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Tag: Bob Iger

  • Disney’s magic numbers: Q2 2025 earnings cast a spell

    Disney’s magic numbers: Q2 2025 earnings cast a spell

    MUMBAI: The Walt Disney Company’s Q2 2025 earnings have delivered a star-studded performance, with revenues climbing seven per cent to $23.6 billion, driven by robust gains in entertainment and experiences. But it wasn’t all smooth sailing — sports struggled with soaring production costs, keeping the magic somewhat grounded.

    In the spotlight, Disney’s entertainment segment sparkled with a 61 per cent surge in operating income, hitting $1.3 billion. Direct-to-consumer revenues also soared, thanks to a 2.5 million bump in Disney+ and Hulu subscriptions, pushing the combined total to 180.7 million. The much-talked-about Disney+ subscriber base alone rose to 126 million, an addition of 1.4 million from the previous quarter.

    However, the sports division played a tougher game. Operating income tumbled by $91 million to $687 million, primarily due to bloated programming costs, which included airing three extra college football playoff games and an additional NFL clash. ESPN’s domestic advertising revenue shot up by 29 per cent, but it wasn’t enough to offset the spending blitz.

    Disney’s crown jewel — its experiences division — continued to enchant. Segment operating income hit $2.5 billion, a nine per cent rise, as domestic parks saw a 13 per cent boost in income, driven by higher spending and increased attendance.

    Net income soared to $3.4 billion from just $216 million a year ago, with adjusted earnings per share (EPS) hitting $1.45, a 20 per cent year-on-year jump. Free cash flow surged over 100 per cent to $4.9 billion, thanks to lower tax payments and tighter cost control.

    But not everything was a fairy tale. Disney’s Star India JV posted a $103 million loss, reflecting ongoing challenges in the competitive Indian market. There was also a equity loss from India JV of ~$300 million driven by purchase accounting amortisation. Amounts for the current period include impairment charges related to the Star India transaction ($143 million) and content ($109 million). Tax expense in the current period includes the estimated tax impact of these charges and a non-cash tax charge of $244 million related to the Star India transaction. Amounts for the prior-year period include impairments of goodwill ($2,038 million).

    Looking ahead, Disney is waving its wand at a 16 per cent rise in adjusted EPS for the full year, expecting $5.75 per share, as it bets on double-digit growth in entertainment and a fresh direct-to-consumer push with ESPN’s new offering.

    Disney’s CEO Bob Iger summed it up: “Our outstanding performance this quarter underscores our continued success building for growth and executing across our strategic priorities. Overall, we remain optimistic about the direction of the company and our outlook for the remainder of the fiscal year.” 

  • Disney showcases perfect marriage of creativity and tech at shareholder meeting

    Disney showcases perfect marriage of creativity and tech at shareholder meeting

    MUMBAI: The Walt Disney Co held its 2025 annual shareholder meeting on Thursday, with boss Bob Iger waxing lyrical about the firm’s “perfect marriage of exceptional creativity and groundbreaking technological achievement” which, he insisted, “has always set Disney apart.”

    “Since the company’s earliest years under Walt, technology has always been viewed as a powerful storytelling tool, and innovation has been in our DNA since the start,” Iger declared in a video message from Walt Disney Imagineering’s headquarters in Glendale, California.

    In a move that would make even Darth Vader crack a smile, Iger was joined by a flock of BDX droids—the same mechanical marvels that have been harassing guests at Disneyland—which will soon make their silver screen debut in The Mandalorian and Grogu, next year’s highly anticipated Star Wars cash cow.

    The mouse house enjoyed a whopper of a year at the global box office in 2024, with Iger crowing about its  “outstanding” performance following a reorganisation that “restored creativity to the centre of our studios.”
    The company’s popular franchises brought home the bacon, with Pixar’s Inside Out 2, Marvel’s Deadpool & Wolverine, and Walt Disney Animation Studios’ Moana 2 claiming the top three spots at the box office. Talk about a triple threat.

