bob iger has dlothrown a lot of solutions out. it could sell abc.at direction he will choose. we will see if 2024 is the year we actually find out the answers to some of the questions and maybe 2045 is the year we start talking about bob iger and succession >> a lot of questions across the board. jason, back to you you are a disney shareholder how do you view bob iger being back at the helm at disney >> like alex shared, bob iger included on the last conference call that the first year is a fixing year. now pivoting to building the company. a lot of the fixing was focusing away what bob chapek was increasing the subscription model at any cost. they have been losing money with low average per user and bringing people to the platform. now bob iger's job is to turn to profitability. he is doing a really good job. we were at $1.5 billion in operating losses when he took over a year ago. now we are getting close to $300 million in operating losses. that will be flat here as we get into the second half of 2024 shifting that dtc and over to profitability i

coming up next, bob iger is holding a rare town hall at disney for all employees at disney. we will discuss details on their streaming business next. this is bloomberg. ♪ i'm going to sell my life insurance cuz i don't need it anymore. my kids are grown, my wife is great, let's settle up the score. it's time to travel to paree, spend retirement happy. call 877-sell-easy. 877-sell-easy. 877-sell-easy, and sell your policy. you can sell all or part, live your life and play it smart. 877-sell-easy, and sell your policy. if you've had a change in health, or you're over 65, and paying for $100,000 or more in a life insurance policy you don't need, get paid for it instead. then take the money that you get, go to live it up, you bet. call 877-sell-easy. 877-sell-easy. 877-sell-easy, and sell your policy. jon: this is bloomberg markets. time for our stock of the hour. we are keeping tabs on disney stock today. the ceo bob iger is hosting a town hall of what was supposed to be a celebration of disney's 100 birthday has turned into a stressful affair physically for staff would bob ige

it is nearly a year since bob iger _ executive.nearly a year since bob iger made his - executive. it is nearly a year i since bob iger made his shock return to disney following his retirement, and having restructured as operations, he is on his second go around leading media giants admit disney was now moving its next phase. well, we still have work to do to continue improving a result, progress has allowed us to move beyond the spirit of fixing and begin building our businesses again. an example of that, next month disney will launch a beta test of an app that combines disney+, its streaming service, with hulu, another streaming service. itjust bought the remaining stake in hulu from comcast. this comes as streaming losses shrunk and as disney added 7 million subscribers, that is nearly double forecasts. it is also investing money in its theme parks, which continue to grow. and new films like the marvels, due out this friday, should help its film studio which is focusing on making less stuff of higher quality from its existing fra

that is $8.6 billion at the minimum that they look to purchase that is the price bob iger reckons isthey will pay. the market is going up to $13 billion. that will be significant to add to the portfolio and does that increase opportunities for them with how much ad revenue they could bring in bob iger went through the ad strategy in the conversation with cnbc. these were his thoughts. >> we believe the advertising supported streaming service in the u.s. and elsewhere will be important growth initiatives for the company. in fact, in disney plus, we just implemented really robust advertiser targeting tools which are already working and help us grow advertising by the way, speaking of advertising, addressable advertising is strong. since you raised it, so is sports, by the way i would say in lineal, it is better than it had been. overall, we have seen improvement in general in advertising. it doesn't mean we don't have more improvement ahead technology sector has been a bit soft advertising looms large for us >> he does make note of the ad revenue declines as well in the period it comes

. >>> shares of disney are popping on the back of the quarterly results as ceo bob iger goes from fixing to building the entertainment giant. >>> and china is facing a stumble as it falls back to deflation. >>> and arm is disappointing with the first earnings report as a public company. it is thursday, november 9th, 2023 you are watching "worldwide exchange" here on cnbc >>> good morning welcome back to "worldwide exc exchange." i'm frank holland. let's get a check of the markets. the s&p is flat. the dow is moving higher the nasdaq is lower right now. the s&p and nasdaq grinding out gains yesterday to extend the win streak the dow, however, breaking its seven-day win streak we are looking at the bond market the yield on the ten-year bond at 4.53% important to note that the two-year bond and long bond back below 5% we want to check energy. looking at oil prices and the drops there. wti and brent crude up 1%. you see here wti at $76 a barrel brent crude is $80.25. wti and brent on pace for the third negative week in a row since mid-may. >>> we have a check of the big money mover. disney s

>> i think that's the most damaging thing for the bob iger legacy and for this board.b is finding a successor, and they haven't. and i think that's an epic fail. so, no, i don't think we're any closer the new cfo they just got from 37 years at pepsi, fantastic addition i expect them to be much more locked down on return on capital and on price, and he comes from a branded company. so i'm optimistic about that very high quality hire but the ceo job is the hard job here and they haven't been successful at finding a replacement for igor. >> why is it so hard is it because bob iger doesn't want to give up control to bring in other people? >> they were looking for a decade and had horse races where tom stagg was involved and he didn't get the job and then ke ke kevin meyer was in the running and he didn't get the job. they had a lot of talented people that left and i think part of it is igor didn't want to relinquish the reins. now he wants to and it's really hard to find somebody that can run this company. >> the investment they said they're going to make in parks over the

