Top related persons:
Top related locs:
Top related orgs:

Search resuls for: "Christine McCarthy"


25 mentions found


The Walt Disney company logo is displayed on the floor of the New York Stock Exchange during morning trading on Dec. 1, 2023. Aaron LaBerge, the chief technology officer for Disney Entertainment and ESPN, is leaving the company, according to an internal memo. LaBerge is leaving for personal reasons related to his family and will stay on at Disney until June, the memo said. At ESPN, LaBerge has been a central figure behind the company's streaming services, including ESPN+, the upcoming sports streaming application co-owned by Disney, Warner Bros. They include former CEO Bob Chapek, former head of streaming Kevin Mayer, ex-finance chief Christine McCarthy, former Walt Disney Studios Chairman Alan Horn, former Disney general counsel Alan Braverman, ex-head of communications Zenia Mucha, and former president of Walt Disney Pictures, Sean Bailey.
Persons: Aaron LaBerge, LaBerge, He'll, He's, Bob Chapek, Kevin Mayer, Christine McCarthy, Alan Horn, Alan Braverman, Zenia Mucha, Sean Bailey, Aaron, Jimmy Pitaro, Dana Walden, Alan Bergman, Chris Lawson, Paul Allen Organizations: Walt Disney, New York Stock Exchange, Disney Entertainment, ESPN, PENN Entertainment, ESPN Bet, Disney, Hulu, Warner Bros . Discovery, Fox, Walt Disney Studios, Walt Disney Pictures, ESPN BET, Company, Starwave
Last quarter, Disney’s linear television revenue continued to slip, declining 7% compared to the same quarter last year. Disney World angstIt may not be all bad news for Disney, though. However, Disney World Resort in Florida has struggled with declining attendance in recent months. Over the summer, Disney World parkgoers experienced shorter-than-expected ride wait times and fewer crowds. Nearly one year ago, Iger unexpectedly came out of retirement to take over the role of Disney CEO once again after the board unexpectedly fired his successor, Bob Chapek.
Persons: Ron DeSantis, Bob Iger, Hugh Johnston, Christine McCarthy, Iger, ” Iger, I’ve, expansively, Indiana Jones, Reynaud Julien, Bank of America’s Jessica Reif Ehrlich, Ehrlich, Jason Bazinet, Disney, Disney isn’t, , Vijay Jayant, underperformance, Bob Chapek, Johnston Organizations: Los Angeles CNN, Disney, Republican, Gov, Warner Bros, CNN, Media, YouTube, ESPN, Wall Street, PepsiCo, ABC, Disney Channel, Geographic, , Destiny, Cannes Film, APS, Bank of America’s, Citigroup, Shanghai Disney Resort, Hong Kong Disneyland Locations: Florida, Refinitiv, Cannes, France, Canada, Hulu, Shanghai, Hong, Central Florida
"There was a lot of excitement and hope at the return of Bob Iger a year ago," a current Disney staffer told Insider. Uncertainty about the company's future and about who's deciding what on the creative side has left execs in a state of inertia, according to an entertainment lawyer with knowledge of Disney's business. The declining linear TV business culminated in a standoff with Charter Communications over terms for a new contract for carrying Disney's cable channels. And Disney's streaming business, which was supposed to make up for the decline in cable revenues, has lost $11 billion since Disney+ launched in 2019. Churn is a top concern in Disney streaming, some employees said.
