Aaron LeBerge. (Courtesy photo)
Penn Entertainment has hired a former streaming executive away from the Walt Disney Company to serve as its new chief technology officer.
Aaron LeBerge spent more than two decades at Disney, where he most-recently served in the role of President and Chief Technology Officer for Disney Entertainment and ESPN.
At Penn, LeBerge will be responsible for overseeing the technical aspects of the company’s entertainment, casino gambling and sports betting businesses. He starts in the role in early July, subject to certain regulatory approvals, the company said in a statement.
“We are thrilled to have someone of Aaron’s caliber join our Penn executive team,” Jay Snowden, the President and CEO of Penn Entertainment, said on Monday. “Having overseen a global organization of thousands of engineers, product developers, designers, technologists, and data scientists that created some of the largest scale and most successful media properties in the world,...
Penn Entertainment has hired a former streaming executive away from the Walt Disney Company to serve as its new chief technology officer.
Aaron LeBerge spent more than two decades at Disney, where he most-recently served in the role of President and Chief Technology Officer for Disney Entertainment and ESPN.
At Penn, LeBerge will be responsible for overseeing the technical aspects of the company’s entertainment, casino gambling and sports betting businesses. He starts in the role in early July, subject to certain regulatory approvals, the company said in a statement.
“We are thrilled to have someone of Aaron’s caliber join our Penn executive team,” Jay Snowden, the President and CEO of Penn Entertainment, said on Monday. “Having overseen a global organization of thousands of engineers, product developers, designers, technologists, and data scientists that created some of the largest scale and most successful media properties in the world,...
- 4/22/2024
- by Matthew Keys
- The Desk
The Spiderwick Chronicles, based on the fantasy adventure novels by Tony Diterlizzi and Holly Black, premiered on Roku on April 19th, 2024. The extremely successful children’s books has been adapted into a series consisting of 8 episodes and stars Joy Bryant and Christian Slater as the central characters.
A still from The Spiderwick Chronicles (image credit: Roku)
Interestingly, the show was originally picked up by Disney+ before the platform decided to step back reportedly owing to cost-cutting measures and differences of opinion regarding the content. Despite high expectations, the show has unfortunately failed to impress critics who do not seem to have felt the impact of the novels.
Why Did Disney Plus Let Go Of The Spiderwick Chronicles?
Much like the Harry Potter novels, The Spiderwick Chronicles, written by Tony Diterlizzi and Holly Black, have transported children and young adults into a fantasy world of adventure and mystery. The books have...
A still from The Spiderwick Chronicles (image credit: Roku)
Interestingly, the show was originally picked up by Disney+ before the platform decided to step back reportedly owing to cost-cutting measures and differences of opinion regarding the content. Despite high expectations, the show has unfortunately failed to impress critics who do not seem to have felt the impact of the novels.
Why Did Disney Plus Let Go Of The Spiderwick Chronicles?
Much like the Harry Potter novels, The Spiderwick Chronicles, written by Tony Diterlizzi and Holly Black, have transported children and young adults into a fantasy world of adventure and mystery. The books have...
- 4/20/2024
- by Sharanya Sankar
- FandomWire
Disney CEO Bob Iger’s compensation totaled about $31.6 million for the company fiscal year ended Sept. 30. It includes most of the year. Iger returned to lead Disney in November of 2022.
In a preliminary proxy statement filed with the SEC this afternoon, Disney also alerted shareholders to an upcoming annual meeting but didn’t provide the date, which will be forthcoming. The event looks set to be the scene of a nasty proxy battle with two sets of activist investors looking to seat outside directors on the board.
Disney said in the filing, emphasized in separate press release, that it does not endorse the nominations of Nelson Peltz and James Rasulo put forth by Trian Fund Management, led by Peltz and backed by former Disney executive and shareholder Ike Perlmutter. Nor does the company endorse the nominations of Craig Hatkoff, Jessica Schell and Leah Solivan put forth for election as directors by another activist fund,...
In a preliminary proxy statement filed with the SEC this afternoon, Disney also alerted shareholders to an upcoming annual meeting but didn’t provide the date, which will be forthcoming. The event looks set to be the scene of a nasty proxy battle with two sets of activist investors looking to seat outside directors on the board.
Disney said in the filing, emphasized in separate press release, that it does not endorse the nominations of Nelson Peltz and James Rasulo put forth by Trian Fund Management, led by Peltz and backed by former Disney executive and shareholder Ike Perlmutter. Nor does the company endorse the nominations of Craig Hatkoff, Jessica Schell and Leah Solivan put forth for election as directors by another activist fund,...
- 1/16/2024
- by Jill Goldsmith
- Deadline Film + TV
Amid an activist investor fight with Nelson Peltz and his Trian fund, the Bob Iger-led Disney formally rejected nominations that Peltz offered for the board of directors and put forward its own slate.
Disney’s board presented these nominees: Mary T. Barra, Safra A. Catz, Amy L. Chang, D. Jeremy Darroch, Carolyn N. Everson, Michael B.G. Froman, James P. Gorman, Robert A. Iger, Maria Elena Lagomasino, Calvin R. McDonald, Mark G. Parker and Derica W. Rice.
“The nominees reflect Disney’s ongoing commitment to a strong Board focused on the long-term performance of the company, strategic growth initiatives, the succession planning process, and increasing shareholder value,” the company stated.
The nominees came in the company’s preliminary proxy statement, which also had some background on Trian’s board crusade, and revealed executive pay for Iger and other top Disney executives.
Iger’s fiscal 2023 pay was $31.6 million, with former...
Disney’s board presented these nominees: Mary T. Barra, Safra A. Catz, Amy L. Chang, D. Jeremy Darroch, Carolyn N. Everson, Michael B.G. Froman, James P. Gorman, Robert A. Iger, Maria Elena Lagomasino, Calvin R. McDonald, Mark G. Parker and Derica W. Rice.
“The nominees reflect Disney’s ongoing commitment to a strong Board focused on the long-term performance of the company, strategic growth initiatives, the succession planning process, and increasing shareholder value,” the company stated.
The nominees came in the company’s preliminary proxy statement, which also had some background on Trian’s board crusade, and revealed executive pay for Iger and other top Disney executives.
Iger’s fiscal 2023 pay was $31.6 million, with former...
- 1/16/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
New hire starts December 4. Interim CFO Kevin Lansberry returns as CFO of Disney Experiences segment.
Hugh F. Johnston has been named senior EVP and CFO of The Walt Disney Company effective December 4 in the wake of longtime CFO Christine McCarthy’s departure.
Johnston arrives from PepsiCo where he serves as vice chairman and CFO and has held numerous leadership roles at the multinational food and beverage giant over the past 34 years.
Johnston will report directly to Disney CEO Iger and lead the company’s worldwide finance organisation encompassing corporate real estate, strategy and business development, enterprise controllership, enterprise technology, financial planning and analysis,...
Hugh F. Johnston has been named senior EVP and CFO of The Walt Disney Company effective December 4 in the wake of longtime CFO Christine McCarthy’s departure.
Johnston arrives from PepsiCo where he serves as vice chairman and CFO and has held numerous leadership roles at the multinational food and beverage giant over the past 34 years.
Johnston will report directly to Disney CEO Iger and lead the company’s worldwide finance organisation encompassing corporate real estate, strategy and business development, enterprise controllership, enterprise technology, financial planning and analysis,...
- 11/6/2023
- by Jeremy Kay
- ScreenDaily
Disney has recruited Hugh Johnston, a 34-year veteran of PepsiCo, as chief financial officer. He steps into the role left vacant after former CFO Christine McCarthy’s exit from the Mouse House was announced earlier this year.
Johnston assumes the Disney CFO job effective Dec. 4, reporting directly to CEO Bob Iger. Johnston currently is vice chairman and CFO of PepsiCo, where he has held numerous leadership positions with the multinational food and beverage giant — the U.S.’s largest food producer.
As Disney’s CFO, Johnston will lead the company’s worldwide finance organization, which includes corporate real estate, corporate strategy and business development, enterprise controllership, enterprise technology, financial planning and analysis, global product and labor standards, global security, investor relations, risk management, tax and treasury.
Johnston, 62, takes the CFO reins as Disney is the midst of several major financial projects. Those include a multibillion-dollar deal to acquire Comcast’s...
Johnston assumes the Disney CFO job effective Dec. 4, reporting directly to CEO Bob Iger. Johnston currently is vice chairman and CFO of PepsiCo, where he has held numerous leadership positions with the multinational food and beverage giant — the U.S.’s largest food producer.
As Disney’s CFO, Johnston will lead the company’s worldwide finance organization, which includes corporate real estate, corporate strategy and business development, enterprise controllership, enterprise technology, financial planning and analysis, global product and labor standards, global security, investor relations, risk management, tax and treasury.
