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☆ Peltz ends Disney proxy fight as Iger launches restructuring
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

[1/2] Nelson Peltz founding partner of Trian Fund Management LP. speak at the WSJD Live conference in Laguna Beach, California October 25, 2016. REUTERS/Mike Blake/File PhotoFeb 9 (Reuters) - Activist investor Nelson Peltz called off his bid for a seat on the board of Walt Disney Co (DIS.N) on Thursday after Chief Executive Bob Iger revealed a plan to restructure and cut costs. Peltz's Trian Fund, after Third Point's Daniel Loeb, pushed the company to make changes after the pandemic crushed its parks business and forced it to increase expenditure to weed out competition in the streaming industry. Here is what happened since Iger retired in 2020:Reporting by Akash Sriram and Tiyashi Datta in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

[1/3] The signage at the main gate of The Walt Disney Co. is pictured in Burbank, California, May 7, 2012. This is a win for all shareholders," a spokesperson for Peltz's Trian Fund Management said on Thursday. The decision, first reported by CNBC, came only hours after Disney reported earnings that topped Wall Street expectations and Iger outlined a corporate restructuring that addresses many of Peltz' criticisms. Disney's stock price climbed 3.6% in Thursday trading. "Bob Iger has a long, strong track record which provides confidence he will manage this transition for Disney."

[1/3] The signage at the main gate of The Walt Disney Co. is pictured in Burbank, California, May 7, 2012. This is a win for all shareholders," a spokesperson for Peltz's Trian Fund Management said on Thursday. The decision, first reported by CNBC, came only hours after Iger announced earnings that topped Wall Street expectations and announced a corporate restructuring that addresses many of Peltz' criticisms. Trian owns a nearly $1 billion stake in Disney and had criticized the company for a bungled succession planning, overpaying for new assets and runaway costs. Reporting by Tiyashi Datta in Bengaluru; Editing by Devika Syamnath, Mark Porter and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ Bob Iger's Disney revamp could keep critic Peltz 'at bay'
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +2 min

Feb 9 (Reuters) - Walt Disney Co (DIS.N) CEO Bob Iger dazzled Wall Street on Wednesday with sweeping changes and billions of dollars in cost cuts, and some analysts are convinced that will be enough to sway its harshest critic - activist investor Nelson Peltz. Under the restructuring, Disney is cutting 7,000 jobs and reorganizing into three divisions - an entertainment unit encompassing film, television and streaming, a sports-focused ESPN unit and one with Disney parks, experiences and products. "Iger's early steps seem likely to keep Peltz at bay, which the company dearly wants. Peltz could have an opening if Disney slips up," said Barton Crockett, analyst at Rosenblatt Securities. "We are pleased that Disney is listening," a Trian spokesperson said.

"This reorganization will result in a more cost-effective, coordinated approach to our operations," Iger told analysts on a conference call. Disney earlier reported its first quarterly decrease in subscriptions for its Disney+ streaming media unit, which lost more than $1 billion. Iger also repositioned the company to capitalize on the streaming revolution, acquiring 21st Century Fox's film and television assets in 2019 and launching the Disney+ streaming service that fall. Now, Iger will seek to put Disney's streaming business on a path to growth and profitability. It reorganized its business in 2018 to accelerate the growth of its streaming business, and again in 2020, to further spur streaming's growth.

GAZIANTEP, Turkey—Before Monday’s earthquakes, Gaziantep was a busy and prosperous border city, a haven for refugees fleeing conflict in neighboring Syria. In good weather, crowds strolled its green parks, shopped in a suburban-style mall and hung out in a plaza at the foot of an ancient citadel. Today, Gaziantep is a ghost town. With thousands of buildings destroyed or damaged and no electricity or running water, many residents fled. Those who remain are sleeping in cars, schools or the street, despite freezing winter weather.