Persons: Goofy, what's, Bob Iger, Bob Chapek, He's, confidants, Zenia Mucha, Alan Braverman, Alan Horn, Jayne Parker, Christine McCarthy —, Mickey, Ariel, grumbled, Iger's, It's, he's, Iger, Paul Verna, Chapek, Bob, it's, Ron DeSantis —, Iger —, Nelson Peltz, he'd, hasn't, Verna, Disney, Ike Perlmutter, Peltz, Perlmutter, Ike, Disney's, Paul Singer, Kevin Mayer, Tom Staggs, Puck, Stagg's Blackstone, Intelligence's Verna Organizations: Walt Disney Co, Disney, ABC, Hollywood, CNBC, Writers Guild of America, Wall, Insider Intelligence, Marvel, Lucasfilm, Century Fox, Google, Facebook, Netflix, Communications, Florida Gov, Hulu, ESPN Iger, FX, Geographic, ESPN, Apple, Electronic, Elliott Investment Management, Bloomberg, Mayer Locations: Burbank, Hollywood, Florida's, Iger
Disney taps PepsiCo veteran Johnston as CFO
  + stars: | 2023-11-06 | by ( ) www.reuters.com   time to read: +2 min
A screen shows the logo and a ticker symbol for The Walt Disney Company on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 14, 2017. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 6 (Reuters) - Walt Disney (DIS.N) on Monday hired PepsiCo (PEP.O) veteran Hugh Johnston as its chief financial officer, strengthening top boss Bob Iger's hands as he tries to turn around the media giant facing a decline in its cable business and investor pressure. Johnston had also helped guide the Doritos maker through its bitter battle with activist investor Nelson Peltz's Trian Fund Management. At PepsiCo, Johnston will be replaced by Jamie Caulfield, currently CFO at the company's North America business. Johnston will receive an annual base salary of $2 million, Disney said, compared with the $1 million base salary he received at PepsiCo at of the end of 2022, according to a regulatory filing.
Persons: Brendan McDermid, Walt Disney, Hugh Johnston, Bob Iger's, Johnston, Nelson Peltz's, Trian, Michael Ashley Schulman, Christine McCarthy, Jamie Caulfield, Disney, Akash Sriram, Aishwarya Venugopal, Sriraj Organizations: Walt Disney Company, New York Stock Exchange, REUTERS, Monday, PepsiCo, ESPN, Fund Management, Disney, Running, Microsoft, HCA Healthcare, Hollywood, Thomson Locations: New York, U.S, America, Bengaluru
Disney said Monday that Hugh Johnston, longtime chief financial officer of PepsiCo , will join the company as its new CFO, as the entertainment giant contends with a sagging share price and streaming losses. Johnston has spent the last 34 years with PepsiCo, holding various positions at the food and beverage company before becoming CFO in 2010. Johnston, who starts at Disney on Dec. 4, will report directly to CEO Bob Iger. "Very few companies have withstood the test of time that Disney has, making the company as rare as it is special." Disney would like to name an heir apparent to Iger by early 2025, CNBC reported earlier this year.
Persons: Disney, Hugh Johnston, Johnston, Bob Iger, Bob, Christine McCarthy, Tom Staggs, Kevin Mayer, Nelson Peltz, Peltz's, Peltz, Iger Organizations: PepsiCo, Disney, ABC, ESPN, Trian Fund Management, CNBC, CNBC PRO Locations: Disney, Iger
Iger told Chapek that he lived for those "two-shower days," according to people familiar with the conversation. In January 2020, Iger told Chapek the plan was back on. During his 27 years at the company, Chapek had only attended one annual meeting — as a guest in the audience. Bob Iger, Disney CEO, during a CNBC interview, Feb. 9, 2023. WATCH: Disney CEO Bob Iger's exclusive July 2023 CNBC interviewTake the 'A'During Chapek's tenure as CEO, Disney lost more than a quarter of its market value.
