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Entertainment

‘Avengers’ star Jeremy Renner says he broke 30 bones in snowplow accident

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CNN
 — 

“Avengers” star Jeremy Renner says he broke more than 30 bones in the New Year’s Day snowplow accident that sent him to the hospital for more than two weeks.

Renner, who plays superhero archer Hawkeye in the Marvel movie and TV “Universe,” posted a photo on Instagram with a caption that read:

“Morning workouts, resolutions all changed this particular new years …. Spawned from tragedy for my entire family, and quickly focused into uniting actionable love ❤️ I want to thank EVERYONE for their messages and thoughtfulness for my family and I …. Much love and appreciation to you all. These 30 plus broken bones will mend , grow stronger, just like the love and bond with family and friends deepens . Love and blessings to you all.”

Renner turned 52 in the hospital. He was injured by a snowplow while clearing a driveway near his Nevada home, leaving him with “blunt chest trauma and orthopedic injuries,” his publicist previously told CNN.

He underwent two surgeries and was treated in the intensive care unit.

Monday night, the “Mayor of Kingstown” star replied to a Twitter post from the show, writing, “Outside my brain fog in recovery, I was very excited to watch episode 201 with my family at home.”

A 911 call log obtained by CNN says Renner was “completely crushed under a large snowcat (vehicle)” and that he had “extreme (difficulty) breathing.” It goes on to read that, “the right side of his chest is collapsed – upper torso is crushed.”

Renner’s snowcat, an engine-powered machine used to clear snow, started to roll away while Renner was off the driver’s seat, Washoe County Sheriff Darin Balaam previously said.



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Business

Bob Iger: Here’s how much the CEO will make in his return to Disney

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New York
CNN Business
 — 

Bob Iger, who shocked the media world when he returned as CEO of Disney on Sunday, will once again be among the highest-paid executives in Hollywood.

Iger will earn a $1 million base salary as he takes over Disney

(DIS), according to a company filing with Securities and Exchange Commission. However, that compensation comes with an annual bonus up to $1 million as well as an annual incentive-based award with a target value of $25 million. That means that Iger has the potential of pulling in around $27 million.

Iger’s tenure began on November 20 and will run until December 31, 2024, according to the filing.

Although $27 million is a lot of money, it is less than the roughly $46 million he made in total compensation when he left the company at the end of last year.

Disney said on Sunday night that Iger, one of the most successful CEOs in the history of the company, would be returning to run the media empire. It was a stunning development at Hollywood’s biggest company.

The announcement comes at a time of great evolution and scrutiny for Disney. The company is coming off a lackluster earnings that showed growth for its streaming endeavors. However, that growth came at a great cost. Disney’s streaming business lost $1.5 billion in the fourth quarter. That news sent Disney’s stock tumbling after a year of sluggish performance.

Iger is replacing Bob Chapek, who had a short but bumpy tenure as the head of Disney after taking over at the beginning of the pandemic in 2020.

On Monday, Iger made his first moves as CEO by reorganizing Disney’s content distribution structure.

The CEO said in a memo to employees that Kareem Daniel, the chairman of Disney’s Media and Entertainment Distribution unit, will be leaving the company.

As for Disney Media and Entertainment Distribution, Iger notes in a memo to employees that “without question, elements of DMED will remain, but I fundamentally believe that storytelling is what fuels this company, and it belongs at the center of how we organize our businesses.”

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Business

Bob Iger moves fast to dismantle Chapek’s reorganization of Disney

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New York
CNN Business
 — 

One day after the shock announcement of Bob Iger’s return to Disney, and the resulting ouster of his successor-turned-predecessor Bob Chapek, an astonished Hollywood is grappling with what exactly the move will mean for the entertainment behemoth’s short-term and long-term future.

But while there is no shortage of questions that are being asked, two things are certain. First, investors are thrilled to have him once again reigning over the Magic Kingdom. Disney’s shares ended Monday up more than 6% on a day that the Dow Jones was slightly down. Second, Iger is moving fast — not even waiting a full 24 hours to announce sweeping changes — to dismantle Chapek’s reorganization of the company.

The speed at which Iger is hurtling is especially remarkable given that Disney’s board only made its overture for Iger to return to the embattled company on Friday. “It literally started Friday and ended Sunday,” a person with knowledge of the matter told CNN, adding that Iger “felt a sense of obligation to go back because he really does care about the company.”

Now he’s already calling big plays.

A version of this article first appeared in the “Reliable Sources” newsletter. Sign up for the daily digest chronicling the evolving media landscape here.

In a Monday evening memo sent to employees of Disney Media and Entertainment Distribution, a key organ of the company created by Chapek that frustrated some creatives, Iger announced that Kareem Daniel, the division’s chief and a Chapek ally, would “be leaving the company.”

