After transforming ABC, Disney’s outgoing CEO made four big acquisitions that changed the company forever
After a hugely successful 15 years, Bob Iger stepped down as Disney CEO on Tuesday, transitioning to the role of executive chairman so he can focus more on the creative aspects of the business until his contract expires at the end of 2021.
During his tenure as CEO, Iger transformed Disney into a media behemoth, bringing brands like Marvel and Lucasfilm under the Disney umbrella, growing the company’s lucrative parks business and, most recently, overseeing the landscape-shifting acquisition of 21st Century Fox assets and the launch of the streaming service Disney+.
Iger also made some money for shareholders of the publicly traded company. In fiscal 2005, Disney’s revenue was less than $32 billion. By the end of fiscal 2019, revenues had more than doubled and nearly hit $70 billion. How did that translate for those invested in The Walt Disney Company? From right around when Iger took over as chief executive officer through Tuesday, when he stepped down, Disney stock grew $100 per share, from around $28 to $128.
But even before his tenure as chief executive, Iger had already been a rising star at Disney for decades. Iger began his career at ABC in the ’70s, working his way up to lead the broadcast network from the late 1980s to the late 1990s, when his role expanded across Disney.
At ABC, he developed long-running hit shows like “Who Wants to Be a Millionaire?” and “America’s Funniest Home Videos.” The latter is still on the air and still performing well in its 30th — yes, you read that right — season. And it’s hard to overstate the popularity of “Millionaire” at its peak. The show, which ended a 17-year run in syndication just last year, was the most popular program in primetime during the 1999-2000 season, drawing as many as 30 million viewers per episode and airing three days a week.
Iger was also a big proponent of “The Bachelor,” birthing what would become one of broadcast television’s biggest franchises. Michael Eisner, Iger’s boss at the time, didn’t want the show. But Iger would eventually succeed Eisner, and “The Bachelor” franchise would be a ratings giant on ABC for decades, spawning numerous hit spinoffs.
In 2006, Iger, who had expanded his role beyond ABC at this point, moved “Monday Night Football” from ABC to Disney-owned ESPN. While ABC would love to have those weekly ratings now — and may again in the future — the shift helped ESPN command the cable network’s huge carriage fees and cemented ABC as primarily entertainment programming during the traditional September-May Nielsen TV season.
On the cinematic side, Iger inherited a Walt Disney Studios that was becoming reliant on Pixar’s rising power as an acclaimed animation outlet to support its box office numbers. Aside from the “Pirates of the Caribbean” series, Disney had few other reliable franchises as the renaissance period of its own animation studio had waned, leaving Pixar characters like Buzz Lightyear, Nemo and Mike Wazowski as the new icons that Disney fans were embracing.
That soon changed as Iger led Disney to make three vital acquisitions that transformed its box office revenue completely. The first was the January 2006 purchase of Pixar itself, a dramatic shift from the distribution deal that had been original arranged between previous Disney CEO Michael Eisner and Pixar CEO Steve Jobs.
While talks between Eisner and Jobs broke down and nearly caused the two companies to part ways, Iger got Jobs to sell Pixar to Disney in exchange for a spot on the board of directors as Disney’s largest individual stockholder.
In addition, the purchase made Pixar President Ed Catmull and EVP John Lasseter — also director of “Toy Story” — the creative heads of both Pixar and Disney Animation, dramatically changing the direction of both operations. Since that purchase, the films released by Pixar and Disney Animation have grossed over $17 billion at the global box office with seven films each grossing over $1 billion.
The next move came on December 31, 2009, when Iger led Disney to a $4 billion purchase of Marvel Entertainment just 19 months after the release of “Iron Man,” the first installment in what would become the wildly successful Marvel Cinematic Universe. While the first phase of films that established the film series’ popularity were distributed by Paramount, Disney would take control in 2012 with “The Avengers,” the film that showed the full power of the MCU and grossed over $1 billion worldwide. Since then, the MCU has grossed over $18 billion at the box office for Disney, including $2.79 billion from “Avengers: Endgame,” the highest grossing film of all time.
The third big buy came in 2014, when Disney once again paid out $4 billion to buy Lucasfilm and the “Star Wars” franchise from creator George Lucas. Production immediately began on a new “Star Wars” trilogy with plans to create a series of spin-off films and eventually TV shows as well.
While Disney’s management of “Star Wars” has been rocky, with polarizing fan reception for sequels and directors leaving multiple projects, the five films released by Disney have grossed over $5.8 billion dating back to 2015’s “Star Wars: The Force Awakens,” which grossed over $2 billion.