Persons: Elham, Bob Iger, Bob Chapek, Iger, wasn't, Chapek, Michael Eisner, , who's, he's, Clint Eastwood, Eastwood, Arthur Bochner, Jackie Hart, Kareem Daniel, Chapek —, Eisner, Michael Ovitz, Ovitz, Bob, Disney's, Kevin Mayer, Mayer, Bryan van der Beek, he'd, Tom Staggs, Staggs, Staggs —, Steve Jobs, cajoled Ike Perlmutter, George Lucas, Rupert Murdoch, Iger's, Susan Arnold, Arnold, Peter Rice, David Paul Morris, Rice, CNBC's Julia Boorstin, Mark Parker, Mary Barra, Michael Froman, Willow, Parker, John Donahoe, Roy Disney, Walt Disney, Stanley Gold, David A, CNBC Eisner, Big Bob, Little Bob, Christine McCarthy, Patrick T, He'd, McCarthy, Iger —, Coronavirus, Gavin Newsom, Michael Kovac, curtly, Nancy Pelosi, Chuck Schumer, Ben Smith, Smith, Disney, Randy Shropshire, Agnes Chu, Ricky Strauss, Chu, Strauss, Kevin Feige, Kathleen Kennedy, Who's, Alan Bergman, Bergman, Bob Kyncl, Daniel —, Iger didn't, Daniel rankled, Daniel, Chapek didn't, James Pitaro, Jesse Grant, CNBC Chapek, Jimmy Pitaro, Zenia Mucha, didn't, Mucha, Barbara Walters, Charles Eshelman, Scarlett Johansson, Scarlett Johansson —, Florence Pugh, Natasha, Yelena, " Johansson, Bryan Lourd, Johansson, Lourd, Steven Spielberg, Al Michaels, David Muir, Robin Roberts, Michael Strahan, Spielberg, Geoff Morrell, Alan Braverman, Alan Horn, Jayne Parker, Bochner, Claire Lee, Paul Richardson, Josh D'Amaro, Ron DeSantis, Morrell, Disney Animation —, George Floyd, Reba Saldanha, Reuters Chapek, DeSantis, Nicholas Maldonado, Octavio Jones, Chapek she'd, we're, " Morrell, CNN's Chris Wallace, Kristina Schake, John Skipper, Daniel steamrolled, Latondra Newton, Newton, Charles Krupa, Pitaro, NBCUniversal's Peacock, Dana Walden, Thomas Murphy, Josh Kushner, Privately, Schake, Barack Obama, Michelle Obama, Michelle Obama's, David Dee Delgado, Kara Swisher, hadn't, Netflix's, overhiring, McCarthy hadn't, Safra Catz, Kareem, DMED, Horacio Gutierrez, Justin Warbrooke, Alexia Quadrani, Bryan Castellani, Michael Buckner, Quadrani, Lindsay Lohan, Winnie, Nelson Peltz, Catz, Donald Trump's, they'd, Walden, Gutierrez, D'Amaro, Rich Polk, Walden he'd, Iger she'd, Mickey Mouse, Mark Rightmire, haven't, Indiana Jones, Halle Bailey, Ariel, Hamilton Faber, Rich Greenfield, Bob Iger's, — Mayer, McCarthy —, doesn't, they'll Organizations: Disney, Marvel, CNBC, Bloomberg, Getty, Walt Disney, Indiana University, Michigan State University, Shanghai Disney, Man, Hong Kong Disneyland, Walt Disney Parks, Resorts, Pixar, Fox, Chapek, Nike, General, Mastercard, Foreign Relations, University of Pennsylvania, Grogan, Disney's, Fallon, ABC, ESPN, ABC News, California Gov, New York Times, Disney confidants, Hollywood, Marvel Studios, Lucasfilm, Walt Disney Television, Walt Disney Studios, Hulu, HBO Max, Walt Disney Company, YouTube, Companies, Netflix, Apple, Disney Media, Entertainment, Stanford, Rights, Junior, petulant, Filmmagic, Brunswick Group, Covid, CAA, onetime Defense Department, Century Fox, Human, Florida Gov, Republican, Disney Animation, Reuters, Human Rights, HRC, Walt Disney World, Employees, American Foundation for Equal Rights, AP, Amazon Prime, Paramount, South Pacific, Capital Cities, Dow Jones, CVS, Kingdom, Variety, Trian Partners, Charter Communications, U.S, Comcast, Charter's, MediaNews, Orange, Allen, Co, Candle Media, Advisors Locations: Burbank , California, Midwestern, Brentwood, Los Angeles, Westlake Village, Iger, Hammond , Indiana, Shanghai, China, Hong, Fox, Willow Bay, Raleigh , North Carolina, Orlando, U.S, Hulu, Iger's Brentwood, coronavirus, Brunswick, Hollywood, Hawaii, Disney's, Marvel's, Anaheim , California, Montana, Florida, Rye , New Hampshire, Chapek, Hong Kong, California, missteps, South, DMED, Burbank, New York, India, Atlantic, Sun Valley , Idaho, America
CFOs are stepping into a rapidly revolving door
  + stars: | 2023-08-14 | by ( Jennifer Saba | ) www.reuters.com   time to read: +3 min
NEW YORK, Aug 14 (Reuters Breakingviews) - Chief financial officers are stepping into an increasingly rapidly revolving door. loadingIn the first half of this year, 103 of the top 1,000 companies ranked by Fortune lost their CFO, according to executive search firm Heidrick & Struggles. CFOs are grappling with rising inflation and interest rates – in some cases, for the first time in their careers. High CFO turnover looks far from transitory. Follow @jennifersaba on TwitterCONTEXT NEWSTesla said on Aug. 7 that its Chief Financial Officer Zachary Kirkhorn was stepping down.