Iger also announced the entertainment giant will be undergoing a broader transformation with him back at the helm. “Over the coming weeks, we will begin implementing organizational and operating changes within the company,” Iger wrote to employees. “It is my intention to restructure things in a way that honors and respects creativity as the heart and soul of who we are.”

Iger added that he had asked Dana Walden, Alan Bergman, Jimmy Pitaro, and Christine McCarthy to “work together on the design of a new structure that puts more decision-making back in the hands of our creative teams and rationalizes costs.” Iger said the goal “is to have the new structure in place in the coming months.”

Outside Iger’s reorg of Chapek’s reorg, the Disney chief could also unwind another key decision made by Chapek that is just weeks from taking effect: Disney+’s price hike. Iger launched Disney+ at a mere $6.99 a month and, as CNBC’s Alex Sherman reported, his strategy was to “slowly raise prices over time.” Chapek, however, ditched that modus operandi earlier this year when he spiked the price to a whopping $10.99 a month.

Looking further into the future, bigger questions abound: What will Disney look like when Iger’s two-year deal is up? How will Iger position and reshape the company for the digital age? Could he make a move to shed ABC and the broadcast division? Or perhaps execute a mega-deal to eat a company like Netflix? Or will Disney itself be eaten by a Big Tech giant such as Apple?

One source at a top talent agency pointed out that the biggest question Iger will have to answer is how he “tops his last run as CEO.”

“The world is a much more complicated place than it was a few years ago and it is going to be hard to live up to the reputation he built as the most formidable media CEO ever,” the source said. “And he’s going to have a short runway to pleasing Wall Street, his staff, creative partners, and the audience.”

“So much for going out on top.”

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Business

Bob Iger named Disney CEO in shocking development

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CNN Business
 — 

In a move that shocked Hollywood, Bob Iger, one of the most notable CEOs in the history of the Walt Disney company, is returning to once again run the media empire.

Bob Chapek, who replaced Iger in 2020 as CEO, is stepping down immediately.

“We thank Bob Chapek for his service to Disney over his long career, including navigating the company through the unprecedented challenges of the pandemic,” Susan Arnold, Chairman of the Board for Disney, said in a statement on Sunday night. “The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period.”

The announcement, while surprising to the media industry, comes at a time of great evolution for Disney. The company is coming off a lackluster earnings report that showed growth for its streaming endeavors. However, that came at a great cost. Disney’s streaming business lost $1.5 billion in the fourth quarter. That report sent Disney’s stock tumbling after a year of sluggish to bad performance.

Chapek guided the company through the pandemic, one of its most tumultuous periods in its nearly 100-year history, but ultimately Disney decided that its future was in better hands with Iger.

Away from the pandemic, Chapek had a short but bumpy tenure as the head of Disney. Chapek, who served as chairman of Disney Parks, Experiences and Products before taking over for Iger, found himself dealing with issues regarding pay with Scarlett Johansson, one of the company’s biggest stars, as well as Disney’s battles with Florida, and its own employees, regarding the state’s controversial bill restricting certain LGBTQ topics in the classroom.

Disney’s stock has also taken a hit lately. It’s currently down roughly 40% this year.

As for Iger, he has an almost mythical status as the leader of Disney

(DIS). He spent 15 years as CEO and was instrumental in acquiring major brands like Pixar, Marvel and Lucasfilm, the home to Star Wars. Iger also closed the $71 billion deal to buy most of 21st Century Fox and kicked off the streaming revolution at Disney

(DIS) with the creation of Disney

(DIS)+ in November 2019.

Iger stayed on at Disney as executive chairman directing the company’s creative endeavors. He officially left the company after nearly 50 years at the end of last year.

Disney said Sunday that Iger has agreed to serve as CEO for two years with “a mandate from the Board to set the strategic direction for renewed growth and to work closely with the Board in developing a successor to lead the Company at the completion of his term.”

The move is also surprising since Chapek just renewed his contract. The company’s board of directors unanimously voted to extend Chapek’s contract as CEO for another three years, the company said in June. Chapek’s new contract began in July and was set to run until 2025.

Also, it appeared that Iger was set in retirement with his legacy as one of Disney’s most notable and successful CEOs. Now, he’s back.

“I am extremely optimistic for the future of this great company and thrilled to be asked by the Board to return as its CEO,” Iger said in a statement Sunday. “Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the globe—most especially in the hearts of our employees, whose dedication to this company and its mission is an inspiration.”

Iger added that he is “deeply honored to be asked to again lead this remarkable team, with a clear mission focused on creative excellence to inspire generations through unrivaled, bold storytelling.”

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Entertainment

‘Black Panther: Wakanda Forever’ notches record opening for November

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New York
CNN Business
 — 

“Black Panther: Wakanda Forever” had the major challenge of following “Black Panther,” one of the biggest blockbusters ever, and had to do so without star Chadwick Boseman, who passed away in 2020.

Despite all of the challenges, “Wakanda Forever” notched a sizable box office opening this weekend. The Marvel movie opened to an estimated $180 million in North America, according to the film’s studio, Disney.

