluggish Apple TV sales. ^[42]

Apple senior vice president Eddy Cue was asked by CNN's Dylan Byers at South by Southwest (SXSW) in March 2018 whether Apple would consider acquiring Disney or Netflix. Cue responded by quoting hockey player Wayne Gretzky: "Skate to where the puck is going, not where it has been", indicating that Apple preferred to invest in up-and-coming ventures rather than established players. ^{[43] [44]} After Iger's memoir in 2019, Spangler reminded spectators that there was no guarantee Iger's aspirations would have actually occurred, ^[45] while Lightshed Partners analysts outlined why they believed Apple was unlikely to be interested in combining with Disney due to their differing business approaches. ^[46]

2020–2023: Power shuffle

In March 2020, the COVID-19 pandemic erupted, wreaking havoc on the American film industry and the theme park business. Virtually all segments of Disney were affected by the health crisis, with the company forced to shut down its film and television production units as well as close down its parks across the globe. ^[47] Consequently, Disney suffered immense losses and the company's stock plummeted, ^[48] leading analyst Bernie McTernan of Rosenblatt Securities to suggest Apple seize the opportunity to acquire Disney. ^{[49] [50]} Writing for Comic Book Resources , Peter Foy opined that Apple acquiring Disney would be disastrous, citing the potential for Disney to further consolidate its control over the media landscape and create a homogeneous market. ^[51] As Apple TV+ continued to struggle, Brandon Katz of The New York Observer encouraged Apple to acquire Disney in March 2021. ^[52] Throughout 2022, Cook continued not to rule out any large acquisitions in the future, but reaffirmed his company's focus on acquiring intellectual property and talent. ^{[53] [54]}

On the eve of the pandemic, Iger had retired as CEO, with Bob Chapek named as his successor. The transition was not a smooth one, and the pair had a falling out over Chapek's handling of several public relations crises. ^[55] Chapek also drew ire from "fans, studio talent, executives, employees, Wall Street, [and] the company's board", ultimately leading to his ousting by the board in November 2022, with Iger in his place. ^{[56] [57]} Iger later cited Jobs as the principal influence for his decision to return. ^[58] Upon Iger's return to power, Disney insiders told TheWrap that Iger was privately seeking to sell the company to Apple or another company as an endgame; ^[59] CNBC would later cite "more than a dozen past and present Disney executives" in 2023 echoing this claim. ^[60] When asked about this report in an employee town hall meeting, Iger dismissed it as "pure speculation". ^{[61] [62] [63]} Former ESPN president John Skipper also suggested that Apple might purchase Disney, a rumor Byers, now working for Puck , dispelled. ^[64] Rumors of a sale resurfaced in March 2023, when investment bank Needham's Laura Martin urged Apple to strike a deal to grow its subscription video on demand streaming business. ^{[65] [66]} In response, José Adorno of Boy Genius Report wrote that Apple would likely choose not to make large purchases that would raise antitrust concerns, especially considering the regulatory scrutiny it was already facing. ^[67]

2023–present: Changing landscape

In June 2023, Apple's launch of the Vision Pro mixed reality headset reignited Wall Street's speculation, with Iger appearing onstage at the Worldwide Developers Conference to announce Disney had partnered with Apple to bring Disney+ and other virtual reality content to the Vision Pro. ^{[68] [69]} Martin doubled down on her previous claims, claiming that Apple needed to purchase Disney to ensure the Vision Pro becomes a success and that Disney would be acquired within the next three years. ^{[70] [71]} The next month, Bloomberg News reported that Iger was looking to sell Disney's television assets amidst a diminishing linear television landscape after he implied so in an interview with CNBC, naming Apple as a potential suitor. ^{[72] [73]} Industry analyst Grace Randolph echoed the rumor, adding that she was opposed to the prospect of Disney losing its independence. ^[74]