Johnston, 62, takes the CFO reins as Disney is the midst of several major financial projects. Those include a multibillion-dollar deal to acquire Comcast’s...
- 11/6/2023
- by Todd Spangler
- Variety Film + TV
Disney today named Hugh F. Johnston, PepsiCo’s CFO and vice chairman, as its new chief financial officer, effective Dec. 4. He replaces interim CFO Kevin Lansberry, who will return to his position as EVP and CFO of Disney’s Experiences segment.
Lansberry stepped in on an interim basis after former CFO Christine McCarthy left abruptly earlier this year for family reasons. The appointment is a rare example of Disney tapping an outsider for a key executive position and it fills a key leadership role as Disney faces a number of challenges, financial and strategic.
The company is set to report its latest quarterly earnings on Wednesday.
The shares, which have fallen sharply this year, ticked up slightly in early trading but are off a bit late morning, at about $85 (vs $118 at their 52-week high). That’s prompted activist investor and Disney shareholder Nelson Peltz of Trianon Partner to make another...
Lansberry stepped in on an interim basis after former CFO Christine McCarthy left abruptly earlier this year for family reasons. The appointment is a rare example of Disney tapping an outsider for a key executive position and it fills a key leadership role as Disney faces a number of challenges, financial and strategic.
The company is set to report its latest quarterly earnings on Wednesday.
The shares, which have fallen sharply this year, ticked up slightly in early trading but are off a bit late morning, at about $85 (vs $118 at their 52-week high). That’s prompted activist investor and Disney shareholder Nelson Peltz of Trianon Partner to make another...
- 11/6/2023
- by Jill Goldsmith
- Deadline Film + TV
The Walt Disney Co. has found its next CFO.
The entertainment giant has named Hugh Johnston as its senior executive vp and CFO, the top financial role in the company and a critical deputy to CEO Bob Iger.
Johnston, currently the vice chairman and CFO of food and beverage giant PepsiCo, effectively succeeds Christine McCarthy, who stepped down earlier this year. He starts Dec. 4 and will relocate from New York to California.
Kevin Lansberry had been serving as interim CFO after McCarthy’s departure, and will return to his previous role as CFO of Disney’s parks, products and experiences division.
Johnston first joined PepsiCo in 1987 and has served in a variety of roles since, including executive vp of operations, president of PepsiCo’s North American division, and senior vp of transformation.
Johnston joins Disney at a pivotal moment for the company, as it seeks to undergo a radical transformation under Iger.
The entertainment giant has named Hugh Johnston as its senior executive vp and CFO, the top financial role in the company and a critical deputy to CEO Bob Iger.
Johnston, currently the vice chairman and CFO of food and beverage giant PepsiCo, effectively succeeds Christine McCarthy, who stepped down earlier this year. He starts Dec. 4 and will relocate from New York to California.
Kevin Lansberry had been serving as interim CFO after McCarthy’s departure, and will return to his previous role as CFO of Disney’s parks, products and experiences division.
Johnston first joined PepsiCo in 1987 and has served in a variety of roles since, including executive vp of operations, president of PepsiCo’s North American division, and senior vp of transformation.
Johnston joins Disney at a pivotal moment for the company, as it seeks to undergo a radical transformation under Iger.
- 11/6/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
Hugh Johnston will serve as senior executive vice president and chief financial officer for the Walt Disney Company, CEO Bob Iger announced Monday. Johnston comes from PepsiCo where he most recently served as vice chairman and CFO as part of a 34 year career with the beverage company.
Johnston replaces Christine McCarthy, who stepped down as Disney’s CFO in June to take family medical leave. She had been with the company for 23 years.
As Disney’s chief financial officer, Johnston will report directly to Iger and will lead the company’s worldwide finance organization, which includes corporate real estate, corporate strategy and business development, enterprise controllership, enterprise technology, financial planning and analysis, global product and labor standards, global security, investor relations, risk management, tax, and treasury.
“Hugh’s well-earned reputation as one of the best CFOs in America and his wealth of leadership experience in both financial and operational roles...
Johnston replaces Christine McCarthy, who stepped down as Disney’s CFO in June to take family medical leave. She had been with the company for 23 years.
As Disney’s chief financial officer, Johnston will report directly to Iger and will lead the company’s worldwide finance organization, which includes corporate real estate, corporate strategy and business development, enterprise controllership, enterprise technology, financial planning and analysis, global product and labor standards, global security, investor relations, risk management, tax, and treasury.
“Hugh’s well-earned reputation as one of the best CFOs in America and his wealth of leadership experience in both financial and operational roles...
- 11/6/2023
- by Adam Chitwood
- The Wrap
Warwick Davis is the face of the “Willow” franchise, which kicked off in 1988 with Ron Howard’s fantasy film and continued with the short-lived Disney+ sequel series in 2022. Disney canceled the television series after only one eight-episode season, and then it pulled the show off of Disney+ entirely for cost-cutting measures. Davis is now calling out Disney on X (formerly Twitter), asking the studio in a recent post to answer the many fans wondering why they can no longer watch the show via streaming.
“I meet lovely people on a daily basis who are fans of ‘Willow,’ who are the reason the Disney+ series was made,” Davis posted. “Please tell me [Walt Disney Company], what do I say to these subscribers when they ask why they can’t watch the series any more? #embarrassing.”
“Willow” was one of nearly 50 titles that Disney+ pulled from its streaming library in May. Other...
“I meet lovely people on a daily basis who are fans of ‘Willow,’ who are the reason the Disney+ series was made,” Davis posted. “Please tell me [Walt Disney Company], what do I say to these subscribers when they ask why they can’t watch the series any more? #embarrassing.”
“Willow” was one of nearly 50 titles that Disney+ pulled from its streaming library in May. Other...
- 10/16/2023
- by Zack Sharf
- Variety Film + TV
Diane Jurgens has left The Walt Disney Company after three years in the role of chief information officer, TheWrap has learned. This departure makes her the second C-level executive to vacate the studio in just under three months. Christine McCarthy, previously the chief financial officer, left in June to take a medical absence.
According to the Wall Street Journal, which first reported the news, Jurgens told colleagues in a farewell email in late August that she was leaving Disney “to pursue new adventures.”
Jurgens joined Disney in October 2020 under then-ceo Bob Chapek. She was responsible for the company’s enterprise technology organization on a global scale. Iger returned as CEO in November of last year, essentially ousting his own hand-picked successor. Kareem Daniel, a top Chapek-era executive, left the very next day. Daniel’s division, Disney Media and Entertainment Distribution, has since been dismantled with more oversight and authority being given back to creative executives.
According to the Wall Street Journal, which first reported the news, Jurgens told colleagues in a farewell email in late August that she was leaving Disney “to pursue new adventures.”
Jurgens joined Disney in October 2020 under then-ceo Bob Chapek. She was responsible for the company’s enterprise technology organization on a global scale. Iger returned as CEO in November of last year, essentially ousting his own hand-picked successor. Kareem Daniel, a top Chapek-era executive, left the very next day. Daniel’s division, Disney Media and Entertainment Distribution, has since been dismantled with more oversight and authority being given back to creative executives.
- 9/15/2023
- by Scott Mendelson
- The Wrap
The writers and actors strikes are good for business? Fake news, says the guilds. Well, technically, the WGA called that point-of-view “calculated disinformation.” Of course, they’re also the union back at the bargaining table with the studios of the Alliance of Motion Picture and Television Producers (AMPTP).
Truth is, the companies are saving money, but only in the short term. With no productions comes no production costs — the free cash flow is truly free-cash flowing. It’s been a temporary reprieve for both the strapped streamers who now realize their business isn’t bulletproof and for the legacy media companies reliant on the dying linear-television medium. But that’s the whole thing; it’s temporary.
Still, the town’s chief financial officers are making hay while the sun shines and the studio lights do not. Better-than-expected results in the June quarter have given way to improved forecasts for the September one.
Truth is, the companies are saving money, but only in the short term. With no productions comes no production costs — the free cash flow is truly free-cash flowing. It’s been a temporary reprieve for both the strapped streamers who now realize their business isn’t bulletproof and for the legacy media companies reliant on the dying linear-television medium. But that’s the whole thing; it’s temporary.
Still, the town’s chief financial officers are making hay while the sun shines and the studio lights do not. Better-than-expected results in the June quarter have given way to improved forecasts for the September one.
- 8/15/2023
- by Brian Welk and Tony Maglio
- Indiewire
The impact of Bob Iger’s restructuring of The Walt Disney Co. is apparent in the company’s latest quarterly earnings report.
