With the unexpected return of Bob Iger last month for a new stint as Disney CEO, the entertainment giant’s veteran chief financial officer Christine McCarthy has emerged as a leading contender to take over the top job.
Disney Stock Falters On Day 2 Of Bob Iger Reboot As Investors Gauge Impact Of CEO Shuffle
23.11.2022 - 01:39 / deadline.com
Disney stock faded more than 1% on the second day of Bob Iger’s return engagement as CEO, reflecting investors’ divergent outlooks on the media giant’s prospects
Shares in the Dow component finished at $96.21, down 1.4% on more than twice the normal trading volume. The downbeat session made Disney one of the few laggards in the media sector during an overall up day for the broader market.
Iger’s stunning return to the company he led as CEO from 2005 and 2020, replacing Bob Chapek after an up-and-down two-and-a-half years has heartened many employees at the company as well as investors. The stock jumped 6% on Monday, though it gave back some of its gains over the course of the trading day.
Bulls and bears have been sifting through the business challenges facing Iger as he retakes the controls.
“The next two years at Disney will be challenging,” Rich Greenfield of Lightshed Partners wrote in a blog post. “Iger is coming back to a vastly different landscape than when he departed in early 2020.”
Among his recommendations for Iger is trying to unload ESPN and ABC because of their dwindling linear subscriber bases in an era of 6% annual cord-cutting. If interest rates or other economic factors stymie a sale, he said, significant cost cuts should be implemented, including staying out of the next round of NBA budding for a rights package starting in 2025.
Eric Jackson, president of a Toronto-based EMJ Capital, told CNBC he doesn’t see any “quick fixes” for Disney under Iger. Leaving aside trading activity during the Chapek era, which was complicated by Covid, he said the company’s stock has been stuck in the $100 range for several years. The culprit, he said, is a potent but declining linear TV asset in ESPN as well as
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