Murphy's Multiverse

Tag: Business News

  • Kareem Daniel to Leave Disney, Streaming Division Facing Reorganization

    Kareem Daniel to Leave Disney, Streaming Division Facing Reorganization

    It was only a question of time but it’s insane that it only took a day before the news hit that former Disney CEO Bob Chapek‘s internal executive structure is already falling apart. As it seems, the head of media and entertainment distribution, Kareem Daniel, is set to leave the company as well with former CEO Bob Iger returning. It was a strong move away from Iger’s creative-focused era that has left the company with a few scars in its wake, especially souring the views on its streaming ambitions with Disney+. Iger always was the kind of leader that used data but didn’t overly rely on it to muddle creative ambitions; the issue the current leadership fell into, especially with dramas surrounding Black Widow‘s release.

    In a world and business that is awash with data, it is tempting to use data to answer all of our questions, including creative questions. I urge all of you not to do that.

    Bob Iger

    Daniel and Chapek’s goals were quite ambitious and they aimed to grow Disney+ as fast as possible with investment, but it seemingly led to many sparks internally, especially with the issue of return on investment being left behind in those ambitions. Disney+, ESPN, and Hulu stand at a proud 235M combined subscriber base making it quite competitive with Netflix and shouldn’t be ignored, but the concern that the $1.5B investment can’t be recouped by the time it was meant to be is definitely one of the reasons for this massive executive switch. Still, with Daniel‘s exit, we can expect some major changes in Disney+’s streaming strategy and structure moving forward.

    Source: The Hollywood Reporter

  • Bob Iger Returns as CEO of Disney, Bob Chapek Exits Company

    Bob Iger Returns as CEO of Disney, Bob Chapek Exits Company

    Disney has been under constant fire for some time with a lot of uncertainty about where exactly the company is truly trying to head. Bob Chapek took over at a rather rough time, as streaming was still a booming market, and then suddenly the pandemic happened. No matter where one lies in regard to streaming’s future, Disney was all in long before Chapek took over and Bob Iger was still leading.

    in a shocking twist though, it seems that Iger is back in business. While having left the position behind, the iconic manager has once again decided to return to the position. Chapek is set to leave the company with the Disney board of directors has announced it on a Sunday night, a very uncommon move in the industry.

    We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic. The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period.

    Susan Arnold, Chairman of the Board

    What makes this announcement bizarre is that Chapek already signed a multi-year contract. So, he’ll definitely be leaving with a nice package as he leaves the role behind. Iger has already sent out an e-mail to employees and going by online reactions, there’s a certain excitement in the air.

    It should be noted that Iger’s new contract is only set for two years, as he prepares for a true successor; a highlight of why this decision was made. The controversies surrounding their digital expansion have definitely left a sour taste with the market’s boom, especially when Netflix hit a sudden ceiling; though has seen some more positive developments as of late.

    The issue on top of it all is also the controversy surrounding Florida’s “Don’t Say Gay” bill, which was a PR nightmare for the company and ended up souring its relationship with many. Add in some harsh quarter developments with heavy investments and not hitting profitability targets, and the board definitely has been concerned and took immediate action to correct the course, or rather find the man to steer a “complex period of industry transformation.”

    Source: The Hollywood Reporter

  • Warner Bros. Discovery No Longer Developing Scripted Programming for TBS and TNT

    Warner Bros. Discovery No Longer Developing Scripted Programming for TBS and TNT

    The moment Warner Bros. Discovery was finalized, we expected quite a few changes from their usual business. Yet, this might be quite the big change removing forward, as they are no longer developing scripted programming for TBS and TNT moving forward. CEO David Zaslav promises that they will save $3 billion in costs with the merger. As such, these cable channels will no longer produce any scripted shows moving forward but it’s unclear what exactly will happen to the productions.

    To be fair, TNT and TBS have already dialed down their productions over the last few years. So, this seems like it was potentially in the cards all along. Discovery’s merger was just the perfect timing to fully move into this development. Currently, TBS’ remaining shows include Miracle Workers, The Last OG, Chad, and American Dad. It seems that shows that are already renewed will remain, but it’s unclear if renewals beyond that will move these shows to other productions, as American Dad was renewed for two seasons back in 2021.

    TNT only has two shows left which are Animal Kingdom and Snowpiercer. The former has already eyeing an end with its upcoming sixth season this year in June while the latter was just renewed for a fourth ahead of its Season 3 premiere. The new team forming around Warner Bros. Discovery has not been mincing any words on past business decisions and teased that “2022 will undoubtedly be a messy year.”

    Source: Variety