DIsney is trying to get into higher growth mode. Buying Star Wars, Marvel, etc and then leveraging them into streaming services.

If they were still mostly just parks, cruises, movies then they would still be a slow grower, paying a dividend. Now they are spending in a big way to develop the IPs they have purchased and their streaming services. So they no longer pay a dividend, and instead want growth. Eventually they may pay a dividend again, but I wouldn't expect it for years.

Don't get too caught up in dividends anyway. It's not free money. Dividends come out of the company's value, and so when they pay a dividend their share price goes down since they no longer have that cash on their balance sheet.$Walt Disney(DIS)$