talked about containing costs, bringing the streaming business into profitability. he hasn t specifically said they need to get rid of hulu, but he has said that disney overpaid for fox. a lot of things are probably on the boardroom table, but bob iger pretty much shut down the notion of selling espn, saying that even though the company reorganise it into its own unit, which led to speculation it might be spinning off, he said they were not. in terms of hulu, he didn t address whether disney would buy the portion of hulu they don t already own, but did talk about how they have a show which is a nice progression from abc television, which caters to an older audience, to hulu, which appeals to a younger audience, and how a demographic mix can help. thank
division. this is television, movies, all the content that both goes direct to consumer and out in movie theaters and on television. and the streaming business is part of that. the second business is espn including espn plus and other sports, and the third business is the parks resorts, consumer products and also experiences. and so that s going to be run separately. and the idea here is that now they really need to figure out how to put the content in the right place for that content, and they also really want to put the control back in the hands of the creatives, and he talked about the importance of focusing on profitability and for the streaming business it s not just about growing subscribers but doing so in a profitable way thinking very strategically about how much content they re making, what type of content and allowing the people who are making the content to be the ones that decide how it s distributed. thank you so much. we are monitoring two senate hearings on china.
released ad tier. the subscription service of $6.99 a month and whether that will attract new subscribers or whether the existing subscribers might sort of scale back into the lower price offering. it s amazing. when we look at netflix, it was founded in 97 as a video rental business. basically helped put blockbuster out of business mailing out dvds in little red envelopes. now a quarter century later what is the legacy of reed hastings, you called him a legacy. you can t overstate his legacy. he has changed how we ve watched movies and tv and he s changed the face of werehollywood. they talkeding about this is early days. as much as this seems like this is part of our lives, still many people have sort of to switch from legacy tv into the streaming business. there s still room for growth, they said, in this industry. claire, nice to see you. thank you so much. we ll watch that stock today. to sports now.
streaming business. the group representing libraries across great britain says despite increased demand winning will see budgets reduced causing them to make painful cuts or even shutting branches. sadly, we don t have that story from caroline davis. apologies for that. let s bring you more on the uk economy. calls from business lobbying group for a solid growth plan from the chancellor. this in response to last
today, all futures indicated red. so looks like it is going to be another negative session. yeah. we seem to be off to a tough start there. this is a stunner last night. former disney ceo bob eyeinger is returning to his position. what can you tell us about what led to this decision and how it might impact the company. yep. stunning is the right word. so bob iger is returning back. he was the ceo of disney for 15 years. he is replacing the successor who was in the role for 33 months. it was quite a tumultuous 33 months for him. the fact that iger is coming back is a sign of loss of confidence in the ceo. the stock is down 40% this year. the investment community is concerned about the amount of costs that disney had to go towards advancing the streaming business. they re spending $30 billion on content alone just to keep up with the likes of netflix and in addition to that he was involved in some very high profile public