☆ General Motors signs deal with GlobalFoundries for exclusive U.S. semiconductor production
▼ + stars: | 2023-02-09 | by ( Michael Wayland | ) www.cnbc.com time to read: +4 min

The global chip shortage will continue, and consumers will have to pay for it, an analyst from the International Data Corporation said. General Motors has signed a long-term agreement with GlobalFoundries to establish exclusive production capacity of U.S.-produced semiconductor chips, the companies announced Thursday. The exclusive production of chips for GM will be an expansion of the New York-based company's operations, according to GlobalFoundries CEO Thomas Caulfield. Semiconductor chips are extremely important components of new vehicles for areas like infotainment systems and more basic parts such as power steering and brakes. The origin of the chip shortage dates to early 2020 when Covid caused rolling shutdowns of vehicle assembly plants.

☆ Theme parks an advantage Disney has over other streaming companies, says Rosenblatt's Crockett
▼ + stars: | 2023-02-09 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTheme parks an advantage Disney has over other streaming companies, says Rosenblatt's CrockettBarton Crockett, Rosenblatt, joins 'Closing Bell' to discuss Disney's earnings and new direction under Bob Iger.

☆ Everything is on the table now with Hulu, Disney CEO Iger says
▼ + stars: | 2023-02-09 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

Disney CEO Bob Iger said Thursday that "everything is on the table" with streaming service Hulu. Disney owns two thirds of the streaming service, which focuses on more adult-oriented general entertainment content such as the series "Only Murders in the Building" and the sci fi thriller "Prey." Iger wants Disney to focus on its more family-friendly franchises, such as "Frozen" and the Marvel Cinematic Universe. He said that he wasn't going to speculate whether Disney is a buyer or seller of Hulu right now. Comcast introduced a proposal to buy Disney's 66% stake in Hulu, but Disney rejected the idea, CNBC previously reported.

Disney issued a statement applauding Peltz's decision to end a board challenge which it called a "distraction. 'FIRST PHASE' IN DISNEY'S TRANSFORMATIONFor Peltz's Trian Fund Management the board challenge appears to have paid off with an estimated 20% gain on his investment. Analysts said Peltz made a reasonable request for one board seat and to join the 12-member board himself. Peltz appeared on CNBC on Thursday to announce his proxy fight with Disney was over. "Bob Iger has a long, strong track record which provides confidence he will manage this transition for Disney."

☆ GM signs exclusive deal for US computer chip production
▼ + stars: | 2023-02-09 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +2 min

Semiconductors are a major component of electronic parts such as the computer modules that are required to make automobiles. It’s an unusual agreement in that GM is contracting directly with a firm that will supply manufacturing services to companies that, in turn, provide parts to GM. Under this agreement, the various electronic component manufacturers that make parts for GM will use GlobalFoundries to make semiconductors for them. Last summer, the federal government passed legislation to boost computer chip manufacturing in the United States so companies could import fewer computer components from China. The agreement is also part of an overall plan by GM (GM) to reduce the number of different chips needed to build GM (GM) vehicles.

☆ Analysts praise Disney's cost-cutting plan, say focus on profitability is 'restoring the magic'
▼ + stars: | 2023-02-09 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

The cost-saving initiatives unveiled by Disney on Wednesday give analysts another reason to remain bullish on the media giant. The commentary from analysts comes after the company on Wednesday revealed plans to cut 7,000 jobs and slash $5.5 billion in costs . "Bob Iger laid out a plan for cost cuts, content and streaming rationalization and ultimately improved profitability," said Wells Fargo's Steven Cahall in a Wednesday note to clients. "An execution story is a cleaner catalyst path, and the shares should track higher on confidence + estimates." "Bob Iger has a long, strong track record which provides confidence he will manage this transition for DIS," she said.

☆ Disney CEO Bob Iger says ESPN will 'one day' be streaming only
▼ + stars: | 2023-02-09 | by ( Travis Clark | ) www.businessinsider.com time to read: +3 min

Disney CEO Bob Iger predicts that ESPN will "one day" shift to a streaming-only model. They include Disney Entertainment, which consists of the movie studios and streaming platforms; parks, experiences, and products; and ESPN, which encompasses both the linear ESPN network, and the ESPN+ streamer. "A so-called over-the-top model — a streaming model — it would be a phenomenal product for the sports fan," he added. When asked directly if ESPN will one day largely be a streaming service, Iger said that "there's an inevitability to it." "It created a huge divide between the creative side of the company — the content engines, movies and television — and the monetization and distribution side of the company," Iger said on Thursday.

