WHEN: Thursday, July 31, 2008
WHERE: CNBC's Business Day Progamming
Following are excerpts from a CNBC EXCLUSIVE interview with Disney CEO Bob Iger that aired throughout CNBC's Business Day programming on July 31, 2008. During the interview with CNBC's Erin Burnett, Iger discusses the U.S. economy, theme parks, international growth and Steve Jobs.
All references must be sourced to CNBC.
Iger on Ad Strength:
I.C -ADVERTISING IS ONLY 20% OF THE WALT DISNEY COMPANY TOTAL REVENUE BUT WE FELT APPRECIATE TO SIGHT THE FACT THAT OVER THE RECENT FEW WEEKS WE HAVE SEEN SOME SOFTNESS IN THE ADVERTISING MARKETPLACE WE FELT AT TV STATION, TELEVISION NETWORK AND AT ESPN, DUE TO THE WEAKNESS IN 3 CRITICAL CATEGORIES - US AUTOMOTIVES, FINANCIAL SERVICES, AND CONSUMER PRODUCTS
IGER ON HANNAH MONTANA
" MILEY IS ABOUT TO SHOOT HER THIRD SEASON OF THE SHOW AND SHE IS COMMITTED CONTRACTALLY TO A FOURTH SEASON. JUST FINISHED A MOVIE, GOT AN ALBUM OUT THAT SHOT TO NUMBER ONE IN THE FIRST WEEK IT WAS OUT, IN THE BUSINESS OF MILEY CYRUS AND HANNAH MONTANA - I NOT ONLY THINK THE FUTURE IS BRIGHT BUT IT IS GOING TO BE MUTUALL BENEFICIAL"
IGER ON CAR ADS AND THE ECONOMY
WE THINK THE GENERAL HEALTH OR LACK THEREOF OF THE US AUTOMOTIVE BUSINESS IS WHAT IS IMPACTING ADVERTISING AND SOME OF THAT IS FROM LEASING BUSINESS BUT WE THINK IT THERE OVERALL HEALTH THAT WE ARE FOCUSED ON. WE DID NOT REACT PREDICTLY STRONGLY TO RECENT INFORMATION ABOUT LEASING BUT WE HAVE BEEN WELL AWARE A FEAR AMOUNT OF CHALLENGE IN US AUTOMOTIVES AND THAT IS BEING REFLECTED IN WAY THEY SPEND THEIR ADVERTISING
IGER ON THE ECONOMY
What we do believe is the economy is challenged and that is due to a number of factors,- unemployment, gas prices, consumer confidence, what's going on in the housing sector – all factors that lead to an economy has the ability to create challenges for our business and is in fact creating some challenges
IGER ON AUTOMAKERS
The only interaction we have us automotive is with General Motors they are a corporate alliance partner. They provide vehicles to company and they also provide a really good attraction at Epcot called GM Test Track- so we have interaction with General Motors and have a long standing and very good relationship with them but I haven't had interaction with other US automotives. I haven't had action with other automotives
IGER ON WEDDINGS
People like to get marry at parks, they like to celebrate their weddings at our parks and this economy we don't see any fall off at all
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