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Speaking for the first time since Disney extended his contract
until the end of 2026 on Wednesday, Iger also hinted that the
company could sell some of its traditional TV assets that have
struggled for years due to the rise of streaming services.
"We're going to be open-minded... not necessarily about spinning
ESPN off but about looking for strategic partners that can
either help us with distribution or content," Iger said.
"We want to stay in the sports business."
Iger returned from retirement in November last year to help
revive growth at Disney, which has been battling cord-cutting at
its linear business and steep losses in the streaming unit.
He said on Thursday the company will be "expansive" in its
approach to the traditional TV business, which includes
broadcast, cable and satellite.
"They may not be core to Disney," said Iger, who has for years
warned about the ongoing decline in linear TV.
ESPN, a long time cash cow for Disney, is also caught between
declining cable subscribers and increasing fees paid to sports
leagues. It laid off about 20 of its personalities last month to
help manage costs and hit its financial targets.
HOLLYWOOD STRIKE
Iger also took issue with the ongoing strike by Hollywood
writers, saying it was the "worst time in the world" for such a
move as it added to the disruptions of the COVID-19 pandemic.
The remarks came just hours after negotiators for the actors
union unanimously recommended a strike after talks with studios
broke down, setting the stage for performers to join writers on
the picket lines as early as Thursday and disrupt scores of
shows and movies.
"There's a level of expectation that they have that is just not
realistic," Iger said, adding that the strikes will have "a
very, very damaging effect on the whole business."
Disney shares were little changed in a broadly stronger market.
(Reporting by Samrhitha Arunasalam in Bengaluru; Editing by
Pooja Desai)
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