Current Events > Former Disney exec, Ike Perlmutter, claims he was FIRED for caring about profits

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NicholasCage
04/06/23 5:43:34 PM
#1:


and more:

https://www.hollywoodreporter.com/business/business-news/ike-perlmutter-disney-politics-desantis-marvel-box-office-1235368346/

Ike Perlmutter Blames Disney Firing on Fundamental Differences, Says Dont Get Involved in Politics

"I care about the bottom line," the Disney shareholder, who has been let go from his post of Marvel Entertainment chair, said in an interview. "Only people in Hollywood talk about box office."

Billionaire Isaac Ike Perlmutter, who sold Marvel to the Walt Disney Co. in 2009 for $4 billion, has argued in a rare public remarks that the Hollywood giant fired him due to business disagreements.

I have long expected that my working relationship with Disney would end. That it should come as a result of my trying to help Disney improve its business should sadden many shareholders as it does me, the companys largest individual shareholder, Perlmutter stated April 5 (full statement below).

The Marvel mogul also elaborated on the sentiment in a published interview the same day. I have no doubt that my termination was based on fundamental differences in business between my thinking and Disney leadership, because I care about return on investment, he told the Wall Street Journal.

While returned Disney CEO Bob Iger is focused on cutting 7,000 jobs and $5.5 billion in costs in a drive for efficiency, Perlmutter argued that in his case this was merely a convenient excuse to get rid of a longtime executive who dared to challenge the companys way of doing business.

Case in point: political showdowns. Amid Disneys ongoing battle with Florida Governor Ron DeSantis, Perlmutter told the Journal what advice he gave Disney executives: Dont get involved in politics. Youre going to get hurt. Its a no-win situation. One of Disneys largest individual shareholders, he also shared that he called the politician to tell him: Ron, youre right. Disney doesnt have the right to get involved with politics.

Last year, Disney froze political donations in the state due to the so-called Dont Say Gay law, which bars discussion on gender identity and sexual orientation in classrooms for young students. DeSantis retaliated by signing legislation dissolving independent special tax districts that give Disney privileges of self-government and exemption from certain regulations and fees related to emergency services and development planning. Before DeSantis took power, the oversight board passed an agreement transferring control of Disneys future development planning to the company. However, the new oversight board recently voted to hire outside legal counsel to examine the agreement, with a legal challenge against it widely expected...

..Perlmutter also told the Journal about disagreements over Disneys movie business strategy. While Disneys Marvel films have grossed more than $23 billion globally, he urged increased focus on profitability. All they talk about is box office, box office, Perlmutter told the newspaper. I care about the bottom line. I dont care how big the box office is. Only people in Hollywood talk about box office.

The Journal report also said that Perlmutter used to pick up the phone to air his concerns to such allies as former CEO Bob Chapek when he was unhappy with Disneys business approaches or strategies. He also found a kindred spirit in activist investor Nelson Peltz who launched a proxy battle against Disney late in 2022. While the Journal said that Perlmutter was not formally involved with Peltzs campaign, he called Disney board members, lobbying them to add Peltz to the board to allow a push for spending cuts.

My experience with any major corporation, when theyre having problemsusually people like Nelson Peltz know how to put it back on track, Perlmutter argued. I learned one thing about creative people my whole life: You cannot give them an open credit card. Theyre doing this for 30 years, why would they change?

Peltz ended his push to join Disneys board when Iger unveiled plans for cost cuts in February.

Perlmutters full released statement on April 5 is below:

I have long expected that my working relationship with Disney would end. That it should come as a result of my trying to help Disney improve its business should sadden many shareholders as it does me, the companys largest individual shareholder. Despite my employment termination, I will continue to hold my shares of Disney and continue to seek improvements at the company for the benefit of all stakeholders.

Anyone who knows me is well aware of my fixation on fiscal discipline to improve efficiency. It is that approach to Disneys operations that has formed my support for Trian, in seeking to restore the dividend, fix the companys inflated cost structure, and ensure a successful CEO succession. Trian CEO Nelson Peltz has a long history of improving shareholder returns at many leading consumer businesses. I believe he could have done the same for Disney as a member of its board. Its a disappointment for me and I believe many fellow shareholders that he wasnt welcomed to the board and that it took the threat of a proxy contest for the board and management to begin to act.

