Indo-Pak backdrop makes films larger than life: Kabir Khan

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, Jun 16: Filmmaker Dibakar Banerjee remembers Sushant Singh Rajput as a dance loving 'chhokra' from an engineering college who, having made it in Bollywood, was “enthused, sincere and totally focused” on his craft.

Banerjeee said the actor always had “a book or two” with him and took pride in the fact that he had an “inner intellectual life away from the shallower aspects of showbiz”.

Rajput was found dead in his Bandra apartment on Sunday at the age of 34, leaving his friends, colleagues and collaborators in a state of shock.

The Patna-born actor and the director worked together in 2015 film "Detective Byomkesh Bakshy!" when Rajput was a relative newcomer in the industry. Banerjee says it was Rajput's vulnerability and willingness to do different that made him stand out for the role.

In an interview with news agency, the filmmaker looks back at Rajput's sincerity, his love for science and astronomy and how an outsider has to work harder than a "mediocre, unmotivated and entitled establishment elite" to succeed in Bollywood.

Excerpts:

You worked with Sushant when he was less than two-year-old in the film industry. What struck you the most in him to cast as Detective Byomkesh Bakshy?

Banerjee: His vulnerability and intensity and the ambition to do different things than the usual Bollywood stuff.

What were your memories of Sushant- the actor and the person?

Banerjee: As an actor he would tense himself up for the scene and then completely plunge in take after take. He would put a lot of value on preparation. He would be up the previous night of the shoot, reading the scene and making notes and land up on the sets all raring to go.

He would be on, ready and give his hundred per cent throughout the shoot of Byomkesh - no matter how hard or long the day. The unit did not really have to worry about him - considering he was the star. That's what I remember - a total pro, enthused, sincere and totally focused.

As a person, he seemed to me a happy dance loving 'chhokra' from an engineering college who had made it in showbiz and now was serious about acting. He was deeply nostalgic about his carefree student days in Delhi. We used to laugh a lot - I remember that quite clearly.

Sushant's friends say that he spoke more about books and his love for astronomy than films and their fate, which is rare for an actor in the industry. Do you also remember him that way?

Banerjee: Totally true. He was a science and astronomy nut. Always had a book or two with him - and was proud of the fact that he had an inner intellectual life away from the shallower aspects of showbiz. I recognized it as a reflex, protective action to prevent the Bollywood swamp sucking him in totally. And also an identity he wanted to protect and project.

Sushant's death has brought to the fore the struggles of outsiders and the alienation they often face from the nepotistic culture of the industry. Did you feel that Sushant was also fighting this battle despite being a successful actor?

Banerjee: We all fight it, day in and out - whether successful or failing. But the trick is to define that success and failure ourselves and not let the narrative constantly forced by the establishment to get to you. Those who know this weather the storm and ultimately survive and thrive.

The biggest unfairness in all this is that it takes double the talent, energy and hard work for an outsider to convince the audience and the industry that he or she is as safe a box office bet as a mediocre, unmotivated and entitled establishment elite.

The media colludes in this by wallowing in family, coterie and celebrity worship. This leads to deep anger and frustration. Those who can let this slide survive. Those who can't - those who hurt a little more or are vulnerable and impressionable - they are at risk.