1 00:00:00,440 --> 00:00:03,920 Speaker 1: This is Bloomberg Best. Bloomberg Best is about the insight 2 00:00:04,120 --> 00:00:06,480 Speaker 1: and the context that we get from our guests. It's 3 00:00:06,519 --> 00:00:07,880 Speaker 1: a great way to catch up on some of the 4 00:00:07,920 --> 00:00:10,520 Speaker 1: stories you might have missed on the Bloomberg stories you're 5 00:00:10,560 --> 00:00:14,600 Speaker 1: not going to find in any other news organizations. Bloomberg 6 00:00:14,720 --> 00:00:18,440 Speaker 1: Best Bloomberg's Best stories of the week, powered by twenty 7 00:00:18,480 --> 00:00:21,320 Speaker 1: seven hundred journalists and ennalysts in more than a hundred 8 00:00:21,320 --> 00:00:24,760 Speaker 1: twenty countries around the world. I'm at Baxter and I'm 9 00:00:24,800 --> 00:00:28,880 Speaker 1: Denise PELIGRENI on this weekend edition of Bloomberg Best. You know, 10 00:00:28,920 --> 00:00:31,440 Speaker 1: I wanted to make sure I was there for him, 11 00:00:31,520 --> 00:00:34,880 Speaker 1: to help him through what is obviously particularly challenging time. 12 00:00:34,960 --> 00:00:38,040 Speaker 1: Bob Iger on handing over the range during a pandemic. 13 00:00:38,520 --> 00:00:41,120 Speaker 1: Get a job on camera, work your way up from there, 14 00:00:41,159 --> 00:00:43,760 Speaker 1: all the way to you have possibly becoming a network 15 00:00:43,800 --> 00:00:47,120 Speaker 1: acorn Al, the Walt Disney executive's career began as on 16 00:00:47,400 --> 00:00:51,240 Speaker 1: air talent. I gave it some serious thought. Actually, post 17 00:00:51,400 --> 00:00:53,520 Speaker 1: the election of Donald Trump, I gave it a lot 18 00:00:53,560 --> 00:00:57,400 Speaker 1: of thought and Iger for president. All this and more 19 00:00:57,400 --> 00:01:02,560 Speaker 1: coming up in the next hour of Bloomberg Best. All right, 20 00:01:02,640 --> 00:01:06,479 Speaker 1: and if there's anybody associated with Walt Disney besides Walt 21 00:01:06,480 --> 00:01:09,280 Speaker 1: Disney himself and of course Mickey Mouse and Donald Duck. Well, 22 00:01:09,680 --> 00:01:12,560 Speaker 1: that person is Bob Biker, Yeah, Denis, and you know 23 00:01:12,600 --> 00:01:15,360 Speaker 1: he's still executive chairman at the company now. We had 24 00:01:15,360 --> 00:01:17,600 Speaker 1: a chance to hear from him in depth on the 25 00:01:17,680 --> 00:01:21,480 Speaker 1: David Rubinstein Show Peer to Peer Conversations, and Ker talks 26 00:01:21,520 --> 00:01:25,120 Speaker 1: about how hard it's been to separate himself from Disneys, 27 00:01:25,640 --> 00:01:29,440 Speaker 1: his role changes, and also about his political ambitions. David 28 00:01:29,520 --> 00:01:32,959 Speaker 1: begins here by asking ire about his long and successful 29 00:01:33,040 --> 00:01:36,800 Speaker 1: run of the world's most well known media giant. During 30 00:01:36,840 --> 00:01:40,600 Speaker 1: the time that you were the CEO. The stock market 31 00:01:40,760 --> 00:01:45,759 Speaker 1: value of the company went up about and the market 32 00:01:45,800 --> 00:01:49,520 Speaker 1: capitalization about four during that fifteen year period of time. 33 00:01:49,560 --> 00:01:51,840 Speaker 1: So my big regret is that I didn't vacue and 34 00:01:51,880 --> 00:01:54,920 Speaker 1: by stock. But um, you must be very pleased with 35 00:01:54,960 --> 00:01:56,880 Speaker 1: what you accomplished in the fifteen years that you were 36 00:01:56,880 --> 00:02:00,320 Speaker 1: in the CEO. Yes, I'm proud would probably be the 37 00:02:00,440 --> 00:02:03,680 Speaker 1: right word to use. You know, I inherited a company 38 00:02:03,760 --> 00:02:07,880 Speaker 1: that was renowned and had been quite successful, but also 39 00:02:07,920 --> 00:02:12,240 Speaker 1: had gone through a period of difficulty on a variety 40 00:02:12,280 --> 00:02:16,400 Speaker 1: of levels, and there was a lot of work to do. Um, 41 00:02:16,560 --> 00:02:20,960 Speaker 1: and my soul goal was to not only improve a 42 00:02:21,000 --> 00:02:24,080 Speaker 1: lot of the company, but to ultimately leave the company 43 00:02:24,080 --> 00:02:27,120 Speaker 1: in great hands for my successor. But you weren't as 44 00:02:27,200 --> 00:02:30,600 Speaker 1: successful in leaving the company because you had wanted to 45 00:02:30,639 --> 00:02:33,120 Speaker 1: leave a few years earlier. And then the they, the board, 46 00:02:33,160 --> 00:02:35,840 Speaker 1: said no, you gotta stay longer because you did the uh, 47 00:02:36,000 --> 00:02:39,079 Speaker 1: the Fox acquisition, among other things. So, um, why were 48 00:02:39,120 --> 00:02:41,000 Speaker 1: you so good at running the company but not so 49 00:02:41,040 --> 00:02:44,000 Speaker 1: good at leaving the company? You know? I'm told that 50 00:02:44,000 --> 00:02:48,200 Speaker 1: that's a common ailment of CEOs that have had decent 51 00:02:48,240 --> 00:02:51,920 Speaker 1: tenure uh. And I So I failed leaving a few times. 