My ties to Disney are deep and extend more than 30 years. The Marvel brand which I brought to the company in 2009 is now one of the strongest and most profitable business units in the company, as well as one of the best-known entertainment franchises in the world.

I wish only the very best for Disney stakeholders its employees around the world, its millions of devoted fans and customers, its brilliant creators and contributors, and its many shareholders, like me. I will continue to advocate for actions that secure Disneys long-term financial health and allow a new generation of management to reverse the trend of falling shareholder equity and return the dividend to its prior level.
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NicholasCage
04/06/23 5:43:40 PM
#2:


Also, it looks like Bob Iger was grilled at the most recent shareholder meeting:

https://observer.com/2023/04/bob-iger-was-grilled-on-disneys-place-in-politics-at-shareholder-meeting/

Bob Iger Was Grilled on Disneys Place in Politics at Shareholder Meeting...

...In Bob Igers first annual shareholder meeting since reclaiming the role of CEO, he had to answer for some of his predecessors decisions. Shareholders from Florida, Nevada and New York voiced their concerns about the companys tainted relationship with Florida Gov. Ron DeSantis and its stance against anti-LGBTQ legislation in the stateboth issues that former CEO Bob Chapek played a role in materializing. The shareholder meeting took place virtually today (April 3).

Following Floridas so-called Dont Say Gay bill passing in the state House and Senate last year, ChapekDisneys then-CEOcondemned the legislation in a 2022 shareholder meeting. The bill, which DeSantis later passed, forbade discussions of gender identity and sexual orientation among certain grade levels in schools. In response to Chapeks criticism, Florida lawmakers voted to end Disneys status as a special purpose district, which allowed the company to function as an independent government in Florida for more than 50 years. Ron DeSantiss hand-picked board overseeing Disneys district is now preparing a legal battle against the company over the boards alleged inability to effectively manage the district due to actions Disney took to reclaim power, the Orlando Sentinel reported on March 29. The governor also today ordered an investigation into the board that previously oversaw Disneys district for self-dealing and other ethical violations.

In the meeting, Alan Frisher, a shareholder in Florida who works as a financial advisor at Ameriprise Financial Services, voiced his concerns about how Disney will protect shareholder value in light of the legal issues between DeSantis and Disney. Companies have a right to freedom of speech, Iger responded, asserting that it is wrong for the governor to punish a company that provides more than 75,000 jobs and 50 million visitors to the state each year. The action is anti-business and anti-Florida, he said.

DeSantis, a Republican, has reportedly indicated he intends to run for president in 2024, which could hurt Disney in the long run, Frisher told the Observer.

Disney has found itself involved in various social and political affairs in recent years. In addition to the fallout from Chapeks Dont Say Gay criticism, Disney has received backlash for depicting LGBTQ characters in its films. Following the overturning of Roe v. Wade, Disney told employees it would help pay for pregnancy-related care for workers that had to travel out of state to obtain abortions. Disney has also donated to various politicians and political organizations working to limit abortion care in the state.

The company is now trading 30 percent lower than its pre-Covid numbers and 87 percent below its 2021 peak.

Bob Iger responds to claims Disney has a political agenda

Some of these issues arose in the shareholder meeting. An investor from Nevada questioned if Disney should take stances on political issues when it can be detrimental to the company, he said. Another from New York said Disney has turned from a place of magic to a company that is grooming children to LGBTQ ideals.

As long as Im in the job, Im going to be guided by decency and respect, Iger said. When we weigh in, its because its truly relevant to the business and the people. Disney also seeks to tell stories that reflect the world around us, he added, addressing the latter shareholders concern....
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Heineken14
04/06/23 5:46:39 PM
#3:


Oh shit. Wake up, new SHAL alt just dropped.

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Jiek_Fafn
04/06/23 5:51:51 PM
#4:


Clearly the #1 profitable media company doesn't know what it's doing and needs to be saved by Ike Perlmutter

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Pitlord_Special
04/06/23 5:56:43 PM
#5:


Jiek_Fafn posted...
Clearly the #1 profitable media company doesn't know what it's doing and needs to be saved by Ike Perlmutter

Theres profit, and then theres the capital P Profits that can only come from being a real capitalist where the only values that matter are measured in dollars.