is it bob iger or nelson peltz? geetha: i think it is bob iger.orking hard a year now pit it's been a year since he came back. he has been looking to fix the business and he has done all that he can. of course peltz coming earlier in february and then iger coming back more recently has definitely helped expedite the process. but really i give full credit to bob iger and his team. alix: what did you think of the potential agreement for writers and now actors? geetha: i don't know the whole details yet. we know that one of the big holdouts was the use of ai and the actors pushing back on that. the studios obviously were looking at the streaming tariffs that the actors wanted. it looks like they've reached some middle ground there, the sag-aftra union was touting that they received one of the biggest increases ever -- not really sure if all the details, but it looks a finally some kind of middle round was reached. -- middle ground was reached. guy: geetha, let's talk about hulu. are we at the beginning of republic of media -- re-bundling of media? ge

and julia boorstin one year since bob iger returned to disney what's still at take and bertha coombs.e at 191, nvidia at 503, up 100 bucks in, like, two weeks. it reports earnings tomorrow >> all is well again in some sense, or at least familiar. we were here -- i always do this, but we were here in july, and it was a similar thing we had just broken higher out of the kind of resistance area. you had a correction you entered into this kind of grind because people felt they weren't fully exposed to the market what were we worried about in july that caused correction? yield to the upside, the fed would be more tough love, oil was a problem. even seasonally we had some challenges a lot of that has been answered in a benign way. it gets us to here seasonal tailwinds, earnings higher, all that other stuff that keeps sellers at bay. it's question of the short term, a lot of gaps on this chart. the market was dragging coming into this week we'll see. >> julia, one year feels like a lot longer for bob iger. what an amazing month for the stock. it's up 15%. it's moving back towards $100. >> it

iger and when bob iger moves on?at i'm finding interesting is it's taken this long to find out who that right person is going to be. i'm sure internally they have a pretty good idea. i think it tells you how i ger is, he's one of the few people on the planet capable of running this business, and we haven't heard many others they're considering, but i'm pretty confident they'll find the right person. no one is indispensable. >> do you think it's time for someone to take control as investor? >> i'm going to leave the teaming to them, but i think it would be good to know who's sort of the roster of options that they're considering. >> all right. disney reports after the bell. shares up just half a percent right now. peter boockvar, also great to see you. >>> we're going to shift our gears to artificial intelligence. it's is it to be a big focus on capitol hill today. the senate will hold its latest forum as the d.c. tries to get a better grasp on ai. one lawmaker actually heading back to school to do just that. emily wi

>> well, look, bob iger has been incredibly busy.ember, after that nelson peltz conflict was resolved, he did meaningful layoffs, laid off thousands of employees across the company, did very serious cost-cutting. but the situation here is very different than when iger left disney now nearly three years ago. so we're talking about an industry that has been very much changed. don't forget that there is still an ongoing actor's strike. there was a writer's strike that dragged on for months. this actor's strike is still having a huge impact on the outlook for the film industry. and many people will say, it's really depressing the potential for movies that are released, because you don't have actors promoting them. you have so many questions about the future of the linear tv business. but bob iger has talked about how he's really working on addressing all of these issues. they're looking for a partner, potentially for espn. they're looking to potentially c sell the linear tv business. they are doubling down on the parks business, which ha

iger braided he delivered signature bob iger kind of news yesterday. good news, a lot of nuggets of good optimistic news where investors hang onto. obviously there is a lot of work that remains to be done but we know there are some real drivers for disney. whether it's the parks business. at 70% of their operating income. so that definitely is a huge growth alert for the company and they are course is streaming and how to manage that business. the big question is how they will manage the espn transition. and whether that disney bundle, the streaming bundle becomes the competitor, a true competitor to netflix. >> is rebuilding a euphemism for shutting it down in terms of streamlining certain businesses and getting off selling the rest of it. >> he seems to actually walk back a little bit of the linear -- we've talked a lot about abc and some other networks being up for sale but he also did say there is a huge cost opportunity when it comes to those linear networks. the charter deal they recently inked was a catalyst for them shutting down a lot of the s

what ceo bob iger had to say on moy" wn asfight,he"ft ne returns. >>> welcome back to "fas money." nelson peltz reigniting e disney proxy drama today. he requested multiple board seats after disney appointed morgan stanley ceo james gorman and former sky ceo jeremy derek this morning. this move coming after bob iger addressed the potential r a proxy fight at yesterday's deal book summit. >> there's a qualification level that is required to sit on the disney board, and the board will make the -- not me, the board makes decisions about who is qualified and who isn't qualified to be on the board, and if nelsoofficially requests a board seat, i'll sure the board will go through a process to determine whether he is -- where should have a role on the board or not. >> cnbc's julia boorstinas news on that and the dividend coming back. julia? disney is reinstating its dividend. paying 30 cents a share for the second half of fiscal 2023, payable january 10th. now, all this comes after nelson peltz's try-ia saying he will seek two or more board seats. he said that the addition of new members

