Bob Iger to Participate in the Morgan Stanley Technology, Media & Telecom Conference

DCBaker

Premium Member
Original Poster
Here's the announcement:

BURBANK, Calif., February 27, 2024 – Bob Iger, Chief Executive Officer, The Walt Disney Company (NYSE: DIS) will participate in a question-and-answer session at the Morgan Stanley Technology, Media & Telecom Conference on Tuesday, March 5, 2024 at approximately 1:15 p.m. ET/ 10:15 a.m. PT.

To stream live, please visit www.disney.com/investors. A recording of the question-and-answer session will be archived on our website.

 

MisterPenguin

President of Animal Kingdom
Premium Member
Ugh, sounds like an AI is just reading the CYA slide...
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MisterPenguin

President of Animal Kingdom
Premium Member
Bob on overall health of TWDC since you came back...

Bob: Needed fixing. Creativity needed to be put back into charge. And they also need better supervision for recent 'hard times.'

mic issue...
 

MisterPenguin

President of Animal Kingdom
Premium Member
Bob: Balance sheet need addressing. More challenging than expected. Feel great where we are. Profitability with streaming will occur Q4. Films coming out Kingdom of Apes, Inside Out 2, Deadpool 3, Moana 2. Expect them to do well.
 

MisterPenguin

President of Animal Kingdom
Premium Member
2025: Zootopia, Fantastic 4, Avatar X.

Balance sheet will exceed previous guidance.

ESPN has grown. Path to digital in 2024.

Parks are going great. Record quarters. This quarter's will be in low to mid teens in IO growth.

Will be able to continue to rebuild parks.

Epic Games, sports JV.

Lots of growth. Growth. Growth. Grown.

bigger dividends, stock buybacks.
 

MisterPenguin

President of Animal Kingdom
Premium Member
Q: Forming priorities: Streaming, Espn, studios, turbocharging parks, efficiencies.

Start with streaming. What's coming?


Bob: Streaming under new management structure who are also managing all our content. (So it can be monetized)

Examine cost structure. Some of the $7.5+B cutting came out of streaming.

Originally needed to make sure we could grow and also to do so without exploding costs. Netflix has the tech to do that, and we're on the way there. Need to increase engagements. Hulu is part of the plan with merging them. (Beta ends the end of March).

The bundling suppresses church.

Need to improve distribution cost.

Contents: Great library. And great library and great new movies support the streamers.

Growth. Growth. Growth.
 

MisterPenguin

President of Animal Kingdom
Premium Member
Q: About the Charter deal? More like that?


Bob: It was to our benefit. Allowed ads to continue. No cons, just pros for both us and Charter.

We're OK with wholesale sale of our apps. Tho, prefer retail.

Leads to keeping more people with eyes on streaming.
 

MisterPenguin

President of Animal Kingdom
Premium Member
Q: What's Hulu's role?


Bob: It's a good brand and great content (The Bear, Only Muders, Shogun).

We can put it into D+ with a wall (parental controls). Doesn't dilute either brand.

50% of new Hulu are bundlers. And bundlers have a lower churn rate.
 

MisterPenguin

President of Animal Kingdom
Premium Member
Q: Sports... about making ESPN to digital...


Bob: Almost everything will eventually be digital. Linear is still around, but won't be forever. So, the transition has to happen. We want it to be smooth.

Sports, in itself, is a big, great business which has..... growth!!

We want to be pro consumer of all ages... so, make ESPN available to everyone. [Implicitly saying that youth consume on mobile, so, digital will be there.]

ESPN is app-based and al a carte to linear and to the JV (coming up).

Not to mention betting.

Not much to add right now about that JV (with WBD and Fox)
 

MisterPenguin

President of Animal Kingdom
Premium Member
Q: How do you approach buying rights to sports?


Bob: We determine their value and where they fit in within rest of ESPN. We've entered and left some sports based on those determinations. We'd like more NBA and NFL and the college sports we have.
 

MisterPenguin

President of Animal Kingdom
Premium Member
Q: what about the recent burp with tentpole movies?


Bob: We need to determine good stories. We've actually killed some projects that were started because it didn't live up to standards.

So, very focused on what we think will be great.

So, spending more time and interaction with creatives.

Made some management changes. More concern for costs. But will invest in the things that need it.

Don't forget what has been happening over the decades. Will try to re-create it.

Reduced Marvel content quantity to focus on quality.

New call out: Mufasa, new Toy Story
 

MisterPenguin

President of Animal Kingdom
Premium Member
Q: Parks: Turbocharging growth. About that $60B investment (70% in capacity).


Bob: We have 1000s of land. We can build 7 new parks on that much. No park is locked in and all can grow.

Cruise ships doing well.

And still so much IP to mine that people will love.

California will have an Avatar... ? [something]

Zootopia doing great in Shanghai and China loved Zootopia.

IP + land + demand + ROI = Invest in parks. Growth. Growth. Growth.

Low to mid teens in OI in parks even against economic headwinds.
 

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