In this short clip, Patrick Bet-David, Tom Ellsworth, Adam Sosnick and Vincent Oshana react to Disney cutting 7,000 jobs.
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So Disney comes out and says we're Cutting 7 000 jobs and slashing five and A half billion dollars in cost as it Unveils vast restructuring this is a CNBC story Dizzy said Wednesday's planning on Planning to reorganize into three Segments while also cutting thousands of Jobs and slashing costume media and Entertainment giant set it would now be Made up of three divisions Disney Entertainment which includes most of its Streaming and media operations ESPN Division that includes a TV network and ESPN streaming services a Parks Experiences and product units the only Reason a person like Bob Iger would do That is because maybe he's planning on Selling one of the three who knows That's the way you break it apart Because to say well we're now three Different so hey if you want to buy one Of them well we're kind of for sale Again I'm not saying anything I'm just Speculating on Wednesday during its Quarterly earnings call with investors Disney also announced it would be Cutting five and a half billion dollars In costs which will be made up three Billion dollars from content including Sports and remaining two and a half Billion dollars from non-content Cuts Disney also said it would be eliminating 7 000 jobs from its Workforce that would
Be about 3 percent of roughly two Hundred and twenty thousand people it Employs that's a lot of people Tom what Are your thoughts on this well there's a Couple things going on here first of all If any of you out there has got some Walking around money you got a couple Billion dollars and you ever wanted to Own ESPN that thing is for sale it's Been bleeding subscribers for literally A decade and it's not getting any better You've seen big money Um celebrity commentators have been not Renewed they've trimmed they've called The Herd as they say and then on the Other side of it I I dove into this it Turns out Hulu's doing okay so Hulu is Doing okay they had some national Markets on streaming not doing so well But this is basically Iger coming back To turn this into a business and they Really over hired in a lot of areas they Had a lot of international things and Then he's looking at this ESPN thing Saying what do I do with this because Right now Hulu and Disney plus are Really covering for ESPN on the Streaming side because this he's got a Great portfolio a great offering and the Problem is ESPN is dragging it and then Parks are trying to make a comeback and They've had all the controversy where We've heard about oh we're going to Raise the price in Parks so that way
There'll be less people in line for Everybody that finally goes to the parks Remember that they were doing that Around December hey any holiday Travelers to go and then they've also Got a You Know believe it or not it's Very real what's going on in Florida With the tax change that's real when Companies go you'll read about companies Opening factories and places and they Get a tax break from the from the state Where they build the factory or Something automakers have made a ton of Money Alabama gave money to uh Mercedes And Tennessee gave money to Toyota Please open your factories here employ Some workers help our local economy and ESPN is kind of poke the Bear in Florida So you're seeing Bob Iger do what the CEO of Disney needed to do but he has The permission to do it because he's Coming back with an expectation for Change this would be much more difficult With an entrenched CEO suddenly saying I'm going to do all this stuff so so They bought what companies Bob iger's Known he was with ABC Disney for 38 40 Years whatever the time it's a great Book if you've never read the right of a Lifetime sick book we had all employers Leader it's a phenomenal book to read The guy's a beast like Bob Iger is a Beast okay he's the type of guy that Could have ran for president he may one
Day do it he's that capable He's a heavyweight so he bought Pixar Marvel Star Wars what else did they buy ESPN a big thing box he owns 24 billion dollars for the other part so So do you think do you think the buying Spree was a little too aggressive when Money was cheap or do you think it was The right move to go doing what they did What years were that they're not in the Same time the timeline of when he bought All the different companies was is a 20 Years it took him years to buy Steve Jobs come it took him years to go Through you know so it was a lot of Relationship with him and Steve Jobs Very interesting it's a good Relationship yeah because because Originally jobs was hated Disney and Then he was very upset at the way Disney Treated him the guy that was before uh Bob Iger and he says I just didn't like The way he was treated then Bob came in And says would you mind having a meeting No and then finally it was open to the Idea then they had the conversation and Eventually when he sat there negotiating With jobs he kind of got the feel that He was ready and then jobs called him Back in a boom a deal struck and by the Way when jobs passed away a lot of People thought his money was made from Apple yeah he was the biggest Shareholder of Disney oh not apple he
Was the biggest single biggest Shareholder in Disney uh not Apple so For him it was a lot of his net worth Was increasing because of Disney but here's a question for you you Said something subtly Tom you said Florida taxes Florida taxes right the Santas vows to have Disney paid's fair Share of taxes there's a new sheriff in Town this is a fox Tampa Bay story right Yes there's a new sheriff in town Declare Florida Governor Ron DeSantis During a press conference in Oklahoma That's just the way it's going to be the Santa's proposal bill that would keep a Special taxing district in place but Give it a new name and create Five-person board appointed by the Governor he insisted that this would Allow for closer monitoring of the District without requiring taxpayer to Take on Disney's Financial Obligations They're not going to have their own Government here wow what a thing for Disney to say Disney is going to pay its Fair share of taxes and Disney is going To honor the debt however Florida Democrats argue that the bill is a Political maneuver by descendants and Does not address Disney's special perks Or closer corporate tax loopholes of Census also argues that closer oversight Will give the state a more accurate Picture of Disney's land value and
