Probably, Netflix does/did similar.

I can't anticipate what shenanigans may follow - ie: stream this for free with your Mega Deluxe Cable plan

The internet exchanges will see the value proposition for Disney, everyone will get squeezed.

If an exchange tries to squeeze it's participants they can just do a PNI or create their own. An exchange in it's simplest form is just a switch after all.

The exchanges would have favorable terms for rates on the intercontinental lines and such, no?

While I don't doubt Disney could get into the business (and may, they're ever-growing), I'm not sure it makes a lot of sense.

It may, but that's kind of what I was getting at RE: anticipation. I don't know the business well, and have never had Disney Money to play with!

They're the sole owners of their material, they could much more easily pass the costs along - perhaps arrange partnerships with local businesses, ala 'bundling'

Plus Disney could just get the local ISPs to run the edge hardware for them.

Maybe. When Netflix tried that, Comcast tried to charge them for peering.

It's a tug of war. Disney could route their traffic via their T1s where the Australian ISPs also have to pay to receive the traffic. Who can pay longer? And if there is a working market of ISPs the ones with peering or caches in their network can use the superior Disney+ experience in their advertisement.

And famously succeeded.