52 00:02:52,280 --> 00:02:55,600 Speaker 1: The first time we had had a succession process that 53 00:02:55,639 --> 00:02:58,280 Speaker 1: didn't work out as we had hoped, and so I 54 00:02:58,400 --> 00:03:00,639 Speaker 1: agreed to stay on a little bit long. And then 55 00:03:00,680 --> 00:03:04,480 Speaker 1: the last time was solely due to the largest acquisition 56 00:03:04,480 --> 00:03:06,600 Speaker 1: that we had ever made, and that was most of 57 00:03:06,600 --> 00:03:10,280 Speaker 1: the assets of Century Fox. And I knew when I 58 00:03:10,360 --> 00:03:14,480 Speaker 1: proposed doing that to the board, which was close to 59 00:03:14,480 --> 00:03:18,280 Speaker 1: when I was supposed to step down, that they would say, well, 60 00:03:18,400 --> 00:03:21,680 Speaker 1: we will support you in this effort as long as 61 00:03:21,680 --> 00:03:23,640 Speaker 1: you agreed to stay. They did not want, and for 62 00:03:23,680 --> 00:03:26,760 Speaker 1: good reason, to go through a CEO transition just at 63 00:03:26,760 --> 00:03:29,760 Speaker 1: the time we were making the biggest acquisition we've ever made. 64 00:03:30,160 --> 00:03:32,320 Speaker 1: It was rumored in the press and in your book 65 00:03:32,400 --> 00:03:35,040 Speaker 1: that you were thinking of leaving Disney to run for 66 00:03:35,160 --> 00:03:38,440 Speaker 1: president of the United States. So whoever heard of a 67 00:03:38,480 --> 00:03:41,440 Speaker 1: businessman running for president United States? So where did you 68 00:03:41,480 --> 00:03:46,120 Speaker 1: get that idea? From? Crazy idea? Right? Um? Well, there 69 00:03:46,200 --> 00:03:49,640 Speaker 1: was some truth to that, um, both before the sixteen 70 00:03:49,680 --> 00:03:53,640 Speaker 1: election and then after the sixteen election. I gave it 71 00:03:53,720 --> 00:03:57,440 Speaker 1: some serious thought. Actually, post the election of Donald Trump, 72 00:03:57,520 --> 00:03:59,600 Speaker 1: I gave it a lot of thought and actually did 73 00:03:59,600 --> 00:04:02,680 Speaker 1: a fair out of homework to study the feasibility of it. 74 00:04:02,840 --> 00:04:04,960 Speaker 1: But I'm not sure I would have gotten as far 75 00:04:05,040 --> 00:04:09,440 Speaker 1: as actually running, because as the realist in me was 76 00:04:09,960 --> 00:04:12,640 Speaker 1: sinking in, I was starting to think more and more 77 00:04:12,720 --> 00:04:16,800 Speaker 1: about how difficult the path might be in the Democratic 78 00:04:16,839 --> 00:04:20,440 Speaker 1: Party for a businessman to actually get the nomination. What 79 00:04:20,520 --> 00:04:22,640 Speaker 1: would you say, is the chance that you would be 80 00:04:22,680 --> 00:04:26,200 Speaker 1: interested in serving in a senior position in a Biden administration? 81 00:04:26,200 --> 00:04:28,240 Speaker 1: Would that be something of any interest to you? Or 82 00:04:28,320 --> 00:04:30,480 Speaker 1: you wouldn't want to come to Washington for that kind 83 00:04:30,480 --> 00:04:33,600 Speaker 1: of thing. Well, I've always thought about what the next 84 00:04:33,680 --> 00:04:37,240 Speaker 1: chapter in my life might be post Disney, because there 85 00:04:37,279 --> 00:04:40,840 Speaker 1: will be a post Disney soon. I'm not going to fail. 86 00:04:40,880 --> 00:04:45,480 Speaker 1: Stepping down again, uh and giving back in some fashion, 87 00:04:45,720 --> 00:04:49,040 Speaker 1: serving our country in some fashion is certainly something that 88 00:04:49,040 --> 00:04:51,160 Speaker 1: I would consider seriously. But a lot of it would 89 00:04:51,160 --> 00:04:54,000 Speaker 1: depend on, you know, what it is, what the opportunity is, 90 00:04:54,040 --> 00:04:56,680 Speaker 1: and whether I thought it would be something that I 91 00:04:56,680 --> 00:05:00,520 Speaker 1: would both be stimulated by and and and be good at. 92 00:05:00,920 --> 00:05:04,120 Speaker 1: So let's go back to the Disney situation. Uh, you 93 00:05:04,240 --> 00:05:06,600 Speaker 1: announced that you're gonna step down finally at the end 94 00:05:06,600 --> 00:05:11,400 Speaker 1: of two thousand nine become executive chair and then COVID 95 00:05:11,440 --> 00:05:15,240 Speaker 1: hit comes along, and did COVID make it possible for 96 00:05:15,279 --> 00:05:17,160 Speaker 1: you to leave as the same way you thought you 97 00:05:17,200 --> 00:05:18,279 Speaker 1: were gonna be out to leave, or do do you have 98 00:05:18,320 --> 00:05:21,720 Speaker 1: to spend more time at at Disney when COVID hit, Well, 99 00:05:21,720 --> 00:05:25,080 Speaker 1: what actually happened was I stepped down, uh from the 100 00:05:25,080 --> 00:05:28,880 Speaker 1: CEO position as you mentioned, to become executive chairman and 101 00:05:28,920 --> 00:05:31,240 Speaker 1: to focus all of my time and energy on our 102 00:05:31,279 --> 00:05:36,360 Speaker 1: creative process because I thought, obviously what we create is 103 00:05:36,600 --> 00:05:39,200 Speaker 1: the most valuable product that we have, and I thought 104 00:05:39,279 --> 00:05:41,720 Speaker 1: that the best thing I could do in terms of 105 00:05:42,320 --> 00:05:45,240 Speaker 1: um enabling my successor to succeed at the job would 106 00:05:45,720 --> 00:05:49,080 Speaker 1: hind him a very very rich pipeline of great creativity. 