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☆ Disney CEO Iger makes profitable streaming a priority
▼ + stars: | 2022-11-28 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +4 min

REUTERS/Dado Ruvic/File PhotoNov 28 (Reuters) - Walt Disney Co (DIS.N) Chief Executive Bob Iger said on Monday one of his top priorities is to make the company's streaming business profitable. Iger is responsible for Disney's all-in embrace of streaming, and the launch of its marquee service, Disney+, but he acknowledged the measurement of success has changed. Disney joins a number of media companies seeking to grow their streaming services without sacrificing its film or television businesses. From a sound stage on Disney's lot, Iger said he returns to the company he led for 15 years with a sense of urgency. He offered no timing on the restructuring of the company's film and television distribution group, Disney Media and Entertainment Distribution.

☆ Disney CEO Bob Iger calls the drive to make streaming profitable a priority
▼ + stars: | 2022-11-28 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +3 min

☆ Musk says he will support DeSantis if Florida governor runs for president
▼ + stars: | 2022-11-26 | by ( Kanishka Singh | ) www.reuters.com time to read: +2 min

WASHINGTON, Nov 25 (Reuters) - Billionaire Elon Musk said on Friday he would support Ron DeSantis in 2024 if the Florida governor, who recently coasted to a second term, were to run for president. DeSantis earlier this month defeated Democratic opponent Charlie Crist by nearly 20 percentage points to be re-elected as Florida governor and cemented himself as the Republican Party's top rising star. "Yes", he replied in a tweet when asked if he would support DeSantis in 2024. Musk had previously said in June he was leaning towards supporting DeSantis for president in 2024, and added the Florida governor would easily defeat Biden in the election. When asked back then about Musk's support, DeSantis joked, "I welcome support from African-Americans, what can I say."

[1/3] FILEPHOTO: Executive Chairman of the Walt Disney Company, Bob Iger arrives at the world premiere for the film 'The King's Man' at Leicester Square in London, Britain December 6, 2021. In his 15 years as Disney chief executive, Iger postponed his retirement four times, sidelining would-be successors. read more Part of his mandate, according to Disney, is to work with the board to develop a successor to lead the company. Chapek was among a shortlist of internal candidates vying for Iger's job, according to a source familiar with discussions. Another seen as a top contender was Kevin Mayer, Disney's longtime head of strategic planning who had shepherded the successful launch of Disney+, according to sources.

☆ 'Boomerang CEOs' don't always work out; Disney hopes this one bucks trend
▼ + stars: | 2022-11-22 | by ( David Randall | ) www.reuters.com time to read: +5 min

NEW YORK, Nov 22 (Reuters) - Can Walt Disney Co (DIS.N) bank on another hit sequel? That appears to be the hope behind the company's surprise decision to bring back former chief executive Bob Iger to replace Bob Chapek. During his first tenure from 2005 to 2020, Disney's annualised shareholder returns were more than 14%, well above its rival Comcast Corp (CMCSA.O) and the broader stock market, and in total in that period the stock rose more than 400%. Yet there are reasons to think that Disney may have made the right decision in bringing back Iger, Bingham said. “I think this is a game-changer," said Stephanie Link, chief investment strategist and portfolio manager at Hightower Advisors, about Disney.

☆ Disney's media sales boss to exit in Iger shake-up
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

Nov 21 (Reuters) - A day after returning to the company, Walt Disney Co (DIS.N) Chief Executive Bob Iger moved to undo a corporate structure put in place by his hand-picked successor. Iger said the restructuring would result in changes to Disney Media & Entertainment Distribution, a unit former CEO Bob Chapek formed in October 2020 to centralize all film and television sales and distribution. Bank of America analyst Jessica Reif Ehrlich said Iger's decisive action resembles his management approach during his first stint as Disney's CEO. During that time, he quickly calmed tensions with Pixar Animation Studio's chief executive, Steve Jobs. Reporting by Dawn Chmielewski in Los Angeles; Editing by Mark Porter and Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ Wall Street slips as concerns rise of stricter China COVID curbs
▼ + stars: | 2022-11-21 | by ( Carolina Mandl | ) www.reuters.com time to read: +4 min

U.S. casino operators with businesses in China including Wynn Resorts Ltd (WYNN.O), Las Vegas Sands Corp (LVS.N), MGM Resorts International (MGM.N) and Melco Resorts & Entertainment Ltd all fell at least 2%. [1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 21, 2022. Energy was the only major S&P 500 sector eying gains for the year, surging around 63%. Declining issues outnumbered advancing ones on the NYSE by a 1.27-to-1 ratio; on Nasdaq, a 1.60-to-1 ratio favored decliners. The S&P 500 posted 9 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 96 new highs and 220 new lows.

