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☆ Iger's on track to bring back the magic at Disney — allowing the stock to soar
▼ + stars: | 2023-02-09 | by ( Paulina Likos | ) www.cnbc.com time to read: +4 min

But now comes the hard part: Executing on ambitious cost cuts and generating long-sought profits at Disney's beleaguered streaming unit. Disney stock, which is up more than 26% year-to-date, soared more than 5% on the news before giving up those gains Thursday afternoon amid a broader retreat in equities markets. But while Disney shares have made a strong comeback since Iger returned as CEO, the company must now deliver on its plan. Ultimately, we think Iger will bring back the magic at Disney — and we reiterate our 1 rating on the stock, meaning we would buy shares of Disney here. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

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."

☆ Disney CEO Bob Iger says he prefers to stay only two years, calls streaming 'the future'
▼ + stars: | 2023-02-09 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +1 min

Disney CEO Bob Iger appeared on CNBC's "Squawk on the Street" Thursday following the company's announcement it would cut 7,000 jobs and slash $5.5 billion in costs as part of a larger reorganization. Iger, who returned to Disney's helm in November, said Thursday he had no plans to stay longer than two years in his post. The board ousted Bob Chapek last year. "We thought we made the right decision when we chose Bob [Chapek] in 2020. On the top of the list is Disney's streaming strategy and making the business profitable, Iger said Thursday.

☆ Disney's Bob Iger says he was 'overconfident' and 'dismissive' in his first stint as CEO, now has more 'self-awareness'
▼ + stars: | 2023-02-09 | by ( Nicolas Vega | ) www.cnbc.com time to read: +1 min

Bob Iger's first stint as CEO of The Walt Disney Company saw the company acquire Pixar, Marvel and Star Wars as he turned Disney into the biggest name in franchise entertainment. But the success took a toll on his leadership abilities. In an interview with CNBC's "Squawk on the Street", Iger reflected on his time as CEO and identified flaws he believed he developed as he became more and more successful. "I thought it caused me to be a little bit more dismissive of other people's ideas." The 72-year-old Iger, who officially retired on Dec. 31, 2021, was only away from Disney for the first 11 months of 2022 before the company's board decided to replace his successor, Bob Chapek, and asked Iger to take his old job back.

☆ Jim Cramer says Disney stock has more upside thanks to Bob Iger’s turnaround plan
▼ + stars: | 2023-02-09 | by ( Krystal Hur | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer on Thursday said that he's bullish on Disney after the company announced a robust restructuring and cost-cutting plan. Disney announced a plan to lay off 7,000 employees, restructure the company and cut $5.5 billion in costs on Wednesday during its first-quarter earnings conference call. Activist investor Nelson Peltz told CNBC on Thursday that he's satisfied with Iger's turnaround plan for Disney and that Trian Fund Management's proxy fight with the media giant is over. Cramer, who has harshly criticized former CEO Bob Chapek's performance, said that Iger has changed the company's narrative into one that can execute its goals. "That's a huge sign of confidence from management," Cramer said.

☆ 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.

☆ 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.

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.

☆ It's too early for Disney to spin off ESPN, says RBC's Kutgun Maral
▼ + stars: | 2023-02-08 | 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 EmailIt's too early for Disney to spin off ESPN, says RBC's Kutgun MaralKutgun Maral, RBC Capital Markets analyst, joins 'The Exchange' to discuss Disney ahead of the company's first earnings report since Bob Iger's return.

☆ 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.

☆ 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 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

☆ 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.

☆ Inside Disney, 'nervous and anxious' execs brace for news of cost cuts and layoffs that could number in the thousands
▼ + stars: | 2023-02-07 | by ( Claire Atkinson | Lucia Moses | ) www.businessinsider.com time to read: +3 min

Cost cutting reductions, including layoffs, are expected to hit Disney in the coming weeks and months. CEO Bob Iger has asked top execs to reorganize the former Disney Media Entertainment Distribution division. Disney employees are expecting wide layoffs as returning CEO Bob Iger moves to get costs in line. Internally, there's speculation that Disney will target people who work on nonpremium digital products for layoffs, one company insider said. Iger is expected to dismantle the division formerly known as DMED (Disney Media Entertainment Distribution) and shift P&L controls back to creative leaders and others.

