NYT columnist Andrew Ross Sorkin and Walt Disney Company CEO Bob Iger speak during The New York Times’ annual DealBook Summit on November 29, 2023 in New York City.
Michael M. Santiago | Getty Images
Disney Chief Executive Bob Iger said Wednesday he will no longer tolerate his company’s partners and creative team prioritizing messaging over storytelling.
“Developers have lost sight of their ultimate goal,” Iger said Wednesday at the DealBook Summit in New York. “We need to entertain first. It’s not about messages.”
Iger has recently advocated for improving the quality of Disney films in 2024 and beyond. He reduces the number of Disney films to focus on producing better films. Earlier this week, he told Disney employees at a town hall that producing hit films was the company’s best way to change perceptions among investors and employees.
Iger said Disney’s prioritization of messaging over storytelling reached its peak “during this.” [he] was gone” in 2022, referring to the eleven months he had left as Disney’s CEO. Iger had been responsible for “creative endeavors” in 2020 and 2021, even as Bob Chapek led the company as CEO.
“We explored values and made a positive impact on the world in many different ways. ‘Black Panther’ is a great example of that,” Iger said. “I like being able to entertain when you can fill it with positive messages and have a good impact on the world. Fantastic. But that shouldn’t be the goal. When I came back, I really tried to go back to our roots.
Disney has faced backlash from Republican politicians, including Florida Gov. Ron DeSantis and Sen. Ted Cruz, R-Texas, as well as critics on social media for featuring a same-sex kiss in 2022’s “Lightyear” and 2022’s “Lightyear.” have featured an openly gay character. Strange world.” 2023’s “Elemental” also features a non-binary character.
While Disney has a long history of associating storytelling with positive morals, Iger acknowledged on Disney’s earnings call earlier this month that he believes the company’s storytelling has suffered as the company has reduced the number of films it produces has increased It is intended for both Disney+ and theatrical release. Iger reiterated that he has emphasized to his creative executives and production partners that creating exciting stories must be Disney’s top priority.
“I’ve worked hard since I’ve been back to remind the creative community that is our partners and collaborators that this is the goal,” Iger said. “And I don’t really want to tolerate the opposite.”
Iger’s comments come as Disney is under pressure to turn around its business and boost its stock price. Ongoing box office woes, including recent disappointing performances of “The Marvels” and the animated film “Wish,” have dented the company’s performance.
Activist investor Nelson Peltz’s Trian Fund Management said in a statement Thursday that it would continue efforts to appoint new directors to Disney’s board, concluding that “investor confidence is low, important.” “The challenges are greater than previously thought.” Trian is seeking multiple board seats, according to a person familiar with the matter.
Disney named two new board members on Wednesday – former Morgan Stanley CEO James Gorman and former Sky CEO Jeremy Darroch – and is preparing for a possible proxy fight. Current Disney board member Francis A. deSouza will not seek re-election at the annual meeting.
WATCH: Iger speaks at DealBook Summit