Disney CEO Bob Iger Tells That He Wants To Rebuild In Town Hall
November 30, 2023
Disney CEO Bob Iger conveyed his enthusiasm for a new phase of growth in an internal town hall on Tuesday, expressing a shift from the previous year’s focus on addressing business challenges. Iger shared, “I feel that we’ve just emerged from a period of a lot of fixing to one of building again, and I can tell you building is a lot more fun than fixing.” The interview took place at New York’s Amsterdam Theater, where Iger, in conversation with ABC News anchor David Muir, highlighted the company’s commitment to constructive endeavors.
Joined by key executives, including Disney head of parks and resorts Josh D’Amaro, chief of ESPN Jimmy Pitaro, and Entertainment co-chairs of Disney, Dana Walden & Alan Bergman, Iger reflected on Disney’s 2023, marked by 7,000 job cuts and a comprehensive effort to reduce spending. Disney aims to save $7.5 billion this year, predominantly through job cuts and content spending reductions.
Recalling his early tenure as Disney’s CEO in 2005, Iger mentioned the acquisitions of Pixar and Marvel as catalysts for a previous era of growth. However, this time, Iger outlined a different approach, emphasizing a $60 B commitment over the next decade to expand Disney’s theme parks, the establishment of an ESPN direct-to-consumer platform by 2025, and a revitalization of Disney’s movie studio business. Iger acknowledged past challenges, citing an excess of movie production, and indicated a strategic focus on organic expansion rather than acquisitions.
Iger and Pitaro shared plans to launch an enhanced ESPN streaming service, incorporating advanced statistics and fantasy sports integration to appeal to a much younger audience. Pitaro is actively researching the cost and optimal launch timing for the platform. Disney’s renewed commitment to building and innovation signals a forward-looking perspective under Iger’s leadership.
“What Bob and I have talked about is we don’t just want to flip the switch,” Pitaro said. “We don’t want to just move our networks over and make them available over the top without significant product enhancements.”
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