Robert Iger, CEO of Walt Disney, spoke at the Sandy Hook Promise Benefit in New York City on December 6, 2022. During an interview with CNBC, Iger announced that Disney intends to retain ESPN and is actively seeking strategic partners to either establish a joint venture or acquire a stake in the sports network, with the goal of reaching consumers directly. In addition, Iger hinted that the company may consider selling certain traditional TV assets that have faced challenges in recent years due to the rise of streaming services.
Iger emphasized that while Disney is exploring various possibilities, it remains committed to staying in the sports business. He returned from retirement in November 2021 to address the declining growth of Disney, which has been impacted by cord-cutting in its linear business and substantial losses in its streaming division. Iger described the company’s approach to the traditional TV industry, encompassing broadcast, cable, and satellite, as “expansive.” He has repeatedly expressed concern about the ongoing decline of linear TV.
ESPN, a significant revenue generator for Disney, has faced its own challenges, including a decline in cable subscribers and rising fees paid to sports leagues. To manage costs and achieve its financial targets, ESPN recently laid off approximately 20 personalities.
Furthermore, Iger expressed his opposition to the ongoing strike by Hollywood writers, stating that it is particularly ill-timed due to the disruptions caused by the COVID-19 pandemic. Just hours before his remarks, negotiators for the actors union recommended a strike following failed talks with studios. This development could lead performers to join the picket lines, causing significant disruptions to numerous shows and movies. Iger warned that the strikes would have a detrimental effect on the entire entertainment industry.
Despite these developments, Disney’s shares remained relatively stable in a generally stronger market.
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