Bob Iger and Marc Andreessen Bridge Hollywood and Silicon Valley - FULL CONVERSATION

well okay we have to follow the comics that's always fun so in something they just said actually that you just said backstage to me Henry Ford didn't say he was trying to save the world but he actually did he said that he was making he was building cars for everybody wars were expensive cars were expensive cars were for the rich and Henry Ford made the Model T that was the whole point so raging egomaniacs back then well it worked he pulled oh absolutely so we would have funded him okay good and I say that without the benefit of hindsight okay so let's talk about a couple things there's so much to talk about with you two but the first one is this north-south thing I just you know it's north meets south it's not North versus South anymore because it's usually set up that way can you talk about the relationship right now between north and south how you each look at it you've got made a ton of content investments you've made a ton of digital investments how do you look at the relationship now Bob when you start they don't really look at his North versus South I look at the I look at content and technology really because I fundamentally believe by mentioning to mark backstage something that Walt Disney said of all things and he said that technology extends the purview of the storyteller he was very very interested in using technology to tell better stories and and to have more people hear them or see them or whatever and that's how I look at it so we at Disney are fundamentally a storytelling or a Content company and we also believe that technology is contents best friend in that it can be used let's use Pixar as a great example to simply make the stories more compelling for for the consumer it can also be used to reach more people which is really important and it can be used to make the business more efficient and to create a closer relationship with customers so whatever look we don't look it at North versus South and in any combative way at all nor do we look at technology as a threat we look at it as an opportunity it's just something that I felt was really when I became CEO ten years ago and it's something that is I think at this point really part of the Disney culture you were one of the few executives who did this we energy do an early all things digital conference and I think you said if someone's going to eat our lunch it might as well be us or something like that about technology but most of the relationship had been stressful in general with Hollywood I think look if you're in a somewhat traditional business and disruption is going on that's clearly the case today and it's been going on for the decade that I've been in the job you have no real ability to ward it off or to avoid it and except by embracing it in some form and using it for the good or your own good and so I just really believe that when it comes to changes that technology is bringing in our businesses and or in storytelling for instance bring it in Britain and use it to your advantage it's that simple so you let me work how do you look at the relationship now because you've been making tons and tons of I would say entertainment investments but there's certainly cop in BuzzFeed and a bunch of in Business Insider a bunch of others it's largely in the news space I guess but how do you look at that right yeah so it's a really exciting time so my view on it is from the time we started with the consumer internet in 93 94 up until about three years ago you'd have these really kind of discordant conversations so you all my friends all my friends now I would say you know sooner or later the tech guys are gonna realize the content matters they're gonna have to start you know paying for paying for content and then all the tech guys would say that's ridiculous that's never going to happen like we the whole point is you don't have to pay for content users make all the content and starting about three years ago and of course Netflix is you know it's been a huge catalyst among among others on this starting three years ago the number of buyers of content out coming out of the tech industry has been up into the right and so for for studio and I'm sure Bob expereinces is four Studios that make incredible content it's it's an amazing time because just the the number of buyers is just exploding it and it's almost like every week or two that goes by now another tech company decides to start to start finding professional content and I think what this represents no no I think it represents gigantic market expansion so so I think the two universal truths are whenever there's a new distribution technology there's always a panic that it's going to hurt the industry and then the other universal truth is that it never does it always ends up increasing the size of the industry and so and you you see this over and over again it happened a television where the movie studios freaked out it happened with the VCR it's just it happened with the player piano 100 years ago there's a whole freakout over the player piano because it was gonna put all the musicians out of business were you there then with that fantastic beard yeah yeah that was back when Henry Henry Henry I were hanging out making Model T's yeah and so and so there's always this panic but what ends up happening is the the market size expands and so I the way we think about it is you have now a world of three billion people on smart phones and smart devices going to five billion they're all going to be consumers of content part of what the valley now does is actually buys content and then a big part of what we do is we create new platforms and now