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Media

Disney CEO Bob Iger to cut spending ‘pretty dramatically’ on traditional TV programming

By
Reuters
Published May 15, 2024
Updated May 15, 2024, 4:31 p.m. ET

Walt Disney will cut its investment in programming for traditional television networks “pretty dramatically” as the company navigates the consumer shift to streaming, Chief Executive Bob Iger said Wednesday.

Iger said linear channels such as ABC still serve as an important marketing tool and reach older viewers who are not watching series such as “Abbott Elementary” on Disney’s streaming platforms.

Still, the goal is to “reduce pretty dramatically our investment in content specifically aimed at those traditional networks,” Iger said at the MoffettNathanson’s 2024 Media, Internet and Communications Conference in New York.

CEO Bob Iger
CEO Bob Iger said linear channels such as ABC still serve as an important marketing tool and reach older viewers. AFP via Getty Images

On Disney’s theme parks business, Iger said he expected continued growth but perhaps not at the same rate as in recent years.

“We’ve had double-digit revenue growth in that business for quite some time, and that’s extraordinary,” he said. “But I think we’re being realistic, too, in that delivering double-digit revenue growth … well into the future is not necessarily that achievable.”

Disney shares closed down 2.5% at $102.77 on the New York Stock Exchange.