Disney has been looking to cut costs for years now. Now during an interview with CNBC, Disney CEO Bob Iger left an option open to sell some of its TV assets as it struggles with cord cutting.
This all comes as Disney is right in the middle of significant cost cutting efforts and the changing world of TV. Disney plans to not fill or cut 7,000 jobs across all parts of its company.
TV networks are seeing their ad revenue drop as advertisers cut back on their spending, hitting Disney hard in its TV business. This, plus the ever-growing popularity of cord cutting, has put extra pressure on Disney recently.
Exactly what networks or TV assets Disney may be open to selling is unknown at this time. Disney has a vast catalog of networks, some from Disney, like FreeForm, and others, like Natgeo, came from its deal to buy 21st Century Fox.
During the interview, Bob Iger said not all of their networks are core to Disney. Even ESPN is on the chopping block, as Iger said, Disney may be open to many options, including a strategic partner or joint venture with ESPN that could see Disney selling part of ESPN.
Bob Iger said on returning to Disney, he found Disney’s TV business to be worse than expected.
Recently Disney has been shutting down some networks around the world. In many parts of Europe, even the Disney Channel has been shut down to drive subscribers to Disney+. Now it seems nothing is safe as Disney tries to deal with the growth of cord cutting.
This comes as yesterday Disney announced that Bob Iger would stay on board as CEO at least through 2026. Now it seems the Board at Disney sees Iger as the right person to find a way through the tough years ahead as Disney tries to make streaming profitable and decides what to do with its traditional TV empire.