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Disney-Apple sale: Returning CEO Bob Iger shuts it down as ‘pure speculation’ -Newzflash

Bog Iger returned to lead The Walt Disney Company last week under a two-year contract, hoping to lead the entertainment giant back to growth. The CEO hosted his first company-wide meeting with employees, addressing potential bargaining issues and the hiring freeze that former CEO Bob Chapek instituted after Disney’s recent lackluster quarterly report. According to The Hollywood Reporter , Iger intends to maintain this practice, calling it a “wise move given the sector’s challenges” as he continues to figure out ways to return Disney to profitability. But the biggest comment the returning CEO made was to shoot down the idea of ​​Apple buying Disney as “pure speculation,” adding that he also won’t be spearheading any buyouts during his tenure.

Chapek’s firing led many on Wall Street and in media circles to speculate on the idea of ​​a Disney acquisition, “including acquisitions to service its reported $5.5 billion (approx. Rs. 44,950 crore) in debt, or an outright sale to a tech monolith like Apple.” Variety notes that employees were “shaken” by Iger’s new mandate and urged people to return to the office. “I happen to believe that in creative companies, there’s tremendous value in working from the same place,” he told Disney staff (via The Hollywood Reporter). “It creates an energy, it’s very generative for creativity… I’m not making any proclamations, but I think it’s extremely important.”

Iger, who was responsible for the launch of Disney’s marquee streaming service Disney+ – which operates as Disney+ Hotstar in India – said the company should prioritize revenue growth over subscriber numbers. “Instead of chasing [subscribers] with aggressive marketing and aggressive spending on content, we have to start chasing profitability,” Iger said during the town hall meeting (via Reuters). “To achieve that, we need to look very, very carefully at our cost structure across our businesses.” A report from earlier this month suggested that Disney+ added over 12 million subscribers this quarter, for a total of 235 million this year. Out of that, Disney+ Hotstar was responsible for less than 3 million.

The CEO also addressed Disney’s stance on LGBTQ+ inclusion in relation to the company’s response to Florida’s “Don’t Say Gay” law, which prevented teachers from discussing such topics in schools. According to IGN, Disney was caught up in the case when it was revealed that it had donated close to $200,000 (roughly Rs. 1.6 crore) to Florida politicians who supported the legislation. Since the company operates the Disney World theme park in the state, it was natural for them to be involved in the political side of it. After days of criticism from internal staff and the general public across social media, Chapek sent out a letter acknowledging how painful his silence must have been and apologizing for the ordeal.

As for the studio’s stance on the matter now, Iger said, “one of the core values ​​of our storytelling is inclusion and acceptance and tolerance. And we can’t lose that, we just can’t lose that…how we actually change the world through the good must go on We’re not going to make everyone happy all the time and we’re not [going to] try to. We certainly will not diminish our core values ​​to make everyone happy all the time.”

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