Can Bob Iger Put The Magic Back In Kingdom

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Can Bob Iger Put The Magic Back In Kingdom
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Iger had been CEO at Disney from 2005-2020 before retiring to spend time with his family.

However, in a year that has seen the company’s stock fall nearly 40%, news of Iger’s decision to return sent shares 6% higher on Monday, closing at $97.58.

In June, Disney’s Board of Directors unanimously voted to extended Chapek’s contract, which was set to expire this coming February. The extension would keep Chapek at the helm of the company until July of 2025. However, following disappointing earnings and a widely questioned, optimistic call with analysts, questions about Chapek’s ability to right the ship began to gather steam.

Disney was hit particularly hard in 2020 by Covid. Its flagship theme parks, which are at the core of Disney’s identity, lost billions when parks were forced to close. In November of 2019, just prior to the pandemic, the company launched its Disney+ service, joining the content streaming market. While Disney provides a compelling offer, and a deep catalog of well known names, it comes at a time when competition in streaming wars is fierce.

Currently, media and entertainment distribution accounts for an estimated 65% of Disney’s market cap with streaming accounting for almost 36% of that number. Parks, experiences and products are responsible for about 31% of market cap with the bulk of that number, as you would expect, coming from U.S. theme parks. In their most recent quarter, revenues from theme parks hit a record $7.42B, which was a 36% increase from the year prior.

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