Trump's victory has turned up the heat on Disney and its CEO, Bob Iger

• Some Disney insiders worry about the impact of a second Trump term on the company amid culture wars.
• CEO Bob Iger has recently been quiet on Donald Trump after previously opposing some of his policies.
• Some insiders think the president could impact Disney's M&A, succession, and content.

Disney CEO Bob Iger and Donald Trump publicly sparred during Trump's first presidential term. Since Trump's election win last week, Iger has been notably quiet.

Some Disney employees and people close to the company say that may be a good thing, even if they personally dislike the president-elect.

Three people close to Hollywood talent said there seemed to be little immediate appetite in the creative community for Iger to challenge Trump going forward.

"I don't think there's going to be that backlash anymore," a talent agent told Business Insider. "The resistance is going to be nonexistent. And no one cares. I don't think anyone's shocked he won." This person, like some others in the story, spoke on the condition of anonymity to protect business relationships. Their identities are known to BI.

During Trump's first term, Iger seemed to publicly align with his opposition. He called Trump's reversal of a Dreamers program "cruel and misguided" and resigned from a presidential panel in protest of the White House's withdrawal from the Paris climate agreement.

Iger's more recent reticence on politics seems to be part of a larger strategy that predated the election. He has said repeatedly in recent months that Disney's main mission is to entertain rather than advance a political agenda. He didn't contribute to Harris in this campaign, though he has regularly donated to Democrats in the past, Puck reported. On Thursday's fourth-quarter earnings call, he sidestepped a question about deal opportunities under the new Trump administration.

Even with Iger on the political sidelines, some Disney insiders are worried about the impacts of a second Trump term on the company, five people close to the company told BI. For now, things seem upbeat: Disney on Thursday projected rosy earnings all the way out to 2027.

Still, Disney has long been a lightning rod in the culture wars, and its ABC News is facing a lawsuit from Trump. Iger has clashed with Trump supporters such as Elon Musk and Nelson Peltz, who suggested on Wednesday to CNBC that he might resume his proxy fight with Iger. Iger's TV chief, Dana Walden, is a close friend of Kamala Harris.

Some close to the company said they were worried that new TV shows or film releases could trigger the next culture war. One Disney creative wondered whether Trump's election would have a more chilling effect on content. "Is there going to be another shoe to drop?" they asked.

One person close to Disney speculated about whether the political climate would lead news outlets such as Disney's to self-censor. The New York Post reported Wednesday that ABC News was seeking conservative voices to balance its on-air talent on "The View." An ABC News spokesperson disputed the report, saying "The View" was "clearly resonating with audiences, given that the series just had its highest-rated episode in more than a decade and hit a four-year high in total viewers."

"The risk to these guys is, they have to tone down the rhetoric," the person close to Disney said. "If I'm Disney, I'm worried."

Disney's outlook for deals

While Disney isn't generally seen as contemplating a big roll-up, Iger has in the past floated the idea of selling Disney's TV and cable channels — which could be tough under Trump (in the same way CNN's irking Trump could cause problems for its parent Warner Bros. Discovery's consolidation plans).

On Thursday's fourth-quarter earnings call, Disney downplayed opportunities for buying or selling assets. Iger said Disney didn't plan any acquisitions, having already expanded through Fox, Hulu, and other deals over the years. Disney's chief financial officer also retreated on the idea of spinning off TV channels, suggesting that the price wouldn't be high enough and that it would be too complex to separate them from the rest of the company.

Disney reported that earnings and revenue topped analysts' estimates for the quarter as it posted improved profits in its closely watched streaming business and gave an upbeat forecast stretching out to its 2027 fiscal year.

A second person close to Disney said the company was probably trying to gauge the political environment and speculated that it would probably be "out of the M&A business" unless the buyer was friendly to Trump.

"If he wants to sell the stations to Sinclair, that goes through," this person said, referring to the broadcaster known for conservative talking points.

On the succession front, two people close to Disney said they wondered whether Walden's Harris ties could make her a riskier candidate to succeed Iger as CEO. Disney has said it will name a successor to Iger in early 2026.

Things could change once Trump takes office, but for now, some people close to the company said there seemed to be little good to come from Iger challenging Trump.

"Disney's too much of a target for too many things," the second person close to Disney said. "He's got to lay low."