In addition to expanding the IP of the Disney empire, he also found ways to exploit that content across multiple platforms — including the lucrative and ever-expanding theme parks and cruise divisions. New rides devoted to Marvel and “Star Wars” themes helped drive increased attendance, and the company opened new parks in Hong Kong (in 2005) and Shanghai (in 2016).
Iger was already planning his retirement by the time Disney made its two of biggest moves under his leadership.
First came the $71.3 billion acquisition of Fox entertainment assets, including the 20th Century Fox movie studio and the company’s portfolio of TV networks and studios — including FX, National Geographic and 20th Century Fox Television. The deal closed in 2019, reducing the number of major movie studios from six to five and growing Disney to a size unmatched in the current media landscape.
The Fox acquisition also came as Disney was laying the groundwork for its foray into the direct-to-consumer streaming space with Disney+. Launched last November in response to growing competition from tech companies like Netflix and Apple, the service has already racked up more than 26 million paid subscribers.
To look at the ads for Disney+ and the different brands it promotes is to see Iger’s legacy laid bare. The service promotes not only the complete catalog from Disney, but also those from Pixar, Marvel, “Star Wars” and National Geographic, all of which came under Disney’s ownership thanks to Iger’s maneuvering. “Star Wars” in particular has been vital for the service’s launch, as the franchise’s first TV series “The Mandalorian” became popular with fans and encouraged millions to buy subscriptions last fall.
Iger specifically called out both the Fox merger and the Disney+ launch in the statement announcing his plans to step down as CEO. “I believe this is the optimal time to transition to a new CEO,” he said, naming parks executive Bob Chapek as his successor. Chapek hailed Iger’s success in his own statement, saying the executive “has built Disney into the most admired and successful media and entertainment company.”
Iger isn’t done with Disney yet. With more than a year left on his contract, Iger said in a call with investors on Tuesday that he intends to shift his focus to maintaining Disney as a top creative brand until his exit at the end of 2021.”The goal was to turn over the day-to-day management of our company to Bob (Chapek),” he said, adding that this will “free me up just to basically focus on the creative side.”
“It was just that simple,” he said.
All 17 Disney Live-Action Remakes of Animated Classics, Ranked from Worst to Best (Photos)
Over the last decade, Disney has found itself dipping increasingly into its own well of nostalgic favorites. Specifically, they’ve been taking their beloved animated classics, remaking them in live-action (or mostly live-action), and producing one blockbuster smash after another. Let’s take a look at all of the live-action remakes of Disney’s animated classics, going all the way back to the 1990s, to explore which films improved on the original and which ones came up short.
17. "The Jungle Book" (1994)
The first live-action Disney remake of an animated Disney classic is, somehow, still the worst. Stephen Sommers (“The Mummy”) directs this frustratingly inert take on Rudyard Kipling’s stories, which strips the animals of their characterizations and highlights instead the bland experiences of British colonizers, who condescend to Mowgli (Jason Scott Lee) at every turn. Some of the supporting performances, especially by Cary Elwes and Lena Headey, are noteworthy, but the rest of the movie is a sloppy throwback to a mercifully bygone era of adventure filmmaking, full of backwards mentalities and underwhelming action.
16. "Christopher Robin" (2018)
The beloved stories of A.A. Milne have been previously adapted by Disney into several beautifully animated and heartwarming motion pictures. So it’s especially cloying that Marc Forster’s “Christopher Robin” just plops these timeless characters into a tepid and cookie-cutter family flick about a dad who -- gasp! -- spends too much time at work, and rediscovers his inner child thanks to the return of his old, magical friends. Ewan McGregor shines as the adult version of Christopher Robin, but the melancholy cinematography, underdeveloped screenplay and creepy VFX renditions of Pooh and his friends make “Christopher Robin” a rough slog.
15. "Alice Through the Looking Glass" (2016)
James Bobin’s sequel to “Alice in Wonderland” certainly looks like an improvement on the original, with vibrant production design and weird visual effects, and a tone that’s mercifully less grim. But the time-travel storyline, which sends Alice back to the early days of Wonderland (sorry, “Underland”) to become the cause of all its miseries (including a genocide), retroactively injures the original film, which had a boatload of problems in the first place.