    Disney’s critical success was equally impressive. “Our renewed focus on quality over quantity has also resulted in outstanding critical success,” Iger boasted, noting that the company bagged a whopping 60 Emmy Awards, led by Shogun and The Bear. The firm also scooped 15 Oscar nominations, with Kieran Culkin winning Best Supporting Actor for his turn in Searchlight Pictures’ A Real Pain.

    Looking ahead, Iger dropped a bombshell: a sequel to Coco, Pixar’s 2017 Academy Award-winning tearjerker, is in the works. “While the film is just in the initial stages, we know it will be full of humour, heart, and adventure,” he said, no doubt sending Mickey-shaped dollar signs spinning in shareholders’ eyes.

    The Disney chief was keen to remind everyone that all these cinematic delights “will all be accessible on Disney+,” expanding the firm’s “rich library of a century’s worth of storytelling.”

    “By giving subscribers the option to watch what they love most from across the worlds of Disney, all in one place, we are turning Disney+ into the ultimate streaming destination,” Iger declared.

    With the recent additions of Hulu and ESPN tiles on Disney+, the company has created what Iger calls a “seamless streaming experience” that is “both convenient and user-friendly.” And when ESPN’s new direct-to-consumer offering launches in early autumn, subscribers can access the full suite of ESPN’s networks from inside Disney+. How thoughtful.

    Turning to Disney’s Experiences segment, Iger was practically bursting with excitement. “Last year we talked about our plans to turbocharge growth in this segment through strategic investments. Today I’m proud to share some of what we’ve been up to,” he gushed. “Right now, we have more projects underway around the world than at any time in our history.”

    The Magic Kingdom is undergoing its largest expansion ever, including a new area inspired by Cars and a much-anticipated Villains-themed land where guests can presumably pay $15 for a villain-themed ice cream while queuing for three hours.

    A Monsters Inc. themed land is coming to Hollywood Studios, featuring the company’s first-ever vertical lift coaster (guaranteed to make your wallet feel lighter than your stomach). Meanwhile, a new Tropical Americas land is headed to Disney’s Animal Kingdom, with attractions based on Encanto and Indiana Jones.

    Disney Cruise Line is also expanding, which will allow the company to “double our capacity to reach millions more people around the world,” according to Iger. Because nothing says “magical experience” like being trapped on a boat with thousands of screaming children wearing Mickey ears.

    Iger also took time to highlight Disney’s charitable efforts, noting that in the wake of the devastating wildfires in Southern California, the company committed $15 million to recovery efforts.

    “We remain the No. 1 wish-granter in the world for children facing critical illness, and on average Disney grants a child’s wish every hour of every day,” he said, temporarily making even the most cynical shareholders feel warm and fuzzy.

    Iger concluded his remarks by returning to technology: “Thanks to modern technology, there’s never been a better time to be a storyteller,” he said.

    Or, indeed, a Disney shareholder.

  • Disney Entertainment co-chairman Dana Walden outlines corp strategic vision

    Disney Entertainment co-chairman Dana Walden outlines corp strategic vision

    MUMBAI: Dana Walden, co-chairman of Disney Entertainment, delivered a comprehensive overview of the company’s operations and future direction at the Morgan Stanley Technology, Media & Telecom Conference on 4 March 2025, addressing key areas of investor interest including streaming profitability, content strategy, and technological innovation.

    Walden explained how Disney’s restructuring under CEO Bob Iger has created a “clean structure” with three segments: Disney experiences under Josh D’Amaro, ESPN under Jimmy Pitaro, and Disney entertainment co-led by herself and Alan Bergman. Within their division, Bergman oversees film studios and branded series, whilst Walden manages global television, with joint responsibility for Disney+ and Hulu, including ad sales, technology, and platform distribution.