as for bob iger, he said, hey, bob, i'm sure you are in the audience. we think that is a reference to disney ceo bob iger, though he wasn't specific. caroline: they have probably been together in the green room before that because bob iger was speaking at the conference before that. this is noise around what will be a big main event for one of his companies, tesla. we referenced how investors have been concerned about how he is behaving on his social media platform. the fact that what he wants to , dominate the headlines today is the cyber truck? >> it is a pickup that made a lot of headlines. going back four years now, this was a truck that they showed, famously, or infamously depending on your view, through the metal windows that they cracked. a lot of people in the room gasped. so were to sure how serious it was. it is dead serious. it's finally ready for deliveries a couple of years late, but no question that this one is sort of a head turner. sort of as polemic a vehicle as they come. ed: the pickup category, electric or combustion engine, is sacre

hey, bob, if you're not audience. liz: he met bob iger of disney who pulled advertising.ss exodus after he endorsed anti-semitic posts on the platform and some found their ads were appearing were naziesque or pictures of swastikas. the company is scrambling for other ways to minimize cash and the fallout. this as charlie gasparino, as cyber truck event -- >> i never use words like that. the "f" word. liz: can we put up some of the event here? like "mad max" meet monster truck. >> let's unpack what elon did and what he didn't do. let's be real clear. if you believe him, there is good evidence believing him he was not endorsing anti-semitism in a tweet. he tweeted something. liz: he said it was the worst move he ever made. >> he knows it is stupid, you know it is stupid and i know it is stupid. it was a clumsy way of left-wingers in this country embraced black lives matter, that hates israel, guess what, this is what you're getting. number two, media matters if you believe the certified lawsuit of musk against media matters they essentially manufactured the neo-nazi content

bob iger is dealing with a stock that's stuck in the mud. media landscape and looming activist fight. we will scdiuss all of that and more disney when "power lunch" returns. >>> shares of microsoft hitting a high today. just about $140 billion. what's 140 billion among friends? for a deeper look, let's bring in steve kovach. >> there's a simple why microsoft is closing that market cap fwap with apple. it just ignited a promising growth engine. apple is coming off the year of declining sales and projected little to no growth for the current holiday quarter and there's no clear growth catalyst on the horizon. microsoft showed up when it reported earnings just last month that all that ai activity is helping boost growth for its azure cloud unit. just started selling its co-pilot to business customers last year. apple is now working on its generative ai products that could launch as soon as next year, but for now, it has nothing to offer. now, there's been this tit for tat between these two companies over the year. remember the zune? the windows

julia boorstin with the headlines and what's bob iger saying?hares are moving lower during bob iger's moment as he has disney's linear assets and he said no decisions have been made. disney shares are now down over 2.5% and iger saying, quote, i feel like we just emerged from a period of picking to one of building again and i can tell you that building is a lot more fun for fixing. he and anchor david muir were joined on stage by alan bergman along with the espn head and josh damaro. they did start off the joint conversation with espn discussing potential strategic partnerships including leagues or tech companies though iger made it clear that they could go it alone when it comes to espn. iger and alex bergman talked about improving disney studios which are under scrutiny after several disappointments. iger was not asked about his battle with nelson peltz although i'm sure it will come up in future board meetings. >> you would think it would. thank you, julia boorstin. no amazon today, and we have a feeling of their own co-pilot. >> despite that

bob iger is saying, i have a plan i'm executing. what are you saying we should do? >> do you think we'll look back on these days, you know, whatever time period, and say, that was the worst period for disney? and we'll be on the other side and this quarter marks that? >> yeah, you know, i -- it's tough to be able to say that, because there are some still significant challenge. they're releasing a movie this weekend, "the marvels," that is not expected to do very well. that's part of the marvel cinematic universe that has been untouchable. they have to figure that out. they have to figure out what they're doing with lucas film and "star wars." there's some tremendous creative challenges, especially on the film side. and on streaming, we don't really know what's going to happen between now and the end of 2024, when iger says that he's going to reach profitability. like you guys have said, if there's a recession, if there are other factors in the market that change the calculus there, that could be a big miss. >> matt, great to have you with us. thank you so much. matt

so what are bob iger and disney supposed do now? first time i connected with kim, she told me that her husband had passed. and that he took care of all of the internet connected devices in the home. i told her, “i'm here to take care of you.” connecting with kim... made me reconnect with my mom. it's very important to keep loved ones close. we know that creating memories with loved ones brings so much joy to your life. a family trip to the team usa training facility. i don't know how to thank you. i'm here to thank you. dear moms and dads, what you have achieved here today is going to help us and our futures. it is why we're coming up on stage to collect your diplomas. mom, love you always. vo: when you graduate, they graduate. visit finishyourdiploma.org to find free and supportive adult education centers near you. >>> this morning we're hearing from one of the palestinian college students who was shot in vermont. he said it was like experiencing a nightmare. the 20-year-old believes his training as an emt helped him survive the sh

