Disney brings back Bob Iger as CEO in surprise move to boost growth

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Updated 22 November 2022
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Disney brings back Bob Iger as CEO in surprise move to boost growth

  • Disney under pressure from activist investors
  • Outgoing CEO Bob Chapek’s tenure hit by pandemic

LOS ANGELES: Bob Iger is returning to Walt Disney Co as chief executive less than a year after he retired, a surprise comeback that coincides with the entertainment company’s attempt to boost investor confidence and profits at its streaming media unit.

Iger, 71, who was chief executive for 15 years and retired as chairman last year, has agreed to serve as CEO for two more years effective immediately, Disney said in a statement late on Sunday.

He will replace Bob Chapek, who took over as Disney CEO in February 2020 just as the COVID-19 pandemic led to park closures and visitor restrictions.

Shares rose Monday to close at $97.58, up 6.3 percent.

“Maybe the old hand on the tiller is what’s required,” said Markets.com analyst Neil Wilson. Disney has been spending billions of dollars to compete with rival Netflix Inc and is seeking to revive its share price.

The stock had sunk more than 40 percent so far this year, lagging the nearly 7 percent year-to-date drop in the broader Dow Jones Industrial Average. It lost almost a third of its value while Chapek was at the helm.

“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,” Chairwoman Susan Arnold said in the statement.

Disney disappointed investors this month with an earnings report that showed mounting losses at its streaming media unit that includes Disney+. Shares hit a 20-year low the day after the fourth-quarter earnings.

The streaming business lost nearly $1.5 billion in the quarter, more than twice the previous year’s loss, overshadowing subscriber gains. The unit has yet to turn a profit since its 2019 launch, and Disney has said it expects Disney+ to become profitable in fiscal 2024.

“I am an optimist, and if I learned one thing from my years at Disney, it is that even in the face of uncertainty — perhaps especially in the face of uncertainty — our employees and Cast Members achieve the impossible,” Iger said in a memo to employees seen by Reuters.

Some activist investors have mounted pressure on Disney this year, including Third Point, led by billionaire Daniel Loeb.

In August, Loeb began pushing for changes, including spinning off the ESPN sports television network and accelerating the planned takeover of Hulu from minority-owner Comcast Corp. The investor later tweeted that he better understood ESPN’s value to Disney. Third Point also pushed Disney to refresh its board and reached a settlement with the company in September that handed a seat to former Meta executive Carolyn Everson.

In the days following its lackluster earnings report, Trian Fund Management LP, co-founded by Nelson Peltz, bought more than $800 million worth of Disney stock, according to a source familiar with the matter. The WSJ first reported Trian’s stake.

Trian’s view is that Iger should not be back in control of the company, the source said, adding that Trian has signaled interest in a board seat as it pushes the entertainment giant to make operational improvements and cut costs.

The stake, which is under the 5 percent disclosure threshold, is not as large as Trian would like it to be and will likely grow subject to market conditions, the WSJ reported.

Disney did not respond to a request for comment on Trian and Trian did not respond to a request for comment.

Iger exited Disney on a high note as the company led the battle against Netflix in the streaming wars. During his tenure, Disney made several key acquisitions, including Pixar Animation Studios, Marvel Entertainment and 21st Century Fox, and boosted its market capitalization five-fold.

During his first tenure, Disney’s annualized shareholder returns were more than 14 percent, well above its rival Comcast and the broader stock market. During this second tour, Iger has been charged with “setting Disney on a path to renewed growth” and working with the board to identify a successor, the company said.

The leadership change caught employees by surprise, two company sources said. Shortly after Iger’s return was announced, Netflix co-founder Reed Hastings tweeted: “Ugh. I had been hoping Iger would run for President. He is amazing.”
 


