Disney is a diversified entertainment company built around a portfolio of iconic IP — Mickey Mouse, Marvel, Star Wars, Pixar, and Frozen — that runs through every part of the business. Disney operates three segments: Experiences, Entertainment, and Sports. Experiences includes Disney's theme parks and resorts (Walt Disney World, Disneyland, Disneyland Paris, and partially-owned parks in Hong Kong and Shanghai), Disney Cruise Line (six ships, expanding to eight by early 2026), consumer products licensing, and Disney Vacation Club timeshares. Revenue comes from ticket admissions, hotel stays, food, merchandise, and cruise bookings. Entertainment includes Disney's streaming services (Disney+ and Hulu), linear TV channels (ABC, Disney Channel, FX, National Geographic), and a content sales and licensing business covering theatrical, home entertainment, and TV/VOD. Sports is primarily ESPN, which holds rights to the NFL, NBA, MLB, and college sports, distributed through linear cable channels, international networks, and a newly launched direct-to-consumer app (ESPN DTC, launched August 2025). Disney sells to consumers directly via park admissions, streaming subscriptions, and retail, and monetizes advertisers through its linear and streaming platforms. Disney's core strategic logic is a content flywheel: a hit film drives box office revenue, streaming viewership, consumer products sales, and theme park attendance simultaneously, compounding returns across every segment.