that's what bob iger is looking for. content or distribution.d take it global a sports league could guarantee more content, but maybe more content. >> i'm trying to understand what you think the stock is worth in that kind of environment it doesn't matter who the third party is is it 110? >> that's an amazing number. >> 110 based on that happening >> no, it is not the stock is de-risked all of the negative news is in at this point, potentially good news to come the industry is in a transition. disney is not immune bob iger is a tremendous leader. >> for how much longer >> a couple of years, maybe. >> really? >> what about ike and nelson >> hard to know what they want you know, i don't think -- >> if shareholders called you and said they want to get on the board, that is a good idea or harmful. what would you tell them >> obviously not my decision >> i know. people would say is it helpful to have activists on the board is that a good idea or bad >> in general, it is a good idea to have somebody driving the shareholder value. >> can we talk about

it is a big test for the returning chief executive bob iger. michelle fleury has the latest from new york. it is nearly a year since bob iger made his shocked return to disney following his retirement and having restructured its operations, mr i go, was on his second go around leaving the media giant, said disney is now moving to its next phase.- moving to its next phase. well, we still have _ moving to its next phase. well, we still have work _ moving to its next phase. well, we still have work to _ moving to its next phase. well, we still have work to do - moving to its next phase. well, we still have work to do to - we still have work to do to continue improving a result, progress has allowed us to move beyond the spirit of fixing and begin building our business again. an example of that, next month disney will launch a beta test of an app that combines disney plus, streaming servers, with hulu, another streaming servers. itjust bought the remaining stake in bulloo from comcast. this comes as dreaming losses are and is disney plus added 7 mi

stuart: elon musk yes, bob iger, no. i want to see if you sell that. were looking at the other movers this morning, let's start with paramount it is down 3.6%. >> double down grade bank of america price target nine down from 32, what happened. they thought paramount would sell one of the assets like showtime but they don't see any asset sales on the horizon no catalyst for the company the stock is down. stuart: is this another dating company. >> you start with the date then you can mate, very forward. a ceo whitney woolford is stepping down. the company reports tomorrow look at the stock on seven and three quarters percent. match which owns tinder cratered after the fourth-quarter forecast is pretty terrible and now the shares are at a record low speed when we were discussing the cost of the day it's going to the theory the matchmaking systems don't work as well so the stock goes down. >> in part. >> we were discussing the expense of the date but none of us really knew. stuart: booking holdings a travel site. >> the on priceline the stock is up to into

ceo bob iger coming under pressure from investors.d ludlow has more. >> disney is going to cut even deeper and the cost savings it is targeting along with improvement on the bottom line will help bob iger ward off ongoing activism. increased activism, they are seeking more board seats. bob iger saying he took a call from nelson pelz but it was not clear what he wanted. of course streaming was the focus, the losses are narrowing in the streaming business and that help the bottom line. in terms of the big question round profitability in streaming, disney said that is something that is possible by the fourth quarter of the fiscal year we just entered. and you look at the disney plus subscriber count, it grew to 152.5 million subscribers overall for disney plus. that is a return to growth, something investors were pleased about. but there are questions about the commitment to content. kriti: you can get a full round up of the stories you need to get your day going in today's edition of "daybreak: europe." you get the micro, the earnings w

yesterday, this was something, disney ceo bob iger discussed his discussion to pull his ads. >> i havet of respect for elon and what he has accomplished. we know elon is larger than life in many respects. by him taking the position he took in quite a public manner, we just felt the association with that position and elon musk and x was not necessarily a positive one for us and decided we would pull our advertising. >> but musk apologized for the post, he said he was sorry and didn't mince words though to iger's comments, this exchange played out last night. >> there was criticism, advertisers leaving -- >> stop. don't advertise. >> you don't want them to advertise? >> no. >> what do you mean? >> if somebody is going to try to blackmail me with advertising, with money, go -- yourself. go -- yourself. is that clear? i hope it is. hi, bob, if you're in the audience. >> let me ask you then -- >> that is how i feel, don't advertise. >> interesting to watch elon musk interviews. i mean, kayleigh, he is breaking the mold and saying if twitter fails or x fails, the company fails, it is on thes

one year since bob iger returned to run disney. one analyst report card on that tenure. >> plus, the biggest global story of the past half century may be over, at least according to rockefeller's rishi sharma. >> new forecast on spending as we think about holiday shopping season one stock stands to benefit probably not one you would expect w up1.ow still ahead back in a moment meet gold bond daily healing. a powerhouse lotion that moisturizes, heals, and smooths dry skin. with 7 moisturizers & 3 vitamins. and... new gold bond healing sensitive. clinically shown to heal & moisturize dry, sensitive skin. gold bond. together, we built something truly beautiful. it takes years of dedication to get to this milestone. the new york stock exchange is a symbol of what america is all about the potential of an american dream. it is day one. a lot of work has happened to lead to this historic moment. the only way you can move a society forward is a true expression of freedom. ♪♪ you want to be able to provide your child i with the tools orn re

