The 97th Oscars® achieved its highest viewership in five years, attracting 19.69 million total viewers and a 4.54 rating among adults aged 18-49. The broadcast, hosted by Conan O’Brien and featuring Kieran Culkin’s win for *A Real Pain*, also marked a six-year high among viewers aged 18-34, with a 28% increase from the previous year. It was the top primetime entertainment telecast of the 2024-2025 season. Social engagement set a new record, with 104.2 million total interactions, surpassing both *The Grammys®* and *The Super Bowl* for the first time. The Academy’s social engagement grew by 82%, while ESPN and ABC’s *Oscars Pick’em* contest saw record participation.

(www.waltdisneycompany.com)

Disney Cruise Line’s newest ship, the *Disney Treasure*, offers a variety of immersive experiences and entertainment inspired by Walt Disney’s love of adventure. Sailing seven-night voyages to the Eastern and Western Caribbean from Port Canaveral, Florida, the ship features a *Grand Hall* themed after *Aladdin*, Broadway-style productions including *Beauty and the Beast* and *Disney The Tale of Moana*, and two luxurious cinemas showing first-run Disney films.

Guests can enjoy thrilling attractions such as *AquaMouse*, an onboard water ride with an *Indiana Jones*-style storyline, and interactive kids' clubs like *Marvel Super Hero Academy* and *Star Wars: Cargo Bay*. Dining experiences include *Plaza de Coco*, a *Coco*-themed theatrical dinner, and *Worlds of Marvel*, which debuts *Groot Remix*, an interactive experience featuring *Guardians of the Galaxy* characters.

Additional onboard amenities include themed lounges like *Sarabi*, a *Lion King*-inspired entertainment hub, and specialty cafés themed after *Moana* and *Mulan*. Guests also have access to Disney’s private island, *Castaway Cay*, for exclusive outdoor activities.

The Walt Disney Company filed a Form 8-K on February 28, 2025, announcing that it entered into a new 364-Day Credit Agreement for up to $5.25 billion. This agreement replaces the previous credit facility dated March 1, 2024. It is unsecured and includes a guarantee by TWDC Enterprises, which may be released under certain conditions. The credit facility supports Disney’s commercial paper borrowings and other general corporate purposes.

The agreement expires on February 27, 2026, but Disney has the option to extend the maturity date of outstanding advances to February 26, 2027. Borrowings under the agreement will bear interest based on various benchmarks, including Term SOFR, EURIBO, TIBO, and SONIA, with spreads ranging between 0.625% and 1.000% depending on Disney’s public debt rating. The facility includes provisions to replace the interest rate benchmark if it becomes unavailable.

The agreement contains customary covenants, including financial reporting requirements, tax payments, compliance with laws, and merger limitations. It requires Disney to maintain a minimum Consolidated EBITDA to Consolidated Interest Expense ratio of 3.00 to 1.00. Default provisions include payment failures, covenant breaches, material misrepresentations, bankruptcy, and failure of the guaranty. Certain entities, including those related to Hong Kong Disneyland and Shanghai Disney Resort, are excluded from specific provisions.

The full text of the agreement is attached as Exhibit 10.1.

Marvel’s *Daredevil: Born Again* premieres on Disney+, bringing the character back to his street-level roots. The series follows Matt Murdock, now focused on his law practice rather than vigilantism, and Wilson Fisk, who is pursuing political power. As their past identities resurface, they are drawn into an inevitable conflict.

Charlie Cox returns as Daredevil alongside Vincent D’Onofrio as Kingpin, with supporting characters Karen Page, Foggy Nelson, and Frank Castle/The Punisher making appearances. Newcomers include Kirsten McDuffie, a former NYC District Attorney, and Heather Glenn, Murdock’s love interest.

The show maintains its signature gritty action, emphasizing realistic hand-to-hand combat that emerges naturally from character-driven tension. Executive producer Brad Winderbaum highlights the series’ focus on New York’s power struggles, describing it as a medieval kingdom filled with loyalty and deceit.