increasingly also we're creating new companies that actually create original content and BuzzFeed is our is our big investment in that space and why did you go into a BuzzFeed like yeah so BuzzFeed for us is what we've been waiting for BuzzFeed for a long time it's it's a combination of world-class content creation with world-class technology platform in the same company right and so a lot of the other content startups in the last 20 years many of them have been very successful they've been content companies without being tech companies or they've been tech companies that don't want to make content and what Jonah Peretti has done at BuzzFeed is he's really brought those two roles together and he's built an authentic culture that sort of across pollinates between between those two sides and and the results I think speak for themselves it's exploding both in terms of all of its metrics and then it's his business is on fire is doing incredibly well Bob you had looked at buying BuzzFeed is that correct yes and didn't happen you ended up buying maker how do you look at those business totally different business yeah absolutely so why did you look at BuzzFeed what were you thinking what was the what was the really impressed with how they made and distributed and in a way using technology marketed short form content just brilliantly and Jonah is Jonah Peretti mark mentioned I think is one of the best in the business best that we've seen at using technology to move new forms of content very very effectively into the marketplace or to consumers we liked it we also liked being able to use it for some of our businesses but it didn't work out maker that's getting into getting into the details it's it's we're not buying it much much my knowledge is not for sale and it wasn't contentious it just didn't work out maker was different but maker served a real purpose for us in that they were much better at producing content court form or causing short form content to be produced distributing it and selling it or average-height bringing advertising revenue in and we felt that we were much better at long-form content distribution and selling that and lack the expertise for short form which was growing from dramatically so we thought buying them would be real it would really jumpstart us into a business that we weren't in deep enough in the numbers their makers numbers these days of 12 some odd billion views a month of content that that maker distributes and sixty thousand makers are contributors to their ecosystem sixty thousand different creators of short form content and just another I just saw the statistic ten thousand applicants a week to maker for them to facilitate the distribution of short form content of which they're choosing a hundred out of the ten thousand how does it introducing has added there's been some discussion of the difficulty of integrating it of having it part of the digital Commons fit into Disney well because they suddenly have access to some of our IP that they would not have had access to before we have access to their platform to the expertise that I just described just look at what we did on force Friday which was that Friday that we introduced all the Star Wars merchandise to the world they had had channels and makers that were unboxers that just had basically programming or product that was about unboxing new toys and we use those platforms to unbox Star Wars merchandise worldwide which is I think a perfect example of using their platform with our IP and there'll be many more examples of that they'll be very heavily involved in marketing the Star Wars film that's coming up for instance so I've heard about that movie so you when you think about that do you think about buying more is with your strategies or do you think you can make it it does make these things at happen at Disney both some things we have the ability to make meaning we have the technology expertise to to create ourselves and some things we don't we're we like to be really realistic about it sometimes it comes down to time which is how long will it take us we when we looked at BuzzFeed we estimated it would take us five years to get where BuzzFeed was with that kind of product if you could even get there if we could do it yes it would have meant hiring the right engineers and basically the right talent and I thought well five years was too long let's try to buy it we didn't listen about that operating is a public versus private company mark and I just did a podcast extra-long podcast where we talked about the idea of private versus public valuations and and how easy it was to be a private company and why would you be a private company anymore public company excuse me a pub cami you just recently had an experience with Wall Street where you were actually honest about things and it caused quite a hubbub in terms of talking about ESPN and other things and it caused a lot of the media stocks the public media stocks to decline talk a little bit about why you did that and what you think you told me outside you'd say the same thing again talk about why you did that and what you think happened well I've tried really hard whenever I am public in from an investor perspective which typically is on earnings calls but I do conferences in between to be as candid as possible I don't not that doesn't mean we say everything that we that's going on or tell them everything but when it comes down to important things or trends or things that are going to be meaningful to our business either positively or negatively I try to be very upfront about it I found by the way when I give when I talk about things that are potentially negative there's like it gives me a iron a lot of