Disney extends CEO Bob Iger’s contract through 2026, two years longer than planned

Disney is extending CEO Bob Iger’s contract through 2026.
Since he replaced Bob Chapek in November, Iger has undertaken a broad restructuring of the company, including thousands of layoffs.
CNBC’s David Faber will interview Iger on CNBC’s “Squawk Box” at 8 a.m. ET on Thursday.

The Walt Disney Company will extend CEO Bob Iger’s deal by two years, extending his tenure through 2026.
Shares of the company were effectively flat after the news.
Iger’s second tenure at Disney has coincided with upheaval in the legacy media space. Big players such as Disney have had to contend with a rapidly shifting landscape, as ad dollars dry up and consumers increasingly cut off their cable subscriptions in favor of streaming.
Yet, the streaming space has been difficult to navigate in recent quarters, as expenses have swelled and consumers become more conscious about their media spending. The slowdown in streaming subscribers cut valuations for Netflix, Disney, Warner Bros. Discovery and Paramount Global roughly in half in 2022, before several of the stocks rebounded in the first half of this year along with the broader market.