GM told Reuters that it is working to streamline how many unique kinds of chips are in its cars. But it is securing capacity for its suppliers to have the chips made because the overall number of chips is expected to rise. By the end of 2023, almost 18 million vehicles will have been removed from production plans since the chip shortage began, according to Auto Forecast Solutions. The auto chip shortage dramatically changed the way carmakers deal with their chip suppliers, with whom they previously rarely had direct contact. Several auto companies have now created teams and divisions to better secure chip supply and think about the design of digital platforms for cars going forward.

Click to unmute A global city needs a global soundtrack, and in New York, you can find nearly anything you want. Over the past several months, we followed several New York musical scenes that reflect the city’s creative soul, thriving in community centers, local bars and public parks. The sight of a new generation encouraged Mr. Joseph, who sees the band as preserving traditional culture in the modern city. It becomes part of you.” New York itself is as much a player as any musician, transforming traditional tunes into something new. The people who embraced Mateo and his mother when they moved from Boston to New York in 2016 now consoled her.

☆ Plight of homeless deepens as Turkey-Syria earthquake toll passes 17,000
▼ + stars: | 2023-02-09 | by ( ) www.cnbc.com time to read: +7 min

The death toll from Monday's quakes, which struck in the early morning, passed 17,000 on Thursday across both countries. It was the biggest natural disaster to strike the region since 1999, when a similarly powerful quake killed more than 17,000 people in Turkey. People, whose relatives are trapped under the rubble, react in the aftermath of a deadly earthquake in Kahramanmaras, Turkey, February 8, 2023. An aerial view shows tents placed at a stadium in the aftermath of the deadly earthquake, in Kahramanmaras , Turkey, February 9, 2023. Syria overwhelmed In Syria, relief efforts are complicated by a conflict that has partitioned the country and wrecked its infrastructure.

☆ With Bob Iger back at Disney, 'you don't need Nelson Peltz,' says 'Fast Money' trader Steve Grasso
▼ + stars: | 2023-02-08 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

That showed activist investor Nelson Peltz may not be needed at Disney, said Steve Grasso, CEO of Grasso Global on CNBC's " Fast Money " Wednesday evening. "And with him there … you don't need Nelson Peltz. If he was not there, then you need Nelson Peltz in the room." Metropolitan Capital Advisors' Karen Finerman also said on "Fast Money" that the message to Disney shareholders was clear. Other top traders on "Fast Money" disagreed, saying the company will continue to face challenges.

Iger said he would reorganize the company into three segments: an entertainment unit that encompasses film, television and streaming; a sports-focused ESPN unit; and Disney parks, experiences and products. "This reorganization will result in a more cost-effective, coordinated approach to our operations," Iger told analysts on a conference call. Disney earlier reported its first quarterly decrease in subscriptions for its Disney+ streaming media unit which lost more than $1 billion. Now, Iger will seek to put Disney's streaming business on a path to growth and profitability. It reorganized its business in 2018 to accelerate the growth of its streaming business, and again in 2020, to further spur streaming's growth.

Disney said Wednesday it is planning to reorganize into three segments, while also cutting thousands of jobs and slashing costs. Disney executives said about $1 billion in cost cutting was already underway since last quarter. Disney also said it would be eliminating 7,000 jobs from its workforce. Chapek's removal came shortly after Disney had reported its fiscal fourth quarter earnings, disappointing on profit and certain key revenue segments. He had also told employees shortly thereafter that Disney would be cutting costs through hiring freezes, layoffs and other measures.

☆ Disney will report earnings for the first time since Bob Iger's return – what to expect
▼ + stars: | 2023-02-08 | by ( Sarah Whitten | ) www.cnbc.com time to read: +2 min

LOS ANGELES – While shareholders will still be keyed in to see how many subscribers Disney's suite of streaming services added during the fiscal first-quarter report, the focus of Wednesday's earnings will be the return of CEO Bob Iger. This is Iger's first earnings call since early 2020, and his words will set the tone for the future of the media company. As part of that warning, the company noted that its Disney+ platform may see a tapering of growth going forward. In November, the company reported $1.5 billion in operating losses at its direct-to-consumer unit, which includes its streaming services. As for subscriber growth, analysts predict the total Disney+ user pool will be 161.1 million, a loss of around 3 million compared to the previous quarter.

