Robert A. Iger Appointed CEO by Disney Board of Directors – The Walt Disney Company announced Sunday that Robert A. Iger is returning to lead Disney as Chief Executive Officer, effective immediately.
Iger, who spent more than four decades at the Company, including 15 years as its CEO, has agreed to serve as Disney’s CEO for two years, with a mandate from the Board to set the strategic direction for renewed growth and to work closely with the Board in developing a successor to lead the Company at the completion of his term. Iger succeeds Bob Chapek, who has stepped down from his position.
During his 15 years as CEO, from 2005 to 2020, Iger helped build Disney into one of the world’s most successful and admired media and entertainment companies with a strategic vision focused on creative excellence, technological innovation, and international growth. He expanded on Disney’s legacy of unparalleled storytelling with the acquisitions of Pixar, Marvel, Lucasfilm, and 21st Century Fox and increased the Company’s market capitalization fivefold during his time as CEO. Iger continued to direct Disney’s creative endeavors until his departure as Executive Chairman last December, and the Company’s robust pipeline of content is a testament to his leadership and vision. [Disney]
Paramount Won’t Support Appeal of Ruling That Blocked Simon & Schuster’s Sale to Penguin – Paramount Global has decided not to support an appeal of a recent ruling that blocked the planned $2.18 billion sale of its Simon & Schuster book-publishing unit to rival Penguin Random House, according to people familiar with the situation.
Paramount is expected to announce a decision early this week, the people said.
Penguin Random House had said it wanted to pursue an expedited appeal, but it needed the support of Paramount Global. [WSJ]
Desperate for Growth, Aging Casino Company Embraced ‘Degenerate Gambler’ – The publicly traded casino company Penn Entertainment is poised to take over Barstool, following a 2020 deal in which it bought a 36 percent stake. Barstool founder Dave Portnoy has been catapulted into the role of public spokesman for the sports-betting industry.
The self-described “degenerate gambler” uses that perch to regale his followers with his betting exploits and cajole them to join him.
Instead of flooding the airwaves with advertisements, Penn Entertainment’s play was to slap Barstool’s brand onto a new online sports-betting platform as well as brick-and-mortar casinos. Far from being turned off by Mr. Portnoy’s behavior, Penn executives sought to harness his notoriety to woo a new generation of gamblers.
Industry watchdogs say that Mr. Portnoy, perhaps more than anyone else in the United States, is encouraging recklessness among his legions of followers. Most are young men, a group that researchers have found is at especially high risk of problem gambling. [NY Times]
Trump snubs Twitter after Musk announces reactivation of ex-president’s account – Donald Trump on Saturday said he had no interest in returning to Twitter even as a slim majority voted in favor of reinstating the former U.S. president, who was banned from the social media service for inciting violence, in a poll organized by new owner Elon Musk.
Slightly over 15 million Twitter users voted in the poll with 51.8% voting in favor of reinstatement.
“The people have spoken. Trump will be reinstated,” Musk tweeted. [Reuters]
