Thirteen media executives anonymously told CNBC what they think will be among the industry’s biggest moves in 2024 — and it could be a bumpy ride for some well-known industry moguls.
Many responses given to the cable news network weighed in on Disney’s future, from what’s in store for Bob Iger’s CEO contract to whether billionaire activist investor Nelson Peltz finally nabbed those board seats, among other executive shakeups and acquisitions.
It also appears that someone doesn’t believe that Linda Yacarrino will last as the chief of Elon Musk’s problematic X social media site, and that movies will have a tough time raking in the big bucks at the box office.
Here are the 13 things executives believe will shake up the media industry in 2024:
1. Bob Iger will extend his contract as Disney CEO — again.
Though the 72-year-old Mouse House boss has already said he would “definitely” step down when his current contract expires in 2026, one executive told CNBC that they believe Iger’s in for his sixth contract extension.
Thus far, Iger has skirted retirement by renewing his CEO contract on five different occasions.
In 2021, when Iger first stepped away from the top job at Disney, he shot down rumors of a comeback, only to walk back on his statement when he returned to the entertainment giant in November 2022 — less than a year after he retired — to revamp the media company after the board ousted his hand-picked successor, Bob Chapek.
2. Nelson Peltz will finally win seats on Disney’s board for himself and Jay Rasulo.
Another executive predicted that Nelson Peltz and Jay Rasulo would get Disney board seats — a move that could throw a wrench into Iger’s supposed plans to extend his contract, according to CNBC.
Just last week, Peltz, the CEO of Trian Fund Management — whose fund holds $3 billion worth of Disney stock — pressed ahead with his second board challenge this year, seeking two seats for himself and former Disney Chief Financial Officer James “Jay” Rasulo.
“As Disney’s largest active shareholder, we can no longer sit idly by as the incumbent directors and their hand-picked replacements stand in the way of necessary change,” Trian said in a statement, laying out the case for its two independent director candidates.
Peltz previously signaled that he wanted to nominate as many as four directors, which Disney snubbed last month in favor of appointing two new directors: Morgan Stanley’s outgoing CEO James Gorman, who recently named his successor, and former Sky executive Jeremy Darroch.
One executive predicted that both Peltz and Rasulo would win their campaign and join the board. A second anonymous executive guessed that only Rasulo would get a spot, a possible compromise, according to CNBC.
3. Iger will name Dana Walden as his successor as Disney CEO.
If Iger does leave, he would likely name a successor in early 2025 to allow for 20 months of preparation for the role, per CNBC, meaning the next-in-line as Disney CEO could be decided as early as 2024.
One executive told the outlet that Dana Walden, the current co-chair of Disney Entertainment, will get the nod as Iger steps aside into a chairman role, just as he did with Chapek in 2020.
A second media tycoon threw out another name to keep on the radar: Andrew Wilson, the CEO of video game company Electronic Arts of EA Sports.
Though the exec didn’t elaborate on why Wilson may be picked for the position, CNBC noted that this same executive correctly predicted Iger would return as Disney CEO in 2022.
The Post has sought comment from Disney.
4. Linda Yaccarino won’t last one year as CEO of X.
Former NBCUniversal advertising chief Linda Yaccarino joined Elon Musk’s X, formerly known as Twitter, in June 2023.
She’s been in the hot seat ever since as advertisers have fled the platform, burning a multibillion-dollar hole in the X’s pocket, and tensions have increased over the app’s handling of content related to the Israel-Hamas war.
In a wide-ranging interview in August, Yaccarino said she was hired to handle partnership, sales, legal and finance as the billionaire focuses on “product design” and “new technology.”
Despite insisting that she has “autonomy” from Musk, Yaccarino was accused just weeks later at Vox’s Code Conference of being CEO “in name only.”
An anonymous media executive predicted to CNBC that Yaccarino would either lose patience or find her job increasingly pointless and leave the company in 2024.
When The Post sought comment from X, its media line auto-responded with: “Busy now, please check back later.”
5. No movie will top $1 billion in the box office in 2024.
Aside from 2020’s pandemic-induced box office shutdown, should this executive’s prediction be correct, it would mark the first time in more than 15 years that no movies hit the $1 billion mark in the box office.
This year, Greta Gerwig’s blockbuster “Barbie” film and “The Super Mario Bros. Movie” based off the popular Nintendo game both soared past the $1 billion milestone.
Christopher Nolan’s “Oppenheimer” brought some competition, though it ended up coming in shy of the ten-figure mark by $50 million.
6. Comcast will spin off NBCUniversal and merge it with Warner Bros. Discovery.
Another anonymous media executive predicted that NBCUniversal is the most likely acquirer of Warner Bros. Discovery, and that CEO Brian Roberts will execute the merger by spinning off NBCUniversal so that the new company would trade separately, then ensure that he — and Comcast — maintain a controlling stake in the supposed forthcoming entity.
According to CNBC, a move like this in 2024 would make sense considering the timing: Warner Bros. is approaching the two-year anniversary of its 2022 merger. The benchmark is for Reverse Morris Trust tax reasons as it means Warner Bros. has the all-clear to do another significant deal.
Representatives for NBCUniversal did not immediately respond to The Post’s request for comment.