With a TV-MA rating, *Born Again* is part of Disney+’s expansion into mature storytelling while staying true to Marvel’s darker comic book tones. Both Cox and D’Onofrio praised Marvel and Disney for allowing creative freedom, ensuring the series remains faithful to its grounded, intense narrative.

The Walt Disney Company reported first-quarter earnings for fiscal 2025, with revenues increasing 5% to $24.7 billion, up from $23.5 billion in the same quarter of the previous year. Income before taxes rose 27%, reaching $3.7 billion, and diluted earnings per share (EPS) increased 35% to $1.40. Segment operating income grew 31%, totaling $5.1 billion, while adjusted EPS rose 44% to $1.76.

In the entertainment segment, operating income increased by $0.8 billion to $1.7 billion. Direct-to-Consumer operating income rose by $431 million to $293 million, although Direct-to-Consumer advertising revenue declined by 2%. Disney+ and Hulu subscriptions reached 178 million, with Disney+ subscribers decreasing by 0.7 million compared to the previous quarter. The sports segment saw a 15% increase in domestic ESPN advertising revenue. The experiences segment reported operating income of $3.1 billion, with international Parks & Experiences seeing a 28% increase in operating income, though domestic parks faced challenges from hurricanes and pre-opening expenses.

Disney maintains strong revenue visibility and a stable leverage ratio of approximately 2.5x as of fiscal year-end 2024, but near-term credit improvement faces challenges due to heavy capital expenditures in theme parks and cruise lines, higher shareholder returns, and potential debt financing for the Hulu acquisition, which could cost up to $5 billion. Despite these pressures, the company’s leading market position and ability to leverage intellectual property across multiple platforms continue to support its financial stability and long-term competitive advantage.

Source: Fitch Ratings

Marvel Studios’ *Captain America: Brave New World* made a striking entrance in London as the cast and filmmakers gathered to promote the film ahead of its UK release on February 14, 2025. Director Julius Onah, producers Kevin Feige and Nate Moore, and stars Anthony Mackie, Danny Ramirez, and Harrison Ford posed before an eye-catching display of Red Hulk gripping Captain America’s iconic shield in Trafalgar Square. The film follows Sam Wilson as he navigates a global crisis after a meeting with the newly elected U.S. president, Thaddeus Ross, played by Ford. With a stellar cast including Giancarlo Esposito, Liv Tyler, and Tim Blake Nelson, the latest installment in the *Captain America* saga promises high-stakes action and political intrigue. (*Disney Studios UK*)

The former Star Wars: Galactic Starcruiser building at Walt Disney World is being repurposed into offices for Walt Disney Imagineering, serving as a hub for upcoming expansion projects, including new areas at Disney’s Animal Kingdom, Magic Kingdom, and Disney’s Hollywood Studios. Speculation about reopening the space for a themed dining experience has been dismissed, with sources confirming that the building will not be accessible to guests. The immersive hotel experience, which launched in 2022, struggled financially due to high costs and low occupancy before closing permanently in 2023. Disney has since taken a tax write-off of approximately $300 million for the project. (WDW News Today)

Disneyland Paris has entered into a five-year partnership with SNCF Connect, France’s leading mobility e-commerce platform, to enhance sustainable travel options for its visitors. This collaboration aims to simplify travel arrangements for guests by integrating SNCF Connect’s services into Disneyland Paris' digital ecosystem. The partnership facilitates booking short-distance travel within the Paris region and long-distance travel across France and Europe. With direct train access from numerous cities, the collaboration encourages millions of Disneyland Paris visitors to choose sustainable transportation options.

The partnership also includes dedicated marketing campaigns targeting families and international tourists, highlighting the convenience and sustainability of traveling with SNCF Connect. Both companies emphasize shared values of sustainability and customer experience, aiming to make travel planning as enjoyable as visiting Disneyland Paris itself. Julia Etaix of SNCF Connect and Karine Rougale of Disneyland Paris expressed pride in this collaboration, envisioning it as a way to enhance guest experiences while promoting environmentally friendly travel solutions.(disneylandparis-news.com)

Disney Experiences announced significant leadership appointments as part of its expansion plans for theme parks and the cruise line business. Key changes include the creation of a new role and appointments at Disneyland Resort, Disney Signature Experiences, and Shanghai Disney Resort.