credibility so that when I'm out there selling which I don't do that much but when I talk about things I'm very excited about I have a lot of credibility there too so it makes me a more effective salesman in fact you know the hard thing I think in terms of I've never been part of a private company 41 years at ABC and Disney what we have openings I'm ready I'll be I'll be I'll be out on the street in a few years and it's a little different than being candid is that there is this ridiculous vortex that exists for public companies - well first quarterly earnings to meet analysts estimates which just ridiculous I mean there's an absurdity to the whole thing nothing against analysts but you can't manage a company - in order in effect you can't you can't manage a company just because of what analysts expect you to do it's just not the way things work and you know heaven forbid you you miss a quarter as they say or miss estimates someone else's estimates and the other thing that's a big problem is guidance companies get in this ridiculous vortex of guidance where they put out there either what they expect to earn or elements of what will deliver certain earnings or text situation it's awful trick so you can't and so I've tried really hard not to manage the company we have to give quarterly earnings but I try not to manage the company with that in mind because you can't possibly manage a company right in my opinion if all you're thinking about is quarterly earnings and I think there's a way to do it and and succeed and it also ties to being able to make investments which sometimes can suppress near-term or quarterly earnings but deliver a long term value and what you have to do is you have to be really transparent you have to be consistent and when you make investments or when you implement certain strategies they have to sync up with your public positioning has been strategically you think then unfair then under the the idea that you could you have to pay these enormous valuations for these digital companies if you want to buy them I don't you know it's a way of the world and I look at it as fair or unfair so far talk about private valuations which you talked about the dichotomy between that yeah also the the effect sort of from a financial market standpoint my view is you have to look at public and private companies as asset and people don't like to look at them sort of separately and I think you need to look at them together and I think that the thing that has really happened the result of everything that by described is that public companies as a group in the US are under intense pressure from their investors to give money back as opposed to invest invest in new efforts and by the way I think this explains a lot of what's going on the economy including by the way a big reason for low interest rates as well as you know relatively slow job growth is because the big public companies are having a hard time investing as a consequence this year for the first time over a trillion dollars of cash will come out of public companies in just the top 500 companies in the US a trillion dollars in cash paid back in the form of buybacks and dividends will come back to shareholders and their shareholders get the trillion dollars in cash and they have to decide where to put it it and then you go to the private side so what happens is about 50 billion dollars of that this year will flow into private companies right and about 950 billion dollars won't and by the way a lot of that goes into bonds and therefore low interest rates one of the reasons for low interest rates and so in that context it I think it's very hard to argue for a bubble on the private side I think it's much easier to argue that it's a reallocation of capital from the public side of the private side and it's basically shareholders saying we want public companies to give back money and we want private companies to grow the kicker is that it's often the same investors it's the same mutual funds and the same hedge funds that are pulling money out of the public side putting it in the private side and I think that's the big thing it's actually happening and by the way like I what I don't know is is this a permanent change or is this just this is this it's just this is this cyclical is this a reaction to the crashes of 2000 and 2008 and we're just at a point where the pendulum has swung all the way over here and it'll swing back or is this a permanent change in the market in which case this is just out of way you wouldn't want to go ahead said well the other thing that the other dynamic that creates is risk aversion if you're a CEO of a large public company that is constantly under scrutiny meaning because you're so big and so well known then making a big acquisition or even a big strategic investment is not the easiest thing in the world because it's a it's a tough world out there and there's a synergy with the business press nothing against the business press but you can't do anything that is not in a in a large fish ball really actually high-definition fishbowl in effect and so I think and I don't want to be critical of all sea you see other public companies but I think what I've observed is a lot of CEOs don't have the guts to be ambitious and if you're not ambitious in some form and I mean ambitious I mean I think big ideas and not just think about them but have the guts ultimately to try them to implement them whether you're making an acquisition or whether again whether it's an organic investment you know you just you stay you avoid that it's just easier it's a path of least resistance would you mind if you make a mistake you know this is so totally unforgiving right would you like