chapek, and they did. plus, top analyst michael nathanson will be joining us he just upgraded disney shares and boosted his price target we're going to come back with all of it after this what if we wanted to electrify all of this... 100% carbon free... is it possible? ♪♪ aes has been leading energy transitions for decades... and is partnering with the worlds leading companies to decarbonize industries... cities, and nations. even the internet. is it possible? can we reliably power the things we love and green the planet at the same time? yes... aes. >>> let's get down to the new york stock exchange. mr. cramer, you said it on the air, we talked about it, you and i. i saw it, i heard it you said, get rid of mr. chapek. you didn't say bring mr. iger back i don't think that was necessarily in the cards here we are. what do you think? >> iger is a steady hand, i think that's what the company needs. i think iger worked well with everything and had the theme parks under control. there's all these other aspe

bob chapek is out. reappointing bob iger into the role the move marking the end of the three-year tenure by chapek. facing a number of controversies and sagging share price. those shares down 30% since he took over in february of 2020 right before the depth of the pandemic bob iger says he is thrilled to return and optimistic about disney's future. disney's board says iger will work as ceo for two years in a bid to set a direction for renewed growth and work closely with the board to find successor. for more on this, let's bring in alex barker with the financial times. alex, this is a shock only because we thought bob iger, he has been iconic and associated with disney. why turn back to him in the absence of bob chapek? >> my colleagues on the platform say it is return of the jedi it feels as big a surprise as that disney is about magic. it always has been bob chapek got the theme parks running, but never had that special touch that a ceo needs sometimes. you could feel the loss of confidence around dis

chapek could chapek, by the way, can we just be clear, had no plan. he had no plan >> no plan you don't believe he had a plan? >> no, i wouldn't have called for his firing if he had a plan. i would have said, let his plan play out i met with him several times i thought he had a plan. i didn't know. and david, that last quarter, that was a defeat. that was a defeat. >> you called for it, and it happened there's the opening bell and you can take a look at the realtime exchange, back at our headquarters >> this is all again on china. i'm getting tired. we are in a bullish moment >> >> s&p celebrating its 50th year, and braze celebrating its first listing anniversary. you were saying about china? china's a pretty important part of the global economy. >> china can flick a switch. russia, no russia, unfortunately, is food and wages. you know michael >> i do, former ceo of comcast >> heavyweight he's on the board at exxonmobil. >> we're talking about valero? >> can you just hear me out? >> yes >> i'm looking for signs that there are people who want to come b

>> compared to chapek, i could run the finances better at disney than chapek the things he did, that call was really unprofessional, i thought. and he's getting out with lots of money, so it's fine for him, but i think to calm investors is really critical. there are activists around that are really serious you need someone who is serious and trusted by wall street it will give them a little breathing room here. this is a huge dent they have, not the kind of debt that warner disney has, and they can certainly handle it better and they have lots more revenue streams including the parks which have been doing well again, bob chapek insulted annual park goers. i don't know why you would do that he can handle the finances here. he's not considered crazy spensp spendthrift, and he's the one who put in place the changes to talent compensation that the talent has been complaining about. i found it to be someone who is willing to change and he's also so likable, and i know that's not a small thing in these kind of companies but i think, you know, you saw content people being very happy today.

the stock is down 20% since chapek took over why did this have to happen now? what is iger going to do differently? and what will happen down the road the next time iger retires. we have julia boorstin and alex sherman. julia, are tied into disney like no other did this one shock even you? >> it surprised me, and then it didn't i did go back and check the timestamp on when the press release arrived to make sure it wasn't a couple years old, because bob iger has extended his tenure before. the magnitude of the loss in the streaming division was unlarger than anticipated, and also concerns that the way that chapek was handling cutback, perhaps a hiring fry, that that wasn't going overwell with the staff. i think they went bag to iger. >> apparently there was no bench, because they didn't bring up anybody from the outside. they went back to the former guy, who, by the way said the old guy was the right guy. iger endorsed chapek >> irony is, while bob iger is rightfully celebrated as a great ceo, his one weakness appears to be succession plans. that's k35ik9ly what

and then bob chapek takes over. he has a big fight with ron de santis after dishe a disney trit involved in parents not wanting crt in their schools for their kids. .da kids. dagen: that was one of chapek's screw-ups, one of many. i'll point out that disney's recent earnings announcement was a disaster that investors, wall street blind-sided by how bad the results were. one and-a-half billion dollars ins losses and its streaming division because of higher production, marketing and technology costs and even on the call he -- chapek sounded kind of -- he was talking about the great response to mickie's not so scary halloween party and he was warned ahead of the call to not sound so cheery, like hello, mouseketeers when you fouled up your earnings report. one of the most astonishing things, speaking to chapek's incapability of running the company, during the summer when they were talking about the theme park business, he referred to the, quote, unfavorable attendance mix at disney world, meaning -- he was speaking to p