SRMG launches the second edition of the Saudi Young Lions Competition

Updated 08 May 2024
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SRMG launches the second edition of the Saudi Young Lions Competition

  • Registration is open until May 13
  • Winners will compete in the prestigious Global Young Lions competition in France in June

RIYADH: The Saudi Research and Media Group (SRMG), which publishes Arab News, today launched the second edition of the Saudi Young Lions design competition.

The competition provides young and up-and-coming creators from Saudi Arabia a platform to showcase their creativity and ingenuity. It also represents a key aspect of SRMG’s transformation and growth strategy to champion the next generation of local creators and innovators.

Registration for the Saudi Young Lions competition is now open. To participate, graphic designers, illustrators and creatives aged 30 or under and currently working in Saudi Arabia’s marketing and advertising industry must register by 13 May 2024 in a team of two. The brief will be live on 16 May 2024 and registered participants will be given 48 hours to answer a creative brief. Entrants will be judged by a jury of leaders from renowned global advertising agencies in the region. Registration can be done via this website: www.srmg.com/young-lions 

The winners of the Saudi Young Lions will advance to compete in the prestigious Global Young Lions competition against top creative teams from around the world in Cannes, France in June. This will also provide the winning team an opportunity to network with the brightest minds in the global media industry, learn from the leading global creative directors, and attend inspiring talks and workshops.

This announcement builds on SRMG’s partnership with the Cannes Lions International Festival of Creativity. In 2023, SRMG became the official representative of Cannes Lions in Saudi Arabia. As part of this partnership, SRMG launched the first Saudi Young Lions competition and facilitated Saudi representation at the Cannes’ Creative Academy.


TikTok, ByteDance sue to block US law seeking sale or ban of app

Updated 08 May 2024
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TikTok, ByteDance sue to block US law seeking sale or ban of app

  • The Chinese platform argues the law violates US Constitution
  • The lawsuit is TikTok’s latest move to stay ahead of efforts to shut it down, scheduled for Jan. 2025

WASHINGTON: TikTok and its Chinese parent company ByteDance sued in US federal court on Tuesday seeking to block a law signed by President Joe Biden that would force the divestiture of the short video app used by 170 million Americans or ban it.
The companies filed their lawsuit in the US Court of Appeals for the District of Columbia Circuit, arguing that the law violates the US Constitution on a number of grounds including running afoul of First Amendment free speech protections. The law, signed by Biden on April 24, gives ByteDance until Jan. 19 to sell TikTok or face a ban.
“For the first time in history, Congress has enacted a law that subjects a single, named speech platform to a permanent, nationwide ban,” the companies said in the lawsuit.
The lawsuit said the divestiture “is simply not possible: not commercially, not technologically, not legally. ... There is no question: the Act (law) will force a shutdown of TikTok by January 19, 2025, silencing the 170 million Americans who use the platform to communicate in ways that cannot be replicated elsewhere.”
The White House has said it wants to see Chinese-based ownership ended on national security grounds but not a ban on TikTok. The White House and Justice Department declined to comment on the lawsuit.
The lawsuit is the latest move by TikTok to keep ahead of efforts to shut it down in the United States as companies such as Snap and Meta look to capitalize on TikTok’s political uncertainty to take away advertising dollars from their rival.
Driven by worries among US lawmakers that China could access data on Americans or spy on them with the app, the measure was passed overwhelmingly in Congress just weeks after being introduced. TikTok has denied that it has or ever would share US user data, accusing American lawmakers in the lawsuit of advancing “speculative” concerns.
Representative Raja Krishnamoorthi, top Democrat on a House committee on China, said the legislation is “the only way to address the national security threat posed by ByteDance’s ownership of apps like TikTok.”
“Instead of continuing its deceptive tactics, it’s time for ByteDance to start the divestment process,” he said.
The law prohibits app stores like Apple and Alphabet’s Google from offering TikTok and bars Internet hosting services from supporting TikTok unless ByteDance divests TikTok by Jan. 19.
The suit said the Chinese government “has made clear that it would not permit a divestment of the recommendation engine that is a key to the success of TikTok in the United States.” The companies asked the D.C. Circuit to block US Attorney General Merrick Garland from enforcing the law and says “prospective injunctive relief” is warranted.
According to the suit, 58 percent of ByteDance is owned by global institutional investors including BlackRock, General Atlantic and Susquehanna International Group, 21 percent owned by the company’s Chinese founder and 21 percent owned by employees — including about 7,000 Americans.