bill ackman is not on the biden brand right now, and bob iger.e can get some democrats and some big with democrat money to come over to her. stuart: i think what he was trying to do was to swing american business away from trump and towards someone who might be considered more moderate, nikki haley. up lauren yeah. stuart: swing american business in support of that moderate because he may like trump's policies when he was in office because we had a very successful economy, but they don't want that chaos to return. lauren: i saw the same outcome but a different take. i thought he was trying to take money away from the bide incorporate donors, the big money that is -- corporate donors, and swing it to a mored moderate republican like nikki haley. stuart: maybe he was. lauren they're final point, vivek ramaswamy's political director spearheaded everything that vivek just did in new hampshire, he's moved over to the trump campaign. tooth i wonder how long vivek will stay in the race. we'll see. now this, bill ackman says biden should drop his 2024 ca

i will be sitting down with disney ceo bob iger to talk results and that's coming up right after theyr the bell. >> we're excited about that, thank you very much. julia boorstin just ahead of the earnings and of course, that exclusive interview. >> you look at warner brothers and discovery today and paramount. >> it's not looking good and it's interesting because disney has this sort of makeup where you can decide how much of the company is essentially a netflix and how much of it is a wbd and a paramount. obviously, they have exposure to the linear networks and the advertising likewher wbd and paramount and in terms of scale once it buys hulu and you have the brand franchises that you can value as much as you want in the theme park business. it will still have, i don't know, $6 billion in gain in revenue in this fiscal year versus the last one and it's not the same where the pure media companies are at the mercy of the macro and their own balance sheets and don't have as many options. we'll see what they convey, what iger conveys in terms of the degree of urgency to do something stra

bob iger tomorrow at 4:00. >>> up next, we've got some final trades.e that. with your very own online store. i sold that. and you can manage it all in one place. i built this. and it was easy, with a partner that puts you first. godaddy. ( ♪♪ ) sometimes, all the tenacity and grit in the world... ...can't overcome the boundaries we face. ( ♪♪ ) so morgan stanley is partnering with the women's tennis association to remove them. ( ♪♪ ) because this game is for everyone. ( ♪♪ ) all right, sheila, are you throwing a dress like a dad party, a birthday brunch, or a vow renewal for your dogs? yes! the right drinks delivered for any party. drizly. >>> we have a minute, time for the final trades. tim? >> i'm a buyer of the word maleficent. >> long? >> chevron. i think, i am a buyer of the oil space. the correlation to the underlying oil price to me is irrelevant right now. >> karen, who nknew ma life sen. >> yeah. nvidia, really nice run. time to sell some upside calls against stock. >> the never maleficent dan nathan. >> robin hood down 10%, probably rallies b

haidi: we had a lot of announcements including netflix and espn. >> bob iger was on that call and saysc about the future and there were a number of announcements and say there is serious interest on espn partnerships and they are talking with netflix to license content, including -- excluding the core brand but a deal nonetheless and expect to see roughly $8 million in free cash flow in fy 24. disney shares have been under significant pressure recently and the magic in the mouse house evaporating of late and shares have been down 8% in the years since bob iger famously came back from retirement under pressure to do more and succession plan is an issue and on the call he said he took a call from nelson peltz and did not get into the details and disney is viewed as delivering a strong finish to the fiscal year despite industry headwinds and concern from those who are bearish on disney that it is mainly a consumer brands, has had lower streaming losses and made a commitment to reach profit in the fourth quarter and the shares tell the story but the after hours rally could provide a boost

what do you need to hear from bob iger?minutes away from the top of the hour, disney reports its numbers for the quarter. obviously we showed the longer term chart, it's not been a pretty picture. what do you need to hear before you say that's one of my picks? >> look, i think very much like what you're hearing out of wbd, you know, is this fear of the linear tv business is under a tremendous amount of pressure. sports costs keep going up as you know, liz. i think people are trying to understand, investors are trying to understand why does disney believe that direct to consumer sports will ever be a good business? i can understand why sports couldn't be part of a larger entertainment service whether we're talking peacock or paramount+ and, heck, i think netflix is starting to sprinkle in sport withs the netflix cup, a golf tournament later this month, but a stand alone sports streaming service, does it actually work? i think investors want to understand why does disney, why does iger believe in this or should they really be

the stock is down .2% during the story is about bob iger's turnaround. all of those cuts, the cost savings, thinking about reducing the content spend. that is how he is judged on the bottom line. that is where we look in a few hours time. caroline: return to growth, whether it is on disney's subscriber growth or a turnaround in the overall numbers. let us get to it. are we expecting a bounce back to growth? >> at least in terms of the wall street expectations, it will be a bump in sales and higher profit in the bottom line. lower losses in the streaming business. all of those things you mention, the cost-cutting appears to be paying off. ed: this will be big earnings, you will eat coverage of the entertainment industry. do you go into this thinking about disney as a tech company streaming, subscribers, content, or do you wake up on earnings morning and thank theme parks, merchandise, traditional tv? >> i think of disney as a consumer-products company. this is been a choppy week in terms of entertainment earnings. paramount stocks jumped on better results

