Disney leadership change... are good days ahead?
Welcome to my first publication!
I am thrilled to offer this weekly newsletter to enlighten and inspire you on worldwide media business happenings.
Let’s begin!
?What occurred in media and entertainment this week?
1.??The Berkshire film studio that brings Hollywood closer to the United Kingdom
The University of Reading partnered with Commonwealth Real Estate LP, to develop the new studios at the Thames Valley Science Park. The studio will have 18 sound stages in a 1 million sq ft media complex.?
2.?MrBeast (Jimmy Donaldson) has more subscribers than PewDiePie?
MrBeast has eclipsed PewDiePie as YouTube's most subscribed creator. MrBeast currently has 111 million subscribers. MrBeast got famous in 2018 after giving thousands of dollars to minor Twitch streamers and YouTubers.??
3.?Warner Bros. Discovery CEO David Zaslav on HBO losses
Zaslav disclosed that WarnerMedia’s HBO business lost $3 billion last year after spending almost $7 billion on content. Zaslav said its ad business should rise now that the NBA, NHL, and March Madness are back. Zaslav said the ad industry is "weaker than COVID-19."?
4.?Kelly Kahl, CBS Entertainment's President, Will Retire After 26 Years With Network
Kelly Kahl leaves his job as the President of CBS Entertainment at the end of the year. He is one of the most well-known and long-time TV executives.
5.?Kuku FM, a Mumbai-based audio content platform, raised $ 21.8 million this September-?
Kuku aims to target 10 mn paid subscribers through the Series B1 round funding they have raised this September 2022.
And in the story of the week, we will now discuss the trending news of this year in media & entertainment-
?Why Disney Fired their CEO Bob Chapek and further developments-
The American global mass media and entertainment company that was founded in 1923 is?almost 100 years old.
Disney had a lasting impression on every child that watched it.?
Their movies inspire children to be creative, kind, and innovative and face the toughest situation calmly.?
An example of the same is below-
The previous CEO of Disney, Bob Iger, is back now.
What remains surprising is the move comes right after Bob Chapek renewed his contract.?
What happened at Disney that forced this decision?
Here is a series of decisions by Bob Chapek that led to his ousted-
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Why Iger?
Iger served as the CEO of the company from 2005-2020.?
Bob Iger was the one who made Disney’s major business deals a success.?
He was the guy behind the Disney-Marvel acquisition in 2009 and the Disney-Lucas film (the inventor of Star wars) acquisition in 2012.
He knows Disney in and out.?
Iger has also been an LGBTQ ally publicly, which gives him an edge over Chapek.
The week's news shows how important it is to have a leadership pipeline with fresh talent ready to avoid?a situation like Disney's.
But thankfully, given Iger’s successful tenure and the Disney shares going up right after the news hit the ground is a positive development.
Investors have been cheering the news, sending Disney shares up 9% Monday after the stock?lost roughly 36% of its value this year .
What all business does Disney do?
Lots. The Walt Disney Company is a large umbrella under which many media companies fall.
Among other ventures, Disney owns:
What makes Bob Iger a successful business leader-
In his autobiography,?The Ride of a Lifetime, Iger recalls how he managed such a large conglomerate like Disney that has over 223,000 employees, 157 million visitors a year and 12 amusement parks.?
Reasons for Iger’s success as per his autobiography-
Iger recalls how uneasy he felt during the DisneyWorld Shanghai inauguration in 2016.?
It took him 18 years and 40 trips to Shanghai to make this dream project happen.
At the same time, the “horrible” alligator attack killed a toddler in Orlando, which shook him to the core.
The belief in the Japanese idea of “Shokunin”- Iger believes in the spirit of Shokunin, i.e., the pursuit of perfection. It underlines the theory, “don't settle for good if it could be great.”
?It would be interesting to note what decisions Iger makes to save a battered Disney.
That's all for today!
And if you've got a moment, I’d love to hear what you thought of this edition of the newsletter.?
I read each of your replies.
Vipul.