The FCC is reviewing Disney’s broadcast licenses after Jimmy Kimmel told a joke on ABC that offended President Trump — an unusual use of the regulator originally created in the 1930s to police media oligopolies, not protect any president’s feelings. New Disney chief Josh D’Amaro must now lead the company’s response to this unexpected regulatory scrutiny.

The timing is awkward for the FCC: broadcast TV now accounts for less than one-fifth of all viewing, down dramatically from previous decades. Disney’s linear networks revenue fell more than 10% in 2025 and analysts expect another 7% decline this year, pushing the segment below 10% of total company revenue.

Yet these dying channels remain remarkably profitable, generating nearly a fifth of Disney’s $17.5bn group operating profit. That compares to Disney+, which produced just over $1bn in profit on $25bn revenue after years of roughly $8bn in operating losses. Disney can’t easily abandon its profitable linear business, limiting its ability to push back against the FCC — while digital-only competitors face no such constraints.