A report from The Hollywood Reporter in August legitimized the age-old rumors for the first time, with the publication citing an anonymous "observer" who claimed Iger was indeed preparing for a sale and that Apple was the most logical buyer. At the same time, Professor Anthony Sabino of St. John's University offered a counterargument, believing that the board's actions gave no indication of a potential sell-off and pointing out the anticipated outcry from regulators and shareholders. ^[75] An "exasperated" Iger declined to comment when pressed by Guggenheim Partners investor Michael Morris during Disney's quarterly earnings investor call later that day, ^[76] an incident 9to5Mac 's Zac Hall deemed a "waste of everyone's time". ^[77] His colleague Ben Lovejoy remained skeptical of Apple buying the entirety of Disney, but conceded that recent circumstances made a partial sale a possibility. ^[78] Jason Snell of Macworld agreed, writing that the prospect no longer seemed implausible as it once did. ^[79] Inc. columnist Jason Aten and CNBC journalist Alex Sherman were more firm, believing that cultural, strategic, and regulatory issues made a merger impossible. Sherman further noted that Apple had demonstrated no interest in operating Disney's businesses and warned that a merger would only lead to "immense value destruction". ^{[80] [81]}

Meanwhile, analyst Daniel Ives of Wedbush Securities believed it was logical for Apple to acquire ESPN, asserting that it was "more attractive" than Disney as a whole. ^{[82] [83]} He later insisted that the acquisition was a "matter of when, not if", ^[84] while KeyBanc Capital Markets analyst Brandon Nispel believed Apple would wait for Disney's valuations to lower. ^[85] Writing for Bloomberg and Forbes, respectively, Dave Lee and Tim Bajarin rejected this theory, with Lee arguing that a partnership between the two companies was the more likely outcome and Bajarin contending that Apple would not be interested in a purchase. ^{[86] [87]} Tim Baysinger of Axios called the persistence of these rumors a troubling sign of Disney's state of vulnerability. ^[88]

See also

• List of mergers and acquisitions by Apple
• List of mergers and acquisitions by Disney

