'Thithi' wins best film award at Shanghai Film Festival

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.

Mar 21: Singer Sonu Nigam has decided to extend his stay in Dubai as he believes travelling amid the coronavirus outbreak can put people around him at risk.

The singer was in the Himalayas earlier and wanted to come to Mumbai for a concert scheduled for March 6 but it got postponed due to COVID-19 pandemic.

He then decided to head to Dubai to be with his wife and son and has been there since a few weeks.

"I am fortunate that my wife and my son are in Dubai. My son studies here and I keep travelling here a lot, Dubai is like my second base. But my father, sister are alone in India. I wanted to come back to India and be at my father's side but I realised that if I do that, I'll be exposing him to the risk of me carrying this virus, who knows the extent of the danger," Sonu told

The 46-year-old singer said everybody is taking precautions and he wants to ensure that the health of those around him isn't at risk.

"I thought let's not outsmart the virus. I thought it's better for me to stay for a bit (till things go normal). Coming back to India, and then going in quarantine will still be a risk.

"I came to Dubai and I thought I'll be able to go back to India but I didn't know it's going to be such an issue eventually. But we are fine here."

On Friday, singer Kanika Kapoor become the first Bollywood celebrity to test positive for the deadly virus in the country and has said she is under complete quarantine and medical care.

The UP police later booked the singer for negligence and committing acts that are likely to spread disease dangerous to life after she attended at least three gatherings in Lucknow, including a party where political leaders were present.

When asked if his decision of staying back was in anyway related to what happened to Kanika, Sonu said that wasn't the case.

"The last time I was contemplating coming to India was on March 16 night, but thankfully my flight got cancelled. Then from March 17, there was this regulation from the government of India that you have to go on a self quarantine for 14 days, compulsorily. I decided I shouldn't take a chance. Being a potential carrier is the worst thing," he said

In Dubai, the singer said the family is taking extreme precautions.

"We all are being safe, staying indoors, not gathering with many people. Careless people shouldn't be around you at this point, people who are too brash, that 'oh nothing will happen.' I don't allow such people in my vicinity. I'm.very hygiene conscious anyway." said the singer.

Sonu said he will be conducting a live music concert on his social media on Sunday.

Los Angeles, Jun 26: Warner Bros has moved its Christopher Nolan-directed espionage thriller Tenet from July 31 to August 12.

It's the second delay for the highly-anticipated movie, which was originally scheduled to release on July 17 but was postponed to July 31 due to coronavirus pandemic.

Warner Bros. is committed to bringing Tenet' to audiences in theaters, on the big screen, when exhibitors are ready and public health officials say it's time. In this moment what we need to be is flexible, and we are not treating this as a traditional movie release.

We are choosing to open the movie mid-week to allow audiences to discover the film in their own time, and we plan to play longer, over an extended play period far beyond the norm, to develop a very different yet successful release strategy, a Warner Bros spokesperson said in a statement to Deadline.

The studio has also delayed the US re-release of Nolan's sci-fi blockbuster Inception, in honour of the film's 10th anniversary, to July 31.

Tenet features John David Washington, Robert Pattinson, Elizabeth Debicki, Kenneth Branagh, Aaron Taylor-Johnson, Michael Caine, Clemence Poesy, Dimple Kapadia and Himesh Patel.