A spokesperson for Warner Bros. Discovery declined to comment on speculation.
7. Warner Bros. Discovery’s Max, Netflix and Disney will offer the first significant streaming bundle.
A seventh executive said 2024 is the year that companies finally get serious about bundling their streaming services, according to CNBC.
The exec predicted that Disney’s trio — Disney+, Hulu and ESPN+ — would join forces with Max and Netflix to offer a discounted subscription service that rivals cable TV.
There’s already been talks of emerging streaming bundles as companies seek to woo customers in a highly-competitive market.
Last month, The Wall Street Journal reported that Verizon was in talks to offer an ad-supported version of Netflix and Max for a combined $10 a month rather than the roughly $17 it would cost to sign up for the services separately.
Verizon’s discounted bundle has yet to be announced. It’s unclear how Netflix and Warner Bros. having to share revenue with Verizon would help the streamers rake in revenue at a time when they’re having to increase their monthly subscription prices and crack down on password sharing to boost profits.
8. RedBird Capital will acquire Paramount Global and name Jeff Zucker CEO.
Private equity firm RedBird Capital has been recruiting top talent, including former NBCUniversal head Jeff Zucker, who’s running the company’s private equity arm after being ousted from CNN after failing to disclose a consensual relationship with a colleague.
Jeff Shell — the former CEO of NBCUniversal who was also fired for having a sexual relationship with a subordinate — was tapped to begin working at RedBird’s private equity firm come early 2024.
This anonymous executive told CNBC that RedBird will boldly acquire all of Paramount Global thanks to a host of outside funding from the likes of Skydance CEO David Ellison and BDT Capital.
Zucker would then be named top dog at Paramount, doing the dirty work of deciding which part of the company he wants to run and which he wants to sell, according to CNBC.
An anonymous source speculated to The Post, however, that RedBird founder Gerry Cardinale would be more likely to tap Shell or Ellison.
The Post has sought comment from RedBird Capital and Paramount.
The 58-year-old has previously expressed interest in buying fellow media giant CNN, a subsidiary of Warner Bros. Discovery.
Insiders told The Post earlier this year that Zucker was among the contenders to buy the ratings-challenged network as he spots a big opportunity ahead of the 2024 election.
9. CNN will let go of a top anchor to redirect funds to digital.
Speaking of CNN, a fellow anonymous media executive said that CNN will have to cut a star anchor from its declining TV business in order to save cash and invest more in digital, according to CNBC.
CNN has been grappling with its ratings in recent months. Its newest “King Charles” weekly show hosted by Gayle King and Charles Barkley — which debuted on Nov. 29 — it was among the lowest-rated CNN primetime show premieres in the past decade.
10. NBA rights will go to Disney, Warner Bros. Discovery and Apple.
What’s next for the National Basketball Association’s media rights has long been a topic of conversation, with The Post projecting earlier this month that at least three TV partners will nab the lucrative deal.
This anonymous executive says it will be three: Disney and Warner Bros. Discovery, the incumbents, as well as Apple, as the league looks to tack on a robust streaming option, according to CNBC.
11. Disney will buy Candle Media and its co-founder Kevin Mayer will position himself to take Iger’s CEO position.
In the last Disney succession prediction, an anonymous media executive said that the entertainment giant would buy privately-held, Blackstone-backed Candle Media, per CNBC, which owns “Cocomelon” creator Moonbug Entertainment.
Disney would then attempt to sell the remainder of Candle Media’s assets at firesale prices, the executive predicted, CNBC reported.
Two ex-Disney executives, Kevin Mayer and Tom Staggs, raised more than $1 billion to build Candle, which is expected to report earnings about 50% below what they initially forecast at the end of 2023.
However, this anonymous media titan told CNBC that as part of the supposed acquisition, Mayer would return to Disney in a senior operating role and prime himself among the top candidates to take Iger’s position.
Staggs, meanwhile, would leave the company, the executive predicted, though it wasn’t immediately clear why.
The Post has sought comment from Candle Media.
12. Local broadcast stations will take most local NBA, NHL and MLB sports rights away from regional sports networks.
This executive told CNBC that he believes local broadcast station groups will emerge as the primary winner of rights as leagues push for the expanded reach of broadcast TV as cable subscribers dwindle.
Amazon has already expressed interest in investing in regional-sports programmer Diamond Sports to bring its 40-plus major sports teams across the US into a multi-year streaming partnership, according to a Wall Street Journal report.
Broadcast stations groups have also reportedly been in talks with the NBA, NHL and MLB for much of the year about picking up local games if regional sports networks fail.
13. The College Football Playoff won’t get the rights fee increase it wants because ESPN will be the only significant bidder.
The CFP’s 12-year deal with ESPN expires after the 2025-2026 season, at which point the playoffs is expected to expand from four teams to 12.
Though no changes have been approved, this executive guesses that a larger sports entity, although enticing, would not be able to get a significant bid from Amazon and Apple, which would likely balk at the price CFP is hoping to nab, CNBC reported.
ESPN, however, will renew the package as it prepares a direct-to-consumer service, the anonymous exec told the outlet.
This story originally appeared on NYPost