References

1. Waterhouse, Benjamin. "Tech Giants: Steve Jobs and Bill Gates". Bill of Rights Institute. Archived from the original on January 24, 2021. Retrieved September 7, 2023.
2. Saul, Derek (June 30, 2023). "Apple Hits $3 Trillion Market Value—And Could Soar Another $800 Billion" . Forbes . Archived from the original on June 30, 2023. Retrieved September 7, 2023.
3. Sen, Conor (November 15, 2017). "The 'Big Five' Could Destroy the Tech Ecosystem" . Bloomberg News. Archived from the original on February 12, 2019. Retrieved August 28, 2020.
4. Barnes, Brooks (May 4, 2020). "For Walt Disney Co., a Stricken Empire" . The New York Times . ISSN   0362-4331. Archived from the original on May 4, 2020. Retrieved September 7, 2023.
5. White, Jenn (January 30, 2023). "What 100 Years Of Disney Means For American Entertainment". NPR. Archived from the original on February 1, 2023. Retrieved September 7, 2023.
6. McKittrick, Christopher (February 9, 2019). "The History of Hollywood's Major Movie Studios". ThoughtCo . Archived from the original on October 14, 2017. Retrieved March 23, 2019.
7. Kelleher, Suzanne Rowan (June 14, 2023). "Disney Has 7 Of The World's 10 Most-Visited Theme Parks, Universal Has Other 3" . Forbes . Archived from the original on June 14, 2023. Retrieved September 7, 2023.
8. Fritz, Ben (September 12, 2017). "Disney Is Lone Holdout From Apple's Plan to Sell 4K Movies for $20" . The Wall Street Journal . ISSN   0099-9660. Archived from the original on September 13, 2017. Retrieved September 7, 2023.
9. Barnes, Brooks (February 25, 2014). "Disney Throws Open the Gates to Its Own Digital Movie Service" . The New York Times . ISSN   0362-4331. Archived from the original on February 26, 2014. Retrieved February 16, 2016.
10. Aten, Jason (September 18, 2019). "Disney's CEO Was a Member of Apple's Board Until This Happened and It's a Sign of a Greater Battle to Come Between the Companies". Inc. Archived from the original on October 3, 2019. Retrieved September 7, 2023.
11. Fiegerman, Seth (November 1, 2016). "How Pixar saved Steve Jobs and Apple". CNN Money. Archived from the original on November 2, 2016. Retrieved September 7, 2023.
12. Schlender, Brent (May 17, 2006). "Pixar's magic man". CNN Money. Archived from the original on June 12, 2006. Retrieved March 11, 2009.
13. La Monica, Paul R. (January 24, 2006). "Disney buys Pixar". CNN Money. Archived from the original on February 7, 2006. Retrieved August 3, 2020.
14. Verrier, Richard; Eller, Claudia (February 2, 2004). "A Clash of CEO Egos Gets Blame in Disney–Pixar Split" . Los Angeles Times . ISSN   0458-3035. Archived from the original on July 29, 2020. Retrieved September 7, 2023.
15. "Pixar Says 'So Long' to Disney" . Wired . January 29, 2004. Archived from the original on May 2, 2008. Retrieved April 22, 2008.
16. Lee, Wendy (September 13, 2009). "Walt Disney Co. CEO Bob Iger leaves Apple's board". Los Angeles Times . ISSN   0458-3035. Archived from the original on September 14, 2019. Retrieved September 7, 2023.
17. Barnes, Brooks (October 12, 2009). "Disney's Retail Plan Is a Theme Park in Its Stores" . The New York Times . ISSN   0362-4331. Archived from the original on October 16, 2009. Retrieved September 7, 2023.
18. Clark, Travis (September 18, 2019). "Steve Jobs had a major role in helping Disney buy Marvel, CEO Bob Iger revealed" . Business Insider . Archived from the original on September 19, 2019. Retrieved September 7, 2023.
19. Roberts, Johnnie L. (March 16, 2011). "Apple & Disney: A Relationship Too Close for Comfort?" . TheWrap . Archived from the original on May 13, 2015. Retrieved September 8, 2023.
20. Barnes, Brooks (September 13, 2009). "Iger Departs Board of Apple, Disney's New Streaming Competitor" . The New York Times . ISSN   0362-4331. Archived from the original on September 13, 2019. Retrieved September 15, 2019.
21. Iger, Robert (September 18, 2019). ""We Could Say Anything to Each Other": Bob Iger Remembers Steve Jobs, the Pixar Drama, and the Apple Merger That Wasn't" . Vanity Fair . Archived from the original on September 18, 2019. Retrieved February 7, 2022.
22. Watercutter, Angela (September 19, 2019). "Bob Iger Imagines an Alt-History Where Disney and Apple Merge" . Wired . Archived from the original on September 19, 2019. Retrieved September 7, 2023.
23. Lovejoy, Ben (August 16, 2023). "Apple buying Disney is no longer as crazy an idea as it was [Poll]". 9to5Mac . Archived from the original on August 16, 2023. Retrieved September 8, 2023.