Persons: Elon Musk, Zachary Kirkhorn, Francois, Xavier Roger, Anna Manz, Fortune, Refinitiv, Ruth Porat, Morgan Stanley, Mike Cavanagh, NBCUniversal, Mike Lenz, Unilever’s, Graeme Pitkethly, Walt Disney’s, Christine McCarthy, James Kehoe, Crist Kolder, Tesla, Vaibhav Taneja, Kirkhorn, Peter Thal Larsen, Sharon Lam, Aditya Sriwatsav Organizations: Reuters, Finance, Walgreens Boots Alliance, London Stock Exchange, Reuters Graphics Reuters, Comcast, Walgreens, CFOs, Thomson Locations: Swiss
Wait times for rides and attractions at both resorts have shortened, according to analysts who track theme park attendance. Disney CEO Bob Iger attributed Disney World’s recent decline in wait times to an overall slump in Central Florida tourism. Iger told CNBC he did not have “long-term concerns” about Disney’s theme parks. For Universal’s Florida parks, every month since March has seen lower average wait times, according to the site. Pareti said she spends between four and six days per week at Disney’s parks and visits Universal parks, as well.
Persons: Los Angeles CNN —, Walt, Universal Orlando parkgoers, Bob Iger, , Iger, Shorter, July’s, Don Munsil, he’s, Munsil, , Kayla Pareti, Mickey Travels, Mickey, You’re, Pareti, she’s, “ Don’t, it’s, Comcast’s, Disney’s, That’s, Ron DeSantis, DeSantis, Pete Werner, Christine McCarthy, ” Werner, It’s, Disney Organizations: Los Angeles CNN, Central, Walt Disney World, Universal Orlando, Disney, CNBC, CNN, Universal, Disney’s, Universal Studios, Disney’s Hollywood Studios, Hollywood Studios, Walt Disney Company, Comcast, UBS, DIS Universal, Republican, NAACP, Human Rights, League of United Latin American, Walt Disney, Disney Cruise Locations: Florida, Central Florida, “ Florida, Disney’s Florida, Universal Studios Florida, Bay Lake , Florida, Orange County, Orlando
Disney extended CEO Bob Iger's contract for 2 years, through the end of 2026. Company watchers won't be shocked by the move, since Iger extended his previous tenure in the role many times. Insiders said he wants to protect his legacy and stabilize the business, especially after the exit of its CFO. Disney just extended Bob Iger's contract for two more years, through 2026, the company announced today. Iger pledged at the time to prioritize finding a successor, but he has extended his contract before — four times during his first 15-year tenure.
Persons: Bob Iger's, Iger, Bob Chapek, Dave Heger, Edward Jones, Heger, Christian Knaebel, Christine McCarthy, Disney, — here's, Chapek, Jay Rasulo, Kevin Mayer, Tom Staggs, Dana Walden, Alan Bergman, Iger's reorg, Dana, who's, Bergman, Walden, Meta execs Sheryl Sandberg, Carolyn Everson, Josh D'Amaro, Jimmy Pitaro, Adam Silver, Silver, Andrew Wilson Organizations: Disney, Hollywood, Writers Guild of America, SAG, Longtime, Disney Entertainment, Pixar, ESPN, National Basketball Association, EA Locations: Iger
The Walt Disney Company will extend CEO Bob Iger's deal by two years, extending his tenure through 2026. Iger returned to Disney in November, retaking the job from Bob Chapek, who was appointed CEO in early 2020. On four different occasions between 2013 and 2017, he extended his tenure as CEO after saying he planned to retire. Tune in: CNBC's David Faber will interview Disney CEO Bob Iger on CNBC's "Squawk Box" at 8 a.m. To that end, I'm writing to share that I have agreed to the Disney Board's request to remain CEO for an additional two years – through the end of 2026.
