Walt Disney Co. is exploring the sale of more of its films and television series to rival media outlets as pressure grows to curb the losses in its streaming TV business, reports Bloomberg.
The Burbank, California-based entertainment giant is seeking to earn more cash from its content library, according to people familiar with the discussions who asked not to be identified as the talks are private. The move would represent a shift in strategy, as Disney has in recent years tried to keep much of its original programming exclusively on its Disney+ and Hulu streaming services.
Disney is under pressure to improve its financial performance and change its streaming strategy. Last year, the company turned in its worst stock market results in decades. After Disney reported a $1.5 billion loss for its online video business in the third quarter, the board fired Chief Executive Officer Bob Chapek, replacing him with Bob Iger, who had previously held that job for 15 years. Among his many challenges, Iger must also cope with a proxy fight by activist Nelson Peltz, who’s seeking a seat on Disney’s board and pushing for better performance.
Iger, 71, will share more of his plans when the company reports financial results on Feb. 8, but he has has already taken steps to reverse decisions made by his predecessor. He offered free photos and more lower-price tickets to theme-park guests irked by rising fees.
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