Iger declared that the Mouse House is entering a new rebuilding phase after a massive restructuring, putting the company on track to achieve roughly $7.5 billion in cost cuts
Disney hires Pepsi exec as CFO as Bob Iger tries to fend off Nelson Peltz’s hedge fundDisney taking full control of Hulu by acquiring Comcast’s stake for $8.6B
“While we still have work to do, these efforts have allowed us to move beyond this period of fixing and begin building our businesses again,” Iger said on a conference call after the company reported the fourth-quarter results. The 100-year-old entertainment giant is once again under pressure from activist shareholder Nelson Peltz, whose Trian Fund Management is expected to seek board seats. Billionaire and former Marvel executive Isaac “Ike” Perlmutter has said he has entrusted his stake in Disney to Trian for that effort, giving the fund control over a stake worth upward of $2.
Disney said that its streaming business, which has been losing money since the launch of Disney+ in late 2019, is making progress in narrowing its losses. The business, which also includes Hulu and ESPN+, lost $387 million in the quarter, down from $1.47 billion a year earlier.Although Disney is in the process of streamlining and growing the business, it faces a proxy battle with Nelson Pelz, who is making a push for board seats.In its sports unit, ESPN saw its revenue rise slightly to $3.
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