Disney CEO Bob Iger revealed shocking insights into the future of Disney-owned media networks in an interview with CNBC.
Iger told David Faber on the network’s “Squawk Box” program there are huge struggles looming for the company.
“Transformative work is dealing with businesses that are no growth businesses and what to do about them, and particularly the linear business, which we are expansive in our thinking about,” Iger told the host.
“And we’re going to look expansively about opportunities there because clearly, it’s a business that is going to continue to struggle.”
Faber asked Iger if he meant eliminating legacy networks like ABC and FX.
“We have to be open-minded and objective about the future of those businesses, yes,” Iger replied to the question on whether he would sell ABC and other networks.
“Meaning that they’re not core to Disney?” Faber pressed on.
“That they may not be core to Disney,” Iger added.
“The distribution model, the business model that forms the underpinning of that business and that is delivered great profits over the years, is broken. And we have to call it like it is.”
Iger added that ABC, National Geographic, and other Disney-owned entities might be at risk of being sold off.
As Conservative Brief reported:
Reports noted the ongoing financial challenges faced by Disney, many arising from a string of decisions related to “woke” content and a well-publicized clash with Florida Gov. Ron DeSantis (R), who is currently trailing former President Donald Trump in the GOP polls for the 2024 presidential nomination.
Reports noted in April that Disney had begun planning for lay-offs of as much as 15 percent of its entertainment workforce following an announcement by Iger two months earlier that they were coming.
The CEO unveiled plans to idle 7,000 workers in a “strategic realignment” aimed at cost reduction. The layoffs were expected to impact workers across various divisions, including television, film, theme parks, corporate, and entertainment, Bloomberg News reported at the time.
“For our employees who aren’t impacted, I want to acknowledge that there will no doubt be challenges ahead as we continue building the structures and functions that will enable us to be successful moving forward,” Iger told staff members in March.
“In tough moments, we must always do what is required to ensure Disney can continue delivering exceptional entertainment to audiences and guests around the world, now, and long into the future.”
As The Daily Fetched reported earlier this year, two animated Disney movies which both embraced woke LGBTQ ideology became the biggest box office flops of 2022, losing the company of a quarter of a billion dollars.
“Strange World,” which featured Disney’s first out gay teen hero, lost Disney almost $200 million, receiving the lowest audience score in Dsiney’s history of animated films with a “B” rating. The film had a $317.4 million budget but earned a measly $73.6 million at the box office, according to Deadline.
Meanwhile, the Disney film “Lightyear,” which featured a gay kissing scene, became another major flop losing the company $106 million at the box office, earning the lowest CinemaScore of any “Toy Story” movie.
READ: ‘Woke’ Disney Lost $123 Billion in Market Value in 2022 – Worst Year Since 1974