Persons: Bob Iger's, Iger, Bob Chapek, Iger's, CNBC's David Faber, Bob Iger, We've, we've, Christine McCarthy, Bob, Mark Parker, Read, I've, It's, Bob — CNBC's Alex Sherman, Kerry Caufield, David Faber Organizations: Walt Disney Company, CNBC, Disney, Netflix, Warner Bros . Discovery, Paramount, Pixar
Goldman Sachs upgrades Petrobras to buy from neutral Goldman Sachs said the Brazilian petroleum company has an attractive valuation. "As such, we believe the potential for sustained upside to Street OI estimates ahead will be a key catalyst for shares." Citi initiates Everest as buy Citi initiated coverage of the insurance company and said it's "capitalizing on the most favorable reinsurance underwriting environment in decades." Goldman Sachs reiterates Nike as buy Goldman Sachs said it's standing by its buy rating heading into Nike earnings next week. Goldman Sachs reiterates Micron as buy Goldman said it's standing by its buy rating on the stock heading into earnings next week.
Persons: Barclays downgrades Tesla, Goldman Sachs, Wolfe, it's bullish, TD Cowen, Ralph Lauren, it's, Cowen, Jefferies, OneSpaWorld, Oppenheimer, Uber, Bud, JPMorgan, Tyler, Goldman, Bernstein, Oracle, Needham, Christine McCarthy, Snowflake, Shopify, Morgan Stanley, Dell, Yvonne McGill, Apple Organizations: Street, Barclays, LT, Petrobras, Spotify, BMO, Adobe, Citi, Bank of America, FedEx, Nike, IAC, Amazon, Molson Coors Citi, TAP, Tyler Technologies, Micron, Oracle, — Oracle, Windows, Disney, DIS, Carnival, TAM, Deutsche Bank, Dell, IR, Apple Locations: OW, 2H23, Nike's
What's next for BlackRock?
  + stars: | 2023-06-19 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +4 min
The biggest, and most obvious, change comes at the top, as BlackRock considers life without Larry Fink. The departure of Fink from BlackRock — a firm he's led since founding it with Robert Kapito in 1988 — is monumental in and of itself. But consider the state of affairs:Simply put, there's a lot going on these days at BlackRock. Insider's Rebecca Ungarino, our resident BlackRock expert, has a rundown of all the latest news at the massive money manager. More on everything that's happening at BlackRock as its CEO and cofounder considers his future.
Persons: Dan DeFrancesco, we've, Leonardo Munoz, don't, Larry Fink, Fink, Robert Kapito, Insider's Rebecca Ungarino, Todd Anderson, Christine McCarthy, Bob Iger, Iger, Gen, Jeffrey Cane, Hallam Bullock Organizations: Disney, Netflix, BlackRock, Getty, Barclays, Goldman, Mouse, Apple's, McKinsey, LinkedIn Locations: VIEWpress, BlackRock —, BlackRock, Hulu, London, New York
Typically, news of a CFO unexpectedly leaving a company is a red flag because it raises questions about how the business is performing. But McCarthy's departures is not an example of a CFO fleeing because the business is doing poorly. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Christine McCarthy, Disney, McCarthy, Kevin Lansberry, Jim Cramer, Bob Iger, Bob Chapek, Iger, Jim Cramer's, Jim Organizations: Walt Disney, Disney, CNBC
Disney CEO Bob Iger has reorganized the company into 3 core units: entertainment, ESPN, and parks. Parks' growing prominence comes as the company faces looming decisions over Iger's CEO. Travel bans "dramatically impacted" results for Disney Parks during the intense early years of the coronavirus pandemic, Heger noted, adding that parks are now generating more revenue and operating profit than they did in pre-COVID times. The parks' success is "helping to offset" losses from Disney's "DTC," or direct-to-consumer streaming business, Heger added. Josh D'Amaro, the current chairman for Disney Parks, Experiences, and Products, would be a likely figure appearing on any shortlist of CEO contenders.
