Disney CEO Suggests A Massive Selloff Might Be Needed Of News Networks

Disney CEO Bob Iger stated in an interview that the company’s TV networks, such as ABC, could be up for sale.

Iger, who agreed to sign an additional two years of his contract to stay at the reins of Disney until 2026, spoke with David Faber on CNBC’s Squawk Box, revealing the transformation he’s hoping to complete before he turns it over to a successor.

Faber interrupted Iger to point out if he was talking about networks like ABC and FX and then questioned if Iger planned to try to sell these companies.

Iger clarified that he wasn’t talking about ESPN, which he claimed is differently regarded inside the firm. He implied that he is willing to sell off National Geographic,  FX, ABC, and numerous others.

According to a report, Iger joined The Walt Disney Company when they bought ABC in 1995, and over the following decade, he worked his way up through the ranks until becoming CEO in 2005, replacing Michael Eisner. When stepping down as CEO in 2020, Iger returned to the role in November 2022 when Bob Chapek was fired.

Iger agreed with Faber during the discussion that ABC and its local affiliates may not be essential to The Walt Disney Company. Faber suggested a sale may be in the cards, and Iger stressed they needed to have an open mind regarding the companies’ long-term viability. 

According to Bloomberg, Iger wishes to sell the majority of Disney’s TV holdings, including  Freeform,  FX, and ABC, since cable TV is declining in popularity.

With Disney+ losing 4 million members in the previous quarter alone, Disney’s streaming platforms have been hemorrhaging money and users. Streaming is projected to have lost $800 million in the third quarter.

The report shows that Iger intends to sell or reorganize Disney’s TV and streaming operations in India, where Disney+ has seen the most decline in subscribers. 

Since Iger’s return,  speculations suggest he may sell Disney to Apple.