he will come in for two years now and take over from bob chapek what is he focused on? >> it will be on cutting costs in terms of what is poured into the streaming business in particular and looking at ways where perhaps the back catalog can be bolstered further and how it is created with the rest of the business and try to feed that and loopback in term of the revenue with the theme parks and subscriber growth rather than piling in marketing and content spend. that is what has caused the nervousness. the sheer money poured in. on the wider business, looking at how to maintain resilience for the parks because people will have less money to spend. they may still want to go to have the experiences and signs people want budgets for experiences, but it is sales of merchandise which could be tricky and that is where perhaps there will be quite a lot of attention to whether or not you can keep those revenue extremes c streams. >> how much was this politically motivated? bob chapek had a run-in with the governor of florida ron desantis over the don't say gay bill. that was a b

in a reversal of bob chapek's separation of content creation and distribution into two divisions he's fired kareem daniel, he ran media and entertainment distribution or dmed in a memo iger said he asked general entertainment chairman dana walden, studio chief allen bergman, espn chairman and cfo christine mccarthy to design a new structure that puts decision making back in the hands of creative teams and rationalizes costs and aim to have the new structure in place in the coming months i fundamentally believe that story telling what is fueled this company, and it belongs at the center of how we organize our businesses now the spotlight turns to those executives that iger mentioned and the board is imperative he develop a successor. one thing he failed to do in his delayed retirement when running disney deutsche bank underscoring the focus of an importance on content writing the decision to reinstate iger was about lack of confidence in chapek's creative leadership saying of iger's finding a successor there just aren't any other bob igers out there. perhaps this time they will start w

he replaces his successor, bob chapek after the company suffered a disappointing earnings with chapek having a rocky tenure with the public battles with florida governor ron desantis. chapek was criticized for not coming out forcefully and immediately against the not say gay bill. >> a lot of these issues are not necessarily political. it's about right and wrong. so i happen to feel, and i tweeted an opinion about this don't say gay bill in florida. to me it wasn't politics, it is what is right and what is wrong. and that just seemed wrong. it seemed potentially harmful to kids. >> listen also to how iger responded earlier this year when our friend cara swisher asked him about, by the way, about potentially coming back. >> one of the things that cnbc polled ten media executives anonymously about their 2022 predictions and one was that you'll return to disney. >> as what? >> i don't know. mickey mouse character. >> yes. >> there are rumors that you could become disney's ceo again. >> that's ridiculous. i was ceo for a long time. you can't go home again, i'm gone. >> really? it's happen

bob chapek is out. bob iger is back in as ceo of disney, it's a shocking shakeup, iger retired by the way less than a year ago. shares are down for disney roughly 40% this year. i wonder if it has anything to do with how woke the company has become. we'll talk about it. the stock is up big time in the pre-market. take a look at stocks on this holiday shortened traiting week overall. the dow as you can see essentially flat down 10 points also, same story for the s&p, and the nasdaq. we'll follow that closely when the bell rings in just about what, half an hour from now. bitcoin hitting its lowest level in a week, as the ftx scandal unfolds. new ceo john ray says the exchange is looking to resell or restructure its global empire. the company owes its largest creditors an estimated $3 billion. we're going to have the very latest on that saga. bitcoin as you could see right around $16,000. a new report by the gop accuses the pentagon of promoting critical race theory and gender identity insanity. it claims

chapek >> i think the better question is, what went right? i think we saw signsearly on that he was not great in a crisis i know it seemed a little insignificant at the time, but if you recall, he had the don't say gay fiasco, he got into a fight with scarlett johansson, star of black widow. one of his big marvel stars. and he i think more importantly, he was not adepth with the town. anyone who works in holiday knows, it's clubby, it's chummy, it's all about relationships and it's a referendum on the streaming wars and everything it brought. this is going to be a tech-driven industry it's going to be data-driven relationships can go secondary to the algorithm and we're seeing with bob chapek, none of this worked and he happened to be riding the streaming wars right when hollywood discovering it's not really working out so well. >> what do you think is number one and number 1a let's say on bob iger's to-do list? >> i think it's a long to-do list it's -- getting back to the creative roots of the company and executing on the creative excellence

that's cut and dried. >> you're firing chapek? >> absolutely. absolutely. >> crammer can't do it, but disney can. last year, he came under fire for how he handled scarlett johansson's pay dispute by releaing black widow on disney plus. in march, disney was criticized for not speaking out against florida's don't say gay law. leading employees to walk back in march. and over the summer, disney made enemies by telling die-hard fans that profits would have been more had it not been for unattended mix. reporting on that, on disney and the move, we've talked about that on the other show about what this means, et cetera, one of your takeaways is nobody really looks good here. explain why? >> yeah, it's not that bob iger isn't the right person to lead this company. he certainly may be, and i think a lot of disney employees are very happy he's coming back. but the process to get here has been so awkward and sort of full of deceit, that i don't think any party's involved look particularly good. start with the disney board. it's been less than five months

new reports of growing frustration of executives around chapek in the final weeks. we'll have more later on in this hour. >>> first, let's get a check of the action with the trade in europe with arabile gumede in the london newsroom. good morning, arabile. >> dom, the question and big story out of asia and impacting market trade i restrictions the government has put out few more measures in china that is on the back of the increase in the number of covid cases and three deaths around china as well. we are seeing a lot of grumblin with the hang seng falling 1.3%. the tech stocks were the ones feeling the brunt. you are seeing losses there. the rest of the market is a mixed picture and seeing a sense of positivity. to the european picture. we started off seeing a bit of negativity for the european picture. it is faring better. .90% higher for the ftse 100 others aring moving on the lockdown from the asian region .50% for the ftse mib. and still a lot of interest being put on the covid-19 restrictions in asia which will be the basis liquidity will dry up toward the tha

