Disney CEO Bob Iger took the first steps towards recrafting the media giant to his vision in his first town hall meeting since taking the helm.
Iger is at Disney.
Disney's long-time head honcho took over once again as CEO last week, and told employees Monday that the company will maintain its hiring freeze as it looks to rein in costs.
Disney reported a 1.5 billion dollar loss in its streaming unit last quarter, and Iger said he intends to focus on profitability instead of subscriber numbers.
Disney was bleeding money in streaming, and Iger's return comes amid several rumors of Disney's next steps, including pursuing another major acquisition.
Iger quashed any talk of Disney making waves in the mergers and acquisitions space and said he doesn't expect Disney to make any large purchases in the near future.
42%. That is how much Disney's stock has fallen this year.
In addition to overseeing widening losses in its crucial subscription business, Chapek faced a flurry of criticism for his early refusal to speak out against Florida's Parental Rights in Education Act, also known as the "Don't Say Gay" bill Iger, who was Disney's CEO from 2005 to 2020, replaced Chapek late Sunday in a surprise announcement. Disney shares increased in value on the first day of trading after Iger was re-appointed.
Disney shares jumped 10% on the return of Bob Iger's magic movie.
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