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NicholasCage
04/06/23 5:57:32 PM
#6:


https://screenrant.com/the-mandalorian-season-3-premiere-views-ratings/

The Mandalorian Season 3 Premiere's Viewership Is Disappointing To Disney

The viewing figures for The Mandalorian season 3s premiere have been revealed, and fall somewhat short of Disneys lofty expectations for Star Wars.

Third-party analytics have revealed The Mandalorian season 3's viewing figures, but they likely fall somewhat short of Disney's hopes for Jon Favreau and Dave Filoni's Star Wars Disney+ TV show. The first season of The Mandalorian released alongside the launch of Disney+, becoming a cultural phenomenon. Engagement with season 2 was just as high, and skyrocketed after a Luke Skywalker cameo in the season finale set the internet ablaze. No Doubt Disney hoped The Mandalorian season 3 would reach similar heights, but sadly that doesn't seem to be the case.

Streaming services don't tend to release viewing figures, meaning third-party analytics are the closest to accurate figures it's possible to get. The Wrap has published data from Samba TV, estimating that The Mandalorian season 3's premiere was watched by just under 1.5 million households. As noted by The Direct, this is comparable to other Star Wars Disney+ TV shows. The Book of Boba Fett's premiere was 2 percent higher, with just over 1.5 million views; Obi-Wan Kenobi, however, dramatically outperformed The Mandalorian season 3 by a massive 28 percent. The most uncomfortable comparison is with The Mandalorian season 2's premiere, which was around 25 percent higher...


https://variety.com/2023/film/box-office/ant-man-quantumania-box-office-drop-concern-marvel-1235536265/

After Ant-Man 3s Second Weekend Box Office Collapse, Should Marvel Get Concerned?

Ant-Man and the Wasp: Quantumania took a sizable hit in its sophomore outing at the box office. Ticket sales for the third Marvel movie starring Paul Rudds subatomic hero were down 69% from its $105 million debut, resulting in the biggest second-weekend drop in the franchises history.

That fall has inspired plenty of debate among analysts and experts: Is the films performance a blip or an inflection point in Hollywoods biggest property? The answer is likely somewhere in between, according to senior Comscore analyst Paul Dergarabedian.

As second weekend drops go, anything in the 70% realm is pretty significant, says Dergarabedian. But movies that open with over $100 million are generally front-loaded. In some cases, the bigger they are, the harder they fall comes into play.

In other words, its second-weekend turnout of $32 million is not exactly encouraging this early into its theatrical run, but lets see where ticket sales end up by the time Quantumania leaves the big screen...


https://www.dailynews.com/2023/02/06/disney-worlds-struggling-5000-star-wars-hotel-slashes-prices-cancels-summer-dates/

Disney Worlds struggling $5,000 Star Wars hotel slashes prices, cancels summer dates
The initial buzz that helped fill Disney coffers with galactic credits has turned into a concerning quiet in the halls of the Halcyon the Star Wars starship at the center of an immersive storytelling hotel experience.

Walt Disney Worlds highly hyped Star Wars hotel that debuted to months of sold out voyages has seen demand cool so dramatically that the Florida theme park giant has been forced to offer steep discounts on the pricey experience and cancel dates in the middle of summer.

The Star Wars: Galactic Starcruiser hotel at Disneys Hollywood Studios in Florida has begun offering 30% to 50% discounts to select customers on 3-day, 2-night experiences that cost $5,000 to $20,000...

..The Galactic Starcruiser began offering 30% discounts to loyal Disney Vacation Club members in November when hotel capacity dropped to as low as 25% on some dates, according to WDW News Today. The low turnout forced the Starcruiser to cut the second dinner seatings on some evenings, WDW News Today reported.

The low demand has brought concerns for the future of the experience, according to WDW NewsToday. As Master Yoda says, Difficult to see. Always in motion the future is.

In January, Disney canceled dates for Starcruiser stays in July, August and September and offered to rebook impacted guests on other voyages at 50% discounts, according to WDW Magic.

At the same time, Disney World rolled out discounts as steep as $700 on hotel stays at the Florida theme park resort before or after a Starcruiser voyage, according to WDW News Today.