☆ Disney's chairman, Daniel, to exit in planned restructuring
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +1 min

Nov 21 (Reuters) - One day after returning to the company, Walt Disney Co (DIS.N) Chief Executive Bob Iger moved to undo a corporate structure put in place by his hand-picked successor. In an email to employees on Monday, seen by Reuters, Iger said that as a result of the restructuring, Chairman Kareem Daniel will leave the company. Iger said the restructuring would result in a reorganization of Disney Media & Entertainment Distribution, a unit former CEO Bob Chapek formed to handle all film and television sales and distribution. Iger said the change would put decision-making back into the hands of creative executives and asked a group of senior executives to reorganize the company. Reporting by Dawn Chmielewski in Los Angeles; Editing by Mark PorterOur Standards: The Thomson Reuters Trust Principles.

He will replace Bob Chapek, who took over as Disney CEO in February 2020 just as the COVID-19 pandemic led to park closures and visitor restrictions. Disney disappointed investors this month with an earnings report that showed mounting losses at its streaming media unit that includes Disney+. [1/2] Executive Chairman of the Walt Disney Company, Bob Iger arrives at the world premiere for the film 'The King's Man' at Leicester Square in London, Britain December 6, 2021. Disney did not respond to a request for comment on Trian and Trian did not respond to a request for comment. During his tenure, Disney made several key acquisitions, including Pixar Animation Studios, Marvel Entertainment and 21st Century Fox, and boosted its market capitalization five-fold.

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 21, 2022. "That's a piece of what's driving the tech stocks down because we rely so much on China and Taiwan for critical components." Energy was the only major S&P 500 sector eying gains for the year, surging around 63%. Declining issues outnumbered advancing ones on the NYSE by a 1.26-to-1 ratio; on Nasdaq, a 1.57-to-1 ratio favored decliners. The S&P 500 posted 9 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 76 new highs and 194 new lows.

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 21, 2022. Energy was the only major S&P 500 sector eying gains for the year, surging around 58%. Travel stocks including American Airlines Group Inc (AAL.O) and Norwegian Cruise Line Holdings Ltd (NCLH.N) fell 0.5% and 1.2%, respectively. Keeping declines on the Dow Jones Industrial Average (.DJI) and S&P 500 (.SPX) in check was a 5.8% jump in Walt Disney Co (DIS.N) after Bob Iger's return as chief executive to the entertainment giant. The S&P index recorded eight new 52-week highs and two new lows, while the Nasdaq recorded 68 new highs and 156 new lows.

☆ Futures decline as China COVID cases rise; Disney jumps
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies Futures down: Dow 0.27%, S&P 0.55%, Nasdaq 0.74%Nov 21 (Reuters) - U.S. stock index futures declined on Monday as COVID-19 flare ups in China added to concerns about slowing growth, while Disney shares jumped as investors cheered Bob Iger's surprise comeback as chief executive. Walt Disney Co (DIS.N) leapt 8.1% higher in premarket trading as Iger's return less than a year after he retired coincided with the entertainment company's attempt to boost investor confidence and profits at its streaming media unit. Traders are placing a 19% bet on the Fed hiking its key benchmark rate by 75 basis points in the December policy meeting, with a peak for rates expected in June. ET, Dow e-minis were down 92 points, or 0.27%, S&P 500 e-minis were down 22 points, or 0.55%, and Nasdaq 100 e-minis were down 86.75 points, or 0.74%. Reporting by Shubham Batra; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Disney offers an Iger solution to an Iger problem
▼ + stars: | 2022-11-21 | by ( Jennifer Saba | ) www.reuters.com time to read: +3 min

NEW YORK, Nov 21 (Reuters Breakingviews) - Bob Iger isn’t really the reset that Walt Disney (DIS.N) needs, but for now, he’s the reset the $180 billion media giant is getting. The board is mandating that Iger set the strategic direction of the company and find his successor. Reuters GraphicsFollow @jennifersaba on TwitterloadingCONTEXT NEWSWalt Disney on Nov. 20 said Bob Iger is returning as chief executive officer, effective immediately. He replaces Bob Chapek, who was named chief executive officer in February 2020, replacing Iger. Iger, 71, served as chief executive from 2005 until 2020.

