Stellar Star Wars boost for Disney as boss eyes staying on
Succession worries have been brewing at Disney for longer than the animals fret over their new leader in The Lion King, but incumbent Bob Iger today allayed fears by declaring that he is “open” to sticking around.
The 65-year-old chief executive was due to retire next year, but investors have been on edge since Tom Staggs, Disney’s chief operating officer, who had worked there for 25 years, shocked with departure last April — up-ending the firm’s succession plan.
Iger said: “While I am confident that my successor is going to be chosen on a timely basis and chosen well, if it is in the best interest of the company for me to extend my term, I am open to that.”
Iger’s comments came as Disney posted a first-quarter profit of $2.48 billion (£1.98 billion) — down 14% from a year earlier, but easily beating analysts’ expectations.
The biggest boosts came from Rogue One: A Star Wars Story — the first $1 billion box office return of 2017 — and theme parks, where profits rose 13% thanks to pricier tickets and higher attendance.
Of concerns over the performance of Disney’s perennially profitable sports cable network ESPN, Iger said despite lost subscribers as viewers cancelled expensive subscriptions, online innovations this year would draw more fans.
The sports division has which has seen advertising revenues fall of late.