The Disney CEO says that the company is now set to exceed its initial goal of $5.5 billion in cost savings. The company reduced its workforce by about 7,000 jobs, with much of the cuts happening last quarter (Disney reported $210 million in severance costs).
“In the eight months since my return, these important changes are creating a more cost effective, coordinated, and streamlined approach to our operations that has put us on track to exceed our initial goal of $5.5 billion in savings as well as improved our direct-to-consumer operating income by roughly $1 billion in just three quarters,” Iger said in a statement. “While there is still more to do, I’m incredibly confident in Disney’s long-term trajectory because of the work we’ve done, the team we now have in place,...
The Disney CEO says that the company is now set to exceed its initial goal of $5.5 billion in cost savings. The company reduced its workforce by about 7,000 jobs, with much of the cuts happening last quarter (Disney reported $210 million in severance costs).
“In the eight months since my return, these important changes are creating a more cost effective, coordinated, and streamlined approach to our operations that has put us on track to exceed our initial goal of $5.5 billion in savings as well as improved our direct-to-consumer operating income by roughly $1 billion in just three quarters,” Iger said in a statement. “While there is still more to do, I’m incredibly confident in Disney’s long-term trajectory because of the work we’ve done, the team we now have in place,...
- 8/9/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
Disney saw direct-to-consumer losses shrink and adjusted Eps top estimates for the three months ended in June as CEO Bob Iger said the company’s on track to exceed $5.5 billion in anticipated cost savings.
Total revenue of $22.3 billion (down 2%) was shy of forecasts. Linear television was softer — a trend Iger called out in a controversial CNBC interview last month. A jump in Parks & Experiences, about a third of Disney’s sales, was driven by international parks and cruise lines. Domestic parks saw profit fall with lower attendance at Walt Disney World.
There was a big $2.44 billion content impairment charge related to removing content from its Dtc service and terminating third-party licensing agreements, plus another $210 million hit from severance. A broad restructuring Iger launched after returning to Disney’s helm last fall eliminated 7,000 jobs.
The company swung to a net loss of $490 million for its fiscal fourth quarter from a $4.1 billion profit the year before.
Total revenue of $22.3 billion (down 2%) was shy of forecasts. Linear television was softer — a trend Iger called out in a controversial CNBC interview last month. A jump in Parks & Experiences, about a third of Disney’s sales, was driven by international parks and cruise lines. Domestic parks saw profit fall with lower attendance at Walt Disney World.
There was a big $2.44 billion content impairment charge related to removing content from its Dtc service and terminating third-party licensing agreements, plus another $210 million hit from severance. A broad restructuring Iger launched after returning to Disney’s helm last fall eliminated 7,000 jobs.
The company swung to a net loss of $490 million for its fiscal fourth quarter from a $4.1 billion profit the year before.
- 8/9/2023
- by Jill Goldsmith
- Deadline Film + TV
A few weeks before Bob Iger sat down for that CNBC interview in which he said Disney’s linear TV networks, like ABC and FX, “may not be core” to the company’s business, a veteran Hollywood executive mused to The Hollywood Reporter on the possibility of a deal that would rock the industry: Apple buying Disney. It’s an idea that keeps being discussed, even though many top executives have scoffed at it and many still do. Apple doesn’t want to buy a studio, they say, and there’s no way the feds would allow a huge deal like that to go through.
But this observer wasn’t so quick to rule it out. “I don’t think [Apple] would buy the company as it presently exists,” he said. “But if you see Bob start to divest things … that feels like he’s prepping for a sale. And there...
But this observer wasn’t so quick to rule it out. “I don’t think [Apple] would buy the company as it presently exists,” he said. “But if you see Bob start to divest things … that feels like he’s prepping for a sale. And there...
- 8/9/2023
- by Kim Masters and Alex Weprin
- The Hollywood Reporter - Movie News
Bob Iger bought himself time by extending his contract through 2026. But the Disney CEO still has a lot to juggle when he addresses Wall Street on Wednesday.
Normally a punctilious diplomat, Iger sent a shockwave through his company and the industry when he all but put Disney’s broadcast and cable networks up for sale by telling CNBC they “may not be core.” He’s on the hunt for strategic partners to take ESPN fully direct-to-consumer. And there’s still the Hulu deal he has to clinch with Comcast.
It all adds up to a heady moment and a heavy burden for the two-time CEO. On his first stint, he reshaped Disney by adding to it with acquisitions: Pixar, Marvel, Lucasfilm, Fox. Now he may have to subtract. The hard choices may end up being which ball to drop.
Challenges abound outside of these strategic dilemmas. Investors have raised concerns...
Normally a punctilious diplomat, Iger sent a shockwave through his company and the industry when he all but put Disney’s broadcast and cable networks up for sale by telling CNBC they “may not be core.” He’s on the hunt for strategic partners to take ESPN fully direct-to-consumer. And there’s still the Hulu deal he has to clinch with Comcast.
It all adds up to a heady moment and a heavy burden for the two-time CEO. On his first stint, he reshaped Disney by adding to it with acquisitions: Pixar, Marvel, Lucasfilm, Fox. Now he may have to subtract. The hard choices may end up being which ball to drop.
Challenges abound outside of these strategic dilemmas. Investors have raised concerns...
- 8/8/2023
- by Lucas Manfredi
- The Wrap
S&P today affirmed its A- investment grade credit rating for Disney after CEO Bob Iger, in a recent interview with CNBC, injected a big dose of uncertainty into what the company may look like going forward.
Iger said he and the board are considering a number of strategic options for ESPN and linear television, “Some of these options could change Disney’s business mix over the longer term.” the the giant ratings agency said in a note Tuesday. Iger recently brought on former top Disney executives Tom Staggs and Kevin Mayer to consult on options for ESPN. The two are founders and co-CEOs of Candle Media.
S&P also affirmed its “positive” outlook, anticipating the media giant will continue to reduce leverage this year and next. “The outlook is positive, reflecting our expectations that leverage could decline…depending on how the Hulu put-call is resolved and how its direct-to-consumer (Dtc) segment performs.
Iger said he and the board are considering a number of strategic options for ESPN and linear television, “Some of these options could change Disney’s business mix over the longer term.” the the giant ratings agency said in a note Tuesday. Iger recently brought on former top Disney executives Tom Staggs and Kevin Mayer to consult on options for ESPN. The two are founders and co-CEOs of Candle Media.
S&P also affirmed its “positive” outlook, anticipating the media giant will continue to reduce leverage this year and next. “The outlook is positive, reflecting our expectations that leverage could decline…depending on how the Hulu put-call is resolved and how its direct-to-consumer (Dtc) segment performs.
- 8/1/2023
- by Jill Goldsmith
- Deadline Film + TV
Bob Iger, with pressure mounting on multiple fronts, has turned to former top Disney executives Tom Staggs and Kevin Mayer, hiring them as consultants to the media giant as it defines its strategy.
The two will take a hard look at ESPN, said a person familiar with the situation. Given their years of experience both in and outside of Disney, it seems likely they’d weigh in across other areas of the company, as well.
The two are now co-CEOs of Candle Media, a company they founded in 2021 with backing from the Blackstone Group.
A Candle spokesperson declined comment. A Disney rep wasn’t immediately available.
The news comes after Iger dropped a bombshell interview with CNBC where, among other things, he said linear television “may not be core” to Disney’s business. Speaking on the sidelines of the Sun Valley conference, he told the network that Disney is looking...
The two will take a hard look at ESPN, said a person familiar with the situation. Given their years of experience both in and outside of Disney, it seems likely they’d weigh in across other areas of the company, as well.
The two are now co-CEOs of Candle Media, a company they founded in 2021 with backing from the Blackstone Group.
A Candle spokesperson declined comment. A Disney rep wasn’t immediately available.
The news comes after Iger dropped a bombshell interview with CNBC where, among other things, he said linear television “may not be core” to Disney’s business. Speaking on the sidelines of the Sun Valley conference, he told the network that Disney is looking...
- 7/31/2023
- by Jill Goldsmith
- Deadline Film + TV
Disney’s disclosure on Wednesday that CEO Bob Iger has signed a contract extension that will keep him at the helm of the Hollywood giant through 2026 didn’t shock Wall Street. But analysts reacted to and analyzed the unanimous board decision and its implications for the company’s transition plan, which, to Disney, “remains a priority for the board.”
The tenor of most finance experts: investors will welcome stability and a venerable CEO in charge at a time of much industry change and many challenges, but Iger and his team will have more work to do to clarify the giant’s future path, including possible acquisitions and divestitures.
MoffettNathanson analyst Michael Nathanson, who has an “outperform” rating on Disney, noted in a Thursday report that, “While the challenges are clear for the company, we do not think investors are giving Disney and Iger credit to solve its massively underperforming linear and [direct-to-consumer] profitability.
