IGER IS MR. FREEZE
Disney no-hire still on
Disney CEO Bob Iger told employees Monday that he won’t lift the company’s hiring freeze as he examines costs, and sought to throw cold water on rumors about a possible merger with Apple.
Iger, who last week replaced his one-time successor Bob Chapek as CEO in a surprise reshuffle, unveiled the news during a town hall meeting at Disney’s studio lot in Burbank, Calif.
According to CNBC, the CEO opened the meeting by quoting a line from the song “What’d I Miss?” from LinManuel Miranda’s musical “Hamilton” that says, “There is no more status quo. But the sun comes up and the world still spins.”
Iger said he was skeptical about the future of TV and addressed the importance of making Disney’s streaming unit profitable. Disney recently reported that unit, which includes Disney+, Hulu and ESPN+, lost $1.5 billion in the fourth quarter.
He said the company must focus more on boosting profitability and less on adding new subscribers, which was the company’s priority when he relinquished the CEO reins in 2020.
The CEO also called unconfirmed chatter about a Disney-Apple merger “pure speculation,” sources said.
Disney did not return requests for comment.
In a memo last week, Iger said one of his first actions will be to redo Disney’s organizational structure, which was unwound by Chapek in order to centralize decision-making over content and distribution under Kareem Daniel. Iger ousted Daniel last week.
Iger said Monday the new structure will take time to put in place and will be done in conjunction with other executives including chairman of general entertainment content Dana Walden, Disney Studios head Alan Bergman, ESPN president Jimmy Pitaro and CFO Christine McCarthy.
Meet the old boss
Iger sent shock waves through Hollywood last week when he returned to Disney as CEO, after saying he wouldn’t come back. He replaced his handpicked successor Chapek, whose nearly three-year run ended abruptly after a disappointing earnings report.
Chapek’s short stint as CEO was marred by price increases at theme parks and a botched response to Florida’s “Don’t Say Gay” law, which ended in Disney World losing its special self-governing tax status.