this executive was close to bob chapek. bob iger is announcing changes in the company memo as it cans. kareem daniel being the chairman of media and entertainment distribution. we will continue to bring you the latest when it comes to disney and some of the restructuring there. meanwhile,, mass tech layoffs have left hundreds of workers living on temporary visas with little or no no time to find another job or they have to leave the country. how could this change the u.s. tech landscape more broadly? ed: tech companies rely on the h-1b visa for computer engineering talent. from all around the world. the numbers behind this bloomberg analysis are estimating. h-1b visas are capped at 85,000 per year. this group of six tech companies on your screen are behind 45,000 of them, both new and renewed, over the last three years, just those six names alone. as you can see from the chart, h-1b's makeup a -- not a majority, but a significant of the overall workforce. to answer your question, if a tech worker is laid off and they have t

things didn't go so well for chapek. what is disney saying about the transition and how long they expect iger to be helm. >> this is quite the plot twist at disney. the board of directors appeared to have lost patients with bob chapek and made a significant casting change by bringing back a legend in upon iger effective immediately. here is what the disney chair said about why they're making this decision, quote, the board indicated as disney ex barks on an increase lengthily difficult transition bob iger is situated to lead this company within this period. he did lead this company for 15 years through lots of success and growth, built it into a true media empire, including not just the theme parks that we all know and the films that we know and espn, but also going out and acquiring marvel and lucas films, buying 21st century fox and launching disney plus, the streaming service. wall street is greeting the return of iger with the financial equivalent of a standing ovation. disney shares set to open in just about ten min

so he picked a new bob to replace him, bob chapek. last night out of nowhere, the board of directors fired new bob and convinced old bob to come back which means new bob is now old bob [ laughter ] and old bob is new the new bob. it's like what happened with coca-cola when they switched the formula, and now we're back to bob classic, i guess. >> he got that from kara swisher, called them bob one and bob two. >> that's right. >> wasn't there a new coke, coca-cola? >> clear pepsi. >> i was alive. kaitlan wasn't. >> so, it was new coke, everybody hated. but at any rate, thank you, jimmy kimmel, for expressing exactly how i felt about this. i'm like, what the heck is going on. front/back, i hear that a lot of disney executives were at the elton john concert. >> when they found out? >> when they found out. and he was supposed to introduce elton john, didn't happen. disney stock jumping 6% after the big announcement that bob iger will return to disney as ceo. retakes the reins from hand pickeded bob chapek. our business correspondent rahel

he handed institutional wokeness to chapek. chapek just didn't have the sort of chops to do the dance. david: to thread the needle. charlie: now i don't think anybody can in this environment. i really think that ron desantis is, if you're going to go up against desantis, i don't care if your bob chapek, bob iger, or donald trump, be ready to play hard ball. this guy is smart. he thinks everything out. he's no joke, if you're going to take him on, be prepared and i think disney learned it's lesson i think they are going to be a good corporate family member, florida going forward, and i think -- david: so they aren't threatening to pull out or anything. charlie: where are they going to leave to? oklahoma? where is a lower tax base? david: i have a quote of something in august, by the way you said woke don't sell particularly when it comes to a company trying to sell kid- oriented programming and theme park experiences to middle america. that's the bottom line. charlie: the country is so divided. we know. i'm sure thanksgiving tab

live stream concert for disney plus, and all of a sudden chapek wasn't there. all the disney executives were looking around going where's chapek? what's happening? now we know. he no longer has the job. bob iger is returning. now of course the question is what does bob iger do with this company and can he return almost in a steve jobs fashion to bring this company back to its former heights. but there are huge challenges in the entertainment landscape as we know and have talked about so much on this show here. >> yeah. it's not limited to disney. how about $250 million for 11 months of work? not bad if you can get it. andrew, let me ask you about twitter. since elon musk bought twitter, obviously there's been chaos around it, layoffs announced, people announcing they're leaving and coming back and everything that's come with it. and then just a couple days ago elon musk announcing based on an online twitter poll that he's welcoming donald trump back to twitter. so put it all together. what's going on at that company? >> chaos, on the outside it looks like a lot

more on bob chapek's belt tightening at disney next. don't go away. - oh, the stock market is doing that fun thing again. news from the future: you're going to live through that about 10 more times! (laughs) no stress. i just discovered yieldstreet. they vet investments that don't ride the stock market rollercoaster. - [narrator] yieldstreet: private market investing. >>> it's not just amazon it's not just apple. disney the latest name to join the growing list of companies tightening their belths. our julia boorstin has a gut check on that. >> good morning again. disney shares are moving higher this morning, more than 1% higher after bob chapek announced in a memo to division leaders late obfriday that the company plans what he called a targeting hiring freeze. chapek writing in the memo, quote, hiring for the small subset, the most critical business driving positions will continue but all other roles are on hold. chapek also saying they will, quote, look at every avenue of operations and labor to find savings, saying we do anticipate s