Ken Potrock, a Disney veteran of 30 years, has been named President of the newly created Major Events Integration division. He will oversee strategic planning for large-scale events like the 2028 Los Angeles Olympics and the nation's 250th Anniversary. Potrock previously led Disneyland Resort's post-pandemic reopening and its long-term expansion initiative, DisneylandForward.

Thomas Mazloum, formerly President of Disney Signature Experiences, is now President of Disneyland Resort. He will oversee operations, including two theme parks and three resort hotels, as the resort undergoes significant growth through DisneylandForward. Mazloum has extensive Disney leadership experience across resorts, transportation, and more.

Joe Schott, a 40-year Disney veteran, has been appointed President of Disney Signature Experiences. He previously led Shanghai Disney Resort and oversaw expansions, including the Zootopia-themed land. Schott’s global expertise will guide Disney Cruise Line’s fleet expansion and international growth.

Andrew Bolstein, who played a critical role in the opening of Shanghai Disney Resort, has been promoted to President & General Manager of the resort. Bolstein brings decades of operational experience and strong local relationships.

These leadership changes reflect Disney's commitment to global expansion, including doubling the Disney Cruise Line fleet by 2031 and continued development of international parks and experiences. Transitions to these roles are effective immediately.

The Walt Disney Company has received 15 nominations for the 97th Academy Awards, spanning its film studios, platforms, and content brands. Searchlight Pictures led with eight nominations for *A Complete Unknown*, including Best Picture, Best Director, Best Actor, and Best Supporting Actress, among others. It also received two nominations for *A Real Pain*, including Best Supporting Actor and Best Original Screenplay. Pixar’s *Inside Out 2*, the highest-grossing film of 2024, was nominated for Best Animated Feature, while 20th Century Studios earned nominations for Best Visual Effects for *Alien: Romulus* and *Kingdom of the Planet of the Apes*. National Geographic Documentary Films received a nomination for *Sugarcane* in the Documentary Feature Film category.

Disney’s streaming platforms are home to several nominees, with *Inside Out 2* available on Disney+ and *A Real Pain* streaming on Hulu. Additionally, *Elton John: Never Too Late* earned a nod for Best Original Song, marking Disney Branded Television’s second nomination in two years. The Oscars will air on March 2, 2025, live on ABC and, for the first time, stream on Hulu. Globally, the ceremony will stream on Disney+ and broadcast on various outlets, celebrating Disney’s continued excellence in storytelling and innovation across multiple platforms.

Disney's *Moana 2* has crossed the $1 billion mark at the global box office, becoming the studio's third billion-dollar hit in 2024 and its 32nd overall. Directed by David G. Derrick Jr., Jason Hand, and Dana Ledoux Miller, the animated sequel earned $442.8 million domestically and $567.1 million internationally. The film has set records as the highest-grossing Disney Animation release in several countries, including France, Brazil, and Mexico. This success further solidifies Disney's dominance, making it the only studio in 2024 to surpass $5 billion in global box office revenue. (*Source: Deadline*)

Pixar Animation Studios has unveiled the trailer and key art for its first-ever original series, *Win or Lose*, set to debut on Disney+ on February 19, 2025. The series follows the intertwined stories of eight characters as they prepare for a championship softball game, exploring themes of personal growth, emotions, and perspectives through sports.

Created by Carrie Hobson and Michael Yates, the series draws inspiration from Hobson’s experience with fast-pitch softball, highlighting the transformative nature of sports and how different perspectives shape individual experiences. The show features unique animation, emotional storytelling, and humor, with a talented voice cast including Rosa Salazar, Will Forte, and Rhea Seehorn.

The series is produced by David Lally, with music by Ramin Djawadi and original songs by CAMPFIRE and Djawadi. *Win or Lose* promises a heartfelt exploration of triumph, failure, and human connection, showcasing Pixar’s signature creativity.