107 00:05:49,480 --> 00:05:51,800 Speaker 1: Uh And and in fact, I have spent almost all 108 00:05:51,839 --> 00:05:54,119 Speaker 1: of my time since I stepped into this role doing 109 00:05:54,760 --> 00:05:58,960 Speaker 1: just that. Um. However, I also wanted to make sure 110 00:05:59,320 --> 00:06:02,600 Speaker 1: he was success full in in other respects as well. 111 00:06:03,000 --> 00:06:06,120 Speaker 1: And he had not handled a crisis that was anything 112 00:06:06,160 --> 00:06:08,520 Speaker 1: like this, by the way, No, nor had I, and 113 00:06:08,560 --> 00:06:11,520 Speaker 1: so UM I you know, I wanted to make sure 114 00:06:11,560 --> 00:06:14,719 Speaker 1: I was there for him to help him through what 115 00:06:14,920 --> 00:06:17,960 Speaker 1: is obviously particularly challenging time, not only for the world, 116 00:06:17,960 --> 00:06:21,880 Speaker 1: but very specifically for our company. And I've done just that. 117 00:06:22,000 --> 00:06:24,920 Speaker 1: So he's been the CEO, he's been running the company 118 00:06:25,080 --> 00:06:27,840 Speaker 1: from the day he stepped into that role. UM. I 119 00:06:27,839 --> 00:06:31,359 Speaker 1: feel confident that he is doing a good job, and 120 00:06:31,400 --> 00:06:34,360 Speaker 1: we'll do a good job into the future. And I've 121 00:06:34,360 --> 00:06:36,120 Speaker 1: probably been there for them a little bit more than 122 00:06:36,160 --> 00:06:38,200 Speaker 1: I might have expected. I think one of the hardest 123 00:06:38,200 --> 00:06:42,320 Speaker 1: things is in in uh, passing the baton on to 124 00:06:42,440 --> 00:06:44,719 Speaker 1: someone else. You know, you expect that you're going to 125 00:06:44,760 --> 00:06:48,640 Speaker 1: spend some in in in a situation where I was 126 00:06:48,680 --> 00:06:51,200 Speaker 1: going to continue as an employee and executive of the company, 127 00:06:51,200 --> 00:06:53,599 Speaker 1: I expected I would spend more time with him, meaning 128 00:06:53,640 --> 00:06:56,680 Speaker 1: being more physically present as an advisor and as a 129 00:06:56,720 --> 00:07:00,120 Speaker 1: support for him. That obviously has has not happened. Been 130 00:07:00,160 --> 00:07:02,320 Speaker 1: a little bit more challenging. So if somebody was an 131 00:07:02,320 --> 00:07:05,560 Speaker 1: outsider and they'd say, well, COVID is hitting the United States, 132 00:07:05,680 --> 00:07:08,200 Speaker 1: hitting other places, the kind of companies that aren't going 133 00:07:08,240 --> 00:07:10,520 Speaker 1: to do well. Our companies, that say, are in the 134 00:07:10,520 --> 00:07:14,760 Speaker 1: theme park business, the live entertainment business, the cruise ship business, 135 00:07:14,960 --> 00:07:17,800 Speaker 1: the hotel business, um, and those are all the businesses 136 00:07:17,800 --> 00:07:20,320 Speaker 1: that you're in. Yet your stock has really rallied and 137 00:07:20,520 --> 00:07:23,239 Speaker 1: and done reasonably well. Why do you think you haven't 138 00:07:23,240 --> 00:07:26,480 Speaker 1: been as hard hit and financially as you might think 139 00:07:26,480 --> 00:07:29,880 Speaker 1: on from the outside. I think the reason our our 140 00:07:29,960 --> 00:07:32,560 Speaker 1: stock has been resilient and the company has been resilient 141 00:07:32,760 --> 00:07:36,080 Speaker 1: is we were on extremely solid footing as a company 142 00:07:36,160 --> 00:07:39,960 Speaker 1: going into this, meaning our businesses were all doing well 143 00:07:40,040 --> 00:07:43,000 Speaker 1: and their prospects for the future were actually quite bright. 144 00:07:43,760 --> 00:07:46,920 Speaker 1: And so I think the street has looked at us 145 00:07:47,320 --> 00:07:51,760 Speaker 1: UM knowing that we've been affected in dramatic fashion by COVID, 146 00:07:51,840 --> 00:07:54,840 Speaker 1: but also realizing that when it ends, we will have 147 00:07:54,920 --> 00:07:58,640 Speaker 1: the ability to rebound in a significant way. In addition 148 00:07:58,680 --> 00:08:01,480 Speaker 1: to that, we had pivoted in a very significant way 149 00:08:01,920 --> 00:08:07,000 Speaker 1: in the direct to consumer digital entertainment direction, meaning we 150 00:08:07,120 --> 00:08:11,920 Speaker 1: launched Disney plus, ESPN Plus and in the acquisition of 151 00:08:12,240 --> 00:08:15,480 Speaker 1: One Century Fox for a controlling share of Hulu. So 152 00:08:15,600 --> 00:08:19,000 Speaker 1: we moved into a space that is not only very 153 00:08:19,040 --> 00:08:23,160 Speaker 1: exciting and in many respects the future of entertainment, but 154 00:08:23,440 --> 00:08:28,440 Speaker 1: one that invests the investment community is looking at very positively. 155 00:08:29,360 --> 00:08:32,320 Speaker 1: So how did a nice Jewish boy from New York 156 00:08:32,600 --> 00:08:35,760 Speaker 1: wind up running Disney? Let's go through that. You grew 157 00:08:35,880 --> 00:08:38,040 Speaker 1: up in the New York area, Is that right? Yes, 158 00:08:38,360 --> 00:08:39,880 Speaker 1: it is kind of by the way, it's a pinch, 159 00:08:40,240 --> 00:08:43,880 Speaker 1: pinch yourself moment. And I grew up in a relatively 160 00:08:43,920 --> 00:08:48,360 Speaker 1: modest background, lower middle class. My dad was a well 161 00:08:48,480 --> 00:08:51,360 Speaker 1: educated man the advertising business, but he suffered from terrible 162 00:08:51,360 --> 00:08:54,160 Speaker 1: manic depression and it made it very difficult for him 163 00:08:54,240 --> 00:08:57,960 Speaker 1: to hold a job. My mother became an employee at 164 00:08:57,960 --> 00:09:01,360 Speaker 1: a high school library junior high school live Rurry later 165 00:09:01,440 --> 00:09:04,920 Speaker 1: on in my in my childhood, to help, you know, 166 00:09:05,000 --> 00:09:07,600 Speaker 1: support our family. But it was modest back room. But 167 00:09:07,640 --> 00:09:09,800 Speaker 1: I but I loved. I never felt poor and I 168 00:09:09,840 --> 00:09:13,480 Speaker 1: never felt deprived. Of anything, including love. By the way, 169 00:09:13,600 --> 00:09:16,080 Speaker 1: my family, your parents didn't say you need to be 170 00:09:16,160 --> 00:09:18,600 Speaker 1: a lawyer or a doctor or something like that. They 171 00:09:18,600 --> 00:09:20,560 Speaker 1: didn't say that to you. There was a little bit 172 00:09:20,600 --> 00:09:22,360 Speaker 1: of a push for me to be a doctor because 173 00:09:22,360 --> 00:09:25,240 Speaker 1: my mother's oldest brother was. But no, my my father 174 00:09:25,400 --> 00:09:28,120 Speaker 1: and my mom were pretty good at letting me pursue 175 00:09:28,360 --> 00:09:30,959 Speaker 1: whatever my dreams were. And my dreams early on were 176 00:09:31,000 --> 00:09:34,560 Speaker 1: to become Walter Cronkite or a television news anchor person. 