    She emphasised that this structure has “restored the authority to creative executives” who understand “how to create stories at scale” whilst connecting “the people who approved the spending to the revenue.” Disney Studios achieved market dominance with $5.5 billion at the box office, which Walden suggested was “more than all the other studios combined, or very close.” The company also claimed half of the top ten most streamed shows of the year.

    Walden highlighted a dramatic financial improvement in Disney’s streaming business, transitioning from “losing over $1 billion a quarter” to becoming “profitable, growing revenue and delivering with visibility towards double-digit margins.” She noted that Disney+ is still only five years old, emphasising the rapid pace of achievement.
    The integration of Hulu on Disney+ for bundle subscribers was described as “an extraordinary value” that is “driving engagement” and “improving our churn dynamic.” 

    Upcoming content releases like Moana 2 (arriving on Disney+ on 12 March) will serve as “a huge event for subscribers, both in terms of acquisition and engagement,” followed by Mufasa in late March.

    Disney’s creative prowess was underscored by its 60 Emmy Awards, which Walden pointed out was “more than any of our competitors ever,” whilst “the rest of the industry split the other 69 awards.”

    Regarding international growth, Walden discussed the company’s investment in local content development over the past two years, citing the Korean series Moving which attracted “over 1.5 million subscribers.” She outlined a three-tiered approach: “local for local, local for regional, and global for the whole world.”

    On ESPN’s upcoming direct-to-consumer service, Walden confirmed the flagship product would launch later this year with “new features that will really blow people away.” She highlighted recent additions to Disney+, including an ESPN tile with over 3,000 hours of programming and the newly launched SC+, a daily SportsCenter show that provides “a daily touch point for sports” and a “reason every day to open the app.”

    In the competitive children’s entertainment space, Walden asserted Disney’s dominance in the preschool segment, with Bluey emerging as the most streamed show in the United States last year, driving “60 billion minutes of engagement on Disney+.” She acknowledged the fragmented viewing habits of older children across social media, gaming and YouTube, noting Disney’s “meaningful and great partnership with YouTube” where they produce “thousands of videos” with Disney Junior having “22 million subscribers.”

    Walden revealed that Disney is developing technology features that will “specifically address how kids are interacting with content right now in a very contemporary way,” whilst also highlighting the success of Disney Playtime, a linear-style channel that helps “introduce this young audience to multiple franchises.”

    On technology, Walden countered the notion that Disney needs to become a great technology company, asserting “Disney is a great technology company and a great storytelling company,” citing the Imagineers’ work in parks, Pixar’s production innovations, and the acquisition of BamTech. She highlighted key technology hires including Adam Smith from YouTube as Head of Technology and Andre Rohe from YouTube and Meta as Head of Engineering, who are focused on “algorithmic programming and personalization, deploying AI across all of our services.”

    Walden identified advertising as “absolutely a growth area,” leveraging Hulu’s position as “the original ad solutions partner on streaming video.” She touted Disney’s technological advantages in “automation, programmatic targeting, the ability to work with the biggest DSPs to share data in a clean room,” claiming Disney is “significantly ahead of our competitors in this space.”

    Concluding her remarks, Walden expressed confidence in Disney’s leadership team, describing the company as being in “incredibly good hands” under CEO Bob Iger, with “a small leadership team who deliver so much value” and “excellent” company culture.

  • Disney’s Iger’s big pay harvest in 2024

    Disney’s Iger’s big pay harvest in 2024

    MUMBAI: Can you guess how much Bob Iger was rewarded for being a part of the decision making during  the $10-odd billion Reliance-Viacom18-Disney Star India joint venture called JioStar? Not just for that monumental merger but also for the strategic leadership decisions he made throughout 2024?

    He received an impressive 30 per cent pay rise, taking home a staggering $41.1 million – equivalent to a cool ?350 crore. Around Rs 1 crore a day if you round up figures. Now, that’s some serious money!

    Breaking it down, Iger’s remuneration included $18.3 million in stock awards, $12 million in option awards, $7.2 million in bonuses, and an additional $2.1 million in other forms of compensation, as disclosed in regulatory filings with the United States Securities and Exchange Commission (SEC).

