Rumors have surfaced periodically since then, including when the Trump administration proposed a tax reform program in 2017, when the COVID-19 pandemic caused Disney's stock to sink to historic lows in 2020, and when Iger returned as CEO in 2022 after a two-year hiatus.
[27] A decade earlier, in 1998, rumors had circulated of a possible takeover of Apple by Disney, a combination industry insiders viewed as "a natural fit".
[31] In March 2017, speculation once again ran rampant regarding a possible acquisition of Disney by Apple, fueled by investment bank RBC Capital Markets's claims that such a merger could happen, albeit with a low likelihood.
[34] Still, CNBC's Tae Kim dismissed the suggestion as "far-fetched",[33] while Todd Spangler of Variety cautioned that investors might demur to such a costly purchase.
[34] Nelson Wu of Investment advisory firm Open Square Capital believed Apple could have "the capacity to manage both companies",[35] while TheStreet's Jim Cramer and Gene Munster of Loup Ventures cast doubt on the deal materializing.
[40] Forbes senior contributor Chuck Jones arrived at the same conclusion after calculating the two companies' projected earnings per share in 2020 and estimating the costs of a hypothetical transaction.
Virtually all segments of Disney were affected by the health crisis, with the company forced to shut down its film and television production units as well as close down its parks across the globe.
[52] Throughout 2022, Cook continued not to rule out any large acquisitions in the future, but reaffirmed his company's focus on acquiring intellectual property and talent.
[64] Rumors of a sale resurfaced in March 2023, when investment bank Needham's Laura Martin urged Apple to strike a deal to grow its subscription video on demand streaming business.
[65][66] In response, José Adorno of Boy Genius Report wrote that Apple would likely choose not to make large purchases that would raise antitrust concerns, especially considering the regulatory scrutiny it was already facing.
At the same time, Professor Anthony Sabino of St. John's University offered a counterargument, believing that the board's actions gave no indication of a potential sell-off and pointing out the anticipated outcry from regulators and shareholders.
[77] His colleague Ben Lovejoy remained skeptical of Apple buying the entirety of Disney, but conceded that recent circumstances made a partial sale a possibility.
[79] Inc. columnist Jason Aten and CNBC journalist Alex Sherman were more firm, believing that cultural, strategic, and regulatory issues made a merger impossible.
[82][83] He later insisted that the acquisition was a "matter of when, not if",[84] while KeyBanc Capital Markets analyst Brandon Nispel believed Apple would wait for Disney's valuations to lower.