Persons: Bob Iger, Parks, It's, Dave Heger, Edward Jones, Heger, AECOM, Iger, Josh D'Amaro, Christine McCarthy —, Iger's, Bob Chapek, Ron DeSantis, Chapek, Hollywood creatives, Tom Staggs, Iger —, , Chapek's, it's, you've, Jeffery Merola, he'd, DeSantis, Reed Alexander Organizations: Disney, ESPN, Disney Parks, Walt Disney, Disneyland, Products, Florida Gov, Hollywood, Los Angeles Times, Sunshine State Locations: Tokyo, Shanghai, Orlando , Florida, Anaheim , California, execs, Chapek, Syracuse , New York, Orlando
Disney finance chief Christine McCarthy to step down
  + stars: | 2023-06-15 | by ( ) www.reuters.com   time to read: 1 min
June 15 (Reuters) - Walt Disney (DIS.N) said on Thursday Chief Financial Officer Christine McCarthy would be stepping down. Kevin Lansberry, Executive Vice President of Disney Parks, Experiences and Products will serve as the company's interim CFO effective July 1. McCarthy is taking family medical leave of absence and will continue to serve as a strategic advisor to ensure a successful transition, the company said. Reporting by Chavi Mehta in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.
Persons: Walt Disney, Christine McCarthy, Kevin Lansberry, McCarthy, Chavi Mehta, Krishna Chandra Organizations: Disney Parks, Thomson Locations: Bengaluru
Disney Finance Chief Christine McCarthy to Step Down
  + stars: | 2023-06-15 | by ( Joe Flint | Mark Maurer | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/disney-finance-chief-christine-mccarthy-to-step-down-3ba5b1e8
Persons: Dow Jones, christine, mccarthy Organizations: disney
Christine McCarthy, Disney's chief financial officer, will step down from that role, the entertainment giant said Thursday. She will take a family medical leave of absence, and during that time, she will continue as a strategic advisor to Disney , the company said. Veteran Disney executive Kevin Lansberry, who currently works as finance chief for Disney's parks business, will become the company's interim CFO effective July 1. McCarthy, who started with Disney in 2000 and became CFO in 2015, leaves as Disney undergoes a broad restructuring during Bob Iger's second tenure as CEO. During McCarthy's tenure, Disney's streaming spending skyrocketed, and free cash flow fell.
Persons: Christine McCarthy, McCarthy, Disney, Kevin Lansberry, Bob, " McCarthy, Bob Iger's, Bob Chapek, Iger, Christine, Organizations: Walt Disney Company's, Milken Institute Global, The Beverly Hilton Hotel, Disney, Veteran Disney, Chapek Locations: Beverly Hills , California
Disney CFO Christine McCarthy is stepping down and taking a family medical leave, the company announced. McCarthy has been instrumental in helping CEO Bob Iger tackle Disney's challenges since his return as CEO in 2022. Disney SVP and CFO Christine McCarthy, who was seen as a contender to replace CEO Bob Iger, is stepping down to take a family medical leave of absence, the company announced. Kevin Lansberry, EVP and CFO of Disney Parks, Experiences and Products, will serve as interim CFO, starting July 1. McCarthy joined Disney in 2000 and served as treasurer before becoming CFO in 2015.
Persons: Christine McCarthy, Kevin Lansberry, McCarthy, Bob Iger, Iger, he's, Bob Chapek, Chapek's, he'd, She's Organizations: Disney, Longtime Disney, Morning, Disney Parks, Walt Disney Company, Wall Locations: America
Disney CFO Christine McCarthy steps down
  + stars: | 2023-06-15 | by ( Samantha Delouya | ) edition.cnn.com   time to read: +1 min
Los Angeles CNN —Disney (DIS) Chief Financial Officer Christine McCarthy is stepping down from her role and taking a family medical leave of absence, the company said Thursday. Kevin Lansberry, the company’s CFO of Parks, Experiences and Products, will step in as interim CFO, effective July 1. “Christine McCarthy is one of the most admired financial executives in America, and her impact on The Walt Disney Company during 23 years of dedicated service cannot be overstated,” Disney CEO Bob Iger said in a statement. McCarthy, who has served as CFO for more than 8 years, will serve as a strategic adviser while on leave and assist with selecting a long-term successor, the company said. “Although I am leaving the CFO role, I look forward to helping with the transition and will always be rooting for the success of my extended Disney family,” McCarthy said in a statement.
