Disney CEO Bob Iger Taps Kevin Mayer, Tom Staggs As Consultants; Former Disney Executives Are Co-CEOs Of Candle Media

Bob Iger, with pressure mounting on multiple fronts, has turned to former top Disney executives Tom Staggs and Kevin Mayer, hiring them as consultants to the media giant as it defines its strategy.

The two will take a hard look at ESPN, said a person familiar with the situation. Given their years of experience both in and outside of Disney, it seems likely they’d’ weigh in across other areas of the company.

The two are now co-CEOs of Candle Media, a company they founded in 2021 with backing from the Blackstone Group.

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A Candle spokesperson declined comment. A Disney rep wasn’t immediately available.

The news comes after Iger dropped a bombshell interview with CNBC where, among other things, he said linear television “may not be core” to Disney’s business. Speaking on the sidelines of the Sun Valley conference, he told the network that Disney is looking at a range of strategic options for linear TV, including with ESPN, although he asserted that sports “stands tall” when compared with the rest of the TV landscape. Disney recently positioned ESPN as its own corporate division and plans to roll out a direct-to-consumer ESPN streaming offering at some point.

Staggs and Mayer both had strong runs at Disney.

Well-liked Staggs served as chief financial officer, chief operating officer and head of parks in a rotation along the road to a presumed bump up to the top job once Iger left. But he was sidelined for that job and left the company in 2016.

Mayer rose from a key role in strategy planning to lead Disney’s direct-to-consumer and international operations, including the launch of Disney+. He was also considered a front-runner for CEO but Iger, who stepped down from Disney in 2020, named Bob Chapek as his successor to the pervasive surprise of Wall Street and Hollywood.

Mayer left to become CEO of juggernaut TikTok but departed amid the Trump administration’s legal crusade against the Chinese-owned video-sharing platform.

The two longtime friends and colleagues created Candle Media and have rapidly amassed a significant content portfolio over the past several years including Hello Sunshine and Moonbug.

Disney stock is up 3.10% in late morning trading, outpacing the broader market. Iger recent extended his contract but still needs to name a successor as CEO, as well as CFO following the abrupt departure of Christine McCarthy. The names Staggs and Mayer came up frequently and wistfully on Wall Street as potential replacements for Chapek as his regime floundered. Investors can always hope, but it’s not at all clear the advisory gig could or would lead to a broader role at the company for either.  

Puck was the first to report the news of the duo coming on as consultants.

More to come…

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