TENSIONS OVER INTERNET AND TECHNOLOGY
The four-year battle over TikTok is a significant front in the ongoing conflict over the Internet and technology between the United States and China. In April, Apple said China had ordered it to remove Meta Platforms’ WhatsApp and Threads from its App Store in China over Chinese national security concerns.
TikTok has spent $2 billion to implement measures to protect the data of US users and made additional commitments in a 90-page draft National Security Agreement developed through negotiations with the Committee on Foreign Investment in the United States (CFIUS), according to the lawsuit.
That pact included TikTok agreeing to a “shut-down option” that would give the US government the authority to suspend TikTok in the United States if it violates some obligations, according to the suit.
In August 2022, according to the lawsuit, CFIUS stopped engaging in meaningful discussions about the agreement, and in March 2023 CFIUS “insisted that ByteDance would be required to divest the US TikTok business.” CFIUS is an interagency committee, chaired by the US Treasury Department, that reviews foreign investments in American businesses and real estate that implicate national security concerns.
In 2020, then-President Donald Trump was blocked by the courts in his bid to ban TikTok and Chinese-owned WeChat, a unit of Tencent, in the United States. Trump, the Republican candidate challenging the Democrat Biden in the Nov. 5 US election, has since reversed course, saying he does not support a ban but that security concerns need to be addressed.
Biden could extend the Jan. 19 deadline by three months if he determines ByteDance is making progress. The suit said the fact that Biden’s presidential campaign continues to use TikTok “undermines the claim that the platform poses an actual threat to Americans.” Trump’s campaign does not use TikTok.
Many experts have questioned whether any potential buyer possesses the financial resources to buy TikTok and if China and US government agencies would approve a sale.
To move the TikTok source code to the United States “would take years for an entirely new set of engineers to gain sufficient familiarity,” according to the lawsuit.


Iran sentences man to death for posts during 2022 protests

Updated 07 May 2024
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Iran sentences man to death for posts during 2022 protests

  • Mahmoud Mehrabi was convicted of inciting killings, insulting religious sanctities

TEHRAN: An Iranian court has sentenced a man to death over content he posted online during 2022 protests over the death in custody of an Iranian-Kurdish woman, the judiciary said Tuesday.
Iran was gripped by months-long protests over the death of Mahsa Amini, 22, after she was arrested for an alleged breach of the strict dress code for women.
The judiciary’s Mizan Online website said Mahmoud Mehrabi was found guilty of posting content that included guidance on how “to use homemade weapons and called for the destruction of public property.”
He was convicted of “inciting people to commit killings and insulting religious sanctities,” it added.
Lawyer Babak Farsani said Mehrabi was found guilty of the capital offense of “corruption on earth.” He can appeal against the sentence before the Supreme Court.
The months-long protests sparked by Amini’s death saw hundreds of people killed in street clashes, including dozens of security personnel.
Thousands were arrested as authorities moved to quell what they branded foreign-instigated “riots.”
Last month, an Iranian court sentenced popular rapper Toomaj Salehi to death for supporting the demonstrations.
Nine men have been executed in protest-related cases involving killings and other violence against security forces.
Amnesty International says Iran executed 853 people in 2023, the highest total since 2015.


