“There is a lot to do,” Bob Iger told Disney staffers today of the state of the company he is now running again. “Quickly,” added the newly re-minted CEO at a town hall at the company’s Burbank HQ heralding his official return.
09.11.2022 - 23:09 / deadline.com
Disney CEO Bob Chapek called Disney+ a “lifestyle portal for Disney fandom” and streaming the nexus of a “reengineered” company that would never have survived and thrived for a century if it didn’t take bold swings.
A Q&A at the Paley Center for Media’s International Council Summit in New York called “The Walt Disney Company: The Next 100 Years” took place as Disney stock tanked. The selloff followed the release of quarterly financials yesterday showing steep losses from streaming, as Wall Street is now looking for the opposite.
“Given our three year journey, we’re extremely pleased with where we find Disney+, going from nothing to over 160 million households, but at the same time realize that there is increasing desire by our investor base to make sure that there is some there there coming out of it,” Chapek said. And there is one, he promised. Pricing started low and can rise, boosting average revenue per user, and costs can be managed. An AVOD service is on the way. “Keep in mind we have only been in this for three years,” he said. “We are looking at making Disney+ all that it can be, but at the same time know that shorter term our investors expect us to have a return on that investment.”
Coming out of Covid, the company had to deal with a lack of new content, which was challenging but also limited expenses, the CEO reasoned. “Now, it’s sort of like the floodgates have opened and all that content is swarming at us. The good news is we’ve got lots of great content and it’s building a lot of subs for us. The bad new is that all that cost that had been greenlit years ago finally came through the gate and it is hitting us all at once. We are hoping to get that normalized very, very quickly.” The company has predicted
“There is a lot to do,” Bob Iger told Disney staffers today of the state of the company he is now running again. “Quickly,” added the newly re-minted CEO at a town hall at the company’s Burbank HQ heralding his official return.
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Disney shares busted out of the starting gate, rising 8% in early trading on a wave of optimistic sentiment about Bob Iger’s return engagement as CEO.
Wall Street has already embraced the news that Bob Iger has returned as Disney’s CEO, replacing Bob Chapek’s short and tumultuous reign: Shares in the entertainment giant climbed nearly 9% in premarket trading on Monday, to $99.85. Chapek, the former Disney parks chief who himself replaced Iger as CEO less than two years ago, has struggled during his brief tenure amid COVID pressures, economic issues as well self-inflicted management wounds — and Disney’s shaky revenue picture has driven its stock price down 41% since the start of the year.
Disney’s Bob Iger reached out to House of Mouse employees Sunday with the shocking news that he’s replacing Bob Chapek as chief executive, effectively immediately, noting “an incredible sense of gratitude and humility—and, I must admit, a bit of amazement.” He’s not the only one.
After less than a year in retirement, Bob Iger has returned as the CEO of the Walt Disney Company
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