No Mickey Mouse operation: Succession-style search is on to find Disney’s new chief
Godzilla versus Kong? A movie called Civil War? This year’s blockbusters concern, as they often do, titanic struggles. But the biggest battle in Hollywood this year has been one fought in the boardroom. It’s been closer to Succession than any CGI square go that Marvel will show us.
A battle between suits over who has voting rights doesn’t seem interesting but it was about the soul of the biggest entertainment company in the world, Disney.
And its outcome potentially affected the movies and telly we watched, and even our holidaying habits!
The column inches and news reports here in Lala Land have breathlessly reported the battle between the current head of Disney and one of the most important men in Hollywood, Bob Iger, and a major investor in the company called Nelson Peltz.
The latter is a so-called activist investor – someone who owns shares and wants to influence Disney’s strategy.
He launched a challenge to Iger, Disney’s Chief Executive Officer in the form of a campaign called Restore The Magic, which argued the company is on the wrong track. Peltz was annoyed by Disney’s direction, and made some comments.
“People go to watch a movie or a show to be entertained… They don’t go to get a message,” said Peltz.
He added: “Why do I have to have a Marvel that’s all women? Not that I have anything against women, but why do I have to do that?
“Why can’t I have Marvels that are both? Why do I need an allblack cast?”
He reflected the “go woke, go broke” attitude to Disney’s recent movies and TV shows. If Peltz won, then we could expect less diversity in their TV and movie output, from Marvel to Star Wars to the seemingly endless parade of remakes and sequels.
Everything else they do – like their popular theme parks – would have been taken in a different direction.
Yet the smart money was on Bob Iger, and he soundly fended off the challenge. While the company might have underperformed, Disney is still raking in the cash.
For some here in Hollywood, this showdown was more important than some elections have been around the world. It might have seemed like the status quo was reinforced, but there has been a Succession-like twist that Logan Roy would have enjoyed.
Bob Iger has announced that he will step down in 2026, and the campaign to find his heir is in full effect.
The Disney company is worth a cool £200 billion, and the Chief Executive Officer role is worth upwards of £25 million a year.
Fair puts my wages when I did a paper round as a teenager into perspective...