☆ Disney needs to show investors it has a plan to make streaming profitable — and stop hemorrhaging money
▼ + stars: | 2023-02-07 | by ( Paulina Likos | ) www.cnbc.com time to read: +8 min

Disney's direct-to-consumer unit, which includes streaming platforms Disney+, Hulu and ESPN+, has yet to reach profitability — losing nearly $1.5 billion last quarter. Those loses spurred Disney's board to push out then-CEO Bob Chapek and bring Iger back to the top job. In 2021 Disney spent $25 billion to produce original content, and the following year expanded its budget to $33 billion. Similarly, Macquarie's Nollen said Disney's advertising-based subscription tier for Disney+ is "a lever Disney can pull to raise revenue." "Lots of angry people ask me why I support Nelson Peltz for the Disney board, and I give a simple answer: What has this board done for its shareholders other than wipe out more shareholder money?"

☆ Disney CEO Bob Iger has 'very little room for maneuver' as he tackles layoffs, budget cuts, a company reorg, and questions over the future of Hulu and ESPN
▼ + stars: | 2023-02-07 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +11 min

Disney chief Bob Iger will speak Wednesday on his first quarterly earnings call since returning as CEO. Wall Street wants to see how Disney plans to boost profitability this year and whether it will trade ESPN or Hulu. Aside from a quick visit to Disney World in January, Bob Iger has been lying very low. Media investor Ross Gerber told Insider that Iger would get back to focusing on content rather than on the distribution mechanism. Iger tweeted a photo of himself at Disney World, dressed in a relaxed green cardigan and gray slacks as he posed with cast members on January 19.

☆ Disney investors await CEO Iger's revival plan with results on tap
▼ + stars: | 2023-02-07 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +3 min

LOS ANGELES, Feb 7 (Reuters) - Walt Disney Co (DIS.N) CEO Bob Iger is expected to discuss a turnaround plan on Wednesday, when the media company delivers its first quarterly results since the return of the executive who built the modern incarnation of Disney. "This is the right place to do it. It also endorsed Iger's leadership, adding that Disney generated a shareholder return of 554% under his previous tenure as CEO. That change resulted in the departure of Kareem Daniel, head of the Disney Media and Entertainment Distribution group created by Iger's predecessor, Bob Chapek, to consolidate budgeting and distribution for the studio's content. Analysts polled by FactSet estimate Disney+ will have 163 million subscribers, down modestly from the previous quarter.

☆ Earnings playbook: Your best moves ahead of Chipotle, Disney and the second half of reporting season
▼ + stars: | 2023-02-05 | by ( Fred Imbert | ) www.cnbc.com time to read: +7 min

Roughly 50% of S & P 500 companies have posted earnings thus far, and the results have been mixed. Tuesday Chipotle Mexican Grill is set to report earnings after the bell, followed by a conference call at 4:30 p.m. What history shows: Data from Bespoke Investment Group shows Chipotle beats earnings expectations 76% of the time and averages a 1.7% gain on earnings day. What history shows: Bespoke data shows Disney beats earnings per share estimates nearly 80% of the time. What history shows: PayPal earnings have beaten analyst earnings expectations nine of the last 10 quarter, according to FactSet.

☆ Trian presses Disney to replace board member Michael Froman with Nelson Peltz
▼ + stars: | 2023-02-02 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

The proxy battle between Disney and activist investment firm Trian Management LP is heating up ahead of the company's annual shareholder meeting. On Thursday, Trian said in a filing that Disney shareholders should vote to remove Michael Froman from the board and replace him with Nelson Peltz. "Trian Group believes Mr. Froman has no experience as a public company director outside of Disney," the firm said in a statement Thursday. "In contrast, Nelson Peltz has served on numerous public company boards over the last several years." Few members of Disney's board have media experience outside of the Mouse House.