the disney ceo chapek leaving, bringing in bob iger. what is the readthrough for the broader industry when it comes to replacing your ceo? joining us now charlie , mcelligott, managing director, cross-asset macro strategy at nomura. is this going to be the trend we see as we shift from an inflation narrative to a recession narrative? is this the kind of reshuffling we can expect? charlie: i think right now from the buy side, people need idiosyncratic alpha. from an index level, stocks have had a difficult time in the past year between the multiple repricing off of the back of the interest-rate policy impulse and central bank tightening around the globe. now you have the earnings headwind going forward. people are worried about the next shoe to drop from that macro top-down sales perspective, as consumers begin to change their habits and they tighter financial conditions begin to bite. in the case of individual corporations making a management change, doing special situations, you've been driven spin off acquisition type stuff, you will

to replace bob chapek as ceo. that was effective immediately. it was news investors, hollywood , disney fans, all cheered but today, disney shares in reverse, they are down 1.7% as further restructuring efforts begin to take effect. first, kareem daniel, the company's media and entertainment head, is the first to go. disney's hardly the only company making changes. elon musk reportedly recruiting new engineers for sales teams in the new hard core twitter 2.0, that saw mass resignations and layoffs since this deal closed. that was october 28. out with the old, in with the new. twitter is a new company and value is new, when it comes to retail. pretty strong retail earnings helping to lift the dow, the s&p , and the nasdaq today. they are all in rally mode. the dow is up 387 points right now. then there's best buy. they maintain their holiday quarter outlook. they say they are managing inflation and the stock is up double-digits, 78.87 a share a gain of $8. dick's sporting goods handing in a better-than-expected quarterly report card when you look

. >>> and then later on, chapek never had a chance that's the takeaway from a new report detailing the former ceo's short stint at the helm of disney it is wednesday, november 23rd, 2022 the day before thanksgiving. you are watching "worldwide exchange" right here on cnbc >>> good morning i'm dominic chu in for brian sullivan today let's kick off this hour with a check on u.s. equity futures ahead of the thanksgiving holiday. as you can see, we are poised for some marginal slight moves to the upside at the opening bell currently the futures are indicating a -- just about 46, 47-point increase for the dow jones industrial average the s&p 500 implied higher by seven to eight points and the nasdaq higher by 14. green is a good sign, but not markedly so. checking on the bond market, we're still seeing yields hovering just around that call it 3.75 mark the benchmark two-year note yield, 4.53% currently and 30-year long bond, 3.82% in energy, oil prices are starting to see a little bit of a near term recovery still kind of down over the long and medium term. on the day, the benchmark prices

not so much surprised that bob chapek was not having an easy go of it due to errors along the way. the board has indicated to me that there had been true concern or heightened concern about his leadership, and that was after this most recent earnings report, a significant miss from analyst estimates but even more so just the costs associated with the direct consumer efforts, disney plus, and what seemed to be growing disenchantment at the very top of the company amongst some executives at least with his leadership as well one could have imagine the board picked up on that. maybe you're facing the possibility of certain people choosing to leave, and then they moved very quickly. >> so i also think it's notable that the news came here. obviously the stock is up 6%, warm welcome for bob iger, but we also go that revelation that nelson peltz is in this company building a stake and wants potentially to be on the board and his track rocks you know i covered the b & g story very closely, and there are similarities with disney and p & g in terms of best in brand. >> even in terms of cost a

this executive was close to chapek. kareem daniel young the chairman of media and entertainment distribution. we will continue to bring you the latest when it comes to disney and some of the restructuring. there is restructuring going on across technology more broadly. mastech layouts have left hundreds of workers living on temporary visas with little or no time to find a job. how can this change the tech landscape more broadly? ed: tech companies rely on the h-1b visa for computer engineering talent. the numbers hind the analysis are fascinating. h-1b visas are capped at 85,000 per year. this group of six tech companies on your screen are behind 45,000 of them both new and renewed over the last three years. just those six names alone. h-1b's make up a significant -- not a majority but a significant of the overall workforce. to answer your question, if a tech worker is laid off and they have to return to their home nation there is a cost to the employer that has to be covered for the travel back to the home nation. the

bob iger came out before ceo bob chapek and said this is wrong. and disney waffled and employees rerol rev revolted. that was a turning point. >> it opened him up to criticism everywhere. he was criticized for being to slow, and then criticized for making disney woke. it went poorly on any tactic. >> it does. but it comes down to leaders have to decide what's not politics and what's right and wrong. >> and make decisions and say i don't care what the criticism is. >> that's right. >> we'll see. it's fascinating we'll see what happens with bob iger at the helm. >>> this morning two pediatric groups are calling for an emergency declaration, saying it's needed because of the rapid rise in the respiratory illness known as rsv. they write quote we need emergency funding support and flexibilities along the same lines of what was provided to respond to covid surges. joining us with more is elizabeth cohen. the question, is it a slippery slope of declaring certain things an emergency or something they do believe measures up and it needs the same kind of f

chapek was his hand-picked successor. >> he has to find a new i.d. as well. interesting. >> and an email address. >> chapek just signed on in the summer. >> in june. now he's out. >> surprising. matt, thank you. >>> president biden pardoned a pair of turkeys today. chocolate and chip. ahead of thanksgiving. >> the two north carolina natives were given presidential reprieve on the white house lawn and will live out their lives at north carolina university in raleigh. jeremy, this pardon comes as the lame duck session is under way. see what i did there? >> turkey and ducks. >> the democrats are hoping to bring a bunch of bills to the floor. what can you tell us? >> reporter: there was that light-hearted tradition at the white house. the president is expected to turn his attention to more serious matters over the next month. that's because there's a lot to get done in this lame duck session of congress following the midterms before republicans take over the house in january. at the top of that list is government funding. the current government funding deal expir