The tenor of most finance experts: investors will welcome stability and a venerable CEO in charge at a time of much industry change and many challenges, but Iger and his team will have more work to do to clarify the giant’s future path, including possible acquisitions and divestitures.
MoffettNathanson analyst Michael Nathanson, who has an “outperform” rating on Disney, noted in a Thursday report that, “While the challenges are clear for the company, we do not think investors are giving Disney and Iger credit to solve its massively underperforming linear and [direct-to-consumer] profitability.
- 7/13/2023
- by Georg Szalai
- The Hollywood Reporter - Movie News
Move comes amid course-correction as company faces financial headwinds.
Disney has extended CEO Bob Iger’s contract by two years ending December 21 2026 to ensure “continuity of leadership during the Company’s ongoing transformation”.
While many in Hollywood had expected Iger to extend his tenure – as happened before when he was CEO from 2005-2020 – the move also indicates the board is not confident there are battle-ready successors on the near horizon.
The announcement comes seven months after Iger’s shock return and the ouster of Bob Chapek. Since then Iger has restructured Disney and implemented a plan to lay off 7,000 staffer...
Disney has extended CEO Bob Iger’s contract by two years ending December 21 2026 to ensure “continuity of leadership during the Company’s ongoing transformation”.
While many in Hollywood had expected Iger to extend his tenure – as happened before when he was CEO from 2005-2020 – the move also indicates the board is not confident there are battle-ready successors on the near horizon.
The announcement comes seven months after Iger’s shock return and the ouster of Bob Chapek. Since then Iger has restructured Disney and implemented a plan to lay off 7,000 staffer...
- 7/12/2023
- by Jeremy Kay
- ScreenDaily
Bob Iger will not be handing Disney over to a successor next year after all.
Originally back as Mouse House CEO for just two years, Iger’s contract has now been extended another two years through the end of 2026, the company announced today.
“Time and again, Bob has shown an unparalleled ability to successfully transform Disney to drive future growth and financial returns, earning him a reputation as one of the world’s best CEOs,” said Disney Board chair Mark G. Parker today of the decision to keep the past-and-present CEO on longer. “Bob has once again set Disney on the right strategic path for ongoing value creation, and to ensure the successful completion of this transformation while also allowing ample time to position a new CEO for long-term success, the board determined it is in the best interest of shareholders to extend his tenure.”
Having departed Disney at the...
Originally back as Mouse House CEO for just two years, Iger’s contract has now been extended another two years through the end of 2026, the company announced today.
“Time and again, Bob has shown an unparalleled ability to successfully transform Disney to drive future growth and financial returns, earning him a reputation as one of the world’s best CEOs,” said Disney Board chair Mark G. Parker today of the decision to keep the past-and-present CEO on longer. “Bob has once again set Disney on the right strategic path for ongoing value creation, and to ensure the successful completion of this transformation while also allowing ample time to position a new CEO for long-term success, the board determined it is in the best interest of shareholders to extend his tenure.”
Having departed Disney at the...
- 7/12/2023
- by Dominic Patten
- Deadline Film + TV
The Bob Iger era at Disney will continue beyond its scheduled end date.
The Walt Disney Co. says that the venerable CEO has signed a contract extension, one that will keep him at the helm of the media and entertainment giant through 2026. The decision by the board was unanimous, and cited the need to transform the company and to execute a transition plan, “which remains a priority for the board,” the company said.
“Time and again, Bob has shown an unparalleled ability to successfully transform Disney to drive future growth and financial returns, earning him a reputation as one of the world’s best CEOs,” said Mark Parker, chairman of The Walt Disney Company. “Bob has once again set Disney on the right strategic path for ongoing value creation, and to ensure the successful completion of this transformation while also allowing ample time to position a new CEO for long-term success,...
The Walt Disney Co. says that the venerable CEO has signed a contract extension, one that will keep him at the helm of the media and entertainment giant through 2026. The decision by the board was unanimous, and cited the need to transform the company and to execute a transition plan, “which remains a priority for the board,” the company said.
“Time and again, Bob has shown an unparalleled ability to successfully transform Disney to drive future growth and financial returns, earning him a reputation as one of the world’s best CEOs,” said Mark Parker, chairman of The Walt Disney Company. “Bob has once again set Disney on the right strategic path for ongoing value creation, and to ensure the successful completion of this transformation while also allowing ample time to position a new CEO for long-term success,...
- 7/12/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
Following the cancellations of ABC’s “Alaska Daily” and “The Company You Keep” in May, both series are being pulled off Hulu as part of Disney’s ongoing review and removal of content in an effort to cut costs.
The shows, which were initially set to remain on the streamer until September, will now be removed next month. However, they will still be available through iTunes and Amazon.
Other impacted shows include the Rashida Jones comedy “Angie Tribeca,” NBC’s “Blindspot,” Samantha Bee and Jason Jones’ “The Detour” and TNT’s “The Last Ship,” which will be removed on July 1.
Also Read:
Disney+ and Hulu Content Purge Underway as ‘Willow,’ ‘Dollface’ and More to Be Removed
The latest wave of titles follows the removal of Disney+’s “Willow” and “Big Shot” and Hulu’s “Dollface” and “Y: The Last Man,” which were removed on May 26.
Other departing Disney+ titles include “The Mysterious Benedict Society,...
The shows, which were initially set to remain on the streamer until September, will now be removed next month. However, they will still be available through iTunes and Amazon.
Other impacted shows include the Rashida Jones comedy “Angie Tribeca,” NBC’s “Blindspot,” Samantha Bee and Jason Jones’ “The Detour” and TNT’s “The Last Ship,” which will be removed on July 1.
Also Read:
Disney+ and Hulu Content Purge Underway as ‘Willow,’ ‘Dollface’ and More to Be Removed
The latest wave of titles follows the removal of Disney+’s “Willow” and “Big Shot” and Hulu’s “Dollface” and “Y: The Last Man,” which were removed on May 26.
Other departing Disney+ titles include “The Mysterious Benedict Society,...
- 6/28/2023
- by Lucas Manfredi
- The Wrap
Exclusive: Hulu is joining the latest round of programming purges.
The streamer is pulling off a number of additional series from its service as part of Disney’s wider plan to cut streaming costs.
The company revealed last month in an SEC filing that it would take $1.5B-$1.8B in write-downs associated with removing streaming programming from its platforms and expects to remove from more its direct-to-consumer platforms in the third quarter with another $400M in impairment charges.
Deadline now can reveal some of those titles.
They include Alaska Daily and The Company You Keep, which were both canceled at ABC after one season. Both shows would normally have stayed on the service until September, or later if Hulu had struck a longer deal, but are to be removed earlier next month.
Deadline understands that, going forward, ABC series canceled after one season, as well as specials, likely will fall under a similar strategy.
The streamer is pulling off a number of additional series from its service as part of Disney’s wider plan to cut streaming costs.
The company revealed last month in an SEC filing that it would take $1.5B-$1.8B in write-downs associated with removing streaming programming from its platforms and expects to remove from more its direct-to-consumer platforms in the third quarter with another $400M in impairment charges.
Deadline now can reveal some of those titles.
They include Alaska Daily and The Company You Keep, which were both canceled at ABC after one season. Both shows would normally have stayed on the service until September, or later if Hulu had struck a longer deal, but are to be removed earlier next month.
Deadline understands that, going forward, ABC series canceled after one season, as well as specials, likely will fall under a similar strategy.
- 6/28/2023
- by Peter White
- Deadline Film + TV
The nation’s biggest media chiefs have for months asked investors to be patient. Wait until the back half of 2023, they’ve said, when ad money will start to flow once again.
Now companies like Paramount Global, Comcast, Disney, Fox and Warner Bros. Discovery need to play a waiting game of their own.
Ad budgets are expected to be down in the industry’s “upfront” market, when U.S. media companies try to sew up deals for the bulk of their advertising inventory ahead of the fall launch of their next programming cycle. Big marketers are not only uncertain about what new content will be available come autumn – a writers’ strike has squelched production of everything from late-night programs to scripted comedies and dramas – but what they should expect from the economy over the next few months.
“The overall entertainment advertising marketplace has been challenging,” said Christine McCarthy, the Disney...
Now companies like Paramount Global, Comcast, Disney, Fox and Warner Bros. Discovery need to play a waiting game of their own.
Ad budgets are expected to be down in the industry’s “upfront” market, when U.S. media companies try to sew up deals for the bulk of their advertising inventory ahead of the fall launch of their next programming cycle. Big marketers are not only uncertain about what new content will be available come autumn – a writers’ strike has squelched production of everything from late-night programs to scripted comedies and dramas – but what they should expect from the economy over the next few months.