that is why they brought bob iger back through 2026.ear or two but what i sense from investors is they are looking at disney in the low to mid 80's. they are intrigued at these levels. most investors feel like it is too early to get super animated, but they feel like there could be a line of sight if they could turn the corner on streaming and make it profitable while the macro backdrop does not fall apart. matt: laura martin has said apple should buy disney. do you think there is any chance that one of these behemoths vies maybe not the whole company but a giant chunk of it capital -- chunk of it? jason: i would say no. if i was a big tech company, you can go out and buy sports rights, as they all have, and pay more and stared up a sports business without buying in the near terminal. that is exactly what libby -- mr. iger is concerned about. he was to insulate them from entering into a bidding war. matt: what about the parks? they have done so well. everybody overlooks the parks business but that is where people are spending so much mo

last year disney brought veteran ceo bob iger out of semi—retirement to try and turn the company aroundonfidence. he has pledged to cut costs by more than 7 billion dollars. and the signs are that it is paying off, as michelle fleury reports. it is nearly a year since bob iger made his shocked return to disney following his retirement and having restructured its operations, mr iger, who was on his second go around leaving the media giant, said disney is now moving to its next phase. while we still have work to do to continue improving a result, progress has allowed us to move beyond the spirit of fixing and begin building our business again. an example of that, next month disney will launch a beta test of an app that combines disney+, streaming service, with hulu, another streaming servers. itjust bought the remaining stake in hulu from comcast. this comes as dreaming losses are and is disney + added 7 million subscribers, that is nearly double forecasts. it is also investing money in its theme parks, which continue to grow. we switched places whenever we use them. ., ., ., , and new fi

you can see bob iger there as well. he's in th

bob iger has said that they do want to hold onto espn, it is a crown jewel for disney.e looking to kind of get partnership from outside. again, one does not know if is a tech partner like apple or amazon or if it will be one of the needs. we will watch and see if there is additional reports from disney. alix: thank you very much. coming up, miami is heating up even more, five republican candidates taking the stage for gop leadership. how last night's election results may impact the debate. ♪ it's easy to get lost in investment research. introducing j.p. morgan personal advisors. hey david. connect with an advisor to create your personalized plan. let's find the right investments for your goals okay, great. j.p. morgan wealth management. guy: stats going nowhere but it looks like the nasdaq 100 and the s&p 500 will not get the next day of gains we have been expecting. >> i thought with oil not the future is down 2%, the biggest decline since november. we have seen a lot of indicators suggest the demand will be weaker than some people had expected. stocks as you mention a

it is nearly a year since bob iger made his shock return to disney following his retirement, and havings on his second go—around leading media giants, admit disney was now moving its next phase. with lab work to do. our progress has allowed us to move beyond _ progress has allowed us to move beyond this period and begin building our businesses again. an example of that next month, disney will want a better test of an app that launches disney plus, if streaming service with hulu, another streaming service. itjust bought the remaining stake in hulu from comcast. this comes as streaming losses shrunk and as disney+ added 7 million subscribers, that is nearly double forecasts. it is also investing money in its theme parks, which continue to grow. and new films like the marvels, due out this friday, should help its film studio, which is focusing on making less stuff of higher quality from its existing franchises. still, not all is rosy. for example, disney�*s abc network and other tv stations saw lower political advertising revenue during the quarter, a decline in ad revenue that has worried

he seemed -- he attacked bob iger who was in the audience, the head of disney for just not wanting to advertise on him. it was so strange, and he's done it before. he's attacked advertisers when he first bought the company because he was frustrated, but again, let me underscore, he's 52 years old and the richest person in the world, and i'm sorry he's -- that's not how adults behave. it's how adult toddlers behave. >> and also, certainly not how public company -- heads of public companies behave. one of the drivers of how that public company is supposed to survive is the advertising, the person responsible for the advertising came over with much fanfare, linda yaccarino. i'm struck, she put out a tweet last night, i don't know what it was trying to do to be completely candid with you, saying here's my perspective when it comes to advertising. >> neither do i. >> x is standing at a unique and main intersection and the x community is power and feel here to welcome you. to our partners who believe in our meaningful work, thank you. it's like a tweeting through it but not really sure with

the bob iger effect is working. there is the some activism. caroline: has this been enough to assuage when it comes to the focus on this company? disney earnings, we want to dig in. we welcome laura martin. the cost-saving strategy, the fact that they are pulling back on content and shutting more jobs, is it enough to assuage concerns? laura: i don't think so. they just did $27 billion of content spending and should have been $30 billion because we had strikes. now bob iger is saying he is going to cut another $2 billion. if you are a content company come how do you cut spending lower than a straight here -- strike year. he had nice subscriber growth for this direct to consumer business, the most of any streaming company adds. if he cuts content cost again, he will have a horrible direct to consumer sub number. nor do i think this is a long-term strategy. ed: the streaming business is such an interesting battleground. the company said by the fourth quarter of the fiscal year, streaming can be profitable. given everything you've outlined, it is

he's talking to bob iger, waving in bob iger, when the person sitting the front row with his ceo, lindaaccarino, who i am guessing wasn't chuckling. what in the world is going on? when an advertiser decides to pull from a platform, it's not blackmail. they are simply saying, we don't want to do business with you. full stop. they have that right. >> of course. and this is just one example of companies in recent days, but being in that room it was such a startling moment. yes, it was clear, but as andrew pointed out, linda yaccarino right there in the front row. what really stood out to me beside the fact that he came in roaring in that bomber jacket with the first caller was how he was talking about the end of twitter and really concrete way. he is alluded to this before, but the point he was making is you can see all of these advertisers leave. that would result in x or twitter resumes dissolve your falling apart. he was confident that people using the platform when blame the advice for leaving. but this was a long, 80 plus long interview that elon musk did with andrew ross sorkin, it w