177 00:09:34,840 --> 00:09:39,240 Speaker 1: I actually became a weatherman when I left Ithaca College 178 00:09:39,800 --> 00:09:43,000 Speaker 1: for a local TV station there, and that was sort 179 00:09:43,000 --> 00:09:45,439 Speaker 1: of the start. Get a job on camera and then 180 00:09:45,440 --> 00:09:47,760 Speaker 1: hopefully work up work your way up from there all 181 00:09:47,760 --> 00:09:50,880 Speaker 1: the way to you know, possibly becoming a network anchor man. Well, 182 00:09:50,920 --> 00:09:54,080 Speaker 1: that didn't happen. I lost confidence in myself and my 183 00:09:54,160 --> 00:09:57,720 Speaker 1: ability to actually fulfill that dream, and so I pivoted 184 00:09:57,840 --> 00:10:00,640 Speaker 1: and took a job behind the scenes in reduction at 185 00:10:00,679 --> 00:10:04,640 Speaker 1: ABC in um the middle of nineteen seventy four. So 186 00:10:04,720 --> 00:10:06,640 Speaker 1: if you ever thought you could have been outroker if 187 00:10:06,679 --> 00:10:09,800 Speaker 1: you were really good at being a weatherman, that's true. Yeah, 188 00:10:09,800 --> 00:10:12,000 Speaker 1: So you know, I I teased every once in a while, 189 00:10:12,040 --> 00:10:14,320 Speaker 1: I'll go into one of our TV stations or visit 190 00:10:14,679 --> 00:10:16,880 Speaker 1: Good Morning America, And I warned them that, you know, 191 00:10:16,960 --> 00:10:19,679 Speaker 1: my next job maybe there's and I may, you know, 192 00:10:20,000 --> 00:10:23,000 Speaker 1: I may become the weather person on Good Morning America. 193 00:10:23,440 --> 00:10:26,760 Speaker 1: So initially you were doing some production at ABC and 194 00:10:26,800 --> 00:10:29,200 Speaker 1: so forth, but eventually went into the sports area. So 195 00:10:29,320 --> 00:10:31,480 Speaker 1: did you think your career was going to be basically 196 00:10:31,559 --> 00:10:33,480 Speaker 1: one day running ABC Sports and that would be the 197 00:10:33,520 --> 00:10:36,120 Speaker 1: highest that you would have rise to. That would have 198 00:10:36,120 --> 00:10:38,199 Speaker 1: been fine with me. And actually there are a number 199 00:10:38,200 --> 00:10:40,840 Speaker 1: of steps along the way that if I had achieved them, 200 00:10:41,160 --> 00:10:43,040 Speaker 1: you know, would have been absolutely fine with that being 201 00:10:43,080 --> 00:10:46,640 Speaker 1: kind of the last job. Um, yes, I would have 202 00:10:46,679 --> 00:10:49,120 Speaker 1: loved to have been president of ABC Sports. Interestingly enough, 203 00:10:49,120 --> 00:10:53,360 Speaker 1: I never got that opportunity. The people who had purchased 204 00:10:53,360 --> 00:10:58,320 Speaker 1: ABC from Capital Cities Communication, Tom Murphy and Dan Burke, 205 00:10:58,720 --> 00:11:01,120 Speaker 1: actually took me out of that role and sent me 206 00:11:01,160 --> 00:11:04,320 Speaker 1: out to l A to run the entertainment division of 207 00:11:04,360 --> 00:11:08,240 Speaker 1: ABC or primetime programming, which is a huge step for 208 00:11:08,320 --> 00:11:11,560 Speaker 1: me into a an area of the business that I 209 00:11:11,600 --> 00:11:15,000 Speaker 1: had very little familiarity with. But they believed in me 210 00:11:15,040 --> 00:11:17,720 Speaker 1: and gave me that shot. So when you you're doing 211 00:11:17,800 --> 00:11:20,400 Speaker 1: very well out there, then ABC says, you're doing so well, 212 00:11:20,400 --> 00:11:21,880 Speaker 1: we want you to come back to New York and 213 00:11:22,000 --> 00:11:25,040 Speaker 1: kind of help run the whole company. Um, did you 214 00:11:25,080 --> 00:11:26,760 Speaker 1: want to go back to New York? At that point 215 00:11:27,080 --> 00:11:29,080 Speaker 1: I did. I was ready. I had done my four 216 00:11:29,120 --> 00:11:31,560 Speaker 1: and a half year stint at ABC Entertainment. I liked 217 00:11:31,679 --> 00:11:33,560 Speaker 1: l A, but I was ready to go back to 218 00:11:33,559 --> 00:11:35,360 Speaker 1: New York. And they offered me the job to be 219 00:11:35,480 --> 00:11:39,240 Speaker 1: president of ABC, the ABC network. Now you're the big shot. 220 00:11:39,440 --> 00:11:41,360 Speaker 1: You are going to be. You're running the whole company. 