. >>> the disney board ousting bop chapek and replacing him with his predecessor, bob iger. is the old boss coming back to a new media landscape the right move we'll debate that. >>> outbreak in china, 26,000 cases on sunday. beijing tightening the covid controls market ripple effects coming up. h hero to almost 0, 300 bucks a share one year ago to 7 today. i'm melissa lee, this is "fast money" tim seymour, courtney garcia, and for the best day since december 2020, the move coming off the company announced bob iger would return to the helm o. of the media and entertainment giant. with today's gains, disney is down 37% this year has been cut in half from its all time highs hit in march of last year. can old blood breathe new life back into this storied stock tim, your tame >> i think the song is meet the new boss, same as the old boss i think the who do it better the second time. bob iger is a cult hero in ceo land, and i think it's great to have him back. as a shareholder, as it relates to where the media business is going, and the different parts of the business and distrib

disney's ceo bob chapek sending a memo to his staff outlining layoffs, a hiring freeze and cost-cutting ahead >>> as we wait for the president, let's begin with the fallout involving ftx. lots of reports over the weekend highlighting the crisis surrounding the embattled crypto exchange sam bankman-fried's alameda trading firm was leveraging the firm's native token as collateral lot of discussion about legal strategies from here on out, jim. fta looking at $900 million against $9 billion in liabilities. >> it's pretty clear if you go to their site, listen, we're not doing anything and overlevered to me means the possibility, david, that there's nothing left >> nothing i mean, we just don't know >> no, but -- >> there's so much more that we don't know than we do. >> true. >> jim, it's not just, though, ftx, and the focus there, as important as that is right now it's also, and i'm sure you received over the weekend, the endless sort of emails and texts from people saying, what may be next what are the ripple effects? we just said that. what are the secondary consequences what's the impact

a company statement says he will take over from bob chapek and served for two years. for more, let's talk to alex. why has disney brought bob iger back? alex: disney made a massive pivot the past two years, under pressure from activist investors, to make themselves more like netflix and actually invest in disney+. netflix has not had a brilliant year. it has been stalling and its share price has come down significantly. disney has fallen almost in lockstep with that. manus: and of course he is famed for doing those monster deals with pixar and marvel, isn't he? let's see what magic he could speckle across the kingdom. let's get to a bit of crypto. we know the contagion is around $3 billion in terms of unsecured creditors. that's not the end of the story in terms of fallout for ftx. it is pervasive. alex: yes, lots of different stakeholders here. there are the bigger funds, you have holdings who had investment in ftx, and then just your run-of-the-mill punter might have savings or investments, recto investments in the ftx exchange. all of these are likely to be affecte

under new ceo bob chapek but jumped as much as 7% in early trading today. nick smith has more details on the corporate shakeup. >> iger handpicked bob chapek as his successor when he stepped down in 2020. not exactly fortunate timing for the new ceo. chapek was thrust into the pandemic movie theaters, clothes and theme parks shutdown. disney think chapek for quote, navigating the company through the unprecedented challenges of the pandemic. but the prairies just about ends there. he soon led the charge against black widow, actors scarlett johansen as she sued the company for snuffing out an exclusive theatrical release to stream on disney. plus, instead they eventually settled. and this year chapek infuriated disney employees when he refused to denounce of florida bill that bans classroom discussion of orientation and gender identity through 3rd grade. he eventually came out against it which sparked a conservative revolt against the company. walt disney corporation, of course, claim haha. florida governor ron desantis, a possible 2024 presidential candidate

talent likes him talent did not like chapek i never thought the talent meant as much. i always figured the talent comes less expensively, you know -- >> the scarlet dispute was a difficult way to begin >> one of the most loved people at the light, and i think to get past this chapek here will be hard initially, but i have total faith in iger. iger, by the way, was -- when he left, a lot of the fox talent left, and i think that therefore, the reason why he might bridle about my analysis is it didn't have to be this way if chapek didn't come in and emphasize -- >> that makes sense. >> what did he emphasize i'm looking at the crew. maybe the crew knows i don't know you guys know. maybe some guys on the floor the chapek era is a heavy asterisk >> nasty, brutish, and short >> they got him off the catch and he got burnt we still don't know where chapek came from, other than the couch. >> as for the overall box office, jim, $95 million for the weekend overall. in 2019, we only had four weekends below $100 million. >> people want to do stuff >> people are saying, you got to ge

the predecessor who appointed chapek to the job taking over for a period of two years. no shortage of challenges that he will be facing as well. the key amongst them, figuring out how to get the streaming businesses or the streaming business at disney to be profitable. back to you. >> thanks so much. >>> president biden is pardoning the national thanksgiving turkey in a ceremony on the south lawn right now. chocolate and chip are the turkey and its alternate. let's listen in. >> and research universities north carolina state. now, when we told them they were joining the wolf pack, they got a little scared. but then we explained it was just a mascot for the school. as one of the nation's best pollster science departments in the country. now based on their temperament, i hereby pardon -- yes. i pardon chocolate and chip. >> why don't we put them on the table? >> can you do that? that's a big bird, man. we have more chickens than anybody in the nation in delaware. but we don't have turkeys. look at this. god love you. this is chocolate, right? >> it is. >> chocolate, you a

