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Disney CEO Bob Iger has tried to redeem his approach to the current actors' and writers' strikes paralyzing Hollywood.
Iger had previously deemed the strikes as "very disturbing," and the actors' and writers' demands "not realistic," but changed his tune during the company's 2023 third-quarter financial results call on Wednesday.
The Writers Guild of America (WGA) has been on strike since early May and was later joined by the actors' Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA) in the middle of July. Both unions are negotiating with the Alliance of Motion Picture and Television Producers (AMPTP) over the terms of streaming shows and movies, better pay and reassurances their roles will not be replaced in the future by artificial intelligence.
The CEO, who returned to the top job eight months ago after first stepping down in 2020, spoke in July about the strikes, which have brought Hollywood to a halt.
He described them as "very disturbing to me. We've talked about disruptive forces on this business and all the challenges we're facing, the recovery from COVID, which is ongoing, it's not completely back."
"This is the worst time in the world to add to that disruption," Iger said during an appearance on CNBC's Squawk Box on July 13.
But during the company's earning call for the third financial quarter of this year on Wednesday, Iger struck a different tone.
"Nothing is more important to this company than its relationships with the creative community," he began.
"And that includes actors, writers, animators, directors and producers. I have deep respect and appreciation for all those who are vital to the extraordinary, creative engine that drives this company and our industry. It is my fervent hope that we quickly find solutions to the issues that have kept us apart these past few months."
Iger added: "I'm personally committed to working to achieve this result. In closing, I returned to Disney in November and I've agreed to stay on longer because there is more to accomplish before our transformation is complete, and because I want to ensure a successful transition for my successor. In spite of a challenging environment in the near term, I'm overwhelmingly bullish about Disney's future."
The strikes would also affect Disney's spending in the next year, according to interim Chief Financial Officer Kevin Lansberry.
"We are still expecting full-year total revenue and segment-operating income to grow at single-digit percentage rates versus the prior year," he said.
"We currently expect fiscal 2023 spend to come in at approximately $27 billion, which is lower than we previously guided due to lower spend on produced content, in part due to the writers' and actors' strike."
About the writer
Shannon Power is a Greek-Australian reporter, but now calls London home. They have worked as across three continents in print, ... Read more