bob iger sharing more on that.ger was thinking about that because he took steps to reduce costs within the disney structure. now we are maybe getting to a conversation where we will have more to talk about. iger dismissing the idea of tv network related sales of assets. we are getting to the bigger questions that we will watch closely. we are watching the story of artificial intelligence player openai offering tender shares for employees next month. ed ludlow has been chaffing -- tracking the details on that one. this is bloomberg. ♪ that first time you take a step back. i made that. with your very own online store. i sold that. and you can manage it all in one place. i built this. and it was easy, with a partner that puts you first. godaddy. a few years ago, i came to saona, they told me there's no electricity on the island. we always thought that whatever we did here would be an emblem of what small communities can achieve. trying to give a better life to people that don't have the means to do it. si mi papá estu

it's nearly a year since bob iger made his shock return to disney following his retirement and having restructured its operations. mr iger, who is on his second go round leading the media giant, said disney was now moving to its next phase. while we still have work to do to continue improving results, our progress has allowed us to move beyond this period of fixing and begin building our businesses again. an example of that next month, disney will launch a beta test of an app that combines disney plus its streaming service with hulu and other streaming service. itjust bought the remaining stake in hulu from comcast. this comes as streaming losses shrunk and as disney plus added seven million subscribers. that's nearly double forecasts. it's also investing money in its theme parks, which continued to grow. and new films like the marvels, due out this friday, should help its film studio, which is focusing on making less stuff of higher quality from its existing franchises. still, not all is rosy. for example, disney's abc network and other tv stations saw lower political advertising rev

executive bob iger set to address employees in a company-wide town hall today.he's going to say in >> stuart, we're expecting oil and gas industrier and a number of senior -- stuart, we're expecting iger and a number of senior leaders to expect the building by opportunity meeting and it's a pleating for employers and -- meeting for employers and investors and wall street is watching and the company has yet to fully turn around. some parts of the business are doing well but the movie studio and can tent engine that feeds other parts of the business are flailing. disney's wish and marvel bombed at the box office and disney seen a number of other flops partly driven by the pursuit of woke content. >> they kept on producing these woke movies and people weren't going. they just kept on producing them, expecting people to adjust their values to the company. well, that didn't happen. and so shareholders are beginning to ask synergy home we ever really went down this road. jot company admitted that esg activism hurt shareholders and said "we face risks relating to misal

that happening as the disney ceo, bob iger, is holding a town hall with employees.ing here? >> well, it's been a year since bob iger convened a town hall after he returned to ceo and the stock has been down about 5% in the last 12 months. iger, i hear, was asked on stage if it's been a more challenging year than he thought it would be. he said, yes. the new amsterdam theater, where "aladdin" plays on broadway, david muir is moderating a town hall streamed to employees this is a conversation that's supposed to be about future building opportunities. iger was on stage at first solo with muir and then potential successors. when his term is up in three years, including dana walden and allen bergman and also the parks head. iger is talking about his areas of focus, and he flagged these areas in disney's last earnings call. one of them is building espn into a digital sports platform. i'm told iger talked about strategic partnerships that could include leagues or tech companies. he left the door is open and is meant to talk about profitability in the streaming business as

bob iger made it very clear in our interview last july that it was even worse than he thought, and hehought it was going to be really bad. i think people are struggling to sort of understand that quarter, given the 17% decline in warner brothers shares that took place yesterday and the fact that it seems to differ a bit from what we saw from paramount and now from disney as well. >> $2 billion paydown in debt, i mean, carl, we're looking for certain things from certain companies. i just care about the balance sheet for warner bros. discovery, and i was not let down but david's right. there was not as much that we thought. just so we know, disney, balance sheet such, we're not talking about that we're talking about just spewing cash they are very different animals. >> you made that pretty clear. entertainment revenue up two, parks up 13. iger did talk about too much quantity over quality in terms of focus on their ip the exhibiter business is going to get more attention because amc is down premarket. >> i go back to, what has nelson peltz talked about kind of a bloated disney it justic