14. "Beauty and the Beast" (2017)
Despite the excellent source material and a decent cast, Bill Condon’s remake of “Beauty and the Beast” has the unfortunate distinction of being the only live-action Disney remake that has absolutely no new interpretation of its material. It’s just the exact same story but longer, and only because of unnecessary additions that arbitrarily pad the running time, confuse the characters’ motivations, and shoot holes in the already thin plot. Add in some ugly character designs and an utterly forgettable new song, and you’ve got a film which made Disney a lot of money, but artistically has no particular reason to exist.
13. "Maleficent: Mistress of Evil" (2019)
Maleficent is back, and this time she's meeting Aurora's future mother-in-law, Queen Ingrith (Michelle Pfeiffer), who frames the sorceress for an assassination attempt and tries to commit genocide against Maleficent's fairy kind. Jolie is as sharp as ever but the movie gives her precious little to do or say. The plot is a leaden bore that's just an excuse to end in a big climactic battle (which gets hastily brushed off) and at the center of it all is the dumbest pipe-organ solo in cinema history. "Mistress of Evil" alsocompletely contradicts the story and message of the original, making both films worse as a result.
12. "Alice in Wonderland" (2010)
Tim Burton’s blockbuster retelling of “Alice in Wonderland” is unnecessarily murky and violent, and -- worst of all -- devoid of Lewis Carroll’s signature wit. Mia Wasikowska stars as Alice, who has forgotten all about Wonderland (sorry, “Underland”) and returns years later, only to find it taken over by darkness, a problem that can be solved only by more war. The film comes across like a cynical attempt to make a classic story edgy and marketable, but at least there’s an interesting attempt to transform Alice into a modern and active heroine, and the film’s ensemble cast boasts some real highlights, including Helena Bonham Carter as the Red Queen, Anne Hathaway as the White Queen, and Stephen Fry as the Cheshire Cat.
11. "The Lion King" (2019)
Unlike "The Jungle Book" -- which has at least one human character -- the new "Lion King" couldn't even be considered "live-action" in the most generous use of the term, but for the sake of conversation we'll include it anyway. This is an ambitious visual spectacle, re-creating the African savanna of the original 2D-animated movie in photorealistic CG detail as it tells the story of a lion cub who avenges his father's murder and brings order back to the ecosystem. When Jon Favreau's film works, it's a visual marvel. But when it fails, which is most of the time, it's because the film's literalist animation style is directly at odds with the arch, fantastical story and characters. Style may be the selling point, but too often, it gets in the way of the substance.
10. "102 Dalmatians" (2000)
Kevin Lima’s sequel to the hit “101 Dalmatians” remake is strange and cartoony but, in its defense, completely unapologetic. Glenn Close returns as the despicable Cruella de Vil, now rehabilitated via brainwashing and eager to rescue puppies instead of murdering them. When her programming wears off, she resumes her wicked ways. There’s not much more to it than that, but the film’s astounding costume design and Close’s pitch-perfect performance make “102 Dalmatians” an amiable, if shallow, piece of children’s entertainment.
9. "Maleficent" (2014)
Disney’s “Maleficent” isn’t so much an adaptation of “Sleeping Beauty” as it is quasi-family-friendly riff on Abel Ferrara’s “Ms .45.” Angelina Jolie stars as a fairy who gets betrayed and violated by her human lover and left physically and emotionally scarred, so she plots her revenge against him by cursing his daughter, played by Elle Fanning. The cinematography is hard to make out a lot of the time -- and once you do get a good look at some of the CGI creatures, you’ll wish it stayed that way -- but the bold new interpretation of the source material and Jolie’s exceptional performance elevate “Maleficent” above its shoddy VFX and extremely sloppy storytelling.
8. Aladdin (2019)
Guy Ritchie's remake of "Aladdin" sucks out all the personality the filmmaker could have possibly brought to the project, instead simply rehashing the original in a mediocre but mildly enjoyable way. Mena Massoud and Naomi Scott are wonderful as Aladdin and Jasmine, and Will Smith plays the Genie like he's the ultimate fantasy wingman. It's like watching the original "Aladdin" acted out in the middle of a parade: Cheerful, well-intentioned and fleeting.
7. Lady and the Tramp (2019)
Take away all the animated magic of "Lady and the Tramp," and all you've got left is two dogs making goo-goo eyes at each other. And it turns out, in Charlie Bean's modest remake, that's just fine. Tessa Thompson and Justin Theroux are amiable mismatched lead voices, the story of love crossing class divides is just as simple and effective as ever and Bean's new film makes the whole story more inclusive (and wisely jettisons one of Disney's most problematic songs). The CG animation on the dog's faces, to make them talk more like humans, is distractingly subpar, but everything else is sweet. Unambitious, but sweet.
