Iger's reinstatement as CEO of The Walt Disney Company was cheered by employees, the Hollywood community and Wall Street, but economic headwinds remain.
Analysts complained that Chapek, in an effort to broaden the content offerings on Disney+, diluted the potency of the Disney brand. And in the most recent fiscal quarter, the company’s streaming platforms — Disney+, Hulu and ESPN+ — lost a stunning $1.5 billion. A Disney+ subscription price hike, which will take effect Dec. 8, would do little to stanch the bleeding. The current commercial-free version of Disney+ will jump $3 to $10.
And then there are the more obvious self-inflicted wounds: an imbroglio with Florida Gov. Ron DeSantis over the state’s legislation prohibiting classroom discussion of sexual orientation and gender identity in elementary schools, the so-called “Don’t Say Gay” law; a messy legal spat with Scarlett Johansson over profits from Marvel’s “Black Widow” that smacked of misogyny, and a clumsy effort to juice theme park profits by charging customers for fast access that alienated the Disney faithful.
“It is my intention to restructure things in a way that honors and respects creativity as the heart and soul of who we are,” Iger wrote in a note to employees on Nov. 21. “As you know, this is a time of enormous change and challenges in our industry, and our work will also focus on creating a more efficient and cost-effective structure.”
“The board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the company through this pivotal period,” Disney chairman Susan Arnold, wrote in a statement announcing Iger’s return to the company.
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