New York (CNN) — Disney CEO Bob Iger said his company will be “expansive” in its thinking about the future of its linear TV networks, acknowledging that a sale remains an option.
In CNBC interview Thursday, Iger said that Disney has to be “open minded and objective about the future of the business,” adding that networks like “may not be core to Disney.” Disney owns several linear TV channels, including ABC, FX, National Geographic and Freeform.
Programming produced by those networks might be core to Disney, but the distribution model is “definitely broken,” Iger said.
“The disruptive forces that have been praying on that business are greater than I thought,” Iger said. “We have to come to grips with that.”
Linear business is in a decline as more people cut the cord and watching programming on streaming platforms.
Disney (DIS) also owns ESPN, but Iger said that he’s “bullish” on sports and wants to stay in the sports business. He added that Disney (DIS) looking for strategic partners that could help the company with distribution and content, including assistance in purchasing increasingly expensive licensing deals for live sports, including the NFL and NBA.
On Wednesday, Disney’s board unanimously voted to extend Iger’s contract for another two years — through the end of 2026. He joked to CNBC that he liked retirement and that it was a “good 11 months.” Iger rejoined Disney in November 2022, replacing Bob Chapek, who had a choppy run at the helm.
He said he wanted to stay on at Disney for longer than anticipated because he has a “deep passion” for the company, but needs more time because “In some ways the challenges are greater than I anticipated.”
This story was first published on CNN.com, “Disney CEO Bob Iger says he’s open to selling ABC and its cable networks – but not ESPN.”