221 00:11:41,559 --> 00:11:43,640 Speaker 1: And then all of a sudden, Cap Cities people say, 222 00:11:43,679 --> 00:11:46,920 Speaker 1: guess what, We're gonna sell the company to Disney. So 223 00:11:47,320 --> 00:11:49,000 Speaker 1: was that something you were happy with or did you 224 00:11:49,080 --> 00:11:50,800 Speaker 1: think there was a role for you? Then? Well, it 225 00:11:50,880 --> 00:11:54,640 Speaker 1: was an incredible time. It was the summer of and UM. 226 00:11:54,760 --> 00:11:57,040 Speaker 1: I had been told by Tom Murphy, who was in 227 00:11:57,120 --> 00:11:59,880 Speaker 1: the chairman, that um, it was likely I had become 228 00:11:59,880 --> 00:12:02,560 Speaker 1: the next CEO. I was CEO, which I thought it 229 00:12:02,559 --> 00:12:05,280 Speaker 1: was great. Warren Buffett, by the way, was our largest shareholder, 230 00:12:05,800 --> 00:12:08,000 Speaker 1: and I thought he had some enough faith in me. 231 00:12:09,040 --> 00:12:13,480 Speaker 1: But Michael Eisner approached us and made an offer that 232 00:12:13,679 --> 00:12:15,719 Speaker 1: not only we felt we couldn't refuse, but we thought 233 00:12:15,720 --> 00:12:17,400 Speaker 1: it was in the best interest to the shareholders of 234 00:12:17,400 --> 00:12:20,160 Speaker 1: the company. Turns out we were right. And look, in 235 00:12:20,200 --> 00:12:23,080 Speaker 1: the back of my mind, even though Michael made it 236 00:12:23,160 --> 00:12:26,120 Speaker 1: very very clear that they were never going to be 237 00:12:26,160 --> 00:12:28,560 Speaker 1: a guarantee, I thought, if I played my cards right, 238 00:12:28,600 --> 00:12:31,640 Speaker 1: if I performed well, I could potentially run the Walt 239 00:12:31,679 --> 00:12:36,560 Speaker 1: Disney Company something at some point. So eventually, Um, Michael 240 00:12:36,559 --> 00:12:39,240 Speaker 1: Eisner decides to retire a little earlier than maybe he 241 00:12:39,240 --> 00:12:41,640 Speaker 1: had thought he was going to retire. The board says, 242 00:12:41,679 --> 00:12:44,239 Speaker 1: we have to go look for somebody to run the company. 243 00:12:44,440 --> 00:12:46,080 Speaker 1: Did they just call you up the next day and 244 00:12:46,080 --> 00:12:48,280 Speaker 1: say it's your job or did you have to kind 245 00:12:48,280 --> 00:12:50,720 Speaker 1: of go through a little beauty contest. Yeah, a little 246 00:12:50,760 --> 00:12:53,880 Speaker 1: beauty contest would be an understatement. We as I mentioned 247 00:12:53,880 --> 00:12:56,440 Speaker 1: at the beginning of this discussion, we had gone through 248 00:12:56,480 --> 00:12:59,960 Speaker 1: a tough period of time, um, and the board fell 249 00:13:00,200 --> 00:13:03,120 Speaker 1: that and rightfully so looking back, that they had to 250 00:13:03,120 --> 00:13:06,720 Speaker 1: be expensive in their thinking about who the next CEO 251 00:13:06,840 --> 00:13:09,720 Speaker 1: should be, and and they created a you know, a 252 00:13:09,760 --> 00:13:13,760 Speaker 1: true contest. They considered a number of outside candidates, They 253 00:13:13,760 --> 00:13:17,200 Speaker 1: interviewed outside candidates. They said to me that I was 254 00:13:17,240 --> 00:13:20,320 Speaker 1: the only inside candidate. But They made pretty clear at 255 00:13:20,320 --> 00:13:22,600 Speaker 1: the beginning that not only was it not a guarantee, 256 00:13:23,120 --> 00:13:24,840 Speaker 1: but it was less likely that I would get it 257 00:13:24,880 --> 00:13:27,880 Speaker 1: because I had been CEO for five years and they 258 00:13:28,120 --> 00:13:32,440 Speaker 1: they they seemed intent on bringing change to the company 259 00:13:32,440 --> 00:13:35,600 Speaker 1: because they felt it was needed. UM. And so as 260 00:13:35,640 --> 00:13:39,080 Speaker 1: the insider, I actually had the outside track, not the 261 00:13:39,120 --> 00:13:42,280 Speaker 1: inside track. So eventually they call you up and say 262 00:13:42,320 --> 00:13:45,440 Speaker 1: the job is yours. And subsequently, as I mentioned the outset, 263 00:13:46,040 --> 00:13:48,959 Speaker 1: your stock is up about four plus percent and market 264 00:13:49,040 --> 00:13:52,000 Speaker 1: capps about four plus percent. Did anybody ever call you 265 00:13:52,120 --> 00:13:54,120 Speaker 1: up and say, hey, we made the right decision. We're 266 00:13:54,120 --> 00:13:56,280 Speaker 1: sorry we made you go through that process. Did anybody 267 00:13:56,280 --> 00:14:00,200 Speaker 1: do that? No one said that we're sorry we to 268 00:14:00,200 --> 00:14:03,920 Speaker 1: go through the process. Um. They on a number of 269 00:14:03,920 --> 00:14:09,360 Speaker 1: occasions board members were very generous in their compliments of 270 00:14:09,400 --> 00:14:12,880 Speaker 1: me and to me about the job that I was doing. 271 00:14:13,040 --> 00:14:15,480 Speaker 1: I think, you know, looking back, I think they thought 272 00:14:15,720 --> 00:14:18,680 Speaker 1: they made they made the right decision. And look, I 273 00:14:18,720 --> 00:14:22,280 Speaker 1: think that the numbers speak for themselves. And the position 274 00:14:22,280 --> 00:14:25,760 Speaker 1: of the company today is um, you know, far different 275 00:14:25,760 --> 00:14:28,960 Speaker 1: than it was back then. UM. And you know a 276 00:14:28,960 --> 00:14:30,800 Speaker 1: lot of that was due to strategy that was laid 277 00:14:30,800 --> 00:14:33,960 Speaker 1: out even in the succession process because I discussed some 278 00:14:34,000 --> 00:14:36,680 Speaker 1: of the things I wanted to accomplish, uh and being 279 00:14:36,720 --> 00:14:40,040 Speaker 1: able to execute that strategy over the years. In your book, 280 00:14:40,080 --> 00:14:42,720 Speaker 1: you point to four acquisitions you made. Let me try 281 00:14:42,760 --> 00:14:44,400 Speaker 1: to go through each of them with you. One of 282 00:14:44,480 --> 00:14:48,520 Speaker 1: the first ones was pixar UM. You Disney had a 283 00:14:48,560 --> 00:14:53,080 Speaker 1: complicated relationship with pixar UM. How did you convince Steve 284 00:14:53,200 --> 00:14:56,200 Speaker 1: Jobs to sell you Pixar And was that an easy 285 00:14:56,280 --> 00:14:59,080 Speaker 1: decision to convince the board to buy Pixar and what 286 00:14:59,200 --> 00:15:01,280 