☆ Here are Wednesday's biggest analyst calls: Tesla, Apple, Target, Walmart, Microsoft, Roku & more
▼ + stars: | 2023-02-08 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are Wednesday's biggest calls on Wall Street: CFRA downgrades Roku to sell from hold CFRA said it sees "challenging fundamentals" for Roku . Piper Sandler reiterates Target as overweight Piper said Target is a key beneficiary of Bed Bath & Beyond struggles. Bank of America reiterates Chipotle as buy Bank of America said it sees more earnings per share upside after the company's earnings report on Tuesday. Bank of America reiterates Domino's as buy Bank of America said it's bullish on Domino's launch of loaded tater tots. Bank of America reiterates Microsoft as buy Bank of America said it's bullish long-term on Microsoft's venture into AI.

☆ Newly returned Disney CEO Bob Iger is cutting 7,000 jobs and reorganizing the company
▼ + stars: | 2023-02-08 | by ( Travis Clark | ) www.businessinsider.com time to read: +3 min

Disney CEO Bob Iger announced layoffs on Wednesday. During the company's quarterly earnings call on Wednesday, Iger said the company would cut 7,000 jobs. ESPN will be led by James Pitaro, formerly chair of ESPN and Sports Content, and president of ESPN before that. will be led by James Pitaro, formerly chair of ESPN and Sports Content, and president of ESPN before that. Disney reported in its earnings report that Disney+ lost subscribers for the first time — over 2 million, all from India's Disney+ HotStar.

☆ Disney CEO Bob Iger wastes no time putting turnaround plans in place after a solid quarter
▼ + stars: | 2023-02-08 | by ( Jeff Marks | ) www.cnbc.com time to read: +8 min

Bottom Line The Disney quarter had a lot to offer for the bulls. In the current quarter, management expects operating results to improve by $200 million, pegging losses at around $800 million, which is in line with estimates on Factset. By extension, Disney is reorganizing into three core business segments: Disney Entertainment, an ESPN division, and a Parks, Experiences and Products unit. Iger wants Disney to be more efficient, and he believes this overhaul will make for a more cost-effective and streamlined approach to its operations. Bob Iger, former CEO, The Walt Disney Company Scott Mlyn | CNBC

☆ Inside the Disney drama as CEO Bob Iger announces massive layoffs and a reorg that dismantles the structure under predecessor Bob Chapek
▼ + stars: | 2023-02-08 | by ( Lucia Moses | ) www.businessinsider.com time to read: +6 min

Bob Iger returned to Disney as CEO in November, ending Bob Chapek's rocky tenure. In one of the most dramatic reversals in corporate history, the Walt Disney Co. board reinstated Bob Iger as CEO in November, ousting his predecessor Bob Chapek. Disney had just reported a $1.5 billion loss in its streaming business on a November 8 earnings call. Wall Street faulted him for waiting until after the 3Q earnings call to announce that layoffs were planned, for example. Disney, which in December launched its own ad-supported Disney+ offering, has enjoyed strong streaming growth, but Wall Street cares more about profitability now.

☆ Disney has bigger problems than Ron DeSantis
▼ + stars: | 2023-02-07 | by ( Chris Isidore | ) edition.cnn.com time to read: +10 min

But there are problems with spinning off ESPN, even if it would raise cash and allow Disney to trim debt. Labor painsUnionized rank-and-file workers at Disney World last week voted 96% against a contract offer from Disney that would have given them raises of at least $1 a year over the next five years. The company called the rejected wage proposal a “very strong offer.”But the last thing that Iger or Disney needs is to upset the strong demand for travel to Disney World or other park locations. Political battles in FloridaThe political culture wars are yet another headache for Iger, as Disney faces the possible loss of the powers it has to operate as a government-like entity for the land on which Disney World operates. “We are monitoring the progression of the draft legislation, which is complex given the long history of the Reedy Creek Improvement District,” said Jeff Vahle, president, Walt Disney World Resort.

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