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Disney Chief Bob Iger Says ‘It Wasn’t Right’ to Stay on Apple’s Board

Their ”conflicting“ new streaming services made it necessary to leave, Iger tells CNBC

Disney chief Bob Iger has confirmed what many suspected when he resigned from Apple’s board of directors earlier this month — that he left because the two companies are about to be streaming competitors.

During a Tuesday interview with CNBC’s Jim Cramer, Iger said Disney and Apple’s streaming plans are “conflicting rather than converging.”

“I just thought [resigning] was the right thing to do,” Iger continued. “The business is still relatively small for Apple, but it’s meaningful for Disney, and it wasn’t right.”

Iger resigned on Sep. 10 — the same day Apple unveiled the $4.99 monthly price tag for its upcoming Apple TV+ streaming service. Apple TV+ will launch on Nov. 1, less than two weeks before Disney’s new streaming service, Disney+, hits the market. Disney+ will cost subscribers $6.99 per month and will be available on several Apple products, including the iPhone and Apple TV, when it launches.

Iger joined Apple’s board in 2011. He already had close ties to Apple and its former CEO Steve Jobs by that point, after Iger, one year into his run as Disney chief executive, oversaw the company’s buyout of Pixar in 2006. The deal made Jobs — who held 50.1% of Pixar’s stock — the largest Disney shareholder. Jobs also joined Disney’s board after the deal and stayed on until his death in 2011. Iger, in his interview with Cramer on Tuesday, added he “loved” his time on Apple’s board.