Their counsel will be sought as the studio grapples with declining linear TV revenues and an unprofitable streaming business after the Disney CEO teased a possible linear channels sell-off.
The media venture run by Disney alums Kevin Mayer and Tom Stags and backed by private equity firm Blackstone has acquired Moonbug Entertainment, maker of popular kids shows like CoComelon. The valuation of the deal, which had been rumored in recent weeks, was not specified in the official announcement, but people familiar with the transaction pegged it at $2.75 billion. With earn-out incentives, the final pricetag could reach $3 billion.
Former Walt Disney Co. Chief Operating Officer Tom Staggs has emerged as a top candidate to become CBS Corp.’s new chief executive, people familiar with the matter said, as the network tries to move past months of uncertainty and upheaval since the departure of Leslie Moonves over allegations of sexual harassment.
Disney shares slipped Tuesday as investors coped with newfound uncertainty about the entertainment giant’s leadership, after the unexpected resignation on Monday of the company’s No. 2 executive and heir apparent to CEO Bob Iger. Shares were down 2.3% at $96.40 midday Tuesday, the first trading day after Disney said Thomas Staggs would depart next month after 14 months as COO and likely successor to Iger, whose contract runs through June 2018.
The surprise announcement Monday means the company will have to look further for CEO Bob Iger’s successor after he steps down about two years from now. Staggs, a 26-year veteran of the company and its chief operating officer, had been assumed to be on track for the top job.
Disney’s long corporate runoff has come to an end with the promotion of Tom Staggs to chief operating officer. The Walt Disney Parks and Resort chairman has long been seen as the front-runner for the post that squarely positions him as the heir-apparent to Bob Iger as Disney’s CEO once the chief executive’s contract expires in mid-2018.
