‘Bob’ and weave at Disney forum
I did not think everyone would run with a story that everything is being sold, which is not the case.
Walt Disney CEO Bob Iger, speaking to thousands of frazzled employees at a town-hall meeting, scrambled to downplay speculation that the company is planning to sell a slew of key media properties including ABC and ESPN.
“I did not think everyone would run with a story that everything is being sold, which is not the case,” Iger told Disney employees at a virtual town hall in New York on Tuesday afternoon.
Iger appeared to be referring to an interview he gave CNBC in July, in which he revealed that the company was mulling a sale of its TV assets while seeking a strategic partner for sports cable empire ESPN.
At the town hall, Iger said his comments were indicative of his tendency to “run things up flagpoles to see how they will fly” and to “think out loud,” according to a report in The Wall Street Journal.
Disney’s stock price fell in the wake of Iger’s comments on Tuesday, closing down 2.67%.
Iger was joined on stage at the town hall by Jimmy Pitaro, the head of ESPN; Disney Entertainment cochairs Dana Walden and Alan Bergman; and Josh D’Amaro, who heads the company’s parks and resorts division.
The CEO said that Walden and Pitaro were examining the businesses that they oversee, including ESPN, ABC, Disney Channel and FX, so as to make them more efficient.
Iger insisted that the linear television properties were still “pretty significant” to the company.
He also said that while there have been discussions with sports leagues and tech companies regarding ESPN, Disney could “go it alone” and not seek partners.
Separately, Disney acknowledged that its leftleaning politics may have alienated a segment of the population — putting a dent in the House of Mouse’s bottom line.
A recent company filing with the Securities and Exchange Commission included a reference to “risks relating to misalignment with public and consumer tastes.”