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Walt Disney Co's (NYSE:DIS) former head of streaming Kevin Mayer "was snubbed" and is on a mission to show "greater relevance" as TikTok's new chief executive, says Eric Schiffer, the CEO of private equity firm The Patriarch Organization.
Who Is Kevin Mayer?
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Mayer was Disney's most senior executive in charge of all things streaming, including the company's direct-to-consumer video strategy. He was lined up to replace Bob Iger as Disney's CEO, but the company went in a different direction with Bob Chapek.
Most investors were "totally clueless" about Mayer's role at Disney and most top money players didn't consider him to be a "superstar," Schiffer told Benzinga. He will be replaced within as the business boasts a "deep bench."
Disney investors have little reason to be concerned with Mayer's departure, according to Schiffer. The media giant's strength is its content and will remain as compelling without Mayer's leadership.
See Also: TikTok Has Taken Over: Here Are The Big Money Players Behind The Social Media App
Mayer Is On A Mission
Mayer has an opportunity to show "greater relevance" at TikTok, which is the undisputed media outlet of choice for Generation Z -- the "hottest demo in the world."
"He brings the Disney halo, leadership discipline for managing at scale, and the ability to have TikTok add a layer of original content to their arsenal," Schiffer said. "Disney lost IP that was aggregated by one player who could lead."
The one potential challenge Mayer could face is geopolitical. TikTok's parent company is China-based ByteDance and the Trump administration could limit the platforms' use "if it is proven to be spying on the youth of America."
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.