“The overall entertainment advertising marketplace has been challenging,” said Christine McCarthy, the Disney...
- 6/27/2023
- by Brian Steinberg
- Variety Film + TV
Disney’s chief diversity officer is leaving the entertainment conglomerate after a six-year run.
Latondra Newton, who joined the Burbank-based studio in Feb. 2017 after leading Toyota’s inclusion efforts, is leaving Disney “to pursue other endeavors,” wrote chief human resources officer Sonia Coleman in a memo on Tuesday.
Newton is said to be joining another corporate board as she steps away from Disney. A search for a new chief of diversity, inclusion and equity efforts is set to begin.
The executive’s tenure at Disney ran concurrent to Hollywood’s increasing (and halting) efforts to amplify representation in the industry onscreen and off. Newton presided over Disney’s Dei initiatives in coordination with executives throughout the company. After the murder of George Floyd in May 2020, the exec was one of three names — along with then-ceo Bob Chapek and Bob Iger — signing a letter to employees titled “Resolve in a Time...
Latondra Newton, who joined the Burbank-based studio in Feb. 2017 after leading Toyota’s inclusion efforts, is leaving Disney “to pursue other endeavors,” wrote chief human resources officer Sonia Coleman in a memo on Tuesday.
Newton is said to be joining another corporate board as she steps away from Disney. A search for a new chief of diversity, inclusion and equity efforts is set to begin.
The executive’s tenure at Disney ran concurrent to Hollywood’s increasing (and halting) efforts to amplify representation in the industry onscreen and off. Newton presided over Disney’s Dei initiatives in coordination with executives throughout the company. After the murder of George Floyd in May 2020, the exec was one of three names — along with then-ceo Bob Chapek and Bob Iger — signing a letter to employees titled “Resolve in a Time...
- 6/21/2023
- by Erik Hayden
- The Hollywood Reporter - Movie News
Disney’s chief diversity officer and senior vice president Latondra Newton is exiting her role after more than six years, according to an internal memo obtained by Variety.
An individual with knowledge of the situation says that Newton will be joining the corporate board of another company soon, and plans to devote more time to her self-owned creative company.
In her role as head of Dei operations at Disney, Newton was charged with overseeing the company’s “commitment to produce entertainment that reflects a global audience and sustains a welcoming and inclusive workplace for everyone.”
Upon her departure, Newton’s direct reports will report to Julie Merges on an interim basis until a new chief diversity officer is named. Shelby Curry and the Dei internal communications team will continue to report to internal communications and engagement exec Carrie Brown.
Previously, Newton served as group vice president of social innovation and...
An individual with knowledge of the situation says that Newton will be joining the corporate board of another company soon, and plans to devote more time to her self-owned creative company.
In her role as head of Dei operations at Disney, Newton was charged with overseeing the company’s “commitment to produce entertainment that reflects a global audience and sustains a welcoming and inclusive workplace for everyone.”
Upon her departure, Newton’s direct reports will report to Julie Merges on an interim basis until a new chief diversity officer is named. Shelby Curry and the Dei internal communications team will continue to report to internal communications and engagement exec Carrie Brown.
Previously, Newton served as group vice president of social innovation and...
- 6/21/2023
- by Jennifer Maas
- Variety Film + TV
The sudden departure of Disney chief financial officer Christine McCarthy from her role citing family medical leave poses complications for both filling that role permanently and succession plans to install a new CEO to replace Bob Iger, according to Wall Street analysts and industry experts.
McCarthy’s exit creates a domino effect that not only prolongs the search for her replacement until Iger is able to choose a successor but may push the chief executive to extend his contract beyond its initial two years in order to ensure the company is stable.
“It slows everything in the near-term because they have to do a search for the new CFO which has to include external parties,” Laura Martin, senior entertainment and internet analyst at Needham & Company told TheWrap. “So a lot of times to replace a CFO of this caliber, it takes a year.”
Also Read:
Disney CFO Christine McCarthy’s...
McCarthy’s exit creates a domino effect that not only prolongs the search for her replacement until Iger is able to choose a successor but may push the chief executive to extend his contract beyond its initial two years in order to ensure the company is stable.
“It slows everything in the near-term because they have to do a search for the new CFO which has to include external parties,” Laura Martin, senior entertainment and internet analyst at Needham & Company told TheWrap. “So a lot of times to replace a CFO of this caliber, it takes a year.”
Also Read:
Disney CFO Christine McCarthy’s...
- 6/19/2023
- by Lucas Manfredi
- The Wrap
At the Walt Disney Co., the CFO job has long been intertwined with rumors of succession.
In an earlier era, Tom Staggs had been Disney’s CFO, before moving to oversee its parks business and then to the COO position, where he was widely seen as a possible successor to Bob Iger.
Jay Rasulo, who succeeded Staggs as CFO, stepped down from the role after Staggs’ promotion to COO, as the Iger deputies grappled over who would become second-in-command to Iger, the entertainment industry’s honorary captain.
Neither of those executives are still with Disney. And yet nearly a decade later, Iger is still in charge in his second tour as CEO, and the CFO role is once again throwing a wrench in Disney’s succession drama.
Christine McCarthy, who was named Disney’s CFO in 2015 following Rasulo’s resignation, said on June 15 that she would take a family medical leave of absence,...
In an earlier era, Tom Staggs had been Disney’s CFO, before moving to oversee its parks business and then to the COO position, where he was widely seen as a possible successor to Bob Iger.
Jay Rasulo, who succeeded Staggs as CFO, stepped down from the role after Staggs’ promotion to COO, as the Iger deputies grappled over who would become second-in-command to Iger, the entertainment industry’s honorary captain.
Neither of those executives are still with Disney. And yet nearly a decade later, Iger is still in charge in his second tour as CEO, and the CFO role is once again throwing a wrench in Disney’s succession drama.
Christine McCarthy, who was named Disney’s CFO in 2015 following Rasulo’s resignation, said on June 15 that she would take a family medical leave of absence,...
- 6/19/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
“Elemental,” an opposites-attract love story set in a world of, well, elements, began its domestic box office jaunt with $2.4 million in Thursday previews. With merely decent reviews (75% fresh and 6.5/10 on Rotten Tomatoes) and little being sold beyond “Hey, it’s the next Pixar film!”), the Peter Sohn-directed flick could struggle to match the $29 million Fri-Sun debut (amid a $39 million Wed-Sun launch) of “Toy Story” back in 1995, let alone the over/under $39 million Fri-Sun debuts of “The Good Dinosaur” in 2015 and “Onward” (which opened a week before Covid shut down the world) in 2020.
Just running the numbers, if “Elemental” legs over the weekend like “Lightyear” ($51 million from a $5.2 million Thursday), it’ll open with just $23.5 million by Sunday night. Being more optimistic, however unlikely, if “Elemental” legs like “Cars 3” ($53 million/$2.6 million), well, then it opens with $49 million and you can ignore the next few paragraphs of doom-n-gloom.
Elemental trailer
Generally speaking,...
Just running the numbers, if “Elemental” legs over the weekend like “Lightyear” ($51 million from a $5.2 million Thursday), it’ll open with just $23.5 million by Sunday night. Being more optimistic, however unlikely, if “Elemental” legs like “Cars 3” ($53 million/$2.6 million), well, then it opens with $49 million and you can ignore the next few paragraphs of doom-n-gloom.
Elemental trailer
Generally speaking,...
- 6/16/2023
- by Scott Mendelson
- The Wrap
Christine McCarthy’s abrupt departure from her post as Disney’s chief financial officer was attributed to a family medical leave, but insiders say there’s more to her exit than her husband’s poor health, The Wall Street Journal reported Friday.
While McCarthy’s husband has been in a healthcare facility since early this year, a person familiar with her situation told the Journal there have been no dramatic changes recently that would drive her to step down. But there were signs of strife coming from the CFO’s office before the House of Mouse announced Thursday that she’d be leaving that were perhaps buried in the glowing comments that accompanied the announcement of her depature.
“Christine McCarthy is one of the most admired financial executives in America, and her impact on The Walt Disney Company during 23 years of dedicated service cannot be overstated,” CEO Bob Iger said in a statement Thursday.
While McCarthy’s husband has been in a healthcare facility since early this year, a person familiar with her situation told the Journal there have been no dramatic changes recently that would drive her to step down. But there were signs of strife coming from the CFO’s office before the House of Mouse announced Thursday that she’d be leaving that were perhaps buried in the glowing comments that accompanied the announcement of her depature.
“Christine McCarthy is one of the most admired financial executives in America, and her impact on The Walt Disney Company during 23 years of dedicated service cannot be overstated,” CEO Bob Iger said in a statement Thursday.
