The Town with Matthew Belloni Why Iger Gave OpenAI the Keys to Disney’s Vault
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Dec 16, 2025 
Lucas Shaw, a Bloomberg journalist with expertise in media and tech, joins to discuss Disney's groundbreaking licensing deal with OpenAI. They analyze the strategic motivations behind Disney's investment and the pressure it places on Google. The duo debates the potential success of the Sora AI video generator without Disney's IP and explores the implications for user-generated content on Disney Plus. They also touch on the challenges of using AI in filmmaking and the creative pushback from the industry.
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Disney Chooses Partnership Over Total Block
- Disney's deal with OpenAI legitimizes Sora and signals studios may prefer partnering over fighting AI platforms.
- Bob Iger used the agreement to gain leverage and signal to Google that Disney will negotiate on AI rights.
Leverage Drove Disney's Choice Of OpenAI
- Disney picked OpenAI because OpenAI needs Disney's characters more than Google would, giving Disney bargaining power.
- The studio aimed to set a template for other content owners to get deals on AI platforms.
Deal As Strategic Signal To Competitors
- The deal pressures Google and may kickstart a wave of similar licensing agreements across media companies.
- Disney took a short-term three-year approach to preserve renegotiation options if Sora explodes.