>> to oust chapek and bring back the other guy. >> sorry, oust chapek, yes. >> it's a frustration panel. you have one or two board members after the meeting walking out and one goes, this is bs, this is ridiculous, the other one, yeah, what can we do? we can do something, let's talk about it. and all of a sudden it spreads. the decisions you might say they reach deeply but this was probably 12 hours, 12 hours from start to finish. it spreads like wildfire, they all start talking to each other, you have a conference call, back in the conference room, 12 hours later, let's do this. >> do you think chapek knew? >> i think he had an idea. you can't do this and not have an idea. he's walking away with the package, though. >> these guys are all rich, they're fine. what does this mean for the average person as it relates to disney, the theme park, maybe they have it in their portfolio, what does it mean. >> also the employees of disney? >> again, i don't think -- unlike musk walking into twitter and axing 75% of the staff. i don't think the average employee at disney is going to feel this. i d

that means it's time for ceo bob chapek -- there it is -- bob chapek to go time for chapek to go. >> you really believe that >> no, i wrote this in a complete -- in a moment of fiction. >> well, maybe i thought maybe in a moment of pique maybe you were emotional >> linear nertworks, miss content licensing, miss. elimination of intrasegment, miss parks and experience, oh, look at that. beat although i could tell you that's not even really true direct-to-consumers, big miss. subscribers, david, global display, miss. espn+, miss. hulu, miss >> i hate to burst your bubble, but my expectation would be that you're not going to see a change in leadership there any time soon >> stags, no >> none of that. first of all, no of course not. >> that contract that he just got? >> i think the board is still solidly a believer listen, some of these decisions -- some of these content decisions were obviously put in by his predecessor. some of the decisions to spend a lot on sports while now you're watching our world, the cable world, shrink by as much as 6% or more a year were put in place prior to th

what chapek touch? it's touched. not so much. well, and that's where the because bob chapek is obviously no stranger to disney. he was heading up disney. he was heading up their parks. time and i guess once you get his hands on the reins, we saw all the prices at the parks go up as well. a lot of people not happy with the direction he was taking. disney. yeah, ultimately, i think it's streaming in the cost of screaming that heard in the earnings. and when you heard earnings and stock isn't performing stock doesn't form ceo has to go. >> that's what it comes down to the buck stops there at his desk. all right. and then lastly this morning, let's talk a little bit about americans wagered world with the world cup start this weekend sunday. we know team usa is going to be playing at about 11 o'clock our time today. the betting on this apparently going through the >> yeah. let's just say lely and let the day drink and again for the next 3 weeks, a lot of the world just shuts down and stops during world cup. it's a fun event. 1.8 billi

he's staying on as executive chairman help successor bob chapek settled in before leaving the company completely about a year ago. but after chapek had a tumultuous couple of disney board fired him and brought back iger for 2 years. disney stock climbed more than 6%. coming up next. in sports, u.s. men's team took on whales in the fifa world cup. >> worst director jason dumas has highlights. plus an update on that niners cardinals gave the mexico city. >> still ahead, the votes are and 2 turkeys get a presidential pardon during an annual white house thanksgiving tradition. why the poultry of honor next? >> they're lucky turkeys were saved from becoming a part of a thanksgiving meal this year. that's because president biden pardon the 2 named chocolate and chips. and today his turkey day names. our correspondent hannah brandt is in washington with it inside. look at the annual tradition. >> chocolate and ship won't be on the menu. this thanksgiving here by car. yes. i hereby pardoned chocolate chip. the 2 north carolina turkeys will live to gobble another day. thanks to a pardon from p

this came after the board received complaints from senior management that bob chapek was not fit for the job. iger was approached on friday to return to the entertainment giant. julia boorstin filed this report >> reporter: after two years running disney, bob chapek is out and bob iger is back for a two-year contract as returning ceo of disney. sources telling me that iger started to do virtual meetings and phone calls with executives first thing monday morning the creative side of disney is thrilled with the change one source telling me there is hope that iger will restore the vision which prioritizes creativity over data sources tell me there is a lot of talking of iger's historyof the restructuring of october of 20 which wut put groups at oddst decision making. iger to move to amend the structure to what it was before the restructuring. on day one, iger's challenges are different. not just from when he left as ceo in 2020, but when he stepped down as chairman at the beginning of the year. first the ad recession is expected to challenge the networks and ad supporting streaming serv

one of the thirst things he did was to remove a close bob chapek ally. we the old guard. we know the streaming platform is a massive concern, losses of 1.5 leave them dollars -- billion dollars. getting back to profitability. he promised that he would restore control to creative heads. internally people were unhappy with bob chapek, that centralization of power away from creative heads. manus: i'm always fascinated by people's paychecks. what is he picking up for two years' work? >> he will get $27 million a year. bloomberg has calculated bob chapek will get his package, which is about $23 million paid bob iger made clear the contract will only be for two years. his goal is to find a successor by the end of these two years. they are sending a message that we are trying to find a new plan in terms of finding a successor for iger. the question is whether disney can move to that new chapter without a leader that is iger. tom: we saw the reaction to the stock yesterday, but can he rebuild relations with activist investors who have been lobbying for change at the top? >> he is

