Your points may be valid. I was making a different point - there is a legal entity at the top which is really just a holding company akin to Berkshire Hathaway

Your points may be valid. I was making a different point - there is a legal entity at the top which is really just a holding company akin to Berkshire Hathaway. Inside that entity there are a number of completely different businesses. Disney (the thing humans think of when you say Disney) is one of them. ESPN is another. ABC is another. You can see an overview here: https://en.wikipedia.org/wiki/The_Walt_Disney_Company https://en.wikipedia.org/wiki/The_Walt_Disney_Company Some of them broadly work together strategically. Some do not.