Service efficiency so that's a question For for you Tom and I'll open it up you Guys can banter What is the likelihood what's the Likelihood that Bob biker and DeSantis Have had a private meeting already oh Very likely 100 Yeah a hundred percent Okay and who's making the request who's Making the demands there's a big Difference between requests and demands Who's making requests who's making Demands I think Iris making requests that DeSantis is making demands I agree DeSantis is saying you got to pay your Property taxes and I demand you do it Iger is saying hey look this goes way Back to Disney building all these jobs And bringing all this tourism every time You you pay a little tax on a hotel room In Florida because you went to Disney Theme park Disney doesn't get that Florida gets that tax so I guess like Look at this economy that we've made you Know for you in Florida giving you all This tax people buying food and coming To visit Disney we get the ticket the Theme park you get the tax on food Lodging car rental all the things that They do come on dude please so he's Making the request and the Santa Susan Listen I don't want this woke stuff I'm Going to tear this thing up and you're Going to pay your taxes who wins
I think in the end If you put this to the voters Disney if You put it only to the Florida voters I Don't think this is a winning argument For Disney but here's my question though Him saying something like you know less Less of the woke stuff do you think Ron And Florida is so big and powerful for That like especially the tax thing that This is going to change their entire Walk agenda to try to you know I mean Get into Florida because I just saw a a Cartoon that they put on Disney uh plus I don't know if you guys saw that it was It was like it was a really really Racial type of like do you think they're Gonna there do you think that they'll Change because of something like that This isn't about woke anymore this is by The way Biden is arguing and and helping DeSantis every time he goes out attacks The billionaires make them pay their Fair share those kind of voices come in From Washington actually helped the Santa's because the average voter in Florida says hey you're right maybe a Long time ago Disney got a tax break but Why aren't they paying their fair share Of property taxes and things today yeah I'll kind of allow you to really Elaborate attack stuff here's where I Want to go with this though you know A Wise man once told me choose your Enemies wisely okay it's a great title
For a book so be careful look out for That coming soon and I think Ron is Pretty calculated and again I'm not Getting into the tech stuff I'm talking More culture wars and choosing your Enemy wisely and Ron when he won Re-election gave an entire speech and Like the the mic drop moment was he says Florida is where woke goes to die and Essentially he knows exactly what he's Doing he's sort of using Disney as the Poster boy or The Whipping Boy for the Woke agenda especially in Florida and Ron said okay how can I pinpoint Business Florida woke agenda what Company should I pinpoint this is Pre-bob Iger Bob iger's been CEO again Now what three months six months Max and He said this is where I want to pinpoint My agenda this is exactly the type of Company exactly the type of woke agenda That I'm going to go after and it's Working for him I just don't know if it At some point this is going to backfire I don't know but for right now it's Definitely working for yeah so the Scientist said back in November 30th When him and Bob Iger had a Feud He said We didn't drag them in they went in on Their own and not only opposed the bill Threatened to get it repealed they Brought this on themselves I don't care What a Burbank California based company Says about our laws yeah here's the
Thing go ahead you were gonna no I was Just gonna say I vividly remember this Is probably two years ago you did an Entire how-to on the difference between Florida Disney versus California Disney And everything that was happening in Florida and Free State of Florida DeSantis and versus what was going on in California lockdown Gavin Newsom there Were some Stark differences but I'm Gonna tell you this here's what I'm Gonna tell you obviously we all know who DeSantis is you know from from the Perspective of he's tough he's strong He's a leader he's not going to Compromise you know he comes across is An extremely valued based guy all of This stuff he's the type of guy that if You're in war he would be the guy that Would be calling shots leading you Visualize him as that leader doesn't Fear he's he'll stand up against anybody Right But but here's Bob Iger from my POV of What Bob iger's point of view I see Bob Iger being the Kissinger personality That's willing to sit with anybody and Negotiate talking to enemies and getting The enemy to be calm to speak with them In a reasonable manner without offending Them that's what I see Bob Iger which Means to me I I think this would be Pay-per-view type of conversations if it Was public talk that you can see the
Scientists and Iger have an hour two Hour meeting I think it's uh you know Great for television you know be great Television uh to see those to go at it Because it's two different style of Getting things done and they're both Very very effective the scientists set With heavy weights but Bob iger's also Said with some real real heavy weights Over the years so one is free business And political exactly you got the free Market heavyweights you got the other Set which is political heavyweights so If you like this clip and you want to Watch another one click right here and You want to watch the entire podcast Click right here [Music]