In February, Disney began offering 50% discounts to current and retired cast members for stays on the Galactic Starcruiser on select dates from March through June, according to AllEars.
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RchHomieQuanChi
04/06/23 6:01:16 PM
#7:


More like he was fired for being a racist, sexist piece of shit who tried to prevent movies like Black Panther and Captain Marvel (two of Marvel Studios' most profitable projects) from being made and nearly caused Kevin Feige to leave the company.

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NicholasCage
04/06/23 6:03:42 PM
#8:


Here's Disney's stock performance for the past 5 years:

https://i.imgur.com/wmvRv0G.png

Yes, I understand a good ~2 years of that was due to Covid, but Disney stock has struggled to stay above the $100 mark and is way down from when it was at $197.16 on March 12, 2021.
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iPhone_7
04/06/23 6:05:27 PM
#9:


Whos Alt?

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ConfessPlease
04/06/23 6:05:51 PM
#10:


Sounds like a swell guy to work with

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VampireCoyote
04/06/23 6:06:39 PM
#11:


boost mobile ew

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garan
04/06/23 6:07:04 PM
#12:


Jiek_Fafn posted...
Clearly the #1 profitable media company doesn't know what it's doing and needs to be saved by Ike Perlmutter


You do realize that Disney lost 120 billion just last year, right?
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FortuneCookie
04/06/23 6:07:58 PM
#13:


NicholasCage posted...
Case in point: political showdowns. Amid Disneys ongoing battle with Florida Governor Ron DeSantis, Perlmutter told the Journal what advice he gave Disney executives: Dont get involved in politics. Youre going to get hurt. Its a no-win situation. One of Disneys largest individual shareholders, he also shared that he called the politician to tell him: Ron, youre right. Disney doesnt have the right to get involved with politics.

I feel so bad for this guy. All he wanted Disney to do was focus on profits and turn a blind eye to Floridian politicians' attempts to remove LGBTQ people from existence.

:(
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Solar_Crimson
04/06/23 6:09:11 PM
#14:


iPhone_7 posted...
Whos Alt?
SMAL

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Destroy the GOP
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TheSavageDragon
04/06/23 6:09:58 PM
#15:


FortuneCookie posted...
I feel so bad for this guy. All he wanted Disney to do was focus on profits and turn a blind eye to Floridian politicians' attempts to remove LGBTQ people from existence.

I laughed when I read that sentence. It reads like "So I called my good buddy, Ron..."
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RchHomieQuanChi
04/06/23 6:10:52 PM
#16:


Also among Ike Perlmutter's greatest hits:

- Forcing the X-Men and Fantastic Four out of the comic books because Fox still had the rights. Also in turn responsible for the lack of X-Men related merchandise and representation in non-Fox Marvel projects
- Cramming the Inhumans down our throats as a replacement, leading to the godawful Inhumans TV show
- Actively sabotaged a potential collaboration between Sony and Marvel Studios to have Andrew Garfield's Spider-Man in the MCU years before Tom Holland
- Is the primary reason why the Marvel TV shows felt so disconnected from the Marvel movies, despite supposedly taking place in the same universe

But sure, this is the guy that's going to get you profits

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DarthAragorn
04/06/23 6:19:48 PM
#18:


Perlmutter is about as useless as smal

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Murphiroth
04/06/23 6:21:12 PM
#19:


SMAL slurping for Perlmutter makes sense, he's equally racist
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dancing_cactuar
04/06/23 6:27:07 PM
#20:


iPhone_7 posted...
Whos Alt?
SMAL.

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Goldice
04/06/23 6:32:18 PM
#21:


Perlmutter also told the Journal about disagreements over Disneys movie business strategy. While Disneys Marvel films have grossed more than $23 billion globally, he urged increased focus on profitability. All they talk about is box office, box office, Perlmutter told the newspaper. I care about the bottom line. I dont care how big the box office is. Only people in Hollywood talk about box office.

How does this even make sense?

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garan
04/06/23 6:35:21 PM
#22:


^Because recent MCU movies aren't making much money, and in some cases actually lost money. Box office numbers by themselves don't take into account the enormous budgets & even more spent on marketing.
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Goldice
04/06/23 6:36:41 PM
#23:


garan posted...
^Because recent MCU movies aren't making much money, and in some cases actually lost money. Box office numbers by themselves don't take into account the enormous budgets & even more spent on marketing.