Speaker 1: was thought to be a pretty high price. Yeah, we 287 00:15:01,360 --> 00:15:03,720 Speaker 1: paid over seven billion dollars for Pixar, And it was 288 00:15:03,760 --> 00:15:07,480 Speaker 1: an idea that I had, uh right right away. In fact, 289 00:15:07,560 --> 00:15:10,160 Speaker 1: I laid that idea on the table to the board 290 00:15:10,160 --> 00:15:12,640 Speaker 1: in my first meeting at CEO with a company which 291 00:15:12,840 --> 00:15:15,240 Speaker 1: I'm not sure it's the right way to start, UM, 292 00:15:15,280 --> 00:15:17,120 Speaker 1: but we had gone through a period of time where 293 00:15:17,160 --> 00:15:21,480 Speaker 1: Disney Animation had been faltering UM almost a decade and 294 00:15:21,600 --> 00:15:25,240 Speaker 1: we had a very good um. Uh. We had had 295 00:15:25,240 --> 00:15:27,720 Speaker 1: a lot of success with Pixar and what was basically 296 00:15:27,760 --> 00:15:31,160 Speaker 1: a joint venture with them that was ending and Steve Jobs, 297 00:15:31,320 --> 00:15:35,280 Speaker 1: you know, in a very very um difficult and kind 298 00:15:35,280 --> 00:15:39,160 Speaker 1: of in your face manner. UH told us publicly, meaning 299 00:15:39,160 --> 00:15:43,280 Speaker 1: he made announcement publicly that the Pixar relationship with Disney 300 00:15:43,280 --> 00:15:46,880 Speaker 1: would end. I felt that I had to address UH 301 00:15:47,080 --> 00:15:50,320 Speaker 1: Disney Animation that it needed it needed a huge improvement, 302 00:15:50,640 --> 00:15:53,000 Speaker 1: and I thought the fastest way to accomplish that, albeit 303 00:15:53,160 --> 00:15:56,160 Speaker 1: the riskiest and the most expensive, was to buy Pisar, 304 00:15:56,720 --> 00:15:58,320 Speaker 1: not only to bring pis Are in as part of 305 00:15:58,320 --> 00:16:01,160 Speaker 1: the company, but bring the executives that would created all 306 00:16:01,200 --> 00:16:04,800 Speaker 1: the successive Pixar and have them turned Disney Animation around. 307 00:16:05,080 --> 00:16:07,240 Speaker 1: And that was my pitch to the board, and it 308 00:16:07,360 --> 00:16:11,640 Speaker 1: took UM on the board side. It took from October 309 00:16:11,760 --> 00:16:14,520 Speaker 1: to January January to convince them it was the right thing, 310 00:16:15,520 --> 00:16:18,560 Speaker 1: and a lot of UM. I used up all the 311 00:16:18,560 --> 00:16:20,880 Speaker 1: capital I had, and I didn't have much because I 312 00:16:20,920 --> 00:16:24,960 Speaker 1: was a brand new CEO UM. But I also was 313 00:16:25,040 --> 00:16:27,280 Speaker 1: able to convince Steve Jobs that it was a good idea. 314 00:16:27,640 --> 00:16:30,280 Speaker 1: When the notion of buying pis Are came to me, 315 00:16:30,840 --> 00:16:32,920 Speaker 1: I called him up. I was actually quite nervous. I 316 00:16:32,920 --> 00:16:34,800 Speaker 1: got him on the phone and I said, I've got 317 00:16:34,800 --> 00:16:37,560 Speaker 1: a crazy idea. Can I come up and talk to 318 00:16:37,560 --> 00:16:39,440 Speaker 1: you about Because I didn't think I should broach the 319 00:16:39,480 --> 00:16:42,800 Speaker 1: subject on the phone. Well, I don't know how well 320 00:16:42,840 --> 00:16:45,640 Speaker 1: you knew Steve, but anyone who knew Steve would know 321 00:16:45,720 --> 00:16:47,640 Speaker 1: that if you said to Steve, I have a crazy idea, 322 00:16:47,720 --> 00:16:49,960 Speaker 1: he would have to hear it right away. So the 323 00:16:50,000 --> 00:16:52,240 Speaker 1: notion that I would say that to him and then say, 324 00:16:52,280 --> 00:16:54,280 Speaker 1: but I'll come up and talk to you, it was ridiculous. 325 00:16:54,680 --> 00:16:56,920 Speaker 1: And he made me tell him on the phone, like 326 00:16:57,000 --> 00:16:59,280 Speaker 1: in the minute, what I had in mind. What was 327 00:16:59,320 --> 00:17:02,640 Speaker 1: my crazy I deal? He said, well, it's not that crazy. Um, 328 00:17:02,680 --> 00:17:04,080 Speaker 1: why don't we Why don't you come up and we'll 329 00:17:04,119 --> 00:17:07,480 Speaker 1: talk about it. And that led to a very very 330 00:17:07,520 --> 00:17:11,440 Speaker 1: interesting discussion with him on the subject us buying Pixar 331 00:17:11,840 --> 00:17:15,200 Speaker 1: and Steve becoming the largest shareholder of the Walt Disney Company, 332 00:17:15,240 --> 00:17:18,359 Speaker 1: a member of our board and a true friend of mine. 333 00:17:18,960 --> 00:17:21,960 Speaker 1: That was just a simple result of that process. Right 334 00:17:22,000 --> 00:17:25,080 Speaker 1: before the Disney board is about to approve the acquisition, 335 00:17:25,080 --> 00:17:27,480 Speaker 1: he tells you something about his health, that he has 336 00:17:27,520 --> 00:17:30,080 Speaker 1: his cancer, and returned, so did you ever think about 337 00:17:30,200 --> 00:17:33,680 Speaker 1: changing the they proceeded proceeding to go forward the deal 338 00:17:33,760 --> 00:17:37,080 Speaker 1: or not. Actually, we were on the Pixar campus basically 339 00:17:37,119 --> 00:17:39,199 Speaker 1: preparing for the announcement which Steve and I were going 340 00:17:39,240 --> 00:17:42,000 Speaker 1: to make, and he said, can we go for a walk. 341 00:17:42,359 --> 00:17:43,920 Speaker 1: And he told me that he was going to tell 342 00:17:43,920 --> 00:17:46,480 Speaker 1: me something that only his wife and his doctors knew, 343 00:17:46,520 --> 00:17:48,680 Speaker 1: and that was that the cancer that he had had 344 00:17:48,720 --> 00:17:51,920 Speaker 1: a few