charles: to be honest i think chapek, no love lost between chapek and bob eiger, he never really retired, probably on the phone with board members, attacking this guy every which way. he never had a shot. dave: great reporting. ftx executives appearing in bankruptcy court, our next guest says regulatory scrutiny, customer scrutiny will be intense for all the crypto market. former uber chief business officer emile michael joins us, tough time for crypto but it is going to be 10 times worse than it was in terms of scrutiny when we see how little scrutiny ftx spent. >> i read there will be a million creditors in the bankruptcy case with ftx talking about really massive pain across many people. so scrutiny is coming and coming fast. it will come hard and you will see a flight to quality the next couple months. dave: because you asked a great question, you said is the crypto industry and industry at all? what is the crypto industry? >> great question. a lot of people are going to question, is this industry viable and if it is, what is it? first we thought about crypto as a hedge to inflation.

bob chapek predicted streaming would be profitable in 2024. here we are with one more month to go in 2022. so iger, and chapek's throat is cut and he's out, and iger is in what is he going to do is move it up two months and be a hero to everybody this leaves me cold. >> but they got projections wrong by half a billion in the prior quarter. >> i didn't like it last week either when some were saying the board fired chapek because they were surprised by a quarter. i am so turned off i can't believe it i want to go back to the point you are making, the paradigm has shifted. >> we talked about it last month, too >> on netflix, if you are going to go there, i will say reed hastings, and that left me code, too. he's pounding his chest -- >> he's not saying that. he's saying that you -- wall street has to stop looking at the number of -- don't focus on the number of subscribers as the be-all end-all those days are maybe behind us it's the profitability of the ones you have -- >> which is generating from the subscriber growth. i don't know if we are ar

. >> i've been slamming bob chapek since he took over. he was handed one of the most iconic brands in the world, and he blew it. bob iger, who's been with the company for 40 years, i've own it for 30 years, and i'm thrilled about the move. >> i'm looking to tiptoe into tech, and i think we're seeing possibly the short sellers be done now with some of these big, big tech names. >> this week i'm going to sit back, i'm going to wait to see what the markets do. i'm not in a rush to do anything this week. ♪ don't need nothing but a good time -- ♪ how can i resist? ♪ ain't looking for nothing but a good time -- ashley: a great scene, fox square. all the holiday regalia out in the public. always a great time of year in new york city. by the way, it's 11 a.m. on the east coast on this monday, november the 21st, thanksgiving week. i'm ashley webster in for stuart varney. the dow off about a quarter of a percent, s&p down a half percent and the nasdaq down 1%. let's take a look at big tech, most are moving lower. microsoft hanging in there, u

that should be chapek's next move i hope he does that. i do want him leaning in more and more. >> how important do you think, for example, the abc linear assets are to the long-term viability of hulu? i spend a lot of time on hulu. i think it's a great platform. even the last 12 months. but partially because a lot of the content has obviously moved over you have fx, stuff from abc, some of the movies and originals that they had before it looks like a full offering and i don't know what happens if you start to sort of peel away certain parts of it. >> i don't know. the bear, dropout. dope sick. now you've got "dancing with the stars. those are disney+ and hulu shows. they never air on abc. i think the -- first of all, who is watching abc primetime? nobody turns on abc primetime. there's nothing on it. so if you didn't have abc primetime, other than not having college football games which air across abc and espn, i don't think people would even know that abc doesn't exist anymore maybe the bachelor you could move that over to disney+ or hul

will bob iger undo what chapek did? >> there is some damage to be undone. there is a pr disaster that disney experienced this year. if you separate the stock performance, it has been a bad year overall, right? you saw what happened with the florida parental rights and education bill that took the heat of the florida legislature, ron desantis, ended up losing a big part of their tax status which is big deal for company like disney. i'm looking at profitability going forward. streaming from a profitability standpoint has been a disaster. bob iger will have to come to figure out how to turn that segment around. they're seeing $4 billion for that segment. the parks are great. we're going to disney couple weeks. the parks are printing money. disney where the streaming can scale, that is where they're failing in order for the stock to turn around there has to be improvement, that is why the stock is down 40%. david: i want to talk about the whole woke business, how that might affect business. jonathan, what this shows is the extraordinary amount of influence that

the latest disney drama, ceo bob chain ec is replaced -- chapek is replaced by former ceo bob iger. we've got team fox business all on the market-moving stories. jackie deangelis has the latest on the mouse house c suite shakeup, susan li on the twitter drama and hillary vaughn with ticketmaster's not so swift apology. let's given with disney setting off fireworks, the stock is top of the dow jones industrial average, it is up 6% now. of course, that's not the story for disney shares this year. so disney's going out with the old bob and in with the even older bob. former disney ceo bob iger will retake his position as head of the company he's been with 40 years, replacing bob chapek. jackie deangelis has more from the fox business newsroom with how much this c suite shake-up shocked wall street as well as hollywood. jackie, i was stunned when i saw this last night. >> yeah. a lot of people didn't see this one coming, lauren. and it says at lot that bob iger is coming back after less than one with year in retirement, and disney's stock price speaks to what's happening as well as you

