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Curious about what led to the swift exit of former Disney CEO, Bob Chapek? Check out the budgetary discrepancies that led to his swift exit.
Bob Chapek’s Quick Exit
When Bob Iger retired in February 2020, Bob Chapek took his place as CEO of The Walt Disney Company. He took charge right before the parks closed in March 2020. Chapek has been in charge for over two years, overseeing the parks, entertainment, and more. During this time, many guests and Cast Members questioned the direction in which he led the Walt Disney Company.
After recently renewing Chapek’s contract to end in 2025, the Disney Board replaced Bob Chapek as CEO and will replace him with his predecessor Bob Iger for two years. The morning after Bob Iger’s return, Disney stocks were on the rise.
The very quick timeline was a bit surprising for Disney fans, but a poor quarterly earnings report was the final straw and forced the board to replace Chapek. Part of this poor earnings was tied to Disney+ which led to the quick firing of another Disney executive less than 24 hours after Bob Iger’s return.
Budget Discrepancies
It now appears that Bob Chapek may have attempted to make Disney+ look more profitable than it really was. According to the Wall Street Journal, it appears that Disney+ originals such as “The Mysterious Benedict Society” and “Doogie Kamealoha, M.D.” were originally aired on Disney Channel and fellow networks.
It is suggested that a debut on other networks would not count against the marketing budget of Disney+. This could allow Disney+ to appear more profitable than it actually was while still offering “original content.” According to Chief Financial Officer, Christine McCarthy, she was “concerned about this strategy.”
Bold claims were made by Bob Chapek that the Disney+ bundle (Disney+, Hulu, and ESPN+) would be profitable by 2024. According to the LA Times Disney, “reported an operating loss of nearly $1.5 billion, more than doubling its loss of $630 million during the same quarter a year earlier.”
It is suggested that a debut on other networks would not count against the marketing budget of Disney+. This could allow Disney+ to appear more profitable than it actually was while still offering “original content.”
What do you think of this budget discrepancy? Do you agree with the decision for Bob Chapek’s quick exit? What do you think of the content offered on Disney+? Share your thoughts with us on our Facebook Page.
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CM
Wednesday 30th of November 2022
Phil - Well said.
Edgar
Tuesday 29th of November 2022
What’s being woke anyways? Being inclusive of all type of people and caring for them? Then I guess I’m woke as well.
Phil
Tuesday 29th of November 2022
My dear Liz. This inclusivity is nothing but a man made construct of weirdos. What you are thinking is equality is really the doors of the insane asylum being opened. Mental illness and emotional issues are being normalized. When a child is let believe they are really a cat, and teachers and adults promote their illusion, what do you think will happen to that child later in life. We are destroying lives in making them equal. The future for all the 180 supposed definitions of supposed identity is nothing more than a weakened moral societal construct that has no idea who they really are. None of this is healthy, it is a destructive emotionally disasters future of confused humanity that will not be able to function let alone contribute to a healthy and prosperous society.It is not even taking into account the criminals prescribing dangerous drugs inhibiting hormones of growing children. The physical damage over the next few decades, if not stopped, will leave a damagingly immoral mark on humanity in the future. Your insistence in believing this is all about inclusion is nothing more than the destruction of human life.
CM
Tuesday 29th of November 2022
Yup, and that is why Disney's movies are banned in a good portion of the world! Nice try.
Liz
Monday 28th of November 2022
Give me an effing break, Harold. No one is forcing anything down your gullet. I bet you can’t stop staring. If you disagree or dislike it, just look away. Plain and simple. I’m so tired of people harping on about “woke” this and that as though it is literally killing them that they can’t be the only type of people represented in the world. There are many other types of people out there and I’m so glad that I’m finally seeing inclusivity and equity EVERYWHERE in the world, including Disney.