    For comparison, his income in 2023,  stood at $31.6 million. It’s clear that 2024 brought a significant boost to his financial rewards.

    Guarding the so-called “Mouse House” truly seems to pay dividends, and Iger’s leadership continues to demonstrate why he is one of the most influential executives in the media and entertainment industry.

  • Disney reveals major projects and surprises at the D23 showcase

    Disney reveals major projects and surprises at the D23 showcase

    Mumbai: The world-class storytelling engines of The Walt Disney Company took center stage at the Honda Center during the Disney Entertainment showcase at D23: The Ultimate Disney fan event presented by Visa. Surprise celebrity appearances, new film and series titles, and major musical performances enthralled the audience of Disney fans from around the world, demonstrating the unmatched strength of the company’s creative studios, as well as the unique connection that generations of passionate fans of all ages have forged with its stories and characters over the past century.

    Walt Disney Company chief executive officer Bob Iger kicked off the evening to thank fans for their enduring passion, and to highlight what sets Disney apart as a global leader in creative storytelling and innovation. “Our deep bond with fans, forged over a century of storytelling, is stronger today than ever before,” he said, “driven by the unmatched strength of our creative studios, the wide appeal of our brands and franchises, and the innovative ways that we bring our stories to life in our theme parks and experiences.”

    Hosted by Yvette Nicole Brown, the event featured several of Disney’s outstanding creative leaders, including Disney Entertainment co-chairman Alan Bergman, Pixar Animation Studios’ chief creative officer Pete Docter, Disney Animation’s chief creative officer Jennifer Lee, and Marvel Studios president and producer Kevin Feige were on stage to introduce the stars and storytellers behind new and beloved titles.

    Here are the major highlights from the D23 showcase, where The Walt Disney Studios made several exciting announcements:

    Disney Animation: Three new feature films are on the way. Moana 2 kicked off the event with a performance by Auli‘i Cravalho and introduced new songs, with the film set for release on 29 November 2024. Zootopia 2, featuring Judy Hopps and Nick Wilde on a new adventure, is scheduled for 20 November 2025. Additionally, Frozen 3 was teased for a 2027 release.

    Avatar: James Cameron revealed the title of the third Avatar film, Avatar: Fire and Ash, set for a 19 December 2025 release, with stars Sam Worthington and Zoe Saldaña returning.

    Pixar: Upcoming films include Elio (13 June 2025), Hoppers (2026), Toy Story 5 (19 June 2026), and Incredibles 3, which is currently in development.

    Lucasfilm: Jon Favreau and Dave Filoni gave a sneak peek of the new Mandalorian and Grogu film, slated for 22 May 2026.

    Marvel Studios: Kevin Feige shared updates on Captain America: Brave New World (14 February 2025) and introduced the cast of The Fantastic Four: First Steps, which premieres on 25 July 2025.

    Disney live-action: Announcements included Mufasa: The Lion King (20 December 2024), Disney’s Snow White (21 March 2025), a live-action Lilo & Stitch (Summer 2025), TRON: Ares (10 October 2025), and the sequel Freakier Friday (2025).

    New projects: Dwayne Johnson revealed a new movie centered around monster trucks, celebrating the popularity of monster jam truck rallies.

  • Why Disney-Star India aligned with Reliance?

    Why Disney-Star India aligned with Reliance?

    MUMBAI: What was the rationale behind Disney Star India’s decision to align with the Mukesh Ambani-led Reliance Industries? Speaking at the Morgan Stanley Technology, Media & Telecom Conference in the US on 5 March (during a question and answer session,) Disney CEO Bob Iger, gave some insights.

    First he said the mouse house wanted to stay in India. “We made a big investment in India when we purchased the assets of 21st Century Fox. We’re one of the biggest media companies in India. But even though it’s the most populous country in the world, and we felt we want to be there because of that, we also know that there are challenges in that market.”

