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Disney call: Board still working succession; questions press TV

May 10, 2016 5:43 PM ETThe Walt Disney Company (DIS) StockDISBy: Jason Aycock, SA News Editor13 Comments
  • Last summer, with trouble brewing at ESPN, Walt Disney (NYSE:DIS) CEO Bob Iger took the subject head-on at the very beginning of the company's earnings call. This afternoon, it's all about the wild success in Filmed Entertainment and upcoming Shanghai park launch that led off a relatively brief set of prepared remarks, rather than the sports network or who takes over for its departed COO (and what that means for Iger's departure).
  • With the call still under way, shares are now down 5.3% in after-hours trade following the earnings miss.
  • Disney became the fastest ever to $1B at the domestic box office -- hitting it last weekend in just 128 days, beating last year's record (Universal, in 165 days), with the help of the all-time fifth-best opening, by Captain America: Civil War.
  • But at ESPN, ad revenue fell 13%. Iger declined to give numbers on over-the-top deals when it comes to Sling TV and Sony, but "we anecdotally were told that after ESPN was included in their package, they saw a very encouraging trend in sign-ups." He added that he doesn't believe getting into Hulu distribution will affect current distribution relationships.
  • As for the surprising exit of Iger's heir apparent, COO Thomas Staggs, Iger says "we're sorry what came to pass," but "I will remind people that I have just over two years left" as CEO, the board is very actively engaged in succession planning, and "I don't currently have any plans to extend beyond the June [2018] expiration date."

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