Disney’s market value of $200bn or so is up by 19% since his return, suggesting that investors have more faith in him than they did in the other Bob
A new organisational structure will shift power from bean-counters back to creative teams. That reverses the changes under Bob Chapek, whom Mr Iger hand-picked as successor in early 2020 and then replaced in November. Operating costs will be slashed by $2.5bn, with a further $3bn to be cut from content spending, together equivalent to 8% of expenses; 7,000 staff will go. To stanch financial losses at its Disney+ streaming service, in December Mr Iger raised subscription prices in America by 38%.
For all that, Mr Iger left several key questions unanswered. The first concerns Disney’s long-term plan for streaming, which he has yet to articulate. Mr Iger has said he wants to focus on “core brands and franchises”. Their online home is Disney+. He also wants to avoid “undifferentiated” general entertainment. That is the preserve of Hulu, a streamer two-thirds-owned by Disney. Disney’s arrangement with Comcast, a cable giant that owns the remaining third, is set to expire in 2024.
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