- 6/16/2023
- by Eileen AJ Connelly
- The Wrap
Earnings calls, those ritualized quarterly opportunities for public companies to convey the state of their financial affairs to Wall Street analysts and investors at large, are two-handed affairs for the Walt Disney Co.
Unlike other media companies, which stack their calls with three or more execs weighing in on various aspects of the business, Disney’s have featured only the CEO and the CFO for more than a decade. That focused approach has helped enlarge the profile of Christine McCarthy, who was promoted to CFO in 2015. The well-respected finance exec has articulated the strategy behind the company’s many strategic moves, including massive M&a bets, preparations for the launch of Disney+, dramatic adjustments during Covid and, most recently, sizable cost cuts and layoffs as well as the removal of streaming programming from Disney+ and Hulu.
In August, when Disney next reports earnings, the duo act will see its first change in many years,...
Unlike other media companies, which stack their calls with three or more execs weighing in on various aspects of the business, Disney’s have featured only the CEO and the CFO for more than a decade. That focused approach has helped enlarge the profile of Christine McCarthy, who was promoted to CFO in 2015. The well-respected finance exec has articulated the strategy behind the company’s many strategic moves, including massive M&a bets, preparations for the launch of Disney+, dramatic adjustments during Covid and, most recently, sizable cost cuts and layoffs as well as the removal of streaming programming from Disney+ and Hulu.
In August, when Disney next reports earnings, the duo act will see its first change in many years,...
- 6/16/2023
- by Dade Hayes
- Deadline Film + TV
Cineworld CEO Mooky Greidinger and his brother Israel will receive most of the money.
Cineworld CEO Mooky Greidinger and his management team have secured a combined payout approaching $35m from the exhibitor’s lenders and will depart after the company emerges from Chapter 11 proceedings next month, The Financial Times reported today.
Cineworld’s creditors are planning to install a new management team when they take control of the company when the bankruptcy process completes in July, according to the Ft.
The paper said that the lenders have committed to pay Greidinger, his brother and deputy CEO Israel Greidinger, finance head...
Cineworld CEO Mooky Greidinger and his management team have secured a combined payout approaching $35m from the exhibitor’s lenders and will depart after the company emerges from Chapter 11 proceedings next month, The Financial Times reported today.
Cineworld’s creditors are planning to install a new management team when they take control of the company when the bankruptcy process completes in July, according to the Ft.
The paper said that the lenders have committed to pay Greidinger, his brother and deputy CEO Israel Greidinger, finance head...
- 6/16/2023
- by Tim Dams
- ScreenDaily
Kevin Lansberry to serve as interim CFO.
Disney senior EVP and CFO Christine M. McCarthy is stepping down to take a family medical leave of absence as Disney’s and company veteran Kevin Lansberry will serve as interim CFO.
McCarthy will continue to serve as a strategic advisor to assist with the search for a long-term successor.
Disney CEO Bob Iger said, “Christine McCarthy is one of the most admired financial executives in America, and her impact on The Walt Disney Company during 23 years of dedicated service cannot be overstated.
McCarthy joined Disney in 2000 as treasurer and became CFO in 2015. Prior to joining Disney,...
Disney senior EVP and CFO Christine M. McCarthy is stepping down to take a family medical leave of absence as Disney’s and company veteran Kevin Lansberry will serve as interim CFO.
McCarthy will continue to serve as a strategic advisor to assist with the search for a long-term successor.
Disney CEO Bob Iger said, “Christine McCarthy is one of the most admired financial executives in America, and her impact on The Walt Disney Company during 23 years of dedicated service cannot be overstated.
McCarthy joined Disney in 2000 as treasurer and became CFO in 2015. Prior to joining Disney,...
- 6/15/2023
- by Jeremy Kay
- ScreenDaily
Christine McCarthy, a significant figure in Disney’s senior management team in recent years, is stepping down and taking a medical leave of absence from the company.
Veteran Disney executive Kevin Lansberry, EVP and CFO of Disney Parks, Experiences and Products, will serve as the company’s Interim CFO, effective July 1, CEO Bob Iger announced. McCarthy will continue as a strategic advisor to the company during her leave and will assist with the process of identifying and onboarding a long-term successor to ensure a smooth and successful transition.
The change in the executive suite comes as Disney is completing a significant round of cutbacks, with 7,000 employees being laid off as the company pursues a goal of $5.5 billion in cost savings. McCarthy has also been overseeing the management of expenses for the company’s streaming operations. Streaming has drawn increased scrutiny by Wall Street in recent months, with the company conceding...
Veteran Disney executive Kevin Lansberry, EVP and CFO of Disney Parks, Experiences and Products, will serve as the company’s Interim CFO, effective July 1, CEO Bob Iger announced. McCarthy will continue as a strategic advisor to the company during her leave and will assist with the process of identifying and onboarding a long-term successor to ensure a smooth and successful transition.
The change in the executive suite comes as Disney is completing a significant round of cutbacks, with 7,000 employees being laid off as the company pursues a goal of $5.5 billion in cost savings. McCarthy has also been overseeing the management of expenses for the company’s streaming operations. Streaming has drawn increased scrutiny by Wall Street in recent months, with the company conceding...
- 6/15/2023
- by Dade Hayes
- Deadline Film + TV
In another shocker for the Walt Disney Co., Christine McCarthy is stepping down from her role as executive VP and chief financial officer and will take a family medical leave, Disney said Thursday. Kevin Lansberry has been named interim CFO for the media giant as of July 1.
“Christine McCarthy is one of the most admired financial executives in America, and her impact on The Walt Disney Company during 23 years of dedicated service cannot be overstated,” Disney CEO Bob Iger said. “Christine has served as a key strategic anchor during a period of great transformation, and she and I have discussed her desire to ensure an orderly and successful CFO succession in advance of the company’s transition to its next chief executive officer. She is stepping down from her CFO role as she takes family medical leave, but has graciously offered to move into an advisory position to assist her...
“Christine McCarthy is one of the most admired financial executives in America, and her impact on The Walt Disney Company during 23 years of dedicated service cannot be overstated,” Disney CEO Bob Iger said. “Christine has served as a key strategic anchor during a period of great transformation, and she and I have discussed her desire to ensure an orderly and successful CFO succession in advance of the company’s transition to its next chief executive officer. She is stepping down from her CFO role as she takes family medical leave, but has graciously offered to move into an advisory position to assist her...
- 6/15/2023
- by Cynthia Littleton
- Variety Film + TV
Walt Disney Co. CFO Christine McCarthy is stepping down from her role to take a family medical leave of absence, the company said Thursday.
Veteran Disney executive Kevin Lansberry, executive vp and CFO of Disney Parks, Experiences and Products, will serve as interim CFO, effective July 1. The company will now begin an “internal and external” search for a permanent CFO, with McCarthy agreeing to serve as a “strategic adviser” during her leave, helping to onboard whomever her successor is.
“Christine McCarthy is one of the most admired financial executives in America, and her impact on The Walt Disney Company during 23 years of dedicated service cannot be overstated,” Disney CEO Bob Iger said in a statement. “Christine has served as a key strategic anchor during a period of great transformation, and she and I have discussed her desire to ensure an orderly and successful CFO succession in advance of the company...
Veteran Disney executive Kevin Lansberry, executive vp and CFO of Disney Parks, Experiences and Products, will serve as interim CFO, effective July 1. The company will now begin an “internal and external” search for a permanent CFO, with McCarthy agreeing to serve as a “strategic adviser” during her leave, helping to onboard whomever her successor is.
“Christine McCarthy is one of the most admired financial executives in America, and her impact on The Walt Disney Company during 23 years of dedicated service cannot be overstated,” Disney CEO Bob Iger said in a statement. “Christine has served as a key strategic anchor during a period of great transformation, and she and I have discussed her desire to ensure an orderly and successful CFO succession in advance of the company...
- 6/15/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
Eliza Skinner had no idea that her Disney+ series Earth to Ned would be permanently taken off the platform until a text on the show’s writer group chat in mid-May shared an article about Disney removing more than 70 films and series from its streaming services that month. Among the disappearing titles was the comedic talk show — which launched in 2020 with Skinner as head writer — centering on an alien welcoming celebrities to his spaceship.
Due to its classification as a streaming variety series, Skinner says the writers and performers weren’t receiving residuals, although the show’s team had heard rumors blaming Disney’s tax bill. But while her loss isn’t a financial one, Earth to Ned can no longer serve as a calling card to help land future gigs for Skinner, who also doesn’t own a physical copy of the show.
“It’s part of this overall...
