Kevin Mayer talks about his disappointing departures at Disney and TikTok, and the long decline of pay TV
About a year ago, Disney announces Bob Chapek will be the new CEO, and Bob Iger is going to step down. Did you think you were going to be the next Disney CEO? Who wouldn't want to be CEO of the Walt Disney Company? Who wouldn't want to be CEO of the Walt Disney Company? I think TikTok is an incredible product, and ByteDance is an incredible company.cnbc.com
Source: Oracle wins TikTok over Microsoft in Trump-urged bid
TikTok denies it is a national-security risk and is suing to stop the administration from the threatened ban. TikTok denies that it has shared user data with the Chinese government or that it would do so if asked. It competes with tech giants such as Microsoft and Amazon that provide cloud services as well as business-software specialists like Salesforce. The president said on Aug. 18 that Oracle was “a great company” that “could handle” buying TikTok. He declined to state his preference between Oracle and Microsoft as buyers.
Walmart may join Microsoft in bid for video app TikTok
HONG KONG Walmart said Thursday it may join Microsoft to buy the U.S. business of TikTok, the popular Chinese-owned video app that has come under fire from the Trump administration. Walmart said in a statement that a deal with Microsoft and TikTok could help it expand its advertising business and reach more shoppers. Microsoft has confirmed discussions with TikTok; other tech companies such as Oracle are also reportedly interested in a possible acquisition. U.S. authorities are concerned that TikTok would turn over user data to Chinese authorities and that it censors content that would upset China. Microsoft and Walmart are already business partners, with Microsoft providing cloud computing services that help run the retailers stores and online shopping.
TikTok CEO Kevin Mayer's first task: Help the Chinese app rebuild trust with U.S. regulators
TikTok announced Mayer as its new CEO and the new chief operating officer of its Chinese parent-company ByteDance on Monday. Mayer had long been considered a possible heir to former Disney CEO and current Executive Chairman Bob Iger. But TikTok is now facing more scrutiny over its Chinese ownership from U.S. regulators and lawmakers than ever before. Until now, TikTok's Chinese ownership has been a concern, but it has yet to hurt the company's growth. This could also create an opening for an American competitor, like Facebook, to gain users who are wary of TikTok's Chinese ownership.cnbc.com
TikTok nabs Disney's streaming boss to be its new CEO
Disney's Head of Streaming, Kevin Mayer, is set to become TikTok's chief executive, TikTok announced Monday. Mayer will also serve as chief operating officer of ByteDance, the Chinese company that owns TikTok, effective June 1. Disney's stock fell nearly 1% in after-hours trading Monday following the announcement after closing the trading day up 7.15%. Disney veteran Rebecca Campbell will take over as Disney's head of streaming, the company announced in a news release. Campbell is a 23-year veteran of the Disney company and has held leadership roles across Disney's media, international and parks businesses.cnbc.com
Video app TikTok names top Disney streaming exec as new CEO
TikTok's app features short videos, many with music and dancing, that has become a favorite of younger people and is known for its goofy, light-hearted feel. (AP Photo/Damian Dovarganes, file)TikTok, the popular short-video app that has also drawn national-security and privacy concerns, has a new high-profile CEO from Disney, Kevin Mayer. Mayer will also be chief operating officer of TikTok's Chinese parent company, ByteDance, and report to its founder and CEO, Yiming Zhang, the company announced Monday. TikTok's app features short videos, many with music and dancing, that has become a favorite of younger people and is known for its goofy, light-hearted feel. He leaves Disney a few months after the entertainment giant named a longtime executive , Bob Chapek, to replace the well-regarded CEO Bob Iger.
5 things to know before the stock market opens Wednesday
Dow futures swing wildly between steep losses and gains after this week's plungeU.S. stock futures, in a highly volatile overnight session, were pointing to a mixed open Wednesday. Heading into the new trading day, the Dow, S&P 500 and Nasdaq were lower for the year and were about 8% off their record highs from earlier this month. The benchmark stock measures had all gotten off to a roaring 2020 start after last year's incredible returns. Concerns about coronavirus erase $1.7 trillion from the S&P 500 in two daysCoronavirus worries wiped an estimated $1.7 trillion of market value from the S&P 500 over the past two sessions, according to S&P Dow Jones Indices' senior index analyst Howard Silverblatt. The S&P 500 lost $810 billion in market value Tuesday, coupled with its $927 billion loss Monday.cnbc.com
Disney's choice of parks boss as new CEO confuses the company's Wall Street narrative
Bob Chapek, chairman of Walt Disney Parks and Experiences, stands for a photograph at an unveiling event of Star Wars: Galaxy's Edge at Walt Disney Co.'s Disneyland theme park in Anaheim, California, U.S., on Wednesday, May 29, 2019. That's why Tuesday's announcement that Bob Chapek , chairman of Disney Parks, Experiences and Products , is taking over as CEO for Bob Iger is surprising and confusing. Mayer has been running Disney's streaming services as the company's chairman of direct-to-consumer and international. Disney 's Wall Street narrative the past two or three years has been very straightforward: We're leaning into streaming video. Watch: Disney CEO Bob Iger to step downcnbc.com