[1/2] Executive Chairman of the Walt Disney Company, Bob Iger arrives at the world premiere for the film 'The King's Man' at Leicester Square in London, Britain December 6, 2021. REUTERS/Hannah McKayLOS ANGELES, Nov 20 (Reuters) - Former Walt Disney Co (DIS.N) Chief Executive Bob Iger is returning to the media company as CEO less than a year after he retired, a surprise appointment that comes as the entertainment company struggles to turn its streaming TV services into a profitable business. Iger, who retired last year after 15 years as chief executive, has agreed to serve as CEO for two more years, Disney said in a statement late on Sunday. He will replace Bob Chapek, who took over as Disney CEO in February 2020. Iger exited Disney on a high note as the company led the entertainment industry's battle against Netflix (NFLX.O) in the streaming wars.

☆ Disney's Iger may have to cut costs as streaming loses money
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +2 min

Nov 21 (Reuters) - Bob Iger must show Wall Street a new side to his character as he returns to lead Walt Disney Co (DIS.N) by cutting costs and restoring profits in just two years after splurging cash on acquisitions and a streaming business last time round. The entertainment giant shocked investors late on Sunday evening announcing the ouster of Chief Executive Bob Chapek and appointing Iger, 71, to a two-year contract to return the company to growth. read moreThe move evoked other return engagements such as Steve Jobs' return to Apple and Howard Schultz's return to Starbucks in times of crisis. The most immediate target of that could be Disney+, the streaming service that Iger helped launch in 2019. Some brokerages have also raised concern on whether the two-year period Iger has agreed to return for would be enough to transform the business and find a successor.

He will replace Bob Chapek, who took over as Disney CEO in February 2020 just as the COVID-19 pandemic hit, leading to park closures and restrictions on visitors globally. Disney disappointed investors this month with an earnings report that showed mounting losses at its streaming media unit that includes Disney+. [1/2] Executive Chairman of the Walt Disney Company, Bob Iger arrives at the world premiere for the film 'The King's Man' at Leicester Square in London, Britain December 6, 2021. IGER'S RETURNSIger exited Disney on a high note as the company led the battle against Netflix in the streaming wars. During his tenure, Disney made several key acquisitions, including Pixar Animation Studios, Marvel Entertainment and 21st Century Fox, and boosted its market capitalization five-fold.

☆ Penguin Random House scraps $2.2 bln deal to merge with Simon & Schuster
▼ + stars: | 2022-11-21 | by ( Gabriel Araujo | ) www.reuters.com time to read: +3 min

REUTERS/Stefan Wermuth/File PhotoWASHINGTON, Nov 21 (Reuters) - Penguin Random House, the world's largest book publisher, and rival Simon & Schuster have scrapped a $2.2 billion deal to merge, Penguin owner Bertelsmann (BTGGg.F) said in a statement. But Bertelsmann said in a statement on Monday that it "will advance the growth of its global book publishing business without the previously planned merger of Penguin Random House and Simon & Schuster." Paramount said on Monday that Simon & Schuster was a "non-core asset" to Paramount. Penguin writers include cookbook author Ina Garten and novelists Zadie Smith and Danielle Steele, while Simon & Schuster publishes Stephen King, Jennifer Weiner and Hillary Rodham Clinton, among others. The top five publishers are Penguin Random House, HarperCollins, Macmillan, Simon & Schuster and Hachette, with Walt Disney Co (DIS.N) and Amazon.com Inc (AMZN.O) also in the market.

☆ Disney's Bob Iger returns to lead post-pandemic revamp
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +1 min

Nov 21 (Reuters) - Bob Iger is returning as Walt Disney Co's (DIS.N) chief executive officer in a bid to restore confidence in the entertainment giant and chart a faster path to profitability for its streaming business. He replaces Bob Chapek, who took charge in February 2020 just before the COVID-19 crisis hit and under whose reign the company's stock has lost about a third of its value. In 2021, he was involved in a tussle with Scarlett Johansson, star of Marvel's "Black Widow" film, over Disney's move to simultaneously release the movie in theaters and online. Disney said on Monday that Iger is "uniquely situated to lead the company through this pivotal period." Here is a timeline on his career at the company:Reporting by Akash Sriram, Chavi Mehta and Vansh Agarwal in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Murdoch deal will struggle to be fair and balanced
▼ + stars: | 2022-11-17 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +7 min

A decade ago, Murdoch split his movies-to-books empire because it had become too broad and complex. As it stands, both $16 billion Fox and $10 billion News Corp suffer from significant valuation discounts, partly due to their common owner’s grip. It owns roughly 62% of Australian housing portal REA, a stake worth $6.7 billion based on its Wednesday closing price in Sydney. On the same 16 times multiple as New York Times (NYT.N), it would be worth about $8 billion. Rupert Murdoch and his family trust control about 42% of Fox voting shares and 39% of News Corp voting shares.