    He added that the company got a chance to align with Reliance, and he grabbed it fast. “(It) …is obviously the company that has done very well there and one that we respect. And in doing so, end up owning part of a bigger media company. And we believe that, that not only should benefit us in terms of the bottom-line, but derisk us as well there.”

    “So, it’s kind of the best of both worlds. We stay in the market at a significant level. We have a very good partner in Reliance, and we get to have a chance of growing a business and lowering the risk of doing so,” he concluded.

    Now it’s up to time and the new structure to prove whether these reasons were well-founded. 

  • Reliance and Disney announce strategic joint venture

    Reliance and Disney announce strategic joint venture

    Mumbai: Reliance Industries Ltd (“RIL”), Viacom 18 Media Private Ltd (“Viacom18”) and The Walt Disney Company (NYSE: DIS) (“Disney”) today announced the signing of binding definitive agreements to form a joint venture (“JV”) that will combine the businesses of Viacom18 and Star India. As part of the transaction, the media undertaking of Viacom18 will be merged into Star India Private Limited (“SIPL”) through a court-approved scheme of arrangement.

    In addition, RIL has agreed to invest at closing Rs 11,500 crore (~US$ 1.4 billion) into the JV for its growth strategy.

    The transaction values the JV at Rs 70,352 crore (~US$ 8.5 billion) on a post-money basis, excluding synergies. Post completion of the above steps, the JV will be controlled by RIL and owned 16.34 per cent  by RIL, 46.82bper cent  by Viacom18 and 36.84 per cent  by Disney.

    Disney may also contribute certain additional media assets to the JV, subject to regulatory and third-party approvals.

    Nita M. Ambani will be the chairperson of the JV, with Uday Shankar as vice chairperson providing strategic guidance to the JV.

    The JV will be one of the leading TV and digital streaming platforms for entertainment and sports content in India, bringing together iconic media assets across entertainment (e.g. Colors, StarPlus, StarGOLD) and sports (e.g. Star Sports and Sports18) including access to highly anticipated events across television and digital platforms through JioCinema and Hotstar. The JV will have over 750 million viewers across India and will also cater to the Indian diaspora across the world.

    The JV will seek to lead the digital transformation of the media and entertainment industry in India and offer consumers high-quality and comprehensive content offerings anytime and anywhere. The combination of the media expertise, cutting-edge technology and diverse content libraries of Viacom18 and Star India will allow the JV to offer more appealing domestic and global entertainment content and sports livestreaming services, while delivering an innovative and convenient digital entertainment experience at affordable prices. With the addition of Disney’s acclaimed films and shows to Viacom18’s renowned productions and sports offerings, the JV will offer a compelling, accessible and novel digital-focused entertainment experience to people in India and the Indian diaspora globally.

    The JV will also be granted exclusive rights to distribute Disney films and productions in India, with a license to more than 30,000 Disney content assets, providing a full suite of entertainment options for the Indian consumer.

    Speaking about the JV,  Reliance Industries , chairman & managing director Mukesh D Ambani said, “This is a landmark agreement that heralds a new era in the Indian entertainment industry. We have always respected Disney as the best media group globally and are very excited at forming this strategic joint venture that will help us pool our extensive resources, creative prowess, and market insights to deliver unparalleled content at affordable prices to audiences across the nation. We welcome Disney as a key partner of Reliance group.”

    The Walt Disney CompanynCEO Bob Iger said, “India is the world’s most populous market, and we are excited for the opportunities that this joint venture will provide to create long-term value for the company.

    Reliance has a deep understanding of the Indian market and consumer, and together we will create one of the country’s leading media companies, allowing us to better serve consumers with a broad portfolio of digital services and entertainment and sports content.”

    Bodhi Tree Systems , co-founder Uday Shankar said, “We are privileged to be enhancing our relationship with Reliance to now also include Disney, a global leader in media & entertainment. All of us are committed to delivering exceptional value to our audiences, advertisers, and partners. This joint venture is poised to shape the future of entertainment in India and accelerate the Prime Minister’s vision of making Digital India a global exemplar.”