Pulitzer Prizes in journalism awarded to The New York Times, The Washington Post, AP and others

Updated 07 May 2024
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Pulitzer Prizes in journalism awarded to The New York Times, The Washington Post, AP and others

  • The Pulitzers honored the best in journalism from 2023 in 15 categories, as well as eight arts categories focused on books, music and theater

NEW YORK: The New York Times and The Washington Post were awarded three Pulitzer Prizes apiece on Monday for work in 2023 that dealt with everything from the war in Gaza to gun violence, and The Associated Press won in the feature photography category for coverage of global migration to the US.
Hamas’ Oct. 7 attack on Israel and its aftermath produced work that resulted in two Pulitzers and a special citation. The Times won for text coverage that the Pulitzer board described as “wide-ranging and revelatory,” while the Reuters news service won for its photography. The citation went to journalists and other writers covering the war in Gaza.

In a final embrace Inas Abu Maamar, 36, cradles the shroud-wrapped body of her five-year-old niece, Saly, who died in Israeli strikes on Khan Younis, at the Nasser Hospital morgue before her funeral in southern Gaza, October 17, 2023. (REUTERS)

The prestigious public service award went to ProPublica for reporting that “pierced the thick wall of secrecy” around the US Supreme Court to show how billionaires gave expensive gifts to justices and paid for luxury travel. Reporters Joshua Kaplan, Justin Elliott, Brett Murphy, Alex Mierjeski and Kirsten Berg were honored for their work.
The Pulitzers honored the best in journalism from 2023 in 15 categories, as well as eight arts categories focused on books, music and theater. The public service winner receives a gold medal. All other winners receive $15,000.

Migrants cross the Rio Bravo on an inflatable mattress into the United States from Matamoros, Mexico, on May 9, 2023. (AP)

The 15 photos in AP’s winning entry were taken across Latin America and along the US-Mexico border in Texas and California in a year when immigration was one of the world’s biggest stories. They were shot by AP staffers Greg Bull, Eric Gay, Fernando Llano, Marco Ugarte and Eduardo Verdugo, and longtime AP freelancers Christian Chavez, Felix Marquez and Ivan Valencia.
“These raw and emotional images came about through day-to-day coverage of a historic moment in multiple countries documenting migrants at every step of their treacherous journeys,” said Julie Pace, the AP’s senior vice president and executive editor.
The United States has seen more than 10 million border arrivals in the last five years, with migrants arriving from a wide range of new locations like Venezuela, Cuba, Ecuador, Haiti and Africa, in contrast with earlier eras.

Day breaks as a survivor of an Israeli airstrike on southern Gaza, who was displaced from Gaza City and sought refuge with family in the city of Khan Younis, lays his head on the corpse of a female relative named Tamam, which lies alongside family members who were killed in the strike, in Nasser hospital, Khan Younis, Gaza, October 24, 2023. (REUTERS)

