Disney turned in bleak fourth-quarter profits earlier this week and CNBC’s Jim Cramer is calling for the firing of the company’s CEO, Bob Chapek, after the dismal earnings.
“Our fourth quarter saw strong subscription growth with the addition of 14.6 million total subscriptions, including 12.1 million Disney+ subscribers,” Chapek said in his statement Tuesday (h/t The New York Post).
Cramer criticized Chapek for his “delusional” portrayal of the quarter, in which Disney+, the company’s streaming service, took a $1.5 billion loss, rendering the media giant to miss Wall Street’s projections.
“Disney, they have ESPN. If we were on ESPN, we would say he’s got to be fired. That’s pretty cut and dry,” Cramer said Wednesday on CNBC’s business news program “Squawk Box.” “The losses here are just mind-boggling. When you’re going over the quarter, it’s stunning.”
Using a sports analogy, Cramer compared Chapek to a head coach leading the “Mad Money” host to say Chapek “absolutely” should be fired because the “team” has been “going downhill.”
“There is just no doubt that he has to go,” Cramer said. “The way he handled it, he made it sound like it was a four-star quarter. Delusional.”
Eduardo Razo is the Assistant Content Editor for BNM, which includes writing daily news stories on the news media industry. He can be found on Twitter @eddierazo_ or you can reach him by email at eddie1991razo@gmail.com.
