What was behind the Iger Sanction?

From the early political misjudgments in Florida to an unpopular and arguably destructive reorganization, from the lack of engagement with the creative community to last week’s earnings debacle, Chapek’s tenure has been marked by a series of flare ups and leadership issues. It was always going to be tough following Iger, especially when the pandemic upended the company’s businesses, but remember that Chapek was Iger’s choice, and he was unable to nurture a relationship with his predecessor that might have smoothed the transition.

Once Iger turned on Chapek, it was arguably over. That’s not totally Chapek’s fault—from the decision to stay on for a year to his persistent griping in “retirement,” Iger seemed unable to let go—but it speaks to Chapek’s shortcomings as a leader. Jim Cramer, the CNBC carnival barker, went a little overboard on Chapek last week, but he was in many ways reflecting Hollywood’s frustrations with Disney. It felt like misstep after misstep for the gold standard media company, which had oddly re-upped Chapek in June (though for two years, not three). Still, he’ll get a pretty huge go-away check. …

Why, exactly, is Iger doing this? As one longtime Disney observer texted me, he doesn’t put his legacy at risk just for a job. What’s up his sleeve? Perhaps there’s one big deal yet to be made, a doozy that would truly reshape Disney for the digital age in a way that Marvel, Pixar, Fox, and even BAMTech did not. This person suggested it should be Netflix, which would indeed be massive. But let’s not get ahead of ourselves…