Disney Said The Company Will Pay More Attention To The Profitability Of Streaming Media Business In The Futur

According to foreign media reports, Robert Eger, the newly appointed CEO of Disney Company, told employees at the company's plenary meeting that he would not cancel the company's recruitment freeze and would continue to reassess the company's cost structure.

Robert Egger said that he would study some decisions made by former CEO Bob Chapec, including requesting guests to book for theme parks and moving about 2000 employees from California to Florida. Eger said that Disney must focus on the profitability of streaming media business, rather than just increasing subscribers.

It is reported that a week ago, Disney's Board of Directors announced that Robert Iger would replace Bob Chapec as CEO for a two-year term. Prior to that, Robert Eger worked at Disney for 40 years, and served as CEO and Chairman from 2005 to 2020. Disney pointed out that as the company entered an increasingly complex industry transformation period, Robert Eger has a unique position in leading the company through this critical period.

Foreign media pointed out that Robert Eger's return comes at a time when Disney is facing challenges, including the sluggish stock price throughout the year and the growing but loss making streaming media business. Data shows that Disney announced its fourth fiscal quarter results in fiscal year 2022 earlier this month. Due to weak advertising revenue and higher than expected losses in streaming TV business, Disney's sales and profits were lower than Wall Street's expectations.