    The transaction is subject to regulatory, shareholder and other customary approvals and is expected to be completed in the last quarter of Calendar Year 2024 or first quarter of Calendar Year 2025.

    Goldman Sachs is acting as financial and valuation advisor and Skadden, Arps, Slate, Meagher & Flom LLP, Khaitan & Co and Shardul Amarchand Mangaldas & Co are acting as legal counsels to RIL and Viacom18 on the transaction. Ernst & Young has provided an independent valuation to RIL and Viacom18, while HSBC India acting as financial advisor has provided a Fairness Opinion to Viacom18.

    The Raine Group is acting as lead financial advisor to Disney on the transaction. Citi is acting as a financial advisor to Disney. Cleary Gottlieb served as lead outside counsel to Disney and Covington & Burling and AZB served as legal counsels to Disney on the transaction. BDO has provided an independent valuation to SIPL.

  • Disney-Star India’s ICC World Cup telecast sets new records

    Disney-Star India’s ICC World Cup telecast sets new records

    Mumbai: India’s main strike bowler Mohammed Shami was breathing fire as he charged in and bowled an unplayable delivery to New Zealand tailender Lockie Ferguson which the latter edged to KL Rahul behind the stumps. In the process, he set a record by capturing seven wickets for 57 runs, the most by any Indian bowler. And a roar went up in Mumbai’s Wankhede stadium where the semi-final of the ICC One Day World Cup was being played out. The Indian cricket side led by Rohit Sharma had got through to the finals of the championship, which many a pundit had predicted it would, by bowling out a fighting New Zealand side for 327 runs against their total of 397 for four.

    Even as Shami was running amock on the field of play, executives at Disney Star India’s offices were also celebrating. Its streaming service Disney+Hotstar had a notched up a record by registering  53 million concurrent viewers at peak. A world record, it beat the earlier 44 million concurrent viewership record that Disney + Hotstar had set during the match between India and South Africa.  

    The peak concurrency for the India-New Zealand semi-final fluctuated between 50 million and 53 million as Bumrah scalped Glenn Phillis, Kuldeep outfoxed Mark Chapman, Mohammed Siraj snapped up Mitchell Santner, and Shami got the better of the centurion Daryl Mitchell, Tim Southee and Lockie Ferguson to take India into the finals.

    Thankfully, for India’s leading broadcast and streaming network the match ran its course which more than allowed it to fulfill its obligations to its on-air advertising and sponsor partners. Some of the earlier fixtures that the very dominating Indian side had played had ended early and Disney Star India had then reportedly chosen to make good some of the air time to its advertiser partners.

    For Disney Star India, the ICC World Cup should prove a matchwinner in terms of revenues. With India now in the finals, which is to be held on 19 November in Ahmedabad, new viewership records are likely to be set. Programming around the finals and India’s chances on lifting the trophy is likely to be pumped up, advertising inventory created – which could sell at a premium. It’s quite possible that more advertisers could snap up FCT on the channel which again will sell at a premium.

    Speaking at an ICC conference Cricket Matters on 14 November in Mumbai’s St Regis Hotel, its sports head Sanjog Gupta was pleased as punch.

    “We have had 450 million viewers on TV in just the first 34 matches, of the ICC one Day World Cup” he said. “That’s more viewers than the top three entertainment channels combined on the sports event.  We had a peak concurrency of 80 million  on our TV channels  in the 12 languages we telecast and 44 million on our streaming service. We have generated a buoyancy in the festive season with advertising spending up 40 per cent. 45-50 new category advertisers have come on to the World Cup. We have had a 20 per cent growth in terms of time spent viewing by viewers over 2019. ”

    Not just Gupta, but even Disney Star country manager and president K Madhavan had a beaming wide smile on his face at the semi-final’s post-match presentation. Madhavan presented the man of the match award to Shami.

