Shares in the Dow component finished at $96.21, down 1.4% on more than twice the normal trading volume. The downbeat session made Disney one of the few laggards in the media sector during an overall up day for the broader market.
Iger’s stunning return to the company he led as CEO from 2005 and 2020, replacing Bob Chapek after an up-and-down two-and-a-half years has heartened many employees at the company as well as investors. The stock jumped 6% on Monday, though it gave back some of its gains over the course of the trading day.
Bulls and bears have been sifting through the business challenges facing Iger as he retakes the controls.
“The next two years at Disney will be challenging,” Rich Greenfield of Lightshed Partners wrote in a blog post. “Iger is coming back to a vastly different landscape than when he departed in early 2020.”
Among his recommendations for Iger is trying to unload ESPN and ABC because of their dwindling linear subscriber bases in an era of 6% annual cord-cutting. If interest rates or other economic factors stymie a sale, he said, significant cost cuts should be implemented, including staying out of the next round of NBA budding for a rights package starting in 2025.
Eric Jackson, president of a Toronto-based EMJ Capital, told CNBC he doesn’t see any “quick fixes” for Disney under Iger. Leaving aside trading activity during the Chapek era, which was complicated by Covid, he said the company’s stock has been stuck in the $100 range for several years. The culprit, he said, is a potent but declining linear TV asset in ESPN as well as obligations to fund streaming efforts like Disney+, Hulu and ESPN+. “Streaming itself is just not that great a business,” he said.
Kenneth Leon, Research Director at CFRA Research, who has a “buy” rating on Disney shares, remains a believer in the stock. Still, he wrote in a note to clients, “a more pragmatic strategy is needed, especially with a 2023 recession looming.”
Deutsche Bank took on the question of succession, given that Iger has struggled to hand the reins during his otherwise accomplished run as chief executive, postponing his own retirement three times before the unsuccessful transition to Chapek. Under the terms of Iger’s new deal, he is meant to stay only through the end of 2024 and a chief part of his mission will be to identify his successor. In a research note, Deutsche said it wasn’t too surprising that Disney wound up looking backward in order to solve its leadership issue. “There just aren’t any other Bob Igers out there,” the bank concluded. “Perhaps this time, they’ll start with the creative leader they’re seeking and try to develop that individual’s skills over the next two years.”
Netflix & Paramount+ To Profile ‘Strip Search Caller’ ; TVOKids Spotlights Down Syndrome With Toon Series; ‘One Piece Film Red’ London Takeover — Global Briefs
Netflix & Paramount+ UK To Profile ‘Strip Search Caller’
Netflix and Paramount+ have struck a first of its kind-of-deal over a true crime documentary telling the story of the strip search caller in the U.S. Paramount+ has taken UK rights to Pervert: The Hunt for the Strip Search Caller and Netflix has rest of world on the doc, which it will be calling Don’t Pick Up the Phone. The deal is believed to be the first time two streamers have worked in such a way in the UK and rest of world. The doc tells the shocking story of a hoax caller who targeted fast food restaurants across the U.S. – posing as a police officer investigating a theft, the caller instructed managers to strip-search the young female employees he said were suspects. For many victims, what began as a humiliating strip search escalated into sexual abuse.
Canada’s TVOKids Spotlights Down Syndrome In Animated Series ‘Griffin And Turner’
EXCLUSIVE: Ontario, Canada’s TVOkids and Big Jump Entertainment are working on 2D-animated series Griffin and Turner. Based on real Canadian brothers who a significant online following, the show follows the supportive pair as they, their friends and family undertake personal challenges but focus on the journey rather than winning. Turner has Down syndrome, and TVOKids executive producer Kirsten Hurd noted the series has been developed in consultation with the Down syndrome community. Producer Big Jump is behind shows such as Shutterbug and Big Words, Small Stories.
London Gets ‘One Piece Film Red’ Takeover After Record Haul
To celebrate the record-breaking haul of One Piece Film Red in the UK, the Straw Hat Pirates are set for a takeover of iconic London locations on November 26. Via local distributor Anime Limited and Toei Animation, the cast and memorable scenes from the series will be projected onto the County Hall of London, opposite the London Eye as well as other key locations. One Piece Film: Red has grossed over £800,000 in the UK and Ireland since it released earlier this month, making it the biggest of the long-running franchise. A phenomenon in Japan, One Piece Film Red has grossed $162M to date worldwide
‘All Quiet On The Western Front’, ‘Belfast’ Top 2022 EFA Arts & Crafts Awards
Edward Berger’s All Quiet On The Western Front and Kenneth Branagh’s Belfast top the European Film Academy’s Excellence Awards honoring achievement in the arts and crafts categories, the winners of which were announced on Wednesday.
Belfast won best European Production Design for Jim Clay, whose credits include Children Of Men, for which he won a Bafta in 2006, and Murder On The Orient Express.
The drama, set against the backdrop of the beginnings of “The Troubles” in Northern Ireland in 1969, also won best European Costume Design for Charlotte Walter (Blithe Spirit, Misbehaviour)
Netflix-backed German WWI drama All Quiet On The Western Front won best European Make-up & Hair for Heike Merker, and Best European Special Effects for Frank Petzold, Viktor Müller and Markus Frank.
In other categories, best European Cinematography was won by Kate McCullough for her work on Colm Bairéad’s Irish-language drama The Quiet Girl.
Best European Editing went to Özcan Vardar and Eytan İpeker for Turkish director Emin Alper’s drama Burning Days.
Polish composer Paweł Mykietyn won best European Original Score went for Jerzy Skolimowski’s EO.
Best European Sound went to Simone Paolo Olivero, Paolo Benvenuti, Benni Atria, Marco Saitta, Ansgar Frerich & Florian Holzner for Michelangelo Frammartino’s cave exploration drama The Hole.
The winners, which are decided by a special expert jury, will receive their awards at the European Film Awards ceremony on 10 December in Reykjavík.
Jennifer Lopez’s Social Media Mysteriously Goes Dark
EXCLUSIVE: The actress, producer and top-selling performing artist’s social media channels including Instagram, Facebook, Tik Tok and Twitter have suddenly gone dark in their featured/cover images.
Reps for Jennifer Lopez were unavailable for comment, but we hear from others that The Hustlers and Marry Me actress is on the verge of announcing a new project.
Here’s a look at her Instagram tonight:
While Lopez’s Instagram had erased all posts, a trail of her previous postings remained on Facebook, Tik Tok and Twitter. Across all four social media portals, Lopez counts close to 347M followers, the majority of that coming from her Instagram.
Lopez’s Nuyorican Productions in June 2021 signed a multi-year first-look deal with Netflix spanning feature films, TV series and unscripted content, with an emphasis on projects that support diverse female actors, writers and filmmakers. Lopez co-runs Nuyorican Productions with her producing partner Elaine Goldsmith-Thomas.
Lopez scored her best opening for a live-action movie at the domestic box office with STX’s 2019 stripper caper Hustlers which debuted to $33.1 million, and grossed $105M stateside, $157.6M worldwide. As a recording artist, Lopez has sold over 70 million albums, with J.Lo became her bestselling album with 3.8M copies sold in the U.S. and 12M global. Her Netflix thriller The Mother from director Niki Caro is set to debut in May. Her romantic comedy Shotgun Wedding with Josh Duhamel will hit Prime Video on Jan. 27.
On Facebook, one of her followers, Steffany Merino wrote, “What’s happened? Hope you and your wonderful family are ok. I’ll pray for your health and safety.”
Again, we hear something special is in the works in the next few days.
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