to be a private company I'm I'm fine where we are with Disney we're doing just fine we've returned a lot of value to shareholders over the years in the form of buybacks and and growth and dividends and so we're we're absolutely fine now there are times when you know when you're at this in this job for 10 years and you have to face another earnings call and your head of Investor Relations reminds you that they expect an X amount in revenue and I end up saying who cares what they expect in revenue we could buy revenue by the way by just tripling our marketing budget and bring a lot more revenue in it would hurt the bottom line you know why do we care but it can be annoying the dynamic can be annoying do you find the when you're in these private companies the valuations are much higher too and but they also have all this cash that you've stolen from Bob apparently and brought to Marc Andreessen it seems like lots of money flows to Marc Andreessen how do you you then put it into these companies at these enormous valuations that uber is that you are in an uber and lyft but all these other companies that do that do you think that does create a bubble situation when you steal his money and give it to them well I think what happens avoiding all the load of terms in the question I think I think the way to think about it is on a time horizon standpoint and so I think this is part of what's so kind of as Bob described public companies live on a quarterly time horizon private companies today for better or for worse private companies are able to think they're able to live on over multiple years and again the irony is it's the exact same investors who are saying public company should look quarterly who are saying you know the way stage rounds you know we're in earlier the these other investors come in later and they say to our CEOs they say you know work over that you know think over the course of the next five or 10 years I think that's a really positive thing I think it's a really good thing to have companies in the American economy that are able to make long-term investments in new areas I think it's one of the things that makes economy great and vibrant and creates growth it's just incredibly striking how how much time the private companies are being given and the time horizon that people are willing to calculate from valuation standpoint versus the amount of time the public companies are given so let's talk a little bit about this one from parties to this idea of where content is going no I actually want to get to the first before that when you made that this is a good segue into it is when you were talking about ESPN and the troubles in cable that was one of your great drivers at Disney it's been ESPN and some of your other investments in that area are you worried about the television business right now or the cable business no well I'm not worried about the television business at the cable business I think in television today you have to get three things right you have to make something really good a tie brand to that a little bit because brand value can be very meaningful to you have to have great navigation and user interface it has to be findable and really usable and you have to have mobility those three things if you have great content and you have great navigation or you're findable and you have mobility you're going to be fine unless you're shonda rhimes and then it doesn't really matter what people watch it on correct it may it does matter so if you look at cable today most of the cable companies are stuck in legacy with legacy technology that does not give them the ability to offer their customers mobility they can but that's it's clunky and navigation and user interface is a big problem a big problem I think one of the things we're seeing today is a growth in a court off cable or all fixed television viewing or consumption because what's being offered on the new platforms whether it's traditional content or BuzzFeed for instance it's just more can be more compelling so I don't if I don't really worry about the TV business in the sense that if we continue to make great content and we figure out how - put it on platforms that offer the consumer much better experience and particularly mobile we're going to be fine I noticed I just saw numbers for last night's Monday Night Football game on ESPN and the number of people that are watching Monday Night Football on their watch app on a mobile device has doubled in a year and it's big and it's contributing big time so the consumer numbers now we're getting measurements of them but they're not being included in Nielsen's numbers so they're not being turned into money yet but that will happen but it's true there's tremendous growth there so if you're in our case of your Disney and you're in the Pixar business or the Disney business the ABC business the Star Wars business the Marvel business again as long as you're willing to move your content in more modern ways or - more - more current platforms you're going to be fine is ABC a network and it is do you need a network ABC is more more than a network it's a content creator what what I what I think about often about ABC because we own a lot of the shows that are made there including the shows that Shonda Rhimes makes for instance they're produced under our aegis she's obviously we're a partner of hers and vice versa what I think about a lot as it relates to ABC and what's a little odd to me today is ABC is being programmed the same way as being programmed when I ran it in the 80s and when it was created in the 50s meaning there twenty two hours of primetime programming and there's news that happens here and this happens there and that