Disney CEO Bob Iger has joined with four other prominent businessmen to take a small stake in venture firm Thrive Capital.
05.01.2023 - 02:11 / deadline.com
Given the steep downturn in Amazon’s stock price and stiff operational challenges ahead, could Jeff Bezos pull a Bob Iger and return as the company’s CEO?
One investor is predicting that scenario will play out in 2023. A comeback by Bezos, who handed the reins to longtime company vet Andy Jassy in mid-2021 and became executive chairman, is one of 10 financial market predictions for this year by Michael Batnick, managing partner at Ritholtz Wealth Management.
Batnick pins his prediction mainly on the company’s depressed stock price. While 2022 was a brutal year for many tech stocks, and the overall market’s worst since 2008, Amazon’s 50% plunge was the company’s biggest since 2000, the year the dotcom bubble burst. (In two market session thus far in 2023, shares have risen 1%.) The stock losses shaved off a remarkable $840 billion in market value in just a year’s time, along with some $100 billion from the personal net worth of Bezos.
“The company he spent his life building is struggling big-time,” Batnick told CNBC in an interview Wednesday. A CEO reversing an earlier departure is “not without precedent,” the investor added. At Disney, “Bob Iger just did this. [Starbucks boss] Howard Schultz has pulled this multiple times.”
Under Jassy, Amazon’s financial glide path during Covid gave way to turbulence as inflation and a host of other economic factors conspired against it. When the company reported third-quarter earnings last October, it issued surprisingly weak guidance for 2023, saying total revenue would inch up by only 2% to 8% over last year’s tally.
“There are a lot of cross-currents that Amazon is facing, no doubt about it,” Batnick concedes. But he said the personal losses as well as the dire straits of his
Disney CEO Bob Iger has joined with four other prominent businessmen to take a small stake in venture firm Thrive Capital.
Some great news for exhibition this morning: Amazon Studios is getting back into the wide theatrical release business with Ben Affleck’s Nike movie Air starring his fellow Good Will Hunting co-Oscar winner Matt Damon. Air will get a global theatrical release on Wed, April 5 this year, heading into the lucrative Easter weekend. This is the first wide theatrical release from Amazon since its Sundance acquisition, Mindy Kaling’s Late Night, which was a wide summer release back in 2019.
Former Disney chief executive Bob Chapek earned $24 million in fiscal 2022, down sharply from $32 million the year before, the company revealed in its proxy Tuesday.
Disney came out swinging Tuesday against Trian Partners and owner Nelson Peltz, the activist investor who’s pushing a proxy fight to take a seat on Disney’s board. “The current board is the right board for Disney shareholders,” the company said in a filing today with the SEC. “Nelson Peltz does not understand Disney’s business and lacks the skills and experience to assist the board in delivering shareholder value in a rapidly shifting media ecosystem.”
Jeff Shuter, the motion comics director and producer behind projects for Viacom and MTV whose credits include motion comics for Buffy the Vampire Slayer, Stan Lee’s Time Jumper and an adaptation of Invincible based on the comic book series, died in Chicago on Nov. 10 after suffering a traumatic brain injury.
Investor Nelson Peltz’s broadside against the the Walt Disney Co., and the prospect of rare proxy fight at the media giant, stunned media circles this week — and a flurry of SEC filings over the past few days suggest plenty more fireworks to come.
Brooklyn Beckham's father-in-law Nelson Peltz has made a bid for a seat on the board of Disney after accusing the company of wasting money.
A cause for celebration? Jeff Lewis hit the town with Shannon Storms Beador after the Real Housewives of Orange County star confirmed her split from John Janssen.
Walt Disney has named a new chairman of the board chair and indicated it’s also in for a proxy fight as Nelson Peltz Trianon Group seeks a director’s chair for the activist investor in opposition to the company’s slate.
Disney, newly under Bob Iger’s wing, is taking steps to mollify theme park-goers, some of whom have been at a low boil.
EXCLUSIVE: With demand continuing to surge for sports podcasts, Peyton Manning’s Omaha Productions is backing a new entry hosted by Golden State Warriors President of Basketball Operations and General Manager Bob Myers.
EXCLUSIVE: Lionsgate is also having its employees return to the office for four days a week, Monday-Thursday, with Friday being a work day from home. This is according to sources.
Disney’s newly returned CEO Bob Iger said employees currently working a hybrid schedule will be asked to spend four days a week on-site as of March 1, targeting Monday through Thursday as in-person workdays, saying it’s his “belief that working together more in-person will benefit the Company’s creativity, culture, and our employees’ careers.”
Amazon CEO Andy Jaffy said Wednesday that the company’s recent review will result in the elimination of more than 18,000 jobs, a confirmation came soon after a report earlier in the day in the Wall Street Journal cited the total number of employees impacted by staff reductions that began back in November.
EXCLUSIVE: Gillian Vigman is set as a lead opposite Katelyn Tarver in Open Book, Amazon Freevee’s half-hour scripted pilot, inspired by Jessica Simpson’s bestselling memoir, from Tom Kapinos (Californication), Patrick Moran’s PKM Productions and Amazon Studios.
ABC News will pay tribute to legendary journalist Barbara Walters in two specials over this holiday weekend – Our Barbara: A Special Edition of 20/20 on ABC and The View Honors Barbara Walters on ABC News Live.
Paying respects to a legend. Celebrities mourned the loss of legendary journalist Barbara Walters after her death at the age of 93.
I have sad news to share today. Barbara Walters passed away this evening at her home in New York.