Will Iger’s Sequel Be as Good as the OG? | The Daily Peel | 11/22/22

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Return of the Jedi

Disney’s board basically created $10 billion in market value overnight by reinstating longtime chief exec Bob Iger as CEO over the weekend.

As evidenced by the deluge of Star Wars content it’s made since acquiring the series, the company has a history of going back to the well when times are tough.

Despite spending more than half his life at the company, Iger is only 71 and will have a long to-do list on day one.

• Priority numero uno is figuring out a game plan for Disney+. The company talked a big game about being alright with losing billions in order to gain market share, but the rope doesn’t seem quite as long after a brutal quarter
• Its declining cable division is still a decent chunk of its overall business, but those revenues are evaporating by the day
• Iger’s only signed up for 2 years at the helm, during which he’ll lay the foundation for the next chief to take his seat

Bolstering Disney+ presents a catch-22. It has pointed a firehose of cash at content, but that hasn’t lured enough subs to be worth the spend. Somehow he’ll have to slow the streaming division’s burn while also sparking higher growth.

Then there’s its steadily-declining cable business. Cable networks paid Disney nearly $18 billion in 2020, and it can’t afford to see those dollars vanish.

The question becomes, do you go all-in on Disney+ and lay cable to rest for good? That’d be risking billions in existing revenues but could strengthen its streaming position in the market. Either way, cable is dying, so they’ll have to think of something before the final nail in the coffin.

Not a lot of easy decisions here. The epic comeback of theme parks and travel, more generally post-C-19, saved its in-person businesses, but digital content will ultimately make or break $DIS as it enters its 2nd century.

Source

Disney ($DIS) ↑ 6.19% ↑

• Must be a pretty sh*tty feeling to get canned as CEO and see your company’s stock shoot up as a result
• Chapek had plenty of missteps during his reign, including a streaming money pit and overreliance on parks revenue. But none was worse than mislabeling “The happiest place on Earth”

Natural Gas ↑ 4.75% ↑

• While the price of oil tends to move based on demand expectations, nat gas goes the way of the weather. Mild winter = lower prices
• It looks like both the U.S. and Europe will have a warm-ish start to December, which sent prices falling Monday. But analysts are warning that even a slightly cooler winter than expected could send prices rocketing higher.