From Breakingviews - Disney boss races to hold back the dam
Mickey Mouse waves during the 96th Macy's Thanksgiving Day Parade in Manhattan, New York City, U.S., November 24, 2022.Chief Executive Bob Iger on Wednesday tipped his Mickey Mouse cap to rival NBC Universal for its success with “The Super Mario Bros. Movie.” It was a classy, albeit toadying, compliment considering he also unveiled a plan to combine his company’s own streaming service with Hulu into one app.
boss Brian Roberts, whose cable operator owns the studio behind the cinematic video game hit as well as one-third of Hulu. The new strategy cuts against Iger’s recent comment that everything, including Hulu, was up for discussion and that Disney wanted to focus on franchise properties such as Star Wars rather than general entertainment, which is Hulu’s milieu. The shift is understandable, however, considering what Disney is up against.
In the quarter ended April 1, the division that houses Disney+ narrowed its operating loss from a year earlier, but2% to 158 million compared to the previous quarter. Adding to the troubles was a whopping 35% decline in operating income at broadcast and cable networks, including ESPN, because of weak advertising and the high cost of airing sports. A rare bright spot was the theme parks, particularly overseas, but Iger has a growing number of holes to plug to ensure the dam holds.
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