Persons: Los Angeles CNN —, Christine McCarthy, Kevin Lansberry, “ Christine McCarthy, Bob Iger, McCarthy, ” McCarthy, Lansberry Organizations: Los Angeles CNN, Los Angeles CNN — Disney, Parks, Walt Disney Company, company’s Parks, Disney Locations: America
Fox Corp. , Disney , Warner Bros. Media executives' messaging to advertisers could center around value this year, particularly as companies continue to offer more content on their streaming services. Cost cuttingWhile media executives will try to convince advertisers to maximize their spending, they'll be pushing that narrative while making fewer shows. The logo of the streaming service Paramount+ on a logo wall at the Paramount+ launch event. Jörg Carstensen | Picture Alliance | Getty ImagesParamount, in particular, has seen a big reliance on franchises, especially for its Paramount+ streaming service.
The company plans to expand its streaming offerings by the end of the year with a new app that combines Disney+ and Hulu, Chief Executive Bob Iger said. Total subscribers to the flagship Disney+ service dropped by 4 million from the previous quarter to 157.8 million. Most of the defections came from the Disney+ Hotstar offering in India after it lost streaming rights to Indian Premier League cricket matches. "Striking a fine balance between customer acquisition versus financial performance is no easy feat." As Disney tries to build streaming, its traditional television business faces hurdles.
Disney announced its fiscal second quarter earnings, with 13% revenue growth in the three months ending April 1. The results come as CEO Bob Iger reorganizes the company and pursues a legal battle with Florida Gov. Walt Disney Co. reported $21.79 billion in second quarter revenue, which topped Wall Street expectations for the period and marked 13% growth for the three months through April 1, the company said. The company noted decreases in advertising revenue at non-sports channels including both ABC network and A&E cable channels. Still, Disney's direct-to-consumer unit grew revenue by 12% in the second quarter to $5.5 billion while its operating losses decreased.
The race between the biggest media and entertainment companies to add streaming subscribers, knowing consumers will only pay for a limited number of them, is finished. Disney announced its flagship streaming service, Disney+, lost 4 million subscribers during the first three months of the year, dropping the company's total streaming subscribers to 157.8 million from 161.8 million. Disney on Wednesday announced streaming losses narrowed to $659 million from $887 million. NBCUniversal's Peacock gained 2 million subscribers last quarter, giving it 22 million subscribers. Paramount Global added 4.1 million subscribers in the quarter, putting it at 60 million subscribers.
Botton line We've been saying for weeks that fiscal Q2 was not the one to rush in and get in ahead of. Not represented in the table, the Q2 loss was also smaller by $400 million quarter over quarter. Furthermore, management acknowledged churn could be a potential issue for one more quarter before returning to domestic sub-growth in the fiscal fourth quarter. As for theme park sales, this profitable growth engine remains in great shape, jumping nearly 38% to $6.76 billion in fiscal Q2. Iger's Strategy Updates Alongside fiscal Q2 results, we got some more news on the strategic changes Iger has for the company, about six months into his return as CEO.
Disney is starting the second round of its planned cuts on Monday, with divisions like ESPN getting hit, the company confirmed to Insider. Disney told The Wall Street Journal that several thousand employees would lose their jobs this week at divisions across the company, spanning from entertainment to theme parks. Disney does not expect hourly frontline operations roles at its parks and resorts to be impacted, the company told Insider. "When [Iger] was last at the helm, money was practically free," Mike Bloxham, EVP global media and entertainment at consultants Magid, previously told Insider. The company also created a new finance team pulling together staff from Disney Entertainment and ESPN, Insider reported Friday.
Total: 25