# Who does The Walt Disney Company pay? Who are its key suppliers?
Canonical: https://valuechain.wiki/disney · Facet: suppliers · Updated: 2026-09-24T11:00:19.369126+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: The Walt Disney Company's confirmed suppliers/cost counterparties include Amazon Web Services (AWS) plus 2 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 3 cost edges, backed by 3 dated sources, 0 of them primary filings (as of 2026-09-24).

### 콘텐츠 제작·스포츠 판권 (high)
- note: Studio film and series production costs and sports broadcast rights are the core of Disney's costs; AI touches this only as a cost-saving tool in production and post-production.
- [mentions] The Walt Disney Company (EN, ir, published 2024-11-14) https://thewaltdisneycompany.com/press-releases/the-walt-disney-company-reports-fourth-quarter-and-full-year-earnings-for-fiscal-2024/: "Disney's results are heavily shaped by content cost structure, including studio content and sports rights."

### Amazon Web Services (AWS) (high)  → /amazon.md
- note: Disney+ runs its streaming infrastructure on AWS as its preferred cloud, using it for content delivery, storage and machine learning, so cloud is a streaming cost for Disney.
- [confirms] Data Center Dynamics (EN, news, published 2021-04-29) https://www.datacenterdynamics.com/en/news/aws-is-the-preferred-cloud-provider-for-disney/: "Disney and AWS confirmed Disney+ relies on AWS infrastructure for content delivery, storage and machine learning, and Disney's CTO said AWS has been its preferred cloud provider for years."

### 컴캐스트/NBCU (Hulu 잔여 33% 인수) (high)  → /comcast.md
- note: After a 2023 agreement and an appraisal dispute, Disney fully acquired Comcast's (NBCU's) remaining 33% of Hulu in 2025 — paying an additional $438.7M on top of the ~$8.61B guaranteed floor for total ~$9B and 100% ownership. It is the last piece of a streaming strategy to unify Disney+ and Hulu into one app and cement DTC profitability, and Hulu's tax reclassification booked a $3.277B non-cash tax benefit in FY2025.
- [confirms] SEC EDGAR (EN, filing, published 2025-11-13) https://www.sec.gov/Archives/edgar/data/1744489/000174448925000155/dis-20250927.htm: "FY2025 10-K: acquired full ownership of Hulu; the change in Hulu's US tax classification generated a $3.277B non-cash tax benefit."
- [confirms] CNBC (EN, news, published 2025-06-09) https://www.cnbc.com/2025/06/09/disney-comcast-hulu-valuation.html: "Disney paid Comcast an additional $438.7M after final appraisal to take full control of Hulu (total ~$9B)."

### 경험 부문 대규모 투자 (파크·크루즈 ~$60B 10년) (high)
- note: Disney front-loads large capital into Experiences (parks, resorts, cruises) — its profit anchor — over a decade, with FY2025 parks capex of $8.0B (~$9B guided for FY2026) to expand new parks and the cruise fleet. It is capital allocation that grows the cash engine through the streaming transition, offsetting content-cycle swings with consumer and travel demand.
- [confirms] SEC EDGAR (EN, filing, published 2025-11-13) https://www.sec.gov/Archives/edgar/data/1744489/000174448925000155/dis-20250927.htm: "FY2025 capital invested in parks, resorts and other property was $8.024B, with ~$9B guided for FY2026 — a large Experiences expansion."

### 파크 운영·인건비 (mid)
- note: Operating and labor costs for parks, resorts and cruises are the cost base of the Experiences segment; rising costs pressured park operating income in 2024.
- [confirms] Newspim (KO, news, published 2024-08-08) https://www.newspim.com/news/view/20240807001174: "Disney's theme parks saw operating income fall 3.3% on higher costs and soft consumer demand."

Reverse side: https://valuechain.wiki/disney/customers.md · Ripple: https://valuechain.wiki/disney/ripple.md

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Full node: https://valuechain.wiki/disney.md · JSON: https://valuechain.wiki/disney.json