LOS ANGELES (Reuters) - Walt Disney Co. plans to scale back spending on films, although it aims to remain a Hollywood staple, according to CEO Michael Eisner and other executives.
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“We found there is no direct correlation between spending more and making more in terms of our returns," Chief Operating Officer Bob Iger said.
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Disney's Miramax division also produces films, and Iger said the focus on fewer live-action films could affect negotiations with division chiefs Bob and Harvey Weinstein. Disney has the option to extend their current contract from 2005 to 2009.
"The desire of the company long term is to invest less in live-action movies, and in order to do that, there's got to be some give here and there, and that is sort of where the rubber might meet the road in terms of any future relationship" with the Weinsteins, he said in the meeting with Deutsche Bank's Doug Mitchelson and investors, monitored via Webcast.
Full story at
http://money.cnn.com/2004/06/25/news/fortune500/disney.reut/How much more will Disney stockholders take from this dumb jagoff Mike Eisner?