Recapping Josh D'Amaro's eventful first week as Disney CEO
The new chief executive had a rough start, with troubles across Disney-owned companies and investments
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Josh D’Amaro became CEO of Disney $DIS last week, succeeding Bob Iger's two-part tenure leading the company.
And D’Amaro, who previously ran Disney’s parks, had a busy and somewhat chaotic first week. We’ve recapped four things — good and bad — that happened during his seven days on the job.
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D’Amaro’s letter
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In a letter to employees outlining his goals, D’Amaro said he wants to continue “great storytelling and creative excellence,” operate as a cohesive company, and embrace new technology, according to Business Insider. While D’Amaro’s letter didn’t mention AI, he’s previously been bullish on the technology.
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Fortnite troubles
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Disney $DIS went all-in on Epic Games two years ago, and D’Amaro led a $1.5 billion investment to create a new digital Disney universe. But Epic Games announced this week it planned to lay off 1,000 employees after a new version of its Fortnite game wasn’t as popular as it hoped, Bloomberg reported. While it’s not clear how this will affect its partnership with Disney, it’s just about the last news a CEO wants in their first week.
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OpenAI deal
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Disney $DIS had also made a $1 billion, three-year partnership with OpenAI’s video generation software Sora. But that came to an abrupt halt on Tuesday when OpenAI announced it was shuttering the software over deepfake concerns. Disney told Bloomberg it appreciated its partnership with OpenAI and knows AI is a rapidly changing industry. It’s unclear if Disney will sign a deal with a competing company for AI video production.
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Bachelorette drama
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ABC, which is owned by Disney $DIS, was engulfed in scandal last week when a video surfaced of its new bachelorette, Taylor Frankie Paul, throwing a chair at her former partner that appeared to hit her child. ABC announced it would pause the season starring Paul set to premiere last weekend. It’s unclear if the season with Paul, who is also in Hulu’s “The Secret Lives of Mormon Wives,” will eventually air, but Variety reported that shelving the season entirely could lose ABC tens of millions of dollars.