6. "The Sorcerer’s Apprentice" (2010)
Except for an obligatory scene with some dancing mops, Jon Turteltaub’s “The Sorcerer’s Apprentice” has very little in common with the classic Mickey Mouse segment from “Fantasia.” Jay Baruchel stars as a young science nerd who is destined to become a sorcerer, and Nicolas Cage has to train him before evil sorcerers can raise an army and take over the world. It’s a perfectly watchable fantasy adventure, but nothing about “The Sorcerer’s Apprentice” makes a lasting impact. It’s practically the textbook definition of “average.”
5. "101 Dalmatians" (1996)
Stephen Herek directed a trio of live-action Disney hits in the 1990s -- “The Mighty Ducks,” “The Three Musketeers,” and “101 Dalmatians” -- and they’re all satisfying family-friendly romps. Jeff Daniels and Joely Richardson play humans whose dogs fall in love and have oodles of puppies, and Glenn Close portrays Cruella de Vil like a pitch-perfect 1960s “Batman” villain. The film devolves into brainless, non-stop “Home Alone” slapstick in the second half, but it’s never less than fun, and Close gives such a gloriously unhinged performance that she’s practically Oscar-worthy.
4. "Dumbo" (2019)
Tim Burton’s second live-action remake of a Disney animated classic is more clever, more emotional and significantly more subversive than his “Alice in Wonderland.” It’s still the story of a baby circus elephant with giant ears that help him fly, but this time his circus is purchased by a theme-park entrepreneur played by Michael Keaton, who proceeds to lay off most of the workers after the merger and to exploit his newly acquired IP beyond reason. Disney has often turned heartless capitalists into their villains, but in “Dumbo,” the studio seems to be pointing the finger at itself, giving Burton’s richly realized fantasy an unexpected and impressive sting.
3. "The Jungle Book" (2016)
Jon Favreau’s “The Jungle Book” uses so much CGI that calling it “live-action” is probably a misnomer; there’s only one character who isn’t motion-captured, and even the realistic environments were digitally rendered. But either way it’s an excellent film. Favreau eschews the laidback, episodic structure of the original in favor of a more focused adventure, with Mowgli (Neel Sethi) gradually taking responsibility for rescuing the jungle from the deadly Shere Khan (Idris Elba). An all-star cast of mo-cap animal characters keeps the film lively, although Christopher Walken is a distractingly strange choice for King Louie.
2. "Pete’s Dragon" (2016)
Another nebulously defined “live-action remake,” since the original “Pete’s Dragon” was a mostly live-action musical fantasy with one animated title character. David Lowery’s remake does away with all the classic songs (which ranged from adorable to weirdly violent) and also throws out the wackier storylines. Instead he highlights the emotionally sincere story of a lost boy whose only friend is a giant dragon. When Pete is discovered and brought back to the human world, his dragon, Elliot, comes looking for him. Lowery makes room for comic shenanigans, but he’s mostly interested in exploring our contemporary capacity for wonder. He transforms a formerly eccentric tale into something beautiful and, possibly, timeless.
1. "Cinderella" (2015)
Disney’s original “Cinderella” is a masterpiece of animation, but it’s also a narratively thin piece of wish-fulfillment. Kenneth Branagh’s live-action remake keeps the original, classic storyline in place but amplifies the characters, giving the wicked stepmother (Cate Blanchett) a meaningful motivation for her treatment of Cinderella (Lily James), giving Cinderella a set of clearly-defined principles that justifies her every decision, and giving the prince (John Madden) enough time with Cinderella that they can actually fall believably in love. Romantic, beautiful and -- from a story perspective, at least -- an undeniable improvement on the original, “Cinderella” is the crown jewel of Disney’s live-action remakes. For now.
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How does “Lady and the Tramp” rank among the studio’s remakes of its animated hits?
Over the last decade, Disney has found itself dipping increasingly into its own well of nostalgic favorites. Specifically, they’ve been taking their beloved animated classics, remaking them in live-action (or mostly live-action), and producing one blockbuster smash after another. Let’s take a look at all of the live-action remakes of Disney’s animated classics, going all the way back to the 1990s, to explore which films improved on the original and which ones came up short.
Tony Maglio
TV Editor • tony.maglio@thewrap.com • Twitter: @tonymaglio
Reid Nakamura
TV reporter • reid.nakamura@thewrap.com • @reidnakamura
Jeremy Fuster
Box Office Reporter • jeremy.fuster@thewrap.com