years earlier that he was operated on, had 345 00:17:51,960 --> 00:17:54,840 Speaker 1: come back in a different form, and he wanted me 346 00:17:54,880 --> 00:17:56,640 Speaker 1: to know it because he wanted me to He wanted 347 00:17:56,680 --> 00:17:58,359 Speaker 1: to give me a chance to back out of the deal. 348 00:17:58,840 --> 00:18:00,520 Speaker 1: At that point, I looked at my watch and it 349 00:18:00,640 --> 00:18:03,320 Speaker 1: was incredible. It was thirty minutes before we were announcing 350 00:18:03,320 --> 00:18:06,760 Speaker 1: a seven plus billion dollar deal that everybody that needed 351 00:18:06,760 --> 00:18:10,399 Speaker 1: to approve it had approved. UM and I. It's not 352 00:18:10,440 --> 00:18:12,520 Speaker 1: like I had an opportunity to phone anybody and ask 353 00:18:12,600 --> 00:18:17,639 Speaker 1: for their advice, because he demanded confidentiality. UM and I 354 00:18:17,680 --> 00:18:20,639 Speaker 1: made a decision kind of on the spot, which is 355 00:18:20,680 --> 00:18:23,440 Speaker 1: that we were buying Pixar, that while Steve was important 356 00:18:23,440 --> 00:18:25,920 Speaker 1: in the acquisition because he would become a board member 357 00:18:25,920 --> 00:18:28,840 Speaker 1: and a shareholder, he was not material to the Pixar 358 00:18:28,960 --> 00:18:32,720 Speaker 1: deal itself. And therefore I thought that I was exercising 359 00:18:33,440 --> 00:18:37,240 Speaker 1: the right set of responsibilities as the CEO of the company, 360 00:18:37,440 --> 00:18:41,080 Speaker 1: and and and in asking shareholders ultimately to approve a 361 00:18:41,200 --> 00:18:45,560 Speaker 1: large acquisition. And so while if we went to make 362 00:18:45,560 --> 00:18:51,480 Speaker 1: the announcement with me carrying that incredibly heavy news inside me, 363 00:18:51,840 --> 00:18:55,080 Speaker 1: and it was a secret actually that held for a 364 00:18:55,119 --> 00:18:58,639 Speaker 1: few years that the world didn't know. Um. And that 365 00:18:58,800 --> 00:19:02,119 Speaker 1: was in early two thousand and six, and he lived 366 00:19:02,200 --> 00:19:06,399 Speaker 1: until October of two thousand eleven. So I had the 367 00:19:06,440 --> 00:19:09,920 Speaker 1: benefit of not only his friendship and his advice in 368 00:19:10,000 --> 00:19:12,520 Speaker 1: his position on the board, but you know of of 369 00:19:12,640 --> 00:19:16,000 Speaker 1: the of the wisdom that Steve Job brought to any room, 370 00:19:16,080 --> 00:19:20,760 Speaker 1: any situation, wisdom and an incredible talent and instinct. How 371 00:19:20,800 --> 00:19:24,479 Speaker 1: Disney has a lot of characters, Donald Duck, Mickey Mouse, 372 00:19:24,640 --> 00:19:27,000 Speaker 1: Mini Mouse, so forth. Why did you need to go 373 00:19:27,080 --> 00:19:31,040 Speaker 1: by the characters from Marvel Entertainment? Um, that's was your 374 00:19:31,040 --> 00:19:35,240 Speaker 1: next big acquisition, another comic book series of characters. Why 375 00:19:35,240 --> 00:19:37,280 Speaker 1: did you feel that was such an important deal? In 376 00:19:37,359 --> 00:19:40,440 Speaker 1: two thousand and five, when I became CEO, we were 377 00:19:40,440 --> 00:19:45,399 Speaker 1: starting to see the very very a huge amount of 378 00:19:45,480 --> 00:19:48,520 Speaker 1: disruption to our business. And one of the things that 379 00:19:48,840 --> 00:19:51,200 Speaker 1: mostly thanks to technology, and one of the things that 380 00:19:51,720 --> 00:19:56,000 Speaker 1: new technology was bringing was an explosion of of what 381 00:19:56,080 --> 00:20:00,439 Speaker 1: was being produced of creativity, uh, and consumer choice in 382 00:20:00,560 --> 00:20:04,040 Speaker 1: the in the entertainment field, and I thought that with 383 00:20:04,480 --> 00:20:09,840 Speaker 1: so much more consumer choice UM, that high quality branded 384 00:20:09,960 --> 00:20:13,840 Speaker 1: entertainment would be even more valuable. So after the Pixar 385 00:20:13,880 --> 00:20:19,560 Speaker 1: acquisition was successful, we created a list of acquisition targets 386 00:20:19,560 --> 00:20:22,000 Speaker 1: at Disney and they all were consistent with what I 387 00:20:22,119 --> 00:20:24,280 Speaker 1: just laid out. We were looking for high quality branded 388 00:20:24,359 --> 00:20:27,320 Speaker 1: entertainment and Marvel and Star Wars were at the top 389 00:20:27,359 --> 00:20:29,720 Speaker 1: of the list. So you then went to talk to 390 00:20:29,760 --> 00:20:32,960 Speaker 1: George Lucas and said, by the way, UM, I'd like 391 00:20:33,040 --> 00:20:36,399 Speaker 1: to buy your company and we will make Star Wars 392 00:20:36,440 --> 00:20:38,679 Speaker 1: in the future, and you can watch the movie, but 393 00:20:38,720 --> 00:20:40,720 Speaker 1: we're gonna make it. Was that hard for him to 394 00:20:40,800 --> 00:20:44,320 Speaker 1: give up the the create creative control of Star Wars. 395 00:20:44,600 --> 00:20:47,040 Speaker 1: It was, but again, you know, we saw in Star 396 00:20:47,080 --> 00:20:50,919 Speaker 1: Wars something that was extraordinary, like Marvel and like Pixar 397 00:20:51,000 --> 00:20:54,760 Speaker 1: and like Disney, as I talked earlier, and the difference 398 00:20:54,800 --> 00:20:58,000 Speaker 1: being that George was the creator of it and the 399 00:20:58,080 --> 00:21:01,080 Speaker 1: soul shareholder of it, and it was really who he was. 400 00:21:01,119 --> 00:21:03,040 Speaker 1: And I think he explained to me at some point 401 00:21:03,160 --> 00:21:06,160 Speaker 1: that you know when he passes is he will say 402 00:21:06,400 --> 00:21:09,720 Speaker 1: Star Wars creator George Lucas. This was, you know, like 403 00:21:10,080 --> 00:21:13,000 Speaker 1: you know, selling his birth right. It was an incredibly 404 00:21:13,000 --> 00:21:15,160 Speaker 1: difficult thing for him. I had a lot of empathy 405 00:21:15,240 --> 00:21:17,119 Speaker 1: for him, but it was hard. And I don't know 406 00:21:17,160 --> 00:21:19,360 Speaker 1: whether he has has second thoughts about it. He's never 407 00:21:19,440 --> 00:21:21,960 Speaker 1: he hasn't expressed that to me, But I would guess 408 00:21:22,000 --> 00:21:24,920 Speaker 1: that it's worked out really well for him, for his family. 