seems a little artificial in today's world and what ABC is looking at is what does their network look like in the future is there what happens to linear TV for instance and what platforms are there programs on and how do people get them you think there really is linear TV anymore I mean I I find it hard I mean I have children and I think when it comes to cable when it comes to linear TV I like I don't think you're going to see revolution but you're going to see continued evolution in terms of how people are consuming television whether it's linear whether it's view view via apps whether it's on mobile devices and that goes all the way back to what I said on the earnings call was that we were seeing some erosion in terms of totals scribers to ESPN it was basically that simple yeah accept it why do you think it's set out such a well in our case it set off a frenzy because ESPN is one of our most profitable businesses and in fact our media networks iterated throughout the whole it did because III think I was actually saying what everybody knows but no one was it said and that is that that the number of people that subscribe to the big bundle multi-channel multi-channel television has decreased over the recent past some of that is economic in nature that the cost of it given what's going on in the economy got to the point where it was didn't have the price value relationship that it needed some of it is because there's so much alternative forms of media out there today whether it's Netflix or BuzzFeed or whatever so there's just more there's more competition and it's just I think it's and it's the way of the world we're seeing change it's tangible change will there be packages of channels yes will the big bundle of a hundred some-odd channels continue to be the number one way that people get television I'm not a hundred percent sure but there'll be packages and we'll our product will be in most of them the Star Wars package that not that well that's different I think there's a whole other world coming and that and I know that that Tim Cook when they announced Apple TV talked about an app world or a television will become kind of an app centric world I happen to believe that that is the case but it'll take more time but we're working hard at developing apps for these brands think of it yes there's an ESPN app already and it offers some form of video but think of it down the road is something that includes their so-called linear channels a little different with ESPN because of live sports as well as all the other bells and whistles that come with the SPN actually from a consumer perspective it's much more compelling because it's much more dimensionalized that as many more features than just sitting watching a program on on one box or one one one - how do you look at the modern network I can't to me I don't think there will be well I don't think children watch them that way i watch my how my kids watch them they watch it in peace they'll watch the vines they'll watch everything is entertainment to them and it's all on a device it's almost it's very little on television except when they throw it up there yeah so I think we say one controversial thing and then one controversial things so the uncontroversial thing I think you can see the future and I'd from Europe see your private so you can say controversial things will go drop the stock might but my pain is years it's the first time I've ever been called that in public and you're a Disney consumer I am NOT a disease I went on a Disney cruise and I wrote him and I was like I can't believe I gave you all this money but I can but my it was I gotta say I gotta say my kids now I was just with my kids and they were like we want to go on another Disney Cruise I'm literally a part of me died inside it was but I'm gonna go I guess no it was a fantastic I have to say Disney should run the government like you should like forget Trump it should be like Mickey Mouse running the government yes I'm not going there like and then it would be and then it would be like free soft-serve all the time we interrupted mark what were you saying what are you saying what do you think about free soft serve all the time I'm happy I'm here I'm just I'm just happy to sit here so let me say something I know Bob will agree with from there's something that he may or may not agree with so I think you can see the future and I think frankly I think it's the deal that you guys have with Netflix on the Marvel shows and I think Ted surrenders for those of you who have not seen daredevil absolutely spectacular and then there's the second shows coming out called Jessica Jones that you guys have only permitted the 45 seen a couple of them have you seen yeah yeah like it looks absolutely if it's anywhere as good as daredevil it's gonna be spectacular and so like what you know what you like what it you know it's long form its long form video it's a TV show but it's right there on demand although all the shows come out the same day it's spectacular and I assume that's a good business for you guys because you're doing it and everybody seems seems very happy so you know we're in a golden age I think there's no question like we're in a golden age for television and there's a creative Renaissance happening that's unprecedented as a result of the technology and the economics that are unfolding the radical thing is I think my analysis is in the long run not on the short run in the long run win the bundle ultimately I think that actually both the cable companies and the content companies are gonna end up making more money and I think the reason for that is that the content companies are going to end up being able to go direct to the consumer