. >> that was a reference to bob iger, the ceo of disney, who had been with us earlier in the day. they pulled their advertising from x over the comments that elon musk had made on twitter a week and a half ago that raised questions and concerns throughout the country and world about anti-semitism and the like. i want to show you the next piece. a lot of issues are getting overshadowed. >> bob was there? >> he had not been there at the time. he was there when the vice president was there. he was sticking around after that. i believe he had a board meeting because there was disney news later in the day. >> stuck around for the vice president? >> there was a board meeting. >> musk responding to criticism over that tweet that created the firestorm. this is what he had to say. take a look. >> i'm sorry for that post. it was foolish of me. of the 30,000, it was the most foolish post i've ever done. i tried to clarify six ways to sunday. at least, i think over time, it will be obvious, apart from anti-semitic, i'm pro. all of the evidence in my track record would support that. >> i would

bob iger's hands may be tied.r this year, 6 dei leaders have left senior roles in hollywood media. people mostly black women at disney. they're trying to do these far-fetched things. check a box and keep it moving. it's not making any side necessarily happy. consumers want to go to the movies to see a great movie. >> martha: here's the problem. the issue here -- they have lost a billion dollars on their last four movies, right? in those movies, you had things like same sex kissing, trans character, an lgbtq character. that gets all the focus. but i would pause it that they're also just not well-done, good movies. we're not talking about peter pan or marry poppin's or beauty of the beast and moulin or any of those movies that i watched with my kids that are good. so they really -- they need to get back to content and quality. it's just -- >> martha: hollywood got hooked on special effects part 1, part 2, part 3. >> martha: over writing an content and things that -- >> storytelling. tell us a great story. if there's

disney's ceo bob iger taking the stage afternoon. julia here with the highlights. >> well, iger talking about how he is trying to transform disney, including improving movies, so they can meet the higher bar that there is now for getting people out of the house and into theaters. he talked about sake taking espn direct to consumer. >> all we are doing right now as we prepared to bring it in a much more direct to consumer direction, which is to launch it as its own app, is basically looking for partners, talking with prt artners that could enhe the prospects. we are very confident about the prospects of espn as a streaming business. but with the potential partner from the sports side, meaning more consent for from the distribution and technology side, we believe our prospects will be even better as it transitions. >> iger also responded to a question about nelson's activist push and how his demand for a board seat could be received. >> there is a qualification level that is required to sit on the disney board, and the board will make

. >> that is bob iger. >> that's fine. b be iger screwed up the secession pl. get this right. enough is enough. if you look at t earnings, by the way, the earnings expected growth from here, i know they're way off what they re, but it's pretty decent. earngs will grow 21% in '25. trading at a really scounted valuation. basically you could say just on the parks, and at that 15 times. it's not -- it's not in a terrible place, ani'm all for nelson peltz trying shake it up. i hope he does it in the right way, but anything to say, enough is enough, is good news by my standards. >> jimmy, you're a shareholder as well. >> really good investors will often say what's the one thing you want from good management? you want them to be excellent stewards of capital. now i think nelson peltz is a great adviser on that topic, how to allocate capital. there are big decisions to be made, what to do about hulu. how much they pay for it. what to do about espn, the dividend. i see nothing but positives from mr. peltz and his nominees joining the board. i'm a little older now than i was, and i will

. >> bob iger talked about this in the summer where he admitted that maybe they are making too many ofon, whatever you want, but also within that frame, there still should be the art of storytelling, so if you make a gazillion of them, it is harder and harder to make them intriguing. >> definitely true. i bring up the actors strike and writers strike because we are seeing a shift in the entire industry because were going to see people pulling back on streaming. bob iger did mention they are pulling back on some of that product because there is so much of it, and people don't know what to watch. the strikes were also about transparency. we don't know who was watching all this content, so i think it is about having these movies that are great movies that make people want to go to the movie theater and see them in the theater and have any fun kind of movie. that is why "rv" did so well. even "five nights at freddy's." going to a theater, or the taylor swift movie. obviously you just talked about that, going to the theater, singing and dancing in the aisles. it's about having any event. >>

this is something that somebody who could potentially be a successor to bob iger.o much speculation around who is going to get that job, as there has been for a long time. iger is staying until 2026. but his name is added to the potential list of replacements. matt: as a father of a young child, i have disney plus, hulu, as well as a million other apps that i pay like nato's night incense a month -- pay like $9 .99 for all of them. what consolidations do you see, disney plus and hulu? chris: yes. they sell them as bundles. when they complete the acquisition, disney will buy out the one third of hulu that comcast owns. there will be more integration. disney does not operate hulu overseas. they call it something else. that is a big part of the consolidation. that will be the first consolidation of many in streaming land. too many services are chasing customers. matt: i feel like i have mike 80 -like 80 real channels in my cable box. now i have 80 apps. let's discuss the media landscape further with fubo ceo david gansler. david, let's talk about your product and the

. >> brian: as he implied a bob iger rallied all of these companies, warner bros., comcast, sony, coke -- okay, what that have happened if he wasn't the guy who blew the whole thing up and exposed all of these entanglements from the fbi, homeland security and other entities were doing to make sure an election and vaccine message got out to? what he doing? does he have a full rally against elon musk because a mistake and retweets -- call him up and say you know how bad this looks? sorry about that i could fix it. if bob iger is so determined to stop anti-semitism, how about columbia, university pennsylvania, harvard, yale, how about telling all of your friends that invest in those colleges to pull out. how about calling coca-cola and cesar machine in any of these buildings, how about standing all the cafeterias around, if you want to do something holistic that has impact, don't attack one guy who you don't see eye to eye with, that seems a good personal vendetta. >> that's where the real anti-semitism is happening. >> made a mistake. >> left-wing media attacking henry kissinger after th