Disney loves a sequel: Bob Iger is back at the helm of the media giant

11/20/22 7:00PM

Disney loves a sequel‍

‍Bob Iger is back. Less than 3 years after stepping down as CEO, Bob Iger is now returning to the house of mouse, after handpicking another Bob, last name Chapek, to take over the top job in 2020.

Over five decades in the industry, with 15 years as Disney CEO, Iger crafted himself into one of the most-respected execs in entertainment. Disney flourished under Iger as he presided over transformative acquisitions of studios such as Pixar, Marvel and Lucasfilm as well as a mega-deal in 2019 that saw Disney win a bidding war against Comcast for ~$71bn worth of assets from 21st Century Fox.

Even Netflix’s co-CEO, Reed Hastings, reacted to the news this morning saying “Ugh. I had been hoping Iger would run for President. He is amazing.” — a ringing endorsement from Disney’s fiercest streaming rival.But it's the streaming business that is the root of the company's problems. Disney’s enormous parks business has recovered well from the pandemic, and is now essentially subsidizing the mounting losses at Disney’s streaming services. Add in a high-profile spat with Ron DeSantis, and Bob Chapek was quickly losing favor with Disney investors, and the board.

‍Sequelitis

‍Although they're known for their love of a sequel (e.g. Marvel), Disney's board likely wasn't hoping for Iger to have to make a return — but investors seem pleased, with the company's share price jumping nearly 10% this morning.

Max Knoblauch9h

Paramount reportedly receives $24 billion from Gulf funds to back its Warner Bros. takeover

Three Middle East sovereign wealth funds have agreed to back Paramount’s takeover of Warner Bros. Discovery to the tune of roughly $24 billion, according to Wall Street Journal reporting.

The company’s triumph over Netflix in the bidding war came thanks in part to financial backing from Oracle cofounder Larry Ellison, billionaire father of Paramount CEO David Ellison.

Saudi Arabia’s PIF, which last year led the $55 billion deal to take Electronic Arts private, will provide about $10 billion in the deal. The Qatar Investment Authority and Abu Dhabi’s L’imad Holding Co. is also involved.

According to the WSJ, the funds will not receive voting rights in the combined Paramount-Warner company. Those working on the deal don’t expect the Gulf funds’ involvement to spark any additional regulatory reviews.

Exclusive | Gulf Funds Agree to Back Paramount’s $81 Billion Takeover of Warner

The company’s triumph over Netflix in the bidding war came thanks in part to financial backing from Oracle cofounder Larry Ellison, billionaire father of Paramount CEO David Ellison.

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Allbirds, the once buzzy multibillion-dollar sneaker startup, is selling up for $39 million

That’s less than 1% of its peak market cap about four years ago.

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JetBlue is raising its bag fees as fuel costs squeeze airlines

JetBlue will reportedly hike its bag fees, as the cost of jet fuel continues to climb amid the war in Iran. It’s the latest example of carriers finding ways to push rising costs onto travelers.

Last week, United Airlines CEO Scott Kirby said that if fuel prices remain elevated, fares would need to rise another 20% for his airline to break even this year.

As CNBC reported, when one airline raises fees, others tend to follow.

Earlier this month, JetBlue hiked its first-quarter outlook for operating revenue per seat mile to between 5% and 7%, saying that strong Q1 demand helped “partially offset additional expenses realized from operational disruptions and rising fuel costs.” Now, the carrier appears to be making moves to further boost revenue to offset those costs.

Earlier on Monday, JetBlue rival Alaska Air lowered its Q1 profit forecast. The refining margins for the carrier’s cheapest fuel option — sourced from Singapore and representing about 20% of Alaska’s overall supply — have spiked 400% since February.

JetBlue did not immediately respond to a request for comment.