and so I think SPN you know 10 years from now can have many more viewers or subscribers than it has today especially in the globalized world where so many more people internationally are going to have access to that's not controversial in my mind oh good good and then I also I also think that I also think the cable companies will end up making more money because right now the cable companies write giant checks for content and when they're not writing the giant checks for content and they're selling broadband I think they'll actually also be more profitable and so again this is a thing where I think there's a lot of right now there's a lot of concern because there's an established kind of way of doing business but in the long run I think both of these are gonna do really much you would you ever start to invest in studios you see you see an Apple buying Disney for example or something like that Tim that you're kind of messed up in that one I was gonna say screwed because you're on the Apple board and running Disney but what how do you ever see that happening or Google buying Time Warner or it's almost happened multiple times right not to name names but like there I mean there have been deals I mean there well I mean AOL Time Warner is another one happen but that was you know I got a whole book out of that yeah you tell us a little bit about that so but you know there there were others you know is actually an excellent point is that you know that that has been a cautionary lesson more that more than anything else you know I don't know I think that's a really really interesting question I I mean the fact that we are investing in companies like BuzzFeed does point to a future in which I think the tech industry will get more directly involved in content creation the fact that Netflix is now making its own content its own original content itself Amazon and they're buying their there yes they're also they're buying a lot but they're also talking about starting to make you know starting to produce their own buy but they're they're entering into deals with creators that make the correct the same deals the same creators that we return to right exactly they're moving into your business yes they're both yeah they're my partner and facilitator therefore so it's things are vectoring in that direction you know I will just as ourselves we'll take it on a case-by-case basis and so if another Jonah Peretti walks in you know if you know Jonah version 2 walks in the room and has a great idea in a video so we would certainly yeah yeah well actually BuzzFeed has a huge push underway in video so that it's actually a good example of that today but what Mark said about being able to take your product direct-to-consumer is something that we think about a lot and I think it's incredibly exciting but that's when you're the decisions that you make about what content you make become really critical because you can't launch an app that just says Acme TV on it or whatever you know or that's where I talked about brand value if you put ESPN out there or Marvel out there or imagine I know he's a big star Wars fan a Star Wars out and in that you've got Star Wars related TV the films that have been made all of the material that has been generated over the years that is background in nature or short form in nature as well as an you add to it games and books and the like that becomes a very interesting consumer proposition very sellable in my mind and certainly very usable in terms of these new platforms so we were gonna talk a little bit China but actually we have just a short amount of time is Star Wars coming out you need December 18th okay I'm sure I'll be for Thursday it'll be Thursday at midnight probably or me or maybe 7 o'clock at night we may bring it out on Thursday the 17th are we going together you're telling me these exact times I mean oh my god yes you already shown a few little nerdy things here that are I'm in I'm all-in all right you're gonna be dressed up I'll be there Bubba Fett okay Wow no question I was hoping for the Carrie Fisher outfit also a possibility oh no no please all right yes man buns yes okay you're doing a good job I don't have to say anything I have to really feel anything about the film listening though it's far too long talk about the the from then to now wow that's like how long has it been last film was 2005 right and then way back from that this is now this 1977 67 so what this will be the seventh seven so now we're moving forward for the last three do you how do you looking at this is different from when it first started change moviemaking at the time well you have to begin by and I saw George here earlier but by giving George both praise and credit for creating what I have said is probably the most valuable successful mythology of the 20th century the brilliance of it the fact that it all came from George's mind is and the fact that it is as successful as it is today when a film has not been released in ten years says a lot about what George created so we start with a very very profound respect and appreciation for not only what was created but for the responsibility that we have to reintroduce it to the marketplace in a way that honors its tradition but we also know and George would be the first to say this that nothing is static nothing stays still and in this case the storytelling moves forward to the saga that was Star Wars doesn't it isn't stuck in time so we pick it up from where George left off after his third movie right and because there were three that came there after the prequels and so the story picks up there with Carrie Fisher and Mark Hamill and Harrison Ford in it some 30 35 years after we last saw them and