Disney CEO Bob Iger Taps Kevin Mayer, Tom Staggs to Consult on Linear TV Business, Streaming Strategy

Kevin Mayer and Tom Staggs are being tapped to consult with Disney CEO Bob Iger, ESPN chairman Jimmy Pitaro and others about the future of the entertainment giant’s linear properties as they relate to the company’s streaming strategy, an individual with knowledge told TheWrap.

Staggs, who previously served as Disney’s chief financial officer and chief operating officer, departed the company in 2016 and went on to found Candle Media in 2021, which has a number of brands including Moonbug Entertainment and Reese Witherspoon’s Hello Sunshine.

Mayer, who was the architect of Disney’s streaming strategy, left to run TikTok in 2020 and joined Candle Media in 2022 as Staggs’ co-CEO. For years, Mayer served as Iger’s top strategic M&A partner, helping steer the acquisitions of Marvel, Pixar, Lucasfilm and 20th Century Fox.

Disney and Candle Media didn’t immediately return TheWrap’s request for comment. Puck first reported the news.

The move comes after Iger recently suggested in an interview with CNBC that the company’s linear networks “may not be core” to Disney and that he’d be open to selling ABC, FX, National Geographic and Freeform.

In the same interview, he revealed that Disney is searching and has already had “some conversations” to find a strategic partner to help take ESPN fully direct-to-consumer.

“If they come to the table with value that enables ESPN to make a transition to direct to consumer offering, then we’re going to be very open-minded about that,” Iger said at the time.

Mayer and Staggs will work with Pitaro to analyze and develop strategic options for ESPN.

The fate of Disney’s linear TV business is one of many challenges Iger faces since returning to the company as its chief executive officer in November. He recently extended his contract through 2026 — giving himself and the company more time to find a successor. Both Mayer and Staggs have previously been floated as potential successors to Iger.

The pair’s consulting for Disney lays bare just how badly Iger needs senior strategic minds around him. In the wake of Chapek’s reorganization of the company in his brief tenure as CEO, all the key Iger deputies — particularly in strategic planning — have been stripped away.

Following Chapek’s firing, Iger has been restructuring the company with the goal of cutting $5.5 billion in costs, including 7,000 layoffs. During an employee town hall in November, Iger said the company’s priorities under his return would be turning streaming profitable and focusing on creativity.

From Mayer and Staggs’ perspective, the outreach by Iger is fortuitous. Candle Media is being built with an eye to a sale in the next several years, and Disney is the single most likely buyer. Working closely with Iger rekindles that relationship and might smooth a path to a purchase once the entertainment giant is in a position to do so.

Disney, whose shares surged 3.6% on Monday but are still down approximately 15% in the past year, is set to address Wall Street following the release of its earnings results for the third quarter of 2023 on Aug. 9.

Sharon Waxman contributed to this report

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