It was supposed to be hers for the taking. Now Dana Walden might already be a dead dream walking.
Dana Walden via Variety YouTube
When the ABC News Presidential Debate happened, the squawking heads of the Hollywood intelligentsia were all convinced that Dana Walden had shored up her chances of taking the next CEO role once Disney head honcho, Bob Iger, rides off into the sun. Much of that is now undone.
Walden, you see, is best friends with Kamala Harris — even to the point of having introduced Harris to her husband. And though Walden was not brought up through the Disney ranks, as would typically be preferred, having a former Fox exec who is besties with the forthcoming president was a carrot other Disney execs simply could not match.
Though claims of a whistleblower at ABC may have abated, Disney confirmed many of the allegations, including that the moderators prepared to fact check the candidates in order to prevent another CNN “fiasco” (in which the Democrat candidate dropped out thereafter).
HULU ON DISNEY+ CELEBRATION – Some of the biggest stars across The Walt Disney Company celebrate the official launch of Hulu on Disney+ at an exclusive cocktail reception hosted by Dana Walden and Alan Bergman, along with special guest Bob Iger, on Friday evening in Los Angeles. (Disney/Greg Williams)
DANA WALDEN (CO-CHAIRMAN, DISNEY ENTERTAINMENT, THE WALT DISNEY COMPANY), ROBERT A. IGER (CHIEF EXECUTIVE OFFICER, THE WALT DISNEY COMPANY), ALAN BERGMAN (CO-CHAIRMAN, DISNEY ENTERTAINMENT, THE WALT DISNEY COMPANY)
Some industry analysts even went so far as to say the quiet part out loud:
“But it is not Walden’s only win of late. In the wake of the successful ABC News debate last week between Donald Trump and Kamala Harris, with moderators David Muir and Linsey Davis winning widespread praise for handling Trump’s lies, and a massive 67 million Americans tuning in, suffice to say that Walden is on a roll.” — The Wrap
Putting Disney so squarely in the middle of politics was always a major gamble… but for Iger, it was a gamble worth taking. And should it have been obvious at this point that Harris would win as a result, Dana Walden would likely be getting ready for her coronation. Now, however, that crown is looking farther away than ever.
NEW: James P. Gorman will succeed Mark G. Parker as Disney board chairman effective January 2, 2025. Disney’s next CEO will be revealed in early 2026. pic.twitter.com/Hk76aG4S9n
— Scott Gustin (@ScottGustin) October 21, 2024
James Gorman is a major player in the banking industry. The chief executive of Morgan Stanley, he surely has plenty to do rather than be at the head of another company. Yet that’s exactly what he’s taking on starting in January of 2025. Already tasked with heading up the committee on selecting the heir of Bob Iger 2.0, it was surmised a cake walk until the last few weeks. Gorman would oversee Walden’s transition, Harris would win (according to the polls), and Walden would be brought in either late 2024 or 2025 for a transitional period in which Iger could take all the accolades and Disney could bask in the leadership of new female CEO.
Meanwhile, Gorman and other institutionalists would make sure the company stayed on the right track… and hopefully north of $100 per share (half of what it was under the very temporary Bob Chapek who decided to try to extricate Disney from politics — a big no-no).
But Walden is struggling mightily. Disney Plus isn’t very often on the Nielsen charts outside of Bluey. Hulu, with a price tag north of $30 billion, does get on the charts for acquired properties, but acquired often do not pay the bills like original content. And unfortunately for Walden, ABC and ABC News aren’t doing great either. All of those are her babies.
Our Top Ten Streaming List is live! 🎬 @netflix’s #ThePerfectCouple dominated with over 1.9 billion minutes viewed, while @hulu’s The Secret Lives of #MormonWives made a strong debut, climbing the ranks in its first full week. Check out the full list: https://t.co/btarQFtHiQ pic.twitter.com/EXf2f0lh8l
— Nielsen (@nielsen) October 14, 2024
READ: Disney CEO Bob Iger Says It Is Not The Company’s Job “To Advance Any Kind Of Agenda”
What Walden did bring to the table was her relationship with Kamala Harris. But if Harris doesn’t become president-elect in November, Walden is actually detrimental to the company as its lead. Instead of having an inside track with the most powerful woman on the planet, Walden would be seen as anathema to the future Trump administration.
Disney would be utterly on the outs with the executive branch. While that might be okay for a time, Disney also has been involved in plenty of issues that could warrant possible investigations. So adding Walden to that list of reasons for the US government to look their way would not be the wisest of decisions.
Dana Walden via Variety YouTube
Enter the announcement this morning:
Disney had initially targeted 2025 to announce a successor, as CNBC reported last year. Pushing the date back to early 2026 will give the board more time to conduct due diligence on both internal and external candidates, according to people familiar with the matter, who asked not to be named because the discussions are private. — CNBC
Bob Iger via CNBC Television YouTube
Pushing any announcement for the next CEO to at least 2026 is a bold move that likely means they don’t have a bold choice. If Walden was the pick, why wait? By delaying, it now looks more and more likely that Disney has realized they may not have a great internal pick. It’s another indictment of Bob Iger and his inability to shore up talent beneath him.
Alan Bergman is over the movies… and outside of two hits this year, he’s struggled big time. Pitaro at ESPN simply isn’t qualified. Josh D’Amaro has overseen the greatest downfall of the Disney Parks since California Adventure debuted to abysmal response (and get ready because the media narrative on this is about to change next year). That leaves Walden, who we’ve discussed in this article.
LOS ANGELES, CALIFORNIA – MAY 23: (L-R) Alan Bergman, Co-Chairman, Disney Entertainment, Kathleen Kennedy, President, Lucasfilm, Leslye Headland and Asad Ayaz, Chief Brand Officer, The Walt Disney Company and President, Marketing, The Walt Disney Studios and Disney attend the launch event for Lucasfilm’s new Star Wars series The Acolyte at the El Capitan Theatre in Hollywood, California on May 23, 2024. (Photo by Alberto E. Rodriguez/Getty Images for Disney)
With all of that said, it’s looking more and more likely that Disney is getting ready to go outside of the company to find someone worthy of righting the ship. That not only speaks to how bad the internals might look, but also the plan seems to have been utterly scuttled.
Disney bet the farm on political, partisan maneuvers. For now, and acknowledging it’s not over until it’s over in elections, it seems Disney is preparing for having been out-maneuvered. For Iger, since his return, it’s not the first time.