Due to its classification as a streaming variety series, Skinner says the writers and performers weren’t receiving residuals, although the show’s team had heard rumors blaming Disney’s tax bill. But while her loss isn’t a financial one, Earth to Ned can no longer serve as a calling card to help land future gigs for Skinner, who also doesn’t own a physical copy of the show.
“It’s part of this overall...
- 6/6/2023
- by Ryan Gajewski
- The Hollywood Reporter - Movie News
A week ago, Disney yanked 76 movies and TV series from streaming services Disney+ and Hulu. Now, in a Friday filing with the SEC, the company said it will record a $1.5 billion impairment charge in the ongoing quarter due to the “strategic change in approach to content curation.” In layman’s terms, Disney is writing off the value of the removed programming as a non-recoverable loss. The loss can be used to offset gains for tax purposes.
And, oh yeah, Disney’s probably not done deleting shows and films, per the filing. The company is “continuing its review and currently anticipates additional produced content will be removed from its [direct-to-consumer] and other platforms.” That will “largely” happen by the end of June; the removal of additional programming is expected to result in a further $400 million impairment charge.
Additionally, Disney “may terminate certain license agreements for the right to use content on its platforms,...
And, oh yeah, Disney’s probably not done deleting shows and films, per the filing. The company is “continuing its review and currently anticipates additional produced content will be removed from its [direct-to-consumer] and other platforms.” That will “largely” happen by the end of June; the removal of additional programming is expected to result in a further $400 million impairment charge.
Additionally, Disney “may terminate certain license agreements for the right to use content on its platforms,...
- 6/2/2023
- by Tony Maglio
- Indiewire
Disney is set to take a $1.5 billion write-down during the fiscal third quarter after the entertainment giant removed more than 30 shows off of Disney+ and Hulu last month in an effort to bring down costs, according to a Friday filing with the Securities and Exchange Commission.
On May 26, Disney pulled shows like The World According to Jeff Goldblum, Y: The Last Man, The Mighty Ducks, Turner & Hooch, Willow, Maggie, Dollface and the 2022 Cheaper By the Dozen off of its streaming services. During the company’s May earnings call, Disney CFO Christine McCarthy said the company expected to take on upwards of $1.8 billion in impairment charges as a result of removing the content.
Friday’s SEC filing said Disney is “continuing its review” and is expecting to remove additional produced content from its streaming services during the third quarter, with those removals expected to incur an additional $400 million write-down.
On May 26, Disney pulled shows like The World According to Jeff Goldblum, Y: The Last Man, The Mighty Ducks, Turner & Hooch, Willow, Maggie, Dollface and the 2022 Cheaper By the Dozen off of its streaming services. During the company’s May earnings call, Disney CFO Christine McCarthy said the company expected to take on upwards of $1.8 billion in impairment charges as a result of removing the content.
Friday’s SEC filing said Disney is “continuing its review” and is expecting to remove additional produced content from its streaming services during the third quarter, with those removals expected to incur an additional $400 million write-down.
- 6/2/2023
- by J. Clara Chan
- The Hollywood Reporter - Movie News
Disney made it official with an SEC filing after the markets closed Friday, confirming it would take $1.5 billion in write-downs associated with removing streaming programming from its platforms.
The number came in on the low end of a range provided by the company last month when it released its quarterly earnings. (Read the new filing Here.) Like other media companies, Disney has been looking to trim expenses in the once-fevered streaming arena, and removing programming has been one means of reaching that goal. Rival service Max, the outlet recently rebranded by Warner Bros Discovery, has also drawn scrutiny for shedding a number of high-profile titles, though the removals are part of the larger reckoning with the daunting economics of streaming. The long-promised nirvana for consumers of a nearly endless storehouse of available titles has collided with the reality of how much that costs to sustain, both in terms of technology...
The number came in on the low end of a range provided by the company last month when it released its quarterly earnings. (Read the new filing Here.) Like other media companies, Disney has been looking to trim expenses in the once-fevered streaming arena, and removing programming has been one means of reaching that goal. Rival service Max, the outlet recently rebranded by Warner Bros Discovery, has also drawn scrutiny for shedding a number of high-profile titles, though the removals are part of the larger reckoning with the daunting economics of streaming. The long-promised nirvana for consumers of a nearly endless storehouse of available titles has collided with the reality of how much that costs to sustain, both in terms of technology...
- 6/2/2023
- by Dade Hayes
- Deadline Film + TV
Titles include The Mighty Ducks, Willow, The World According To Jeff Goldblum, Turner & Hooch.
Disney will take a $1.5bn write-down in its fiscal third quarter as it seeks to cut costs by removing more than 30 film and TV titles from Disney+ and Hulu.
The company also indicated in a filing with the Securities and Exchange Commission on Friday that it expected to remove further content – mostly in the remainder of the fiscal third quarter – which would will incur an additional $400m write-down.
The move is consistent with comments by CFO Christine McCarthy in May’s earnings call that Disney would...
Disney will take a $1.5bn write-down in its fiscal third quarter as it seeks to cut costs by removing more than 30 film and TV titles from Disney+ and Hulu.
The company also indicated in a filing with the Securities and Exchange Commission on Friday that it expected to remove further content – mostly in the remainder of the fiscal third quarter – which would will incur an additional $400m write-down.
The move is consistent with comments by CFO Christine McCarthy in May’s earnings call that Disney would...
- 6/2/2023
- by Jeremy Kay
- ScreenDaily
Disney, after removing dozens of shows and movies from Disney+ and Hulu last week, said it will incur a $1.5 billion impairment charge for the June quarter.
In an SEC filing Friday, the company said that on May 26, 2023, it removed “certain produced content” from its direct-to-consumer streaming services. As a result, Disney will record a $1.5 billion impairment charge in its fiscal third quarter financial statements “to adjust the carrying value of these content assets to fair value.”
Disney said it’s continuing to review content on streaming platforms and “currently anticipates additional produced content will be removed from its Dtc and other platforms, largely during the remainder of its third fiscal quarter.” As a result, Disney currently estimates it may incur further impairment charges of up to about $400 million related to produced content.
On Disney’s earnings call last month, CFO Christine McCarthy had said the company expected to take a...
In an SEC filing Friday, the company said that on May 26, 2023, it removed “certain produced content” from its direct-to-consumer streaming services. As a result, Disney will record a $1.5 billion impairment charge in its fiscal third quarter financial statements “to adjust the carrying value of these content assets to fair value.”
Disney said it’s continuing to review content on streaming platforms and “currently anticipates additional produced content will be removed from its Dtc and other platforms, largely during the remainder of its third fiscal quarter.” As a result, Disney currently estimates it may incur further impairment charges of up to about $400 million related to produced content.
On Disney’s earnings call last month, CFO Christine McCarthy had said the company expected to take a...
- 6/2/2023
- by Todd Spangler
- Variety Film + TV
Before the 2020s, film archivists' worst nightmares were digital degradation or the simple loss of film reels. Now, streaming services have created a new one for them: the purging of original movies and series without a physical release.
HBO Max has been a leading culprit, but Disney+ isn't blameless either. This is, after all, the same company that used to place its movies in the "Disney Vault" during the reign of physical media. It had previously been confirmed that the service would be removing 50 titles on May 26, 2023, including "Willow," "Big Shot," and "Y: The Last Man." However, it's been discovered that another title was unexpectedly included in the purge: "Marvel's Runaways," which is now no longer listed on Hulu or Disney+ (in the U.S. or internationally).
Nominally set in the Marvel Cinematic Universe, "Runaways" adapted the eponymous comic first created by Brian K. Vaughan and Adrian Aphona. Both the...
HBO Max has been a leading culprit, but Disney+ isn't blameless either. This is, after all, the same company that used to place its movies in the "Disney Vault" during the reign of physical media. It had previously been confirmed that the service would be removing 50 titles on May 26, 2023, including "Willow," "Big Shot," and "Y: The Last Man." However, it's been discovered that another title was unexpectedly included in the purge: "Marvel's Runaways," which is now no longer listed on Hulu or Disney+ (in the U.S. or internationally).
Nominally set in the Marvel Cinematic Universe, "Runaways" adapted the eponymous comic first created by Brian K. Vaughan and Adrian Aphona. Both the...
- 5/27/2023
- by Devin Meenan
- Slash Film
Update, 11:25 Am: Disney+’s documentary Howard will not be removed from the service.
“The list of titles coming off of Hulu and Disney+ next week is still being finalized,” a rep for the company said, indicating that there could be additional changes.
As revealed by Canal+ last week, Howard was on the list of titles Disney had sent to its international partners, informing them that they will be taken off the platform May 26. The authenticity of the list was confirmed by Deadline.
