Bob Iger took over the role of Walt Disney Company DIS CEO nearly one year ago. Since then, he watched the company have several setbacks, including its shares hitting nine-year lows.
Speaking at a recent event, Iger answered questions on a number of topics.
Iger on Box Office Bombs: Disney has had multiple movies underperform at the box office in 2023, which was one of the topics of discussion during Iger's appearance at the NYT DealBook Summit 2023.
The 72-year-old CEO gave a reason why the recently released Marvel movie "The Marvels" may have come up short at the box office.
"The Marvels was shot during Covid, and there wasn't enough supervision on set," Iger said, as shared by The Verge.
Iger admitted that the increasing output for the Disney+ streaming platform was a "definite mistake." It led to diluted quality for several franchises, he explained.
"We need to get more realistic," Iger said of what theatrical movies will look like in the future with the rise of streaming viewership.
Iger also said the company may have made too many sequels. In the future, a sequel will only get greenlit if "we think the story that the creators want to tell is worth telling,” he said.
Iger on Elon Musk, Advertising on X: Disney was one of several companies to pull advertising on social media platform Twitter, now known as X. Iger shared his comments on the decision and Twitter owner Elon Musk Wednesday.
"I have a lot of respect for Elon and what he has accomplished," Iger said, as shared by The Hollywood Reporter. "We know that Elon is larger than life in many respects, and that his name is very much connected to the companies he founded or owns."
Iger said that it is "perfectly reasonable" for CEOs to share their thoughts and opinions on world events, but it can sometimes be a negative.
"By him taking the position he took in a public manner, we felt that the association was not necessarily a positive one for us."
Iger said he doesn't know how long the advertising ban on Twitter will last.
Walking Back on Asset Sales: Iger previously shared that Disney could look to sell off some assets to focus on growth initiatives. Those comments appeared to be walked back at Wednesday's event, as reported by Deadline.
Disney’s linear TV networks are "not for sale," Iger insists. The claim seemingly puts an end to rumors of ABC and other networks being up for auction.
"Like all of our assets, we are constantly evaluating what is their value to the company today?" Iger said.
Related Link: Disney Q4 Earnings Highlights: Revenue Miss, Earnings Beat, Disney+ Adds 7 Million Core Subscribers And More
Iger on DeSantis: Disney has been battling with Florida Governor Ron DeSantis for several years.
"The company, while I was gone, decided to take a position against the Don't Say Gay bill that was moving through the Florida Legislature. I won't comment about what I would have done or not done, but the company took that position against it," Iger said, as shared by Deadline.
Iger said DeSantis got "very, very angry" at Disney and decided to punish the company by stripping away its special district rights that had been in place for decades.
"The question wasn't even about the (bill). It was about does a company have a right to free speech."
Iger said he would like to have a discussion with DeSantis, but has not been able to get the governor to agree to meet.
"I offered, at some point through intermediaries, the ability to have a conversation with him, but he did not, he did not take me up on that offer."
Iger on Succession, Activist Battle: Iger has been criticized in a new activist investor push for not having a proper succession plan in place.
The Disney CEO said he wants to not make the same mistake he made when he left the company before.
"I've tried hard to conduct my own postmortem, just so that we as a company don't do it again," Iger said.
Iger said Disney's succession process "is robust right now." The Disney CEO said he would "definitely" be stepping down after his contract is up in 2026.
The ongoing activist investor battle with Nelson Peltz was also discussed. Peltz is seeking seats on the company's board of directors.
"The Board has an obligation to listen to investors,” Iger said. “I am certain that the board will hear them out as to what their plans are."
Separately, on Wednesday, Disney announced that James P. Gorman and Jeremy Darroch would be added as directors for the board beginning in February 2024 and January 2024 respectively.
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