The hangover from the Fox deal has come into sharp focus this month in light of Bob Iger’s dramatic plan to cut costs by $5.5 billion, including eliminating 7,000 jobs.
on a $52.4 billion all-stock deal for Fox, which several observers said would have been a coup for Disney.
Antitrust regulators also forced Disney to sell another asset — Fox’s regional sports networks that carry local games of professional hockey, basketball and baseball teams. The government refused to allow Disney to own both ESPN and more than 20 regional sports channels, so Disney auctioned off the channels, including the YES network that carries the New York Yankees, for more than $10 billion.“Even that was too much — way too much,” Creutz said.
People close to the company said the Fox deal accelerated Disney’s leap into streaming, giving it a head start over rivals such as Warner Bros., NBCUniversal and Paramount.“Was it a high cost? Yes, but you don’t judge an investment as a business expense but rather against the return on the investment,” he said.
On the most recent earnings call, Iger told analysts the company would devote less resources to making general entertainment content. But one of the primary rationales for buying Fox was to increase Disney’s arsenal of general entertainment content.Iger also appears to be questioning the value of Hulu. Disney currently owns two-thirds of the pioneering general entertainment streaming service built by Fox, NBCUniversal and Disney; Comcast owns the other third.
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