Since the titles were made public yesterday, Disney had received backlash over the pending removal of Howard — about famous lyricist Howard Ashman, a gay man, who co-wrote the songs for Disney’s Little Mermaid animated classic — and its timing, on the eve of the release of the live-action Little Mermaid movie and LGBTQ+ Pride Month.
Previous, 10:28 Am: Disney is taking some heat following news yesterday that...
“The list of titles coming off of Hulu and Disney+ next week is still being finalized,” a rep for the company said, indicating that there could be additional changes.
As revealed by Canal+ last week, Howard was on the list of titles Disney had sent to its international partners, informing them that they will be taken off the platform May 26. The authenticity of the list was confirmed by Deadline.
Since the titles were made public yesterday, Disney had received backlash over the pending removal of Howard — about famous lyricist Howard Ashman, a gay man, who co-wrote the songs for Disney’s Little Mermaid animated classic — and its timing, on the eve of the release of the live-action Little Mermaid movie and LGBTQ+ Pride Month.
Previous, 10:28 Am: Disney is taking some heat following news yesterday that...
- 5/19/2023
- by Denise Petski and Nellie Andreeva
- Deadline Film + TV
Disney is going there, you guys.
As previously teased during the company's quarter one earnings call, the company is purging several titles from its streaming services, Disney+ and Hulu.
The practice has become common in recent months, with HBO Max leading the charge, wiping several projects from existence.
Undoubtedly, fans and creatives are struggling with the concept, but maybe some of the affected shows could show up elsewhere.
"We will be removing certain content from our streaming platforms and currently expect to take an impairment charge of approximately $1.5 to $1.8 billion," Disney's chief financial officer, Christine McCarthy, said during the earnings call.
Westworld, The Nevers, and other HBO fare popped back up on Fast services shortly after the controversial decision.
But for some shows, this could be the death knell that could be the difference whether new fans find them down the line.
Initially, people purchased physical media, and with the rise of streaming,...
As previously teased during the company's quarter one earnings call, the company is purging several titles from its streaming services, Disney+ and Hulu.
The practice has become common in recent months, with HBO Max leading the charge, wiping several projects from existence.
Undoubtedly, fans and creatives are struggling with the concept, but maybe some of the affected shows could show up elsewhere.
"We will be removing certain content from our streaming platforms and currently expect to take an impairment charge of approximately $1.5 to $1.8 billion," Disney's chief financial officer, Christine McCarthy, said during the earnings call.
Westworld, The Nevers, and other HBO fare popped back up on Fast services shortly after the controversial decision.
But for some shows, this could be the death knell that could be the difference whether new fans find them down the line.
Initially, people purchased physical media, and with the rise of streaming,...
- 5/19/2023
- by Paul Dailly
- TVfanatic
Disney will remove select series, movies, and specials from Disney+ and Hulu, The decision was initially announced on May 10th during a Disney earnings call, and the list of impacted titles has now been revealed. Among there are the recently released Willow sequel series, Y: The Last Man, Danny Boyle’s Sex Pistols series Pistol, and The World According to Jeff Goldblum.
“We are in the process of reviewing the content on our Dtc services to align with the strategic changes in our approach to content curation,” Disney CFO Christine McCarthy said during the call.
Other titles in the purge include the Turner & Hooch reboot, The Mighty Ducks: Game Changers, Just Beyond, Diary of a Future President, The Mysterious Benedict Society, The Hot Zone, Maggie, and more. Check out the full list below.
Disney isn’t the first media entity to make a move like this — HBO Max removed...
“We are in the process of reviewing the content on our Dtc services to align with the strategic changes in our approach to content curation,” Disney CFO Christine McCarthy said during the call.
Other titles in the purge include the Turner & Hooch reboot, The Mighty Ducks: Game Changers, Just Beyond, Diary of a Future President, The Mysterious Benedict Society, The Hot Zone, Maggie, and more. Check out the full list below.
Disney isn’t the first media entity to make a move like this — HBO Max removed...
- 5/19/2023
- by Jo Vito
- Consequence - Film News
Get ready to hug your physical DVDs, Blu-rays and 4K discs a little tighter, film fans – because while the age of streaming seemed to come with the promise of everything being available everywhere all at once, that has recently begun to give way to a less optimistic reality. After multiple HBO Max projects were dropped from that service – with no other home to view them on, and no physical release either – it now seems that Disney+ is following suit, with major series, documentaries and original movies set to be dropped from the service on 26 May. It is expected that this is being pursued as a cost-cutting measure, though the exact metrics and cost implications are unclear.
Among the projects leaving Disney+ one week today, according to Deadline, will be the likes of the recent Willow streaming series, sports drama sequel series The Mighty Ducks: Game Changers, the Turner & Hooch show,...
Among the projects leaving Disney+ one week today, according to Deadline, will be the likes of the recent Willow streaming series, sports drama sequel series The Mighty Ducks: Game Changers, the Turner & Hooch show,...
- 5/19/2023
- by Ben Travis
- Empire - Movies
Content reduction is underway at Disney, as dozens of series have will soon be removed from Disney+ and Hulu, an individual with knowledge told TheWrap.
Several titles, including Disney+’s “Willow” and “Big Shot” and Hulu’s “Dollface” and “Y: The Last Man,” will no longer be available to stream globally beginning May 26.
Impacted titles that will soon depart Disney+ include “The Mysterious Benedict Society,” “Big Shot,” Turner & Hooch,” “Willow,” “The Making Of Willow,” “Just Beyond,” “The World According To Jeff Goldblum,” “The One And Only Ivan,” “Timmy Failure,” “Be Our Chef,” “Magic Camp,” “Howard,” “Earth To Ned,” “Foodtastic,” “Stuntman,” “Disney Fairy Tale Weddings,” “Wolfgang” and “It’s a Dog’s Life With Bill Farmer.”
Likewise, Disney will remove Hulu titles “Pistol,” Dollface,” “The Quest,” “The Hot Zone,” “Y: The Last Man,” “Maggie,” “Little Demon,” “The Premise,” “Love In The Time Of Corona,” “Everything’s Trash,” “Best In Snow” and “Best In Dough.
Several titles, including Disney+’s “Willow” and “Big Shot” and Hulu’s “Dollface” and “Y: The Last Man,” will no longer be available to stream globally beginning May 26.
Impacted titles that will soon depart Disney+ include “The Mysterious Benedict Society,” “Big Shot,” Turner & Hooch,” “Willow,” “The Making Of Willow,” “Just Beyond,” “The World According To Jeff Goldblum,” “The One And Only Ivan,” “Timmy Failure,” “Be Our Chef,” “Magic Camp,” “Howard,” “Earth To Ned,” “Foodtastic,” “Stuntman,” “Disney Fairy Tale Weddings,” “Wolfgang” and “It’s a Dog’s Life With Bill Farmer.”
Likewise, Disney will remove Hulu titles “Pistol,” Dollface,” “The Quest,” “The Hot Zone,” “Y: The Last Man,” “Maggie,” “Little Demon,” “The Premise,” “Love In The Time Of Corona,” “Everything’s Trash,” “Best In Snow” and “Best In Dough.
- 5/19/2023
- by Loree Seitz
- The Wrap
Both Disney+ and Hulu will “pull an HBO Max” on Friday, May 26, and (not-so-)quietly remove dozens of shows from their respecting streaming libraries.
Disney’s chief financial officer, Christine McCarthy, gave a heads-up on the library edit during the company’s recent Q1 earnings call, saying, “We will be removing certain content from our streaming platforms and currently expect to take an impairment charge” — or, write-off — “of approximately $1.5 to $1.8 billion.”
More from TVLineWith Hulu's Limited-Time $2/Month Offer, Catch Up on Abbott Elementary, The Great, The Bear and MoreFuturama Revival Premiere Date SetTVLine Items: Selena on Food Network, Indiana Jones...
Disney’s chief financial officer, Christine McCarthy, gave a heads-up on the library edit during the company’s recent Q1 earnings call, saying, “We will be removing certain content from our streaming platforms and currently expect to take an impairment charge” — or, write-off — “of approximately $1.5 to $1.8 billion.”
More from TVLineWith Hulu's Limited-Time $2/Month Offer, Catch Up on Abbott Elementary, The Great, The Bear and MoreFuturama Revival Premiere Date SetTVLine Items: Selena on Food Network, Indiana Jones...
- 5/19/2023
- by Matt Webb Mitovich
- TVLine.com
IMDb.com, Inc. takes no responsibility for the content or accuracy of the above news articles, Tweets, or blog posts. This content is published for the entertainment of our users only. The news articles, Tweets, and blog posts do not represent IMDb's opinions nor can we guarantee that the reporting therein is completely factual. Please visit the source responsible for the item in question to report any concerns you may have regarding content or accuracy.