VP Naidu honours winners at 66th National Film Awards

New York, Feb 26: Disney CEO Bob Iger, who steered the company’s absorption of Star Wars, Pixar, Marvel and Fox’s entertainment businesses and the launch of a Netflix challenger, is stepping down immediately, the company said in a surprise announcement Tuesday.

The Walt Disney Co. named as his replacement Bob Chapek, most recently chairman of Disney’s parks, experiences and products business.

“Did not see this coming -- Wowza,” tweeted LightShed media analyst Rich Greenfield.

Iger will remain executive chairman through the end of his contract on Dec. 31, 2021. Besides leading the board, Iger said he will spend more time on Disney’s creative endeavors, including the ESPN sports network, the newly acquired Fox studios and the Hulu and Disney Plus streaming services. He said he could not do that while running Disney on a day-to-day basis.

“It was not accelerated for any particular reason other than I felt the need was now to make this change,” Iger said on a conference call with reporters and analysts.

Iger steered Disney through the successful purchases of Lucasfilms, Marvel, Pixar and other brands that became big moneymakers for Disney. Last year, the top five movies in U.S. and Canada theaters were all Disney movies, including two from Marvel and one from Pixar. With the Dec. 20 release of the latest “Star Wars” movie, Disney had seven movies that each sold at least $1 billion in tickets worldwide last year.

Iger’s most recent coup was orchestrating a $71 billion purchase of Fox’s entertainment business in March and launching the Disney Plus streaming service in November. That service got nearly 29 million paid subscribers in less than three months. In a statement, Iger said it was the “optimal time” for a transition.

Pivotal Research Group analyst Jeffrey Wlodarczak said Iger had implied he would stay until his contract ended in 2021.

“On the other hand, they just successfully closed the Fox deal and had an unquestionably successful launch of Disney Plus so maybe he felt earlier was better to hand off the reins,” he said.

Colin Gillis, director of research at Chatham Road Partners, said the choice of Chapek seems solid because his parks division has had success.

Chapek said that while he has not led television networks or streaming services, his background in consumer-oriented businesses should help. Chapek and Iger both stressed that Disney would continue on the direction it had already been taking.

Disney is facing challenges to its traditional media business as cord-cutting picks up, meaning less fees from cable and satellite companies to carry Disney networks such as ABC, ESPN and Freeform. Disney’s own streaming services require the company to forgo money in licensing revenue, although the company is betting that money from subscriptions will eventually make up for that.

In the short term, Disney parks in Hong Kong and Shanghai, China, remain closed because of the coronavirus outbreak. In a CNBC interview, Chapek said the outbreak may be a “bump in the road,” but he said the company could weather it given “affinity for the brand.”

Iger told CNBC he had no plans to stay with Disney beyond next year.

Iger’s appointment as CEO in 2005 had been accompanied by controversy and protest from dissident shareholders Roy E. Disney and Stanley Gold. But he has come to be seen as a golden-boy top executive, and even someone who could run for president.

Iger told Vogue in 2018 that he had started seriously exploring a run for president because he is “horrified at the state of politics in America today,” but the Fox deal stopped his plans. Oprah Winfrey told Vogue that she “really, really pushed him to run.”

Iger, a former weatherman, joined ABC in 1974, 22 years before Disney bought the network.

At ABC, Iger developed such successful programs as “Home Improvement,” “The Drew Carey Show,” and “America’s Funniest Home Videos” and was instrumental in launching the quiz show “Who Wants to Be a Millionaire.” He was also criticized for cancelling well-regarded but expensive shows such as “Twin Peaks” and “thirtysomething.”

Since Iger became CEO, Disney’s stock price has risen fivefold. Its stock fell more than 2% in extended trading following the announcement, on top of a broader market selloff on virus fears during regular trading.

Iger, 69, was the second-highest paid CEO in 2018, as calculated by The Associated Press and Equilar, an executive data firm. He earned $65.6 million. The top earner was Discovery’s David Zaslav who earned $129.5 million.

Susan Arnold, the independent lead director of the Disney board, said succession planning had been ongoing for several years.

Chapek, 60, is only the seventh CEO in Disney history. Chapek was head of the parks, experiences and products division since it was created in 2018. He was previously head of parks and resorts and before that president of consumer products.

Mumbai, Jul 12: Veteran actor Amitabh Bachchan and his son Abhishek have tested positive for Covid-19, according to separate tweets by the two. The 'Sholay' actor shared the news about his positive status on his Twitter handle on Saturday and said he has been admitted to Nanavati hospital here where he is being kept in an isolation ward.

Shortly afterwards, Abhishek Bachchan also confirmed the news and revealed that he and his father both had "mild symptoms."
The Big B said he has been shifted to hospital, and the other family members and staff have undergone tests for the virus. However, the results are awaited.

The 77-year-old actor also requested those, who have been in "close proximity" to him in the last 10 days to get tested for COVID-19.

Union Health Minister Harsh Vardhan among others wished the "iconic star" a quick recovery to the 'Gulabo Sitabo' star.

"Dear Amitabh ji, I join the whole Nation in wishing you a quick recovery! After all, you are the idol of millions in this country, an iconic superstar! We will all take good care of you. Best wishes for a speedy recovery! @SrBachchan @juniorbachchan#AmitabhBachchan #COVID," Health Minister tweeted quoting Amitabh Bacchan's tweet.

Abhishek Bachchan too tweeted shortly afterwards. "Earlier today both my father and I tested positive for COVID 19. Both of us having mild symptoms have been admitted to hospital. We have informed all the required authorities and our family and staff are all being tested. I request all to stay calm and not panic. Thank you."

Former Maharashtra CM Devendra Fadnavis wished the senior Bachchan a speedy recovery.
A slew of filmstars and celebrities including Kailash Kher Sonam Kapoor, Sonu Sood, Paresh Rawal, Pariniti Chopra Adnan Sami, Mahesh Babu etc were among those who wished the Bachchans a speedy recovery.

Mumbai, reported a total positive COVID-19 cases of 91457 with 22,779 active COVID-19 cases, with 5,241 people succumbing to the deadly infection so far, according to the Municipal Coroporation of Greater Mumbai.

Kochi, Jun 27: The Kerala government on Friday submitted an application in a local court requesting to stop the prosecution of ivory possession case against Malayalam film actor Mohanlal.

In the application for withdrawal of prosecution, the government has requested the court to stop the prosecution "immediately for the interest of justice".

''The legality of the possession of two elephant tusks by Mohanlal was accepted by the competent authority under the Wildlife (Protection) Act, 1972 by issuing him a certificate of ownership. The possession and custody of the elephant tusks thus become legal after the Chief Wildlife Warden (CWW) issued him the certificate," the state government said.

"Further conduct of the criminal trial may go against the good faith amongst the parties as far as the certificate of ownership issued to Mohanlal is concerned. One cannot go back from that ownership certificate and it was stopped from contradicting, deny or declare to be false the previous statement made by the actor in the court," it added.

"The government should not be allowed to revert from its promises in order to keep the faith of the people and in the interest of good governance," the government further said.

The case was registered by the forest department in 2012. The state government submitted the application in Kuruppampady Judicial Magistrate Court, which will hear the matter on July 24.