The AP has won 59 Pulitzer Prizes, including 36 for photography. The news cooperative was named a finalist for the national reporting Pulitzer on Monday for its coverage of hundreds of thousands of children who disappeared from public schools during the pandemic.
In citing the Times for its work in Israel and Gaza, the Pulitzer board mentioned its coverage of the country’s intelligence failures, along with the attack and Israel’s military response.
The award comes even as The Times has faced some controversy about its coverage; last month a group of journalism professors called on the publication to address questions about an investigation into gender-based violence during the Hamas attack on Israel.
The Times’ Hannah Dreier won a Pulitzer in investigative reporting for her stories on migrant child labor across the United States. Contributing writer Katie Engelhart won the newspaper’s third Pulitzer, in feature writing, for her portrait of a family struggling with a matriarch’s dementia.
“Every one of the winners and finalists showcases a drive for original, revelatory reporting that underpins so much of what we produce, from the biggest storylines in the news to feature writing as well as classic investigations,” said Joe Kahn, the Times’ executive editor.
The Washington Post staff won in national reporting for its “sobering examination” of the AR-15 semi-automatic rifle, which came with some gut-wrenching photos. “We were eager to find a way to cover it differently and change the conversation about mass shootings,” Peter Walstein, the Post’s senior national enterprise editor, said in the newspaper.
The Post’s David E. Hoffman won in editorial writing for a “compelling and well-researched” series on how authoritarian regimes repress dissent in the digital age. Its third award went to contributor Vladimir Kara-Murza, for commentaries written from a Russian prison cell.
The New Yorker magazine won two Pulitzers. Sarah Stillman won in explanatory reporting for her report on the legal system’s reliance on felony murder charges. Contributor Medar de la Cruz won in illustrated reporting and commentary for his story humanizing inmates in the Rikers Island jail in New York City.
The staff of Lookout Santa Cruz in California won in the breaking news category for what the prize board called “nimble community-minded coverage” of flooding and mudslides. On its website Monday, Lookout Santa Cruz said that it made its coverage free at a time of crisis in the community, and also used text messages to reach people without power.
“In short, we did our jobs,” the staff said in an unsigned article, “and we heard so many thanks for it. The Pulitzer is icing on that cake.”
The Pulitzers gave a second award in national reporting to the Reuters staff for an “eye-opening” series that probed Elon Musk’s automobile and aerospace businesses.
In local reporting, Sarah Conway of City Bureau and Trina Reynolds-Tyler of the Invisible Institute won for an investigative series on missing Black girls and women in Chicago, which showed how racism and the police contributed to the problem.
The Pulitzer in criticism went to Justin Chang of The Los Angeles Times for evocative and genre-spanning coverage of movies. The Pulitzer board’s second special citation went to the late hip-hop critic Greg Tate.
The awards are administered by Columbia University in New York, which itself has been in the news for student demonstrations against the war in Gaza. The Pulitzer board met away from Columbia this past weekend to deliberate on its winners.
The Pulitzers announced that five of the 45 finalists this year used artificial intelligence in research and reporting of their submissions. It was the first time the board required applicants for the award to disclose use of AI.
The prizes were established in the will of newspaper publisher Joseph Pulitzer and first awarded in 1917.
 

 


Advocacy group ‘alarmed’ as journalists shot at in West Bank

Updated 06 May 2024
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Advocacy group ‘alarmed’ as journalists shot at in West Bank

  • Al-Araby TV workers were not injured but their equipment was destroyed
  • Ameed Shehade, Rabih Al-Monayar were wearing ‘Press’ vests at time of attack

LONDON: American advocacy group the Committee to Protect Journalists says it is “extremely concerned” after hearing reports that two Al-Araby TV journalists were shot at by Israeli forces in the West Bank on Saturday.

Reporter Ameed Shehade and camera operator Rabih Al-Monayar came under fire while they were covering an Israeli raid on the village of Deir al-Ghusun in Tulkarm.

Neither of the men was injured in the attack but their equipment was destroyed.

The CPJ urged Israel to launch an investigation into whether the journalists were deliberately targeted.

“CPJ is alarmed by the Israeli soldiers’ shooting at two Al-Araby TV journalists, which hit their camera, while they were reporting in the West Bank,” the group’s Program Director Carlos Martinez de la Serna said.

Although he was “relieved” that the journalists had not been injured, he said he questioned whether the targeting was intentional as it was the second case of reporters being attacked while doing their jobs.

Al-Araby TV aired footage of the two men, who were wearing blue vests labeled “Press,” taking cover near their car.

 

 

Shehade said the shots were fired from a vehicle about 20 meters (22 yards) away and that they were clearly visible to the soldier.

Another journalist who was reporting on the raids confirmed that Shehade and Al-Monayar could be easily identified as members of the press.

According to The Guardian, Israeli forces killed five Palestinians in the overnight raid. Hamas confirmed that four of the men killed were from its al-Qassam armed wing.

Al-Monayar and Shehade suffered a similar attack in July last year while reporting on an Israeli operation against militants in the Jenin refugee camp in the West Bank. They again escaped personal injury but their video equipment was damaged.