409 00:21:25,240 --> 00:21:27,680 Speaker 1: It's certainly worked out well for us. I can't speak 410 00:21:27,680 --> 00:21:29,240 Speaker 1: for him, but I think he's happy with the stock 411 00:21:29,280 --> 00:21:32,840 Speaker 1: price increase that he got from from the acquisition. But again, 412 00:21:32,880 --> 00:21:34,480 Speaker 1: I can't speak for him. Let me ask him about 413 00:21:34,480 --> 00:21:37,520 Speaker 1: the last acquisition. Um, you know, the ones that you've made, 414 00:21:37,640 --> 00:21:40,200 Speaker 1: they weren't what I would call bet your company kinds 415 00:21:40,200 --> 00:21:43,640 Speaker 1: of acquisitions. They were expensive, but they weren't exactly fifty 416 00:21:43,640 --> 00:21:48,120 Speaker 1: and sixty billion dollar acquisitions. So when Rupert Murdoch said 417 00:21:48,160 --> 00:21:51,040 Speaker 1: he might be interested in selling part of his company, Uh, 418 00:21:51,119 --> 00:21:54,119 Speaker 1: did you worry about if it didn't work out, it 419 00:21:54,160 --> 00:21:55,840 Speaker 1: could be the end of your job, at the end 420 00:21:55,880 --> 00:22:00,560 Speaker 1: of your career and things like that. No. Um, Look, 421 00:22:00,600 --> 00:22:03,639 Speaker 1: I've gone into every one of these acquisitions with the 422 00:22:04,280 --> 00:22:06,639 Speaker 1: level of confidence that not only were they the right 423 00:22:06,680 --> 00:22:08,960 Speaker 1: acquisition at the right price that, but that we could 424 00:22:08,960 --> 00:22:11,160 Speaker 1: execute the vision that we had when we laid out 425 00:22:11,200 --> 00:22:15,800 Speaker 1: the reasoning behind the acquisition. Maybe I had too much confidence. 426 00:22:15,840 --> 00:22:18,800 Speaker 1: I don't know, But so far, so good. So now 427 00:22:18,920 --> 00:22:21,920 Speaker 1: as executive chairman, Uh, you have a little more free 428 00:22:21,960 --> 00:22:23,880 Speaker 1: time than maybe when you had the CEO. And if 429 00:22:23,880 --> 00:22:27,360 Speaker 1: you don't go into the Biden administration? Uh, what are 430 00:22:27,400 --> 00:22:29,679 Speaker 1: you going to do to top what you've done and 431 00:22:29,720 --> 00:22:32,680 Speaker 1: to keep yourself energized? I read you just went onto 432 00:22:32,680 --> 00:22:35,639 Speaker 1: the board of a new food company. What do you 433 00:22:35,680 --> 00:22:37,639 Speaker 1: want to do to top what you've already done. I 434 00:22:37,640 --> 00:22:39,720 Speaker 1: don't really have a need to top what I've done 435 00:22:39,760 --> 00:22:44,440 Speaker 1: at all. I'm extremely satisfied with what I've accomplished. UM, 436 00:22:44,680 --> 00:22:46,520 Speaker 1: And you know I wouldn't if I could do it again, 437 00:22:46,520 --> 00:22:49,200 Speaker 1: I wouldn't change anything, I don't think. So I'm really 438 00:22:49,720 --> 00:22:52,200 Speaker 1: I'm not looking to do that at all. I'm looking 439 00:22:52,240 --> 00:22:55,680 Speaker 1: for things that are stimulating, as I mentioned earlier, whether 440 00:22:55,720 --> 00:22:58,200 Speaker 1: that's in the public or the private sector, I don't know. 441 00:22:58,480 --> 00:23:01,640 Speaker 1: So have if you considered the high is calling of mankind, 442 00:23:02,040 --> 00:23:05,200 Speaker 1: which is private equity as another career. You know, I'm 443 00:23:05,200 --> 00:23:08,520 Speaker 1: not ruling anything out. I know, I know if private 444 00:23:08,560 --> 00:23:11,760 Speaker 1: equity has served you extremely well. I've had some feelers 445 00:23:11,800 --> 00:23:14,720 Speaker 1: from that space, but I've not made any decisions about 446 00:23:14,760 --> 00:23:17,480 Speaker 1: what I do next. I think that I'm very excited 447 00:23:17,520 --> 00:23:21,240 Speaker 1: about the next chapter. You know. Um, I'm sure it 448 00:23:21,320 --> 00:23:24,679 Speaker 1: will be a sorry day for me to leave Disney, 449 00:23:24,680 --> 00:23:27,919 Speaker 1: because it's been my home for forty six years, almost 450 00:23:27,920 --> 00:23:30,600 Speaker 1: forty seven. By the time I leave. On the other hand, 451 00:23:30,640 --> 00:23:32,600 Speaker 1: there's a whole world out there, and I still have 452 00:23:32,640 --> 00:23:34,840 Speaker 1: a lot of energy and a lot of huge amount 453 00:23:34,840 --> 00:23:39,639 Speaker 1: of curiosity, and I'm looking forward to it. That was 454 00:23:39,720 --> 00:23:43,280 Speaker 1: Bob Iger, current executive chairman and former CEO at Walt 455 00:23:43,280 --> 00:23:46,760 Speaker 1: Disney on the David Rubinstone Show, Pure to Pure Conversations. 456 00:23:48,040 --> 00:23:51,400 Speaker 1: And that's it for this hour of Bloomberg Best And 457 00:23:51,480 --> 00:23:55,040 Speaker 1: I'm Denise Pelly Green. This is Bloomberg.