Yes they aren't making as much money in the box office.

The point is if they didn't spend on the movies, they wouldn't have made metric crap tons. He seems to be selling the idea you can make the MCU on the cheap but still pull in large revenues

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Doom_Art
04/06/23 6:42:25 PM
#24:


RchHomieQuanChi posted...
Also among Ike Perlmutter's greatest hits:

- Forcing the X-Men and Fantastic Four out of the comic books because Fox still had the rights. Also in turn responsible for the lack of X-Men related merchandise and representation in non-Fox Marvel projects
- Cramming the Inhumans down our throats as a replacement, leading to the godawful Inhumans TV show
- Actively sabotaged a potential collaboration between Sony and Marvel Studios to have Andrew Garfield's Spider-Man in the MCU years before Tom Holland
- Is the primary reason why the Marvel TV shows felt so disconnected from the Marvel movies, despite supposedly taking place in the same universe

But sure, this is the guy that's going to get you profits
Kevin Feige wanted a Black Panther movie in Phase 1 and a Captain Marvel movie in Phase 2 but Perlmutter veto'd those plans

Although I didn't know the bit about Andrew Garfield ending up in the MCU. Just another thing to hate him over lol

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Jiek_Fafn
04/06/23 6:45:00 PM
#25:


garan posted...
You do realize that Disney lost 120 billion just last year, right?
They had a net profit of over $3B. Are you thinking of their total revenue being down or their stocks? They're in first place in making actual money

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Unsuprised_Pika
04/06/23 6:46:35 PM
#26:


"Ron, youre right. Disney doesnt have the right to get involved with politics"

Fucking clown

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dancing_cactuar
04/06/23 6:52:09 PM
#27:


Doom_Art posted...
Kevin Feige wanted a Black Panther movie in Phase 1 and a Captain Marvel movie in Phase 2 but Perlmutter veto'd those plans

Although I didn't know the bit about Andrew Garfield ending up in the MCU. Just another thing to hate him over lol
I know everyone likes T'Challa, but I think Phase 1 might have been too early for an intro to Black Panther and a Phase 2 introduction would be more appropriate than a Phase 1 intro, Phase 1 is too tightly knit for me to see a place where they could slot in a Black Panther movie. Once Avengers made a billion dollars and they realized they could make a killing, then yeah that would be the time to introduce the character and start making plans.

And as much as I like Tom Holland in the role, having an Andrew Garfield Spider-Man in the MCU would have been neat as I have no problem with him as the character, I have a problem with the shit movies his was in and the bad hand he was dealt courtesy of Sony but not the actor. Shame how things turned out.

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FortuneCookie
04/06/23 6:54:46 PM
#28:


Unsuprised_Pika posted...
"Ron, youre right. Disney doesnt have the right to get involved with politics"

Fucking clown

And he expects sympathy. Like, Disney are supposed to be the bad guys and he's the poor money-hungry chap who was just doing his job.
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Antifar
04/06/23 6:57:16 PM
#29:


His was the only job title on earth where you should care about Disney's bottom line. If you're anybody else, what do you get out of Disney's profits? How does a more profitable Disney benefit you?

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ViewtifulGrave
04/06/23 7:48:51 PM
#30:


garan posted...
^Because recent MCU movies aren't making much money, and in some cases actually lost money. Box office numbers by themselves don't take into account the enormous budgets & even more spent on marketing.
Which MCU projects lost money?

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dancing_cactuar
04/06/23 7:54:47 PM
#31:


ViewtifulGrave posted...
Which MCU projects lost money?
Eternals 100% lost money, and there's a real solid chance Quantumania also lost money given the advertising put into it. Any further would just be murky speculation.

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FearlessMango
04/06/23 7:59:37 PM
#32:


Another from New York said Disney has turned from a place of magic to a company that is grooming children to LGBTQ ideals.
it's all so tiresome

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NicholasCage
04/07/23 12:21:50 AM
#33:


https://www.yahoo.com/entertainment/sorry-disney-super-mario-bros-225714234.html

Sorry, Disney: Super Mario Bros. Could Cement Universal as the New King of Animation Box Office

Easter weekend will see the arrival of one of the most hotly anticipated films of the year, Universal/Illuminations The Super Mario Bros. Movie, which should easily earn the best opening weekend ever for a video game adaptation. And in doing so, it will cement Universal as the new king of animation after years of dominance by Disney.