☆ Peltz's Trian seeks to rally Disney shareholders against board director Froman
▼ + stars: | 2023-02-02 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

REUTERS/Fred ProuserNEW YORK, Feb 2 (Reuters) - Activist investor Nelson Peltz's hedge fund Trian Fund Management wrote to Walt Disney Co (DIS.N) shareholders on Thursday to make the case for replacing the media and entertainment conglomerate's board director Michael Froman. Trian, which owns a roughly $1 billion stake in the home of Mickey Mouse, has asked Disney shareholders to drop Froman — a former U.S. Trade Representative — from the company's 12-member board and elect Peltz instead. Trian did not spell out in the letter why it had picked Froman to target among the Disney directors, but suggested that Peltz was more qualified to serve. In the letter, Trian also directed its criticism at the full Disney board, blaming it for a 44% drop in Disney's stock last year. A shareholder vote to decide on the composition of Disney's board has not yet been set but is expected in the spring.

☆ Here are Tuesday's biggest analyst calls: Apple, Alphabet, Ford, Lucid, AMD, Uber & more
▼ + stars: | 2023-01-31 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Tuesday's biggest calls on Wall Street: Barclays reiterates Apple as equal weight Barclays said it sees a miss when the Apple reports earnings Thursday. Deutsche Bank reiterates Disney as buy Deutsche Bank said it's standing by shares of Disney heading into earnings on Feb. 8. Bank of America reiterates Alphabet as buy Bank of America said Alphabet continues to pull the right "cost levers in a tough environment." Mizuho reiterates Uber as buy Mizuho said it's "constructive" on Uber shares heading into earnings on Feb. 8. Deutsche Bank reiterates PayPal as buy Deutsche said it's staying bullish heading into PayPal earnings in early February.

☆ Here are Tuesday's biggest analyst calls: Apple, Disney, Target, AMD, Tesla, Coinbase, Amazon & more
▼ + stars: | 2023-01-24 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Here are Tuesday's biggest calls on Wall Street: Morgan Stanley reiterates Apple as overweight Morgan Stanley said it's standing by it's overweight rating on Apple shares heading into earnings on Feb. 2. Bernstein reiterates Apple as market perform Bernstein said it's "ambivalent" about Apple shares heading into earnings next month. Bernstein downgrades Advanced Micro to market perform from outperform Bernstein said it's concerned about a deteriorating PC market. Morgan Stanley upgrades Marathon Oil to overweight from neutral Morgan Stanley said Marathon Oil has "peer-leading FCF and shareholder returns." Morgan Stanley reiterates Ford as overweight Morgan Stanley said it sees opportunity for Ford to "to exercise its self-help muscle."

☆ Wells Fargo gives a bullish endorsement to a beleaguered Disney. We're awaiting Iger's turnaround plan
▼ + stars: | 2023-01-24 | by ( Paulina Likos | ) www.cnbc.com time to read: +5 min

Wells Fargo on Tuesday said it expects Walt Disney (DIS) to "come out swinging" when the entertainment conglomerate reports fiscal first-quarter results early next month. At the Club, we're slightly more cautious and will be looking closely for a detailed turnaround plan from CEO Bob Iger. We like this setup into the print," Wells Fargo analysts wrote in a research note. Like other investors — including the Club — Trian has expressed frustration over Disney's streaming losses, overspending and a share price decline of more than 44% last year. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Bosses are increasing RTO requirements, but experts say it won't stick: 'We're at an inflection point'
▼ + stars: | 2023-01-20 | by ( Jennifer Liu | ) www.cnbc.com time to read: +5 min

More corporate bosses could follow Iger's lead with fresh RTO mandates, says Caitlin Duffy, director of research at Gartner. Plans to boost in-office days unlikely to pan outSo far, most hybrid policies expect workers in offices two to three times a week. But requirements increasing in-office days are unlikely to become a norm, experts say. As of January, workers say they want to work from home for 2.8 days on average, versus employers planning to allow 2.3 days remote. Some leaders are expanding remote work to keep their workers happy with their jobs and pay, Bloom says.

☆ Ousted Disney CEO Bob Chapek is getting a $20 million golden goodbye, on top of the $24 million he earned in 2022
▼ + stars: | 2023-01-18 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Disney says ousted CEO Bob Chapek is set to get a severance package worth more than $20 million. He got $24.2 million total compensation in the 2022 fiscal year, including $280,000 for air travel. Disney said that Chapek's total annual compensation was 446 times higher than that of the median employee pay at Disney — $54,256. In total, Iger got $15 million in total compensation in the 2022 fiscal year, including a pro-rated bonus of $4.4 million, per the filing. He earned $45.9 million in total compensation in 2021 and $21 million in 2020.

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