Disney CEO Iger Vows to Step Down in 2026 and Hangs a ‘No Sale’ Sign on ABC

Walt Disney Company CEO Bob Iger vowed to "definitely" step down when his contract ends in 2026, Reuters reported. He also said at the New York Times Dealbook Conference on Wednesday that the ABC network in not for sale, according to the New York Post.

On Tuesday at a company town hall for leaders of Disney's business segments, Iger said he wants to shift the company's focus amid this year's drama. “I feel that we’ve just emerged from a period of a lot of fixing to one of building again, and I can tell you building is a lot more fun than fixing,” Iger said, according to CNBC. He was interviewed by ABC News anchor David Muir at New York’s Amsterdam Theater.

Iger, who returned to Disney’s helm last November following Bob Chapek’s two-year stint at the top, has faced a series of hurdles since he began his second turn in the CEO hot seat — from the Hollywood strikes, to sinking shares, a public face-off with Spectrum parent Charter Communications, the possible sales of several of its holdings and a current pair of box-office bombs.

“I knew that there were a myriad of challenges… I must say there were many more of them than I expected,” Iger said at Tuesday's town hall, The Wall Street Journal reported. But he plans to spend the next year building the “modern version of the Walt Disney Company.” He did not go into detail about possible efforts, according to the outlet.

In the last two years, Disney’s shares have fallen 38%. Its stock opened at $92.60 on Wednesday.

The Mouse House CEO said the entertainment giant is in talks with sports leagues and tech firms as potential partners for ESPN. BofA Global Research estimates that the sports network could be valued as much as $24 billion. Contenders for a stake in ESPN include the National Basketball Association, National Football League, Amazon, Apple, Verizon and Comcast, according to BofA.

Iger said, however, that ESPN doesn’t necessarily need partners to move forward, even as Disney attempts to offload some of its stake in the network. “We could go it alone. We are fully prepared to do that,” he said. “It would be a little more challenging if we did.”

Iger is also facing mounting pressure from activist investor Nelson Peltz and former Marvel Chair Ike Perlmutter, who was ousted after backing Peltz’s bid for a board seat earlier this year. Peltz backed down from his “proxy contest” after the company announced that it would be making organizational changes to increase profitability but is reportedly seeking more seats for himself and other execs of his Trian Fund Management.

Among criticisms of Iger’s Disney are its faltering movie business. This month, Disney saw disappointing performances on the silver screen with "Wish" and "The Marvels." Iger said that the company’s movie business is a top priority for its brand. 

“When it comes to creating a perception of the company, nothing is more powerful than movies,” Iger said. “That’s perception among investors, perception among the audience, obviously consumers and also perception among our own employees.”

This story has been updated.