Latest York Times columnist Andrew Ross Sorkin, left, and Bob Iger, CEO of The Walt Disney Company, speak in the course of the Times’ annual DealBook Summit in Latest York City, Nov. 29, 2023.
Michael M. Santiago | Getty Images
Disney Chief Executive Officer Bob Iger said Wednesday he’ll now not tolerate his company’s partners and inventive team prioritizing messaging over storytelling.
“Creators overlooked what their No. 1 objective needed to be,” Iger said on the DealBook Summit in Latest York on Wednesday. “We’ve to entertain first. It isn’t about messages.”
Iger has recently pushed to enhance the standard of Disney movies in 2024 and beyond. He’s cutting back the number of films Disney makes to concentrate on making higher movies. Earlier this week, he told Disney employees at a town hall that creating hit movies is the easiest way the corporate can change perception for investors and employees.
Iger said Disney’s prioritization of messaging over storytelling peaked “while [he] was gone” in 2022, alluding to the 11 months he left his job as Disney’s executive chairman. Iger had been in control of “creative endeavors” in 2020 and 2021, even while Bob Chapek ran the corporate as CEO.
“We’ve entertained with values and with having a positive impact on the world in many alternative ways. ‘Black Panther’ is an incredible example of that,” Iger said. “I like with the ability to entertain should you can infuse it with positive messages and have impact on the world. Incredible. But that mustn’t be the target. Once I got here back, what I actually have really tried to do is to return to our roots.”
Disney has handled blowback from Republican politicians, including Florida Gov. Ron DeSantis and U.S. Sen. Ted Cruz of Texas, and critics on social media for including a same-sex kiss in 2022’s “Lightyear” and an openly gay character in 2022’s “Strange World.” 2023’s “Elemental” also features a nonbinary character.
While Disney has an extended history of infusing storytelling with positive morals, Iger acknowledged during Disney’s earnings conference call earlier this month that he believes the corporate’s storytelling has suffered as the corporate has increased the number of films it’s made for each Disney+ and theatrical release. Iger reiterated that he has emphasized to his creative executives and production partners that making engaging stories needs to be Disney’s first priority.
“I’ve worked hard since I have been back to reminding the creative community who’re our partners and our employees that that is the target,” Iger said. “And I do not really need to tolerate the alternative.”
Iger’s comments come as Disney faces pressure to show around its business and boost its share price. Sustained box-office troubles, including the recent disappointing showings of “The Marvels” and the animated film “Wish,” have weighed on the corporate’s performance.
Activist investor Nelson Peltz’s Trian Fund Management said in an announcement Thursday it can move forward with an effort to nominate recent directors to the Disney board, concluding that “investor confidence is low, key strategic questions loom, and even Disney’s CEO is acknowledging that the Company’s challenges are greater than previously believed.” Trian will seek multiple board seats, in accordance with an individual accustomed to the matter.
Disney named two recent board members on Wednesday — former Morgan Stanley CEO James Gorman and former Sky CEO Jeremy Darroch — because it gears up for a possible proxy fight. Current Disney board member Francis A. deSouza won’t run for reelection on the annual meeting.
WATCH: Iger speaks at DealBook Summit
