Walt Disney Co. Chief Executive Officer Bob Iger said his leadership role was extended for another two years because he found more challenges facing the media giant than he initially expected.
The decline of live broadcast and cable networks, known as the linear-TV business, has been steeper than anticipated and the media and entertainment company is looking at possibly parting with some assets and exploring strategic partnerships as a way to address the situation, Iger said in a CNBC interview Thursday.
The erosion of the linear cable-TV business brings it “closer to obsolescence,” and it’s “a reality we have to come to grips with,” Iger said.
One big area of focus is sports. Iger said everything is on the table for the company’s ESPN division. It wouldn’t necessarily spin off of ESPN, but the company is “looking for strategic partners that could either help us with distribution or content,” he said.
Disney is on track to fully transform ESPN into a direct-to-consumer streaming service, but Iger didn’t provide any specific dates.
On the Hollywood writers’ strike and possible actors’ strike, Iger said the disruption would cause “huge collateral damage” to the industry and the economy.
