Disney is avoiding more political dust-ups, but Netflix is bringing the fight to the media giant when it comes to live sports

Happy Friday! A fluffy, $85 toy is taking Asia by storm, but it’s not for kids. Labubu might have an unsettling grin, but it’s meant to comfort tired corporate workers.

In today’s big story, Disney reported strong earnings and has a bright outlook on the future, but it doesn’t want to discuss politics.

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The big story

Let’s not talk politics

When it comes to Donald Trump, Disney is taking a page from its famous mascot and being as quiet as a mouse.

The entertainment giant’s earnings report was a big one. Revenue ($22.57 billion) and earnings per share ($1.14) beat estimates, helping the stock surge 8%.

The future is equally bright. In a surprising move, Disney offered forward-looking guidance that showed strong growth for the next three years, including double-digit earnings growth in 2026 and 2027.

As much as Disney was willing to look into the future, CEO Bob Iger seemed unwilling to discuss one upcoming event: the incoming president.

Iger, who has a contentious history with President-elect Donald Trump, didn’t seem eager to engage with him on a call with analysts. While other media executives have said the new president will give them a chance to close more deals, Iger skirted a question about more M&A opportunities for Disney under Trump.

“In a way, we’ve already consolidated,” Iger told analysts.

Iger’s don’t-say-Trump approach to Thursday’s earnings call might be the new norm for the House of Mouse.

Plenty of people in Hollywood would like it to stay that way.

BI’s Lucia Moses spoke to some people close to Hollywood talent who said there’s little appetite for more Trump-Iger battles right away.

Disney isn’t just avoiding Trump. The company, which has been a lightning rod in the culture wars, wants to avoid any political controversy.

It’s an approach that has served them well recently in Florida. The truce between Disney and Gov. Ron DeSantis has made business easier.

Still, it’s not clear if Trump is willing to follow suit. The president-elect currently has a lawsuit filed against Disney’s ABC News.

Disney also has challenges outside the political realm, including the ongoing streaming wars.

Its streaming division — which includes Disney+, ESPN+, and Hulu — saw a quarterly profit of $321 million. That’s a big turnaround from the $387 million loss it suffered the year prior.

But the king of streaming — Netflix — seems unstoppable, and it’s threatening a space that Disney’s ESPN previously had a stronghold: live sports.

Tonight at 8 p.m. ET, Jake Paul and Mike Tyson will face off in a boxing match aired on the streamer. It’s the biggest test yet for how Netflix handles a live sporting event and a warmup before its biggest undertaking: NFL games on Christmas.

News brief

Top headlines

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2. With Jerome Powell and the Fed, it’s Elon Musk vs. Wall Street. Musk recently signaled support for letting the president control the Federal Reserve — and it’s ringing alarm bells for some investors. Many Wall Streeters fear that undermining Fed independence would disrupt investors — and some are concerned it could create a political backlash.
3. Inside the secretive operation helping manage Steve Schwarzman’s fortune. Though most of Schwarzman’s wealth is tied up in Blackstone, he also has a hush-hush family office that keeps NDAs at the ready for its contractors. Here’s what we know about Pennypack and who’s running it.

3 things in tech

1. “There is no wall.” Sam Altman has apparently responded to fears of an AI plateau, posting the cryptic message on X Thursday. His reply followed reports that OpenAI’s next iteration, Orion, was making only modest gains over ChatGPT-4.
2. Trump reportedly wants to cut the EV tax credit, and Elon Musk is all for it. Wait, what? That might sound odd, but the Tesla CEO has previously said getting rid of the credit would harm the EV giant’s competitors more than itself. Ending the $7,500 tax credit is part of broader tax legislation that Trump’s transition team has reportedly drawn up plans for.
3. Lina Khan’s FTC may have Microsoft in its sights. The Federal Trade Commission is reportedly gearing up to investigate Microsoft’s cloud service Azure. It’s apparently examining claims that the company is using anticompetitive tactics to maintain its market dominance.

3 things in business

1. Six price increases to expect if Trump’s trade plans take effect. From clothes to computers, Trump’s tariffs are expected to impact prices for Americans. “Every sector is vulnerable to seeing higher tariffs,” one economist told BI. Small and big-ticket purchases alike could see significant price increases.
2. RFK Jr. is set to “go wild on health.” Donald Trump tapped Robert F. Kennedy Jr. to lead the Department of Health and Human Services, fulfilling his previous promise to let the ex-Democrat “go wild on health.” Here’s what we know so far about Kennedy’s public health philosophy.
3. What’s the appeal of Elon Musk’s gamified government cost-cutting? Musk’s proposed crowd-sourced leaderboard to crack down on government waste taps into our natural competitive instinct, psychologists say. If you’ve got that, a “super-high IQ,” and are willing to work 80+ hours a week, Musk is hiring for his new Trump cabinet commission.

What’s happening today

• The final supermoon of the year is visible tonight.

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Hallam Bullock, senior editor, in London. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.