24. Morcroft, Greg (February 25, 2006). "Apple could bid for Disney: Barron's" . MarketWatch. Archived from the original on July 29, 2009. Retrieved September 8, 2023.
25. Savitz, Eric J. (October 23, 2010). "A Week of Surprises From Apple" . Barron's . Archived from the original on August 6, 2020. Retrieved September 8, 2023.
26. "Sony rally shortlived [sic] as speculation dismissed" . Reuters. October 25, 2010. Archived from the original on September 8, 2023. Retrieved September 8, 2023.
27. Shephard, Jack (April 13, 2017). "Apple/Disney merger: Rumours swell over possible mega-deal" . The Independent . Archived from the original on April 16, 2017. Retrieved September 8, 2023.
28. Swartz, Jon (March 14, 1998). "Bruised Apple Rebounds / Stock has almost doubled this year". San Francisco Chronicle . SFGate. Archived from the original on November 28, 2021. Retrieved September 8, 2023.
29. McFarland, Matt (June 25, 2014). "Apple buying Disney? A consultant explains why he thinks a deal is 'frighteningly obvious.'" . The Washington Post . ISSN   0190-8286. Archived from the original on September 6, 2015. Retrieved September 8, 2023.
30. Gurdus, Lizzy (November 10, 2016). "Liberty Media's Malone sees Disney possibly spinning off ESPN". CNBC. Archived from the original on November 11, 2016. Retrieved September 8, 2023.
31. Levy, Rachael (January 18, 2017). "A hot new hedge fund expects 'hundreds of billions of dollars' in tech deals" . Business Insider . Archived from the original on January 20, 2017. Retrieved September 8, 2023.
32. Hoffman, Greg (March 24, 2017). "Wall Street is starting to talk about the possibility of Apple buying Disney" . Markets Insider . Archived from the original on March 24, 2017. Retrieved September 8, 2023.
33. Kim, Tae (April 13, 2017). "Far-fetched idea: Wall Street analyst dreams up Apple–Disney mega-merger". CNBC. Archived from the original on April 16, 2017. Retrieved September 8, 2023.
34. Spangler, Todd (April 13, 2017). "Could Apple Buy Disney? Wall Street Revives Rumor of Mega-Deal". Variety . Archived from the original on April 14, 2017. Retrieved September 8, 2023.
35. Palmer, Annie (April 15, 2017). "Here's Why Everyone's Suddenly Talking About Apple Buying Disney" . TheStreet . Archived from the original on November 12, 2020. Retrieved September 8, 2023.
36. Cramer, Jim (April 13, 2017). "Cramer: How Could We Not Talk About Rumored Apple–Disney Deal?" . TheStreet . Archived from the original on April 14, 2017. Retrieved September 8, 2023.
37. Grant, Charley (April 13, 2017). "Dream Big with Apple and Disney" . The Wall Street Journal . ISSN   0099-9660. Archived from the original on September 8, 2023. Retrieved September 8, 2023.
38. "Citi lists Netflix, Tesla as potential takeover targets for Apple" . Reuters. May 5, 2017. Archived from the original on September 8, 2023. Retrieved September 8, 2023.
39. Edwards, Jim (January 1, 2018). "There is a 40% chance Apple will acquire Netflix, according to Citi" . Business Insider . Archived from the original on January 1, 2018. Retrieved September 8, 2023.
40. La Monica, Paul R. (May 3, 2017). "Should Apple buy Disney? Tesla? The Raiders". CNN Business. Archived from the original on May 3, 2017. Retrieved September 8, 2023.
41. Jones, Chuck (December 16, 2017). "Could Apple Buy Disney Before Disney Buys Fox's Assets" . Forbes . Archived from the original on December 18, 2017. Retrieved September 8, 2023.
42. Logue, Danielle; Zietsma, Charlene (January 16, 2018). "Why Apple buying Disney is pure fantasy". The Conversation . Archived from the original on January 16, 2018. Retrieved September 8, 2023.
43. Bort, Julie (March 12, 2018). "A top Apple exec explains you shouldn't bet that it'll buy Netflix or Disney" . Business Insider . Archived from the original on March 13, 2018. Retrieved September 8, 2023.
44. Chmielewski, Dawn C. (March 12, 2018). "CNN's Dylan Byers Asks: Will Apple Buy Netflix Or Disney?". Deadline Hollywood . Archived from the original on March 12, 2018. Retrieved September 8, 2023.
45. Spangler, Todd (September 19, 2019). "A Disney–Apple Merger? No Guarantee It Would Have Happened, Despite Bob Iger's Reminiscing". Variety . Archived from the original on September 20, 2019. Retrieved September 8, 2023.
46. Savitz, Eric J. (September 24, 2019). "Apple Shouldn't Buy Disney. Here's Why" . Barron's . Archived from the original on September 24, 2019. Retrieved September 8, 2023.
