'Bob Iger Is The Best Of The Best:' Byron Allen Throws Support Behind Disney CEO Amid Company's Hurdles

Media magnate Byron Allen has shown unwavering support for Disney DIS CEO Bob Iger despite the company’s ongoing struggles.

What Happened: Allen expressed his confidence in Iger on Tuesday, during CNBC’s “Last Call” on Tuesday. This comes during a challenging time for the entertainment behemoth.

Allen said, “Bob Iger is the best of the best. He will do a great job as always. It’s just a speed bump,” indicating his belief in Iger’s ability to steer the company through its current challenges.

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Why It Matters: Allen’s endorsement arrives at a crucial time for Disney, which is grappling with several issues. His faith in Iger’s leadership could potentially sway investor sentiment and market confidence in the company.

Disney’s recent struggles include a marginal miss on revenue growth and a decline in entertainment revenue by 5% year over year, as reported in their second-quarter earnings. Additionally, questions about Iger’s succession plans have surfaced, adding to the company’s challenges. Iger, however, has assured a smooth transition.

Despite these challenges, Disney is making significant changes to its streaming services and content strategy, with Iger expressing confidence in securing long-term NBA rights, as per the company’s second-quarter 2024 earnings call.

Price Action: Disney stock closed 9.51% at $105.39 on Tuesday, according to Benzinga Pro.

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