rachel: bob chapek had a string of missteps. he has made a lot of gaffes. the florida don't say gay bill as well. bob iger is very closely associated with disney's glory days. 15 years of uninterrupted growth. they bought pixar, became this enormous company under bob iger. there is an attachment to him as someone who will steer disney back to safe ground. what he is facing is so different from the past. now it is about streaming. the strategies he used in the past are no longer relevant now. can disney chart their new future, find that new direction beyond what iger used to do? tom: really excellent context. bloomberg's rachel chang on the story around disney. let's check in on the markets before we let you go. currently seeing losses of 0.3% across the benchmark. futures down by 0.5%. it is china and the concerns around covid, the inability to extract themselves around covid zero. we look ahead to the minutes this week following the officials and their hawkish comments. francine: that is it for the european market open. surveillance is next. we will contin

do you think that bob chapek chugs along? in the after-hours session, it's lost $20 billion already >> it's amazing. >>> well, we're hearing more on the conference call of the deer tiruation, particularly espn you know, the cord cutting, the loss of ad revenue, that's a problem. the big question is where is the pot of gold? and when is there a pot of gold? streaming universe investor are quickly sobering on this whole scenario. the idea has always been sooner or later we'll gut down to two, three, four very large sur survivors. and they'll ratchet up the subscription fees, but disney is showing progress here. of the blockbuster hits, playing bills onin programming costing to keep the material fresh, is enormous, and we're not seeing any growth in their subscriber fees the u.s. domestic average, you know, revenue for disney went down you know, yes, they did have an impressive growth in subscribers, but the bigger they get, the more they are losing. i mean, that is a worrisome trend. at some point the numbers have to start turn

chapek, he got burned by that this last quarter when the losses were so much higher than wall street had anticipated. they tried to compete with netflix in a too short period of time that's what i am told was the most misguided thing he was not able or willing to pivot away from that that's execution >> no, that's strategy what you just said is strategy you actually invest for the future that pays off in 2024 >> jim, the environment -- you said the stock is not being rewarded for the investment. >> yeah. >> that's what you said. >> that's right. >> because the degree of investment is being viewed as a dec detriment, not as a benefit. that's factual >> it's an opinion my goodness. is it hard for you to understand the difference between a fact and opinion. >> i am looking at what is happening to the business. that's a fact. that's a fact. >> the business has grown. and, yes -- >> have they added subscribers from nothing yes, you are right, it has grown. >> they have 125 million subscribers in 2 1/2 years >> my point is the total number of subscribers is not the thing to look at anymore

chapek got into a tangle with ron desantis of florida. what he revealed and his weakness was in that it was disney became a place run by its employees and grievances and sensitivities. at first he sat out of the scrape in florida, but then the employees demanded you get in and take a stand. whether or not he wanted to in the beginning or whether or not he caved in the end, that reveals there is no leadership at the top. be careful. i think iger is a strong voice. i think iger will take a strong stand on whatever it is he believes. what he believes is really progressive values. that's what will drive disney's decisions. i believe iger would have stood up in florida. he would have stood up against ron desantis. he would be more the continued woke of disney. if you are a disney subscriber or fan or customer, be prepared they are telling you this is our vision of the future, strong, progressive voice. >> dana: interesting to see all that happen. senator mark warner of virginia, a democrat, has been on there for a looking time now and revealed

one change, chapek initially criticized florida's don't say gay law, but iger said the law just seemed wrong and maybe tangling with the governor. >>> cnn chairman chris electric is disputing the notion he wants his network to be bland. one of the biggest misconceptions that a i want to be centrist. you have to be compelling, you have to have an edge, in many cases you have to have a left. in my view, the word centrist isn't exactly insulting. he's probably trying to reassure his troops that cnn won't be boring. >>> reporters are angry about being blocked from covering the wedding of president biden's granddaughter naomi, and the new york times' maggie haberman is accusing the white house of lying. karine jean-pierre insisted it was to rerespect the occupy -- couple's desire for privacy until they media -- made a deal with vogue for exclusive pictures. >>> well, that's it for this edition of "mediabuzz." i'm howard kurtz. hope you're having a great thanksgiving weekend. subscribe to "mediabuzz" meter, my podcast. we tackle the five hottest stories each day, and apple itunes is a good p

bob iger, he was the chairman up until 2021, he is sick certain bob chapek there. so, bob iger is becoming chief executive of that storied company. more on the way. this is bloomberg. ♪ david: welcome back. southeast asia, a down arrow story. malaysia is coming back online. markets were shot on friday ahead of the elections. after the elections, the first ever hung parliament. we have over three hours from now to that -- to that deadline from the king. rishaad: let's have a look at the opposition leader. fighting out with the ex premier, competing to form the next government. hung parliament, and of course we have this tock ticking towards that deadline set by the king. let's get to kuala lumpur with juliette saly and her next guest. juliette: we have the former chief information officer with me. commiseration's about not winning on saturday, but tell us about where you see bn standing given that we are hearing some of your party our meeting with -- >> the first thing to say is that there will be a huge overall in the reform process needed. something we said four