    The success of the ICC World Cup event should result in some soul searching in Burbank, the Walt Disney Co’s hq.  The company has been looking for a partner for its India business ever since CEO Bob Iger earlier this year expressed that the low ARPUs, weak advertising, heavy subscriber churn and skyrocketing sports rights costs were eroding the company’s bottom line. Mukesh Ambani’s Reliance Jio has been reported to be among the front runners for the partnership.

    Iger apparently seemed to have softened his stance – compared to earlier in the year – during the mouse house’s fourth-quarter earnings call for FY2023 on 8 November 2023 when questioned about what he intended to do with the India business.

    “…in India, our linear business actually does quite well. Yes, it’s making money. But we know that other parts of that business are challenged for us and for others. And we are looking, I’ll call it, extensively,” Iger had responded.  “I know I’ve said this before, it always gets me in trouble. But we’re considering our options there. We have an opportunity to strengthen our hand. It is now maybe the most populous country in the world or maybe just still second to China and about to pass them. We’d like to stay in that market. But we’re also looking to see whether we can strengthen our hand obviously, improve the bottom line.”

    With the World Cup shaping up the way it has for Disney Star India in terms of viewership and new advertisers, some of that may hopefully end up showing up in the shape of a much better bottom line. And hopefully keep Iger and investors in a better frame of mind.

  • Blackstone initiates talks with Walt Disney

    Blackstone initiates talks with Walt Disney

    Mumbai: Blackstone has initiated talks with Walt Disney to assess the potential acquisition of Disney’s media operations in India, including its streaming and television businesses, according to media reports.

    Reports also said that in recent weeks, high-level leadership from both companies have engaged in several discussions. Blackstone is considering the purchase of either a partial business package, which includes assets like sports properties, media rights, and the Disney+ Hotstar streaming service, or the complete portfolio, encompassing the Star India TV network, over-the-top (OTT) services, and a 30 per cent stake in Tata Play.

    Key players in facilitating these discussions are believed to be former Disney executives Kevin Mayer and Tom Staggs, who were brought back as advisors to CEO Bob Iger in July.

    It remains unclear whether Blackstone is considering a broader global transaction or focusing solely on India. 

  • Bob Iger confirms he will leave Disney by 2021 end

    Bob Iger confirms he will leave Disney by 2021 end

    NEW DELHI: The Walt Disney Company’s executive chairman and former CEO Robert A Iger, better known as Bob, has confirmed that he’ll be leaving the media and entertainment conglomerate by the year’s end. In fact, Tuesday’s annual meeting of shareholders was his last.

    Iger was a transformation CEO, overseeing acquisitions of Pixar, Marvel, Lucasfilm and 21st Century Fox. His 47-year tenure at the mouse house will end on 31 December 2021, when he’ll formally pass the torch to the company’s new CEO Bob Chapek.

    “I will leave at the end of December with a strong sense of pride and a deep sense of appreciation for the very special place Disney holds in the hearts of people all over the world,” he said during the investors call. He added glowing remarks for his successor, Chapek, saying he will lead with the same principles that helped shape Disney into the magical company that it is today.

    “It has been a very trying year. The most difficult we’ve had in recent memory, if ever,” noted Iger. However, he’ll be departing the company when it is in a stronger position than it was six months ago. Disney shares have surged over the past year driven by Disney+ and now what appears to be the cusp of a vaccine-driven economic revival. The shares are trading at about $195, well up from a $52-week low of $79. Its market cap is $354 billion.

    Chapek, speaking later at the event, expressed “how grateful I am for the opportunity he has given me and for his faith in me. Bob has led this company to amazing heights over the year and I look forward to continuing to build on his remarkable legacy.”

    Iger was named chief executive in 2005, replacing Michael Eisner. In February 2020, much to everyone’s surprise, he stepped down from his role as CEO, citing a proper time for transition. Iger’s exact plans after Disney are unknown, though he has stated in the past that he is interested in other endeavours.