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Walt Disney Co (NYSE:DIS) CEO Bob Iger told The New York Times he decided against acquiring Twitter Inc (NYSE:TWTR) because the "nastiness is extraordinary."
What Happened
Disney was one of several companies reportedly interested in acquiring Twitter in 2016. In a NYT interview published Sunday, Iger explained why he walked away.
From a corporate point of view, Iger said acquiring Twitter would create "brand issues" for Disney. Acquiring a social media company would also pose a set of problems that was "greater than I thought it was responsible for us to take on."
From a personal point of view, Iger said he signs on to his Twitter account to see a lot of painful notifications.
"Why do I endure this pain?" Iger said. "Like a lot of these platforms, they have the ability to do a lot of good in our world. They also have an ability to do a lot of bad."
Why It's Important
Iger felt at first an acquisition of Twitter would improve and modernize its distribution, but a gut feeling prompted him to walk away from an acquisition at the last minute.
One of the priorities on Iger's agenda is to continue working on diversity in its content. He told NYT that Disney workers who report directly to him "are lacking" in diversity and he will "change that before I leave."
Disney's stock last closed at $132.27. The company has a $238 billion market cap.
Twitter closed at $43.23 per share and has a market cap of $33.4 billion.
Related Links:
Wall Street On Twitter Rumors: Stop Trying To Make Disney Happen, It's Not Going To Happen
What Wall Street Is Saying About Disney+
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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