so there's a there's a I think a very very smooth effective satisfying transition from then to the last time we saw them as those characters to this film and yet we bring it forward by introducing a new generation of of characters not all humans and that will take the storytelling hopefully well into the future but our plans right now were JJ Abrams who was here tomorrow has made Star Wars 7 the force awakens he's finishing and he's scoring it this week Star Wars 8 is in the early stages of shooting that comes out in May of 17 and we have a director for Star Wars 9 which will be May of nineteen and in between those films there'll be two standalone films one is called which is a story that sort of a standalone story that takes place just before what was the first film new hope so before we first were introduced in terms of what's different or because George broke so much new ground clearly technology will has enabled us to bring this thing forward you know a few generations at this point so while the look will be very traditional Star Wars obviously what technology has allowed JJ to do in terms of telling the story is you know it more advanced but he also made the decision to honor what George did which is even though he really invented modern 3d special or CG special effects he also George shot a lot of practical sets and and locations etc and JJ has done that in this film so while it's got great technology it also has the scope that you can only really get when you shoot in sort of real life on a desert or the Millennium Falcon which Annie Liebowitz mentioned she's shot and was in Vanity Fair was built actually now when it flies it's computer-generated and do that I'm sorry but it's got to be a good movie is it a good movie I mean and Mark just wants to know if there's the lightsabers are cool that's the lightsabers are cool I'm looking I'm very excited about the film I've seen it a few times I can't wait to share with the world and it's not that far off and I'm not gonna say anything more all right that all right so let's have questions from the audience bring it up hi good afternoon so disneys a company that does so many different things they've got the amusement parks they've got a movie production company they've got television properties like ESPN they have a cruise you're the CEO of one company that does so many things is there a particular part of Disney that you think your real strength is that your leadership is most focused or you're best suited to leading that part of Disney and have you considered like any circumstances under which certain parts of Disney which are so different than one another you would spin off so they could be their own standalone companies so one of the things he didn't talk about was parks which the new Shanghai facility is opening when spring of sixteen yeah on this the second part of your question we we always look at our asset base with an eye toward you know making sure there that we have enough assets to deliver the kind of value that we believe our shareholders would expect there isn't anything right now that we're really thinking about spinning off but we wouldn't be able to say that publicly anyway if there were one frankly the pieces mostly fit together quite well part youth while movies and Parks you're not and maybe doesn't feels like completely different business or TV but we're using intellectual property that's created in these films in the physical space that is our parks for instance we just announced we're building two star wars lands for instance so we think actually the collection of assets actually works fairly well in terms of my expertise you know I'm a I'm sort of a bandleader or an orchestra conductor of all these really incredible assets there are talented people either managing each of these assets or creating for all of these assets that do a fine job and I try to use my time to create some direction for the company overall CEOs I think have a responsibility to create a strategy for a company as a for instance and to set ethical standards and hopefully to lead by example but I and I try to use my time where I think I can add value and I it's a variety of different places I also try to spend time on things that are incredibly important to the company where I feel I've got a sense of responsibility to commit time because of the importance of the project long term so Kara mentioned Shanghai Disneyland which we're going to open in 2016 I've spent a lot of time on that because it has the potential to create so much long-term value for the company and the investment is the it's the biggest foreign investment we've ever made if we're building a park that is in excess of 5.5 billion dollars and so as a CEO of the company I feel it's my responsibility to make sure that it's being done right and to work with the people that are really creating it closely it also happens to be fun yeah well I say when you get in when you're in a job ten years you have the ability to pick your spots every once in a while and for instance it's much more fun working on Shanghai Disneyland than having a meeting on benefits something like that benefits are important so we can't ask any more questions but thank you very much and thank you guys good thanks everybody you

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Views: 37,283

Rating: 4.8357773 out of 5

Keywords: re/code, kara swisher, andreessen horowitz, marc andreessen, disney, bob iger, vanity fair summit, vfsummit, new establishment summit, vanity fair new establishment, new establishment, new, news, style, culture, celebrity, hollywood, vanity fair, vf

Id: FtsBBKAJgFQ

Length: 38min 37sec (2317 seconds)

Published: Thu Oct 08 2015