This morning, Disney CEO Bob Iger sat down with CNBC’s David Faber for an exclusive interview. During the exchange, Iger shares some of the “transformative work” he and the company have been doing since his return while also looking to the future. As part of that, Iger indicated that the company may be willing to part with some of its linear television businesses, including ABC as well as cable assets.
What’s happening:
- Speaking to Faber, Iger repeatedly used the phrase “transformative work” in regards to what he’s done since returning last year and why the board has now extended his contract.
- As part of that, he stated, “Transformative work is dealing with businesses that are no-growth businesses and what to do with them.”
- Specifically, Iger pointed to the linear television business, admitting that, “The disruptive forces that have been preying on that business for a while were greater than I thought.”
- Asked by Faber whether this meant that Disney would be willing to sell these assets, Iger said the company was thinking “expansively” about them — leaving the term up to interpretation.
- Iger continued, saying that the company would be open minded and objective when making decisions about these businesses.
- He also said that they are not “core to Disney.”
- Clarifying, he stated that, while the creativity and content from these outlets were core to Disney, the distribution model was broken.
- However, Iger was quick to point out that they view ESPN very differently. In fact, he once again stated plans to eventually take ESPN direct to consumer.
- This time he said that the company might look for “strategic partnerships” in order to make that happen.
- Elsewhere, in terms of what Disney assets Iger does see as growth business, he said that he’s extremely optimistic about the Disney Parks, saying they were a “tremendous business for us.”
- You can see more from the interview in our live blog.