During an interview with CNBC earlier this month, Disney CEO Bob Iger stunned the media by revealing a number of shocking facts. This occurred immediately after it was disclosed that Iger’s tenure had been extended by two years.
Before turning over the business to a successor, which will not occur until at least 2026, he emphasized the “transformative” work he has begun with David Faber on the network’s “Squawk Box” program.
“Transformative work is dealing with businesses that are no growth businesses and what to do about them, and particularly the linear business, which we are expansive in our thinking about,” Iger told the host. “And we’re going to look expansively about opportunities there because clearly, it’s a business that is going to continue to struggle.”
Faber interrupted Iger at that moment to ask if, by “transformative,” he meant eradicating established networks such as ABC and FX: “Are you going to look to sell them?”
“We have to be open-minded and objective about the future of those businesses, yes,” Iger replied.
“Meaning that they’re not core to Disney?” Faber persisted.
“That they may not be core to Disney,” Iger added. “The distribution model, the business model that forms the underpinning of that business and that is delivered great profits over the years, is broken. And we have to call it like it is.”
He emphasized that he was not disparaging ESPN, which, according to him, Disney regards “very differently.” He did emphasize the possibility that ABC, National Geographic, and other Disney-owned companies could be placed up for sale in the near future.
“The View,” a frequently contentious daytime talk show, is one of ABC’s legacy programs that could suffer if the network were sold.
A series of “woke” content-related decisions and a well-publicized conflict with Florida Gov. Ron DeSantis (R), who is currently trailing former President Donald Trump in the polls for the 2024 Republican presidential nomination, have reportedly contributed to Disney’s ongoing financial difficulties.
More on this story via The Republic Brief:
According to reports from April, Disney had started preparing for layoffs of up to 15% of its entertainment staff after Iger announced they would happen two months earlier.
The CEO announced plans to lay off 7,000 employees as part of a “strategic realignment” meant to save costs. According to a report at the time by Bloomberg News, employees in a variety of industries, including television, film, theme parks, corporate, and entertainment, were anticipated to be affected by the layoffs. CONTINUE READING…