[BREITBART] Disgraced Disney CEO Bob Iger "put roughly a third of the company up for sale this week," Bloomberg Business reports.According to the report, the sale announcement was a subtle but unmistakable one. Iger made the announcement during his disastrous CNBC interview last week, where he was caught lying with the false claim that Disney is not sexualizing children.
By declaring its cable and broadcast TV assets "noncore," the report says, Iger told the world ABC TV, the FX cable networks, National Geographic, and Freeform are all for sale. He’s also looking for a partner for the failing ESPN.
Bloomberg does the math. "Disney’s media networks generated 35%, or $24.8 billion, of company revenue and more than 50%, or $7.5 billion, of its operating income." Yep, that’s a big sell-off.
The problem — and Disney knows it — is that cable/satellite TV is quickly dying off. People are moving to streaming, which is much cheaper and, in many cases (Pluto TV, FreeVee, Tubi, etc.), entirely free. The billions Disney (and other entertainment/media outlets) has made from cable TV have nothing to do with merit. For nearly 50 years, upwards of 100 million American homes have subscribed to cable TV and paid a fortune for channels they never watch. The reason your cable bill is so high is because corporations like Disney earn a substantial piece of that bill simply for providing a channel on your cable package. You don’t watch it but still pay for it (same with CNN
...formerly the
Cable News Network, now who know what it might stand for...
, MSNBC, MTV, etc.). Cable/satellite TV is one of the most lucrative scams in the history of American business.
Streaming puts an end to that. Tens of millions have canceled their cable TV and moved to streaming. Streaming companies, like Disney+, have to survive on merit now, which is why Disney+ is losing billions every year.
Moreover, cable and broadcast networks like FX and ABC are fading assets that will soon be worthless. Before long, there will not be enough cable subscribers to keep these outlets profitable. Additionally, nowhere near enough people actually watch these outlets to allow them to survive on advertising.
Per Bloomberg, Disney can sell these networks today for about $8 billion. Whoever purchases them will know time is short to squeeze them dry, and squeeze them dry they will.
"Iger’s comments should spook his peers," says Bloomberg. "If a diversified company like Disney is bailing on its cable networks, what does that mean for companies like Paramount Global and Warner Bros Discovery Inc.?"
Related:
Bob Iger: 2023-06-22 Disney Chief Diversity Officer Latondra Newton Quits After Pair Of Box Office Bombs
Bob Iger: 2023-06-04 Disney's Pixar lays off 75 of its employees including two studio veterans
Bob Iger: 2023-04-19 Disney World Forced To Close After DeSantis Builds Elementary School Within 1,000 Feet
Bob Iger: 2023-06-22 Disney Chief Diversity Officer Latondra Newton Quits After Pair Of Box Office Bombs
Bob Iger: 2023-06-04 Disney's Pixar lays off 75 of its employees including two studio veterans
Bob Iger: 2023-04-19 Disney World Forced To Close After DeSantis Builds Elementary School Within 1,000 Feet