47. "Coronavirus: More Hollywood films delayed as Disney closes all its theme parks". Sky News. March 13, 2020. Archived from the original on March 14, 2020. Retrieved March 13, 2020.
48. Barnes, Brooks (August 4, 2020). "Disney, Staggered by Pandemic, Sees a Streaming Boom" . The New York Times . ISSN   0362-4331. Archived from the original on August 5, 2020. Retrieved September 8, 2023.
49. Shapiro, Adam (March 16, 2020). "'There is an opportunity for Apple' to buy Disney: Rosenblatt Securities Director". Yahoo! Finance. Archived from the original on March 16, 2020. Retrieved September 8, 2023.
50. Savitz, Eric J. (March 16, 2020). "Disney Stock Has Crashed. 1 Analyst Thinks Apple Should Bid" . Barron's . Archived from the original on April 6, 2020. Retrieved September 8, 2023.
51. Foy, Peter (March 22, 2020). "Apple Acquiring Disney Would Be a Disaster". Comic Book Resources . Archived from the original on March 23, 2020. Retrieved September 8, 2023.
52. Katz, Brandon (March 17, 2021). "If Apple Is Serious About Streaming, It Should Acquire Disney". The New York Observer . Archived from the original on March 17, 2021. Retrieved September 8, 2023.
53. Espósito, Filipe (April 28, 2022). "Tim Cook says Apple won't rule out acquiring large companies, but its focus is on IP and talent". 9to5Mac . Archived from the original on April 28, 2022. Retrieved September 8, 2023.
54. Espósito, Filipe (July 28, 2022). "Is Apple planning a major services acquisition? Tim Cook says he 'wouldn't rule anything out'". 9to5Mac . Archived from the original on July 28, 2022. Retrieved September 8, 2023.
55. Sherman, Alex (March 20, 2022). "'Extremely awkward': Bob Chapek and Bob Iger had a falling out, they rarely talk — and the rift looms over Disney's future". CNBC. Archived from the original on March 20, 2022. Retrieved September 8, 2023.
56. Flint, Joe; Whelan, Robbie; Schwartzel, Erich; Glazer, Emily; Too, Jessica (December 17, 2022). "Bob Iger vs. Bob Chapek: Inside the Disney Coup" . The Wall Street Journal . ISSN   0099-9660. Archived from the original on December 17, 2022. Retrieved April 27, 2023.
57. Patten, Dominic; Hayes, Dade (November 20, 2022). "Disney Shocker! Bob Iger Back As CEO, Bob Chapek Out". Deadline Hollywood . Archived from the original on November 21, 2022. Retrieved November 21, 2022.
58. Hetzner, Christiaan (April 17, 2023). "Bob Iger names Steve Jobs as chief inspiration behind dramatic return as Disney CEO amid persistent rumors of a sale to Apple" . Fortune . Archived from the original on April 17, 2023. Retrieved September 9, 2023.
59. Bruno, Joe Bel (November 22, 2022). "Why Bob Iger's Ultimate Power Move May Be Selling Disney to Apple" . TheWrap . Archived from the original on November 22, 2022. Retrieved September 8, 2023.
60. Sherman, Alex (September 6, 2023). "Disney's wildest ride: Iger, Chapek and the making of an epic succession mess". CNBC. Archived from the original on September 6, 2023. Retrieved September 9, 2023.
61. Weprin, Alex (November 28, 2022). "Bob Iger Dismisses Megadeal Talk, Says Apple Sale Is "Pure Speculation" and Will Keep Disney Hiring Freeze". The Hollywood Reporter . Archived from the original on November 28, 2022. Retrieved September 8, 2023.
62. Saul, Derek (November 28, 2022). "Disney CEO Iger Shuts Down Apple Merger Rumors, Sticks By Hiring Freeze" . Forbes . Archived from the original on November 28, 2022. Retrieved September 8, 2023.
63. Barsanti, Sam (November 28, 2022). "Disney's new/old CEO Bob Iger has no intention of selling to Apple". The A.V. Club . Archived from the original on November 28, 2022. Retrieved September 8, 2023.
64. Byers, Dylan; Alexander, Julia (December 16, 2022). "Iger Expectations & the ESPN X Factor" . Puck . Archived from the original on December 16, 2022. Retrieved September 9, 2023.
65. Fox, Matthew (March 30, 2023). "Apple should buy Disney as the tech giant could add $631 billion to its market value by growing its content library, investment bank says" . Markets Insider . Archived from the original on March 30, 2023. Retrieved September 8, 2023.
66. Small, Jonathan (March 31, 2023). "Will Apple Acquire Disney? An Influential Analyst Thinks So. 'Worth More Together.'". Entrepreneur . Archived from the original on March 31, 2023. Retrieved September 8, 2023.
67. Adorno, José (April 8, 2023). "Will Apple ever buy Disney or Netflix? Here's the answer". Boy Genius Report . Archived from the original on April 9, 2023. Retrieved September 9, 2023.
