JoeCamel
Well-Known Member
Investors thrive on worry
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News Chapek FIRED, Iger New CEO
- Thread starter Chef Mickey
- Start date
The most successful are the biggest risk takers.
I don’t know if they realize that a streaming platform requires constant investment if they wish to remain relevant. They will lose subs by the tens of thousands per month if they rest for even one year. They will need to figure out how to produce good quality content for less than they are today if they don’t want to be charging $24.99/month to cover their costs. I don’t know about anyone else, but that’s way beyond what I think the service is worth.
JoeCamel
Well-Known Member
Kind of like parks need constant investment to remain "fresh" and continue to grow?
No no, Iger and Staggs said the parks were “mature” and didn’t need investment. They knew what they were doing… didn’t they?
How’d that turn out?
You’re exactly right. And they don’t need all-E’s-all-the-time. Flesh things out and balance with C’a and D’s.
JoeCamel
Well-Known Member
and Harry waved his wand....
In an article discussing the firing of a top Disney exec, there is a statement from Disney's board that goes on the record backing Bob Chapek -
Here is the article -
"The Walt Disney Company has abruptly fired Peter Rice, its most senior television content executive, citing an ill fit with Disney’s corporate culture, according to three people briefed on the matter who spoke on the condition of anonymity to discuss confidential information.
Mr. Rice, chairman of Disney General Entertainment Content, a division of the company that makes more than 300 shows annually for platforms like ABC, Disney Channel, Disney+, Hulu and FX, was ousted by Bob Chapek, Disney’s chief executive, in a brief meeting on Wednesday, according to these people. Mr. Rice, who has also overseen ABC News, most recently renewed his contract at Disney in August. It ran until the end of 2024. Disney will pay him out, the people said.
Disney is expected to announce on Thursday that Mr. Rice will be replaced by his top lieutenant, Dana Walden, who has been chairwoman for entertainment for Walt Disney Television.
Mr. Rice declined to comment. Ms. Walden could not be reached for comment.
The ouster of Mr. Rice will go off like a sonic boom in Hollywood, where he is widely admired. Many people in the entertainment business — outside of Disney, at least — have even seen him as a possible candidate to succeed Mr. Chapek as Disney’s chief executive. Mr. Chapek’s decision is sure to generate questions about whether that chatter got a little too loud; Mr. Chapek has had a difficult few months, with Disney becoming a political punching bag, particularly for Gov. Ron DeSantis of Florida. Disney’s stock price has also fallen sharply amid industrywide concerns about the profitability of streaming services.
In April, Mr. Chapek fired the company’s most senior communications and government relations executive; the executive, Geoff Morrell, had only joined Disney in January.
Susan E. Arnold, chairwoman of Disney’s board, said in an emailed statement that Mr. Chapek had the board’s backing.
“The strength of the Walt Disney Company’s businesses coming out of the pandemic is a testament to Bob’s leadership and vision for the company’s future,” she said. “In this important time of business growth and transformation, we are committed to keeping Disney on the successful path it is on today, and Bob and his leadership team have the support and confidence of the Board.”
Mr. Rice started his entertainment career in 1987, when he was a summer intern at 20th Century Fox. Over the next three decades, he would become close to that company’s owner, Rupert Murdoch, and ultimately rise to become president of 21st Century Fox. Mr. Murdoch sold most of 21st Century Fox to Disney in 2017 in a deal valued at roughly $52 billion. Mr. Rice and Ms. Walden both came to Disney as part of the acquisition."
www.nytimes.com
Here is the article -
"The Walt Disney Company has abruptly fired Peter Rice, its most senior television content executive, citing an ill fit with Disney’s corporate culture, according to three people briefed on the matter who spoke on the condition of anonymity to discuss confidential information.
Mr. Rice, chairman of Disney General Entertainment Content, a division of the company that makes more than 300 shows annually for platforms like ABC, Disney Channel, Disney+, Hulu and FX, was ousted by Bob Chapek, Disney’s chief executive, in a brief meeting on Wednesday, according to these people. Mr. Rice, who has also overseen ABC News, most recently renewed his contract at Disney in August. It ran until the end of 2024. Disney will pay him out, the people said.
Disney is expected to announce on Thursday that Mr. Rice will be replaced by his top lieutenant, Dana Walden, who has been chairwoman for entertainment for Walt Disney Television.
Mr. Rice declined to comment. Ms. Walden could not be reached for comment.
The ouster of Mr. Rice will go off like a sonic boom in Hollywood, where he is widely admired. Many people in the entertainment business — outside of Disney, at least — have even seen him as a possible candidate to succeed Mr. Chapek as Disney’s chief executive. Mr. Chapek’s decision is sure to generate questions about whether that chatter got a little too loud; Mr. Chapek has had a difficult few months, with Disney becoming a political punching bag, particularly for Gov. Ron DeSantis of Florida. Disney’s stock price has also fallen sharply amid industrywide concerns about the profitability of streaming services.
In April, Mr. Chapek fired the company’s most senior communications and government relations executive; the executive, Geoff Morrell, had only joined Disney in January.
Susan E. Arnold, chairwoman of Disney’s board, said in an emailed statement that Mr. Chapek had the board’s backing.
“The strength of the Walt Disney Company’s businesses coming out of the pandemic is a testament to Bob’s leadership and vision for the company’s future,” she said. “In this important time of business growth and transformation, we are committed to keeping Disney on the successful path it is on today, and Bob and his leadership team have the support and confidence of the Board.”
Mr. Rice started his entertainment career in 1987, when he was a summer intern at 20th Century Fox. Over the next three decades, he would become close to that company’s owner, Rupert Murdoch, and ultimately rise to become president of 21st Century Fox. Mr. Murdoch sold most of 21st Century Fox to Disney in 2017 in a deal valued at roughly $52 billion. Mr. Rice and Ms. Walden both came to Disney as part of the acquisition."
Disney fires Peter Rice, its top TV content executive.
Some in the entertainment business had once seen him as a possible candidate to succeed Bob Chapek as Disney’s chief executive.
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Brian
Well-Known Member
I also wouldn't expect anyone on the BOD to make a public statement indicating a lack of confidence in Chapek in advance of any potential ouster, especially at a time of rampant market volatility.
I'm not necessarily saying that he's sure to be canned, just that this statement doesn't change my mind about the situation.
I'm not necessarily saying that he's sure to be canned, just that this statement doesn't change my mind about the situation.
Notes from Neverland
Well-Known Member
This is all going to make a fascinating book or documentary.
Jrb1979
Well-Known Member
It does for me. If they felt changes were going to happen they wouldn't say anything.
bhmclaurin
New Member
Arnold is a major problem as well
Brian
Well-Known Member
It's hard to say nothing when asked about confidence in the leadership team. Silence would likely be viewed by investors as confirmation of a lack of confidence.
Jrb1979
Well-Known Member
I just don't see him going anywhere. As much as the fans hate him, the parks have been doing well in regards to revenue
Smiley/OCD
Well-Known Member
True…if I had a dollar for every CEO, head coach, manager, etc. that received a corporate vote of confidence and then was terminated in a short period of time…I could buy a lot of Disney stock…stay tuned…this ain’t over by a long shot.
Idle speculation -- the board knows revelations about why he was fired are coming and wanted to make it clear the company took swift action with no daylight between leadership. Reads like a statement of confidence in the decision to fire. Not a statement in confidence for everything Bob C. has done.
M:SpilotISTC12
Well-Known Member
Isn't this the same thing as when people post a lot of seemingly loving photos with their spouse on Facebook but really they are in couple's counseling on the brink of divorce? Can't help but feel like that is happening here.