In an effort to take advantage of the holiday and overwhelming pre-release buzz, Universal is releasing this adaptation of the world-famous Nintendo series on Wednesday. Pre-release tracking is predicting a five-day opening of $125 million while Universals projection is a tad lower at $110 million. Independent projections for the Friday-Sunday period are starting at $75 million, which would top the video game adaptation record set last year by Sonic the Hedgehog 2 with $72.1 million.

Reviews have been quite tepid with an early Rotten Tomatoes score of 46%. But at least on opening weekend, the critics takes will bounce off this film like bullets off Bowsers spiked shell. For families and gamers, the movies myriad references to Marios long history of games should be more than enough to send them out of theaters gushing this weekend and set up Super Mario Bros. to become one of the highest-grossing films of the year.

In the process, Universal will notch another animation victory in what has been a very fruitful post-closure run for its two animation studios, Illumination and DreamWorks. While Disney and Pixar were struggling at the box office last year with Lightyear and Strange World, Illumination scored one of last summers biggest hits with Minions: The Rise of Gru, which grossed $936 million globally to become the highest-grossing animated movie since Frozen II in November 2019...


https://news.yahoo.com/pixar-had-lot-soul-searching-144335651.html

Pixar Had to Do a Lot of Soul-Searching After Lightyear Flopped at Box Office

Pixar and box office flop are usually not put together in the same sentence. Yet, the lows of Lightyear went to infinity and beyond it seemed.

After the Toy Story spin-off animated feature underperformed in theaters (and even saw some cineplexes fast-forward a same-sex kiss when showing the film), Pixars Chief Creative Officer Pete Docter addressed what went wrong with Lightyear, which starred Chris Evans as the real astronaut Buzz Lightyear that the toy is based on. The film received mixed reviews and ultimately lacked the signature Pixar spark drawing audiences in.

Weve done a lot of soul-searching about that because we all love the movie. We love the characters and the premise, Docter told The Wrap. I think probably what weve ended on in terms of what went wrong is that we asked too much of the audience. When they hear Buzz, theyre like, Great, wheres Mr. Potato Head and Woody and Rex? And then we drop them into this science fiction film that theyre like, What?'

Docter continued, Even if theyve read the material in press, it was just a little too distant, both in concept, and I think in the way that characters were drawn, that they were portrayed it was much more of a science fiction. And [director] Angus [MacLane], to his credit, took it very seriously and genuinely and wanted to represent those characters as real characters. But the characters in Toy Story are much broader, and so I think there was a disconnect between what people wanted, expected and what we were giving to them.

He added, Look, its great to go back and explore these worlds and these characters, but you want to have a reason, some kind of compelling reason, that youre making the movie.

Lead star Evans previously admitted it was tough stepping into an iteration of Buzz Lightyear for the prequel film, following Tim Allens iconic turn as the toy version.

The first time you have to do that iconic line, To infinity and beyond, you just kind of do a shameless Tim Allen impression, because its intimidating, Evans said.

The actor also addressed Saudi Arabia, the United Arab Emirates, and Kuwait banning the films release due to gay themes. A kiss between two lesbian characters was originally cut from the film and later reinstated amid the Dont Say Gay bill-backing backlash toward Disney...
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nexigrams
04/07/23 12:24:38 AM
#34:


I'm not gonna read that, but I am 100% certain no Disney exec has ever been fired in history for caring about profits, lol.

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FortuneCookie
04/07/23 12:33:42 AM
#35:


Easter weekend will see the arrival of one of the most hotly anticipated films of the year, Universal/Illuminations The Super Mario Bros. Movie, which should easily earn the best opening weekend ever for a video game adaptation. And in doing so, it will cement Universal as the new king of animation after years of dominance by Disney.

I'm not a Disney shill, but I think this kind of blind optimism was summed up by a different set of brothers:

https://gamefaqs.gamespot.com/a/user_image/6/2/3/AAdlC_AAEW9f.jpg
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