They'll survive, might be owned by someone else.
They're in debt for billions, share price is collapsing and cashflow had evaporated.
Parks won't be reopening, cruise industry is dead and movie theaters are closed and looking at chapter 11.
Anyone with a few tens of billions in liquidity can probably pick Disney up in a few months at this rate.
So yeah Disney +as an independent company) may not survive it's that bad.
D&D/Magic relies on group play often in stores (for magic). That's why I'm thinking 2019 was the peak for geek culture.
I could be wrong but see how things play out.
No one has a "few billion" in liquidity right now. By the time someone does, we will be well into a recovery phase.
Frankly, I am confused by your understanding of economics. Right now, the big businesses (Disney, Hasbro, Walmart, Amazon) are the one's most likely to secure investment, loans, and other cushions to sustain them during an economic downturn. It is the smaller businesses that lack these resources who will go under.
If you say the "biggest business in this industry" will go down, you're essentially saying that the
industry itself will go down. Sometimes this is true; when Blockbuster went down, that equaled the industry of renting physical movies in a big box store done forever.
But toys, movie theaters, plane travel, entertainment itself? Even cruises will eventually come back. That happens in recessions/despressions.
So no, Hasbro and Disney aren't going out of business, and aren't going to get bought.