68. Weatherbed, Jess (June 5, 2023). "Disney Plus is coming to Apple's Vision Pro headset". The Verge . Archived from the original on June 5, 2023. Retrieved September 9, 2023.
69. McAlone, Nathan (June 5, 2023). "Disney CEO Bob Iger finally announced some good news after months of cuts and layoffs: a partnership with Apple on its new Vision Pro headset" . Business Insider . Archived from the original on June 5, 2023. Retrieved September 9, 2023.
70. Canal, Alexandra (June 7, 2023). "Apple needs to buy Disney to make Vision Pro a success: Analyst". Yahoo! Finance. Archived from the original on June 7, 2023. Retrieved September 9, 2023.
71. Owusu, Tony (July 11, 2023). "Analyst Expects Disney to Be Bought By This Tech Giant". TheStreet . Archived from the original on July 12, 2023. Retrieved September 9, 2023.
72. Rizzo, Lillian; Sherman, Alex (July 13, 2023). "Disney could soon sell its TV assets as Iger says business 'may not be core' to the company". CNBC. Archived from the original on July 13, 2023. Retrieved September 9, 2023.
73. Buckley, Thomas; Shaw, Lucas (July 16, 2023). "Bob Iger Shifts From Building an Empire to a Disney Yard Sale". Bloomberg News. Archived from the original on July 17, 2023. Retrieved September 9, 2023.
74. Randolph, Grace [@GraceRandolph] (July 17, 2023). "This is a rumor I am hearing as well... Not happening like, tomorrow, but it's now in the realm of possible... I am very against #Disney being owned by another company, I would prefer they remain independent and fix their current issues" (Tweet). Archived from the original on July 21, 2023. Retrieved September 9, 2023– via Twitter.
75. Masters, Kim; Weprin, Alex (August 9, 2023). "A Disney Sale to Apple? Don't Count It Out This Time". The Hollywood Reporter . Archived from the original on August 9, 2023. Retrieved September 9, 2023.
76. Swartz, Jon (August 9, 2023). "The long-simmering rumor of Apple buying Disney is resurfacing as Bob Iger looks to sell assets" . MarketWatch. Archived from the original on August 9, 2023. Retrieved September 9, 2023.
77. Hall, Zac (August 10, 2023). "Analysts won't stop suggesting that Apple is buying Disney". 9to5Mac . Archived from the original on August 10, 2023. Retrieved September 9, 2023.
78. Lovejoy, Ben (August 16, 2023). "Apple buying Disney is no longer as crazy an idea as it was [Poll]". 9to5Mac . Archived from the original on August 16, 2023. Retrieved September 9, 2023.
79. Snell, Jason (August 16, 2023). "Apple buying Disney isn't the fairy tale it once was". Macworld . Archived from the original on August 16, 2023. Retrieved September 9, 2023.
80. Aten, Jason (August 19, 2023). "The 3 Best Reasons Apple Is Never Going to Buy Disney". Inc. Archived from the original on August 19, 2023. Retrieved September 9, 2023.
81. Sherman, Alex (September 6, 2023). "Apple buying Disney would be a storybook ending for Iger, but fairy tales aren't real". CNBC. Archived from the original on September 6, 2023. Retrieved September 9, 2023.
82. Hayes, Dade (August 16, 2023). "Apple Buying Or Partnering With ESPN Is A "No-Brainer" To One Wall Street Analyst, And "Much More Attractive" Than Full Disney Acquisition". Deadline Hollywood . Archived from the original on August 16, 2023. Retrieved September 9, 2023.
83. Confino, Paul (August 17, 2023). "Apple should buy ESPN from Disney for $50 billion, says analyst who calls a deal a 'no brainer'" . Fortune . Archived from the original on August 18, 2023. Retrieved September 9, 2023.
84. Adorno, José (August 17, 2023). "Wedbush says Apple definitely plans to acquire ESPN". Boy Genius Report . Archived from the original on August 17, 2023. Retrieved September 9, 2023.
85. Clark, Adam (September 5, 2023). "How Much Is ESPN Worth? Not Enough to Make Disney Stock a Buy, This Analyst Says" . Barron's . Archived from the original on September 6, 2023. Retrieved September 9, 2023.
86. Lee, Dave (August 18, 2023). "Apple Doesn't Need to Buy ESPN to Win in Sports" . Bloomberg News. Archived from the original on August 18, 2023. Retrieved September 9, 2023.
87. Bajarin, Tim (August 22, 2023). "Should Apple Buy Any Disney Companies If They Become Available?" . Forbes . Archived from the original on August 22, 2023. Retrieved September 9, 2023.
88. Baysinger, Tim (August 21, 2023). "Apple–Disney rumors resurface amid Magic Kingdom's murky future" . Axios . Archived from the original on September 9, 2023. Retrieved September 9, 2023.