The opening represents one of the best premieres of the year and makes the superhero film the highest-grossing debut ever for the month of November. The original record belonged to “The Hunger Games: Catching Fire,” which made $158 million in November 2013. The box office haul comes in around where most in Hollywood were predicting.

The film has made $330 million globally so far.

It’s no surprise why “Wakanda Forever” did so well this weekend.

The film, which stars Letitia Wright and Angela Bassett as the princess and queen of the African country of Wakanda, comes from Marvel Studios — the most lucrative brand in all of Hollywood — and is the sequel to one of the most popular films of all time.

When “Black Panther” hit theaters in February 2018, it opened to a stellar $202 million weekend. It then went on to make $1.3 billion worldwide and garnered multiple Oscar nominations, including Best Picture. The film is considered to be one of the best from the comic book genre and one of the best from Marvel.

Audiences also likely bought a ticket to “Wakanda Forever” to see how the film and director Ryan Coogler would handle the passing of Boseman. In an interview with Empire magazine in September, Marvel Studios chief Kevin Feige said “It just felt like it was much too soon” to recast the late actor. Boseman died at age 43 from colon cancer.

As for its critical reception, “Wakanda Forever” notched an 84% score on review site Rotten Tomatoes. Audiences also gave the film an “A” on CinemaScore.

“‘Black Panther: Wakanda Forever’ faced an inordinate degree of difficulty, addressing the tragic death of Chadwick Boseman,” Brian Lowry, CNN’s media critic, wrote in his review. “That the movie manages to strike that somber chord and still deliver as Marvel-style entertainment represents a major accomplishment.”

The film’s solid opening comes at the good time for theaters and Disney.

For theaters, the industry needed a blockbuster to help boost numbers since new, notable films have been hard to find in recent months.

As for Disney, the media giant’s shares sank 13% Wednesday after the company reported its streaming business lost $1.4 billion last quarter, despite growing its subscriber base.

The debut of “Wakanda Forever” will unlikely impact Disney’s stock since investors remain heavily focused on the company’s streaming endeavors. But the strong box office performance helps Disney end a bad week on a high note.

It could also help build momentum for theaters with another potential Disney blockbuster on the horizon next month: “Avatar: The Way of Water.”

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Business

Disney plans to freeze hiring and cut jobs, memo shows

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Disney

(DIS) is planning to freeze hiring and cut some jobs as it strives to move the Disney

(DIS)+ streaming service to profitability against a backdrop of economic uncertainty, according to a memo seen by Reuters on Friday.

Chief Executive Bob Chapek sent the memo to Disney’s leaders, saying the company is instituting a targeted hiring freeze and anticipates “some small staff reductions” as it looks to manage costs.

“While certain macroeconomic factors are out of our control, meeting these goals requires all of us to continue doing our part to manage the things we can control – most notably, our costs,” Chapek wrote in the memo.

The move came after Disney missed Wall Street estimates for quarterly earnings on Tuesday as the entertainment giant racked up more losses from its push into streaming video, which it refers to as its direct-to-consumer (DTC) business. Shares of the company fell more than 13% on Wednesday following its results.

Disney has said the fast-growing service added 12 million subscribers in its fiscal fourth quarter but reported an operating loss of nearly $1.5 billion. The company said Disney+ would become profitable in fiscal 2024, with losses having peaked in the quarter.

The streaming service is known for original series including the “Star Wars” entries “The Mandalorian,” “Andor” and “Obi-Wan Kenobi,” the Marvel entries “WandaVision,” “Hawkeye” and “She-Hulk: Attorney at Law,” and content hubs for Disney, Pixar, Marvel and “Star Wars” films.

Wall Street analysts voiced concern about Disney’s escalating streaming costs. MoffettNathanson analyst Michael Nathanson observed in a note this week that “the company has to prove that their pivot to DTC will be worth the investment price that is currently being paid.”

Corporate America is making deep cuts to its employee base to brace for an economic downturn. Meta said this week it would cut more than 11,000 jobs, or 13% of its workforce to rein in costs.

One of Disney’s studio peers, Warner Bros Discovery, has undergone dramatic cost-cutting efforts, including layoffs, as the recently merged company restructures its content operations.

Chapek said Disney has established a task force, including Chief Financial Officer Christine McCarthy and General Counsel Horacio Gutierrez, to help him make “critical big picture decisions.”

The company already has begun looking at content and marketing spending, but Chapek said the cuts would not sacrifice quality. Hiring will be limited to a small subset of critical positions, and some staff reductions are anticipated as the company looks to make itself more cost-efficient, Chapek wrote.

Chapek said business travel would be limited and trips would require advance approval, or conducted virtually as much as possible.

“Our transformation is designed to ensure we thrive not just today, but well into the future,” Chapek wrote.

The memo was first reported by CNBC.

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