☆ Factbox: Corporate America cuts thousands of jobs as recession looms
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +5 min

Job cuts announced by U.S.-based employers jumped 13% to 33,843 in October, the highest since February 2021, according to a report. However, Bloomberg on Sunday reported Twitter was reaching out to dozens of employees who lost their jobs, asking them to return. Coinbase Global (COIN.O):The cryptocurrency exchange said it planned to cut over 60 jobs, in its recruiting and institutional onboarding teams. read moreThe move marks a second round of jobs cuts at the company this year, and comes at a time when cryptocurrencies have been roiled by extreme volatility as investors dump risky assets. Walt Disney Co (DIS.N):The media giant is planning to freeze hiring and cut some jobs, according to a company memo seen by Reuters.

☆ 'Black Panther' sequel debuts with $330 million at global theaters
▼ + stars: | 2022-11-13 | by ( Lisa Richwine | ) www.reuters.com time to read: +1 min

LOS ANGELES, Nov 13 (Reuters) - Marvel Studios adventure "Black Panther: Wakanda Forever" sold $330 million in tickets worldwide over its opening weekend and set a box office record for November in the United States and Canada, according to estimates from distributor Walt Disney Co (DIS.N) on Sunday. The sequel to 2018 Oscar-nominated blockbuster "Black Panther" racked up roughly $180 million at domestic theaters Thursday night through Sunday, the highest total ever for a film opening in November. The previous November record-holder, 2013 film "The Hunger Games: Catching Fire," opened with $158.1 million domestically. The movie was the top-grossing Hollywood release in all markets, Disney said. Boseman had played King T'Challa, the beloved leader of the fictional Wakanda, in the original "Black Panther" movie.

☆ Disney plans to freeze hiring and cut some jobs, memo shows
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +3 min

Nov 11 (Reuters) - Walt Disney Co (DIS.N) is planning to freeze hiring and cut some jobs as it strives to move the Disney+ streaming service to profitability against a backdrop of economic uncertainty, according to a memo seen by Reuters on Friday. Chief Executive Bob Chapek sent the memo to Disney's leaders, saying the company is instituting a targeted hiring freeze and anticipates "some small staff reductions" as it looks to manage costs. Disney has said the fast-growing service added 12 million subscribers in its fiscal fourth quarter but reported an operating loss of nearly $1.5 billion. The company said Disney+ would become profitable in fiscal 2024, with losses having peaked in the quarter. Meta Platforms (META.O) said this week it would cut more than 11,000 jobs, or 13% of its workforce to rein in costs.

☆ Analysis: Ron DeSantis' big election night shakes 2024 White House field
▼ + stars: | 2022-11-10 | by ( James Oliphant | ) www.reuters.com time to read: +7 min

Trump would be the favorite in a primary matchup against DeSantis or any other Republican. Although he has been coy about a presidential run, supporters at his victory party chanted "Two more years!" Even if Trump mounts another presidential run, he will continue to face a dizzying array of legal headaches, including probes of his efforts to overturn the 2020 election and his removal of classified documents from the White House. I don't like him," said two-time Trump voter Gordon Nelson, 77, as he voted for Republican candidates in Michigan on Tuesday. At a Wednesday press conference, Biden seemed amused at the prospect of Trump and DeSantis going head-to-head.

The market can accept gridlock," said Quincy Krosby, chief global strategist at LPL Financial in Charlotte, North Carolina. S&P 500 has risen in every 12-month period following the U.S. midterm elections over the past 70 yearsAt 6:21 a.m. ET, Dow e-minis were down 67 points, or 0.2%, S&P 500 e-minis were down 2 points, or 0.05%, and Nasdaq 100 e-minis were up 8.5 points, or 0.08%. Meanwhile, some market participants expect October U.S. inflation data due on Thursday to be more market-moving. read moreReporting by Medha Singh and Bansari Mayur Kamdar in Bengaluru; Editing by Savio D'Souza and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Disney shares fall as rising streaming costs spook investors
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +2 min

Nov 9 (Reuters) - Shares in Walt Disney Co (DIS.N) tumbled 8% premarket on Wednesday as ballooning costs at the entertainment giant's fast-growing streaming division cast a shadow on strong subscriber additions. The company missed analysts' expectations for fiscal fourth-quarter earnings, after a $1.5 billion loss in its streaming division. read more"Disney's streaming results are indicative of the tightrope it is walking," said Fred Boxa, associate director at technology and management consulting firm Arthur D. Little. Subscriber growth in Disney+ was expected to accelerate in the second quarter, she added, a sign analysts said indicated a soft first quarter. A weaker-than-expected full-year revenue growth forecast also dragged shares.

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