Can condiments help Disney catch up?

Walt Disney stock has been an absolute dog this year, dropping 17% on concerns about consumer demand and the health of its media businesses. But this week's news could point to at least one bright spot for the Mouse House.

Kraft Heinz and Disney announced what they called a strategic alliance that "spans food service, media, events and more," and will include "storytelling-driven offerings."

It's no surprise that neither stock moved on the news, given the dearth of details. When we begged Disney for more, we were primly informed, "We don't have any more to share today." So we were forced to turn to legendary Disney watcher Len Testa, who runs the Touring Plans website.

"I suspect you'll see Kraft Mac-and-Cheese at the Liberty Tree Tavern," Testa told us, referring to the Magic Kingdom restaurant where it's Thanksgiving every day of the year. Sure, Len. But how about those storytelling-driven offerings? "It could be anything," he said. "OK, maybe not Heinz Seafood Cocktail Sauce Presents Disney's The Little Mermaid. But there are lots of opportunities."

He followed up with a candid shot of spanking new Heinz ketchup, mayo, and ranch dispensers, which were introduced to the ABC Commissary in Disney World's Hollywood Studios on Thursday.

But what really caught our eye is the way a Kraft Heinz exec explained the deal: "Marketing today...is about creating experiences that are memorable," Nicolas Amaya, the head of Kraft Heinz's North America business, told The Wall Street Journal.

That hits on the reason more companies could look to rent a bit of pixie dust. Disney, and particularly the Disney parks, have a massive and highly dedicated fan base that makes them singular among consumer companies. (Bet you've never met a Home Depot Adult.) While Disneyland was literally built on in-park sponsorships, as was much of Disney World's Epcot park, the company is coming out of a long fallow period for Experiences-based deals as companies gained the ability to track the value of online ads.

But in an ad-saturated world, companies may be willing to trade a bit of certainty for the chance at a deeper consumer connection with the "brand halo." And if there's someone to make this happen for Disney, it's Josh D'Amaro, the charismatic former park runner who was handed the keys to the Kingdom, taking over as CEO for Bob Iger in March.

That's not to say the company is practically perfect in every other way. The cable business is clearly troubled. And investors, not to mention fans, are getting a bit tired of the endless parade of sequels and remakes from its movie studios. What's next, a live-action Steamboat Willie starring the mouse from The Green Mile?

"We continue to look for evidence of successful new franchise development that can drive multidecade value creation," Guggenheim analyst Michael Morris writes. Meanwhile, there are near-term concerns about theme park attendance, as Comcast laid bare this week with a warning about attendance at its competing Universal parks.

But the Kraft Heinz announcement is a step in the right direction. If Disney can show companies the value of being attached to the Happiest Place on Earth, they might make shareholders happy too.

Or at least a little less depressed.

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July 24, 2026 02:15 ET (06:15 GMT)

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