He has no background in creative content production, shifting into the role from Walt Disney Studios, where he was president of marketing.
Considering that CBS All Access's Star Trek: Discovery was one of the most expensive shows in TV history with a budget of between $8 million and $8.5 million per episode then it becomes apparent just how much Disney is investing in both Favreau's show and its streaming service at large.
Shares of Disney, which have climbed almost 9 percent so far this year, slipped 1.1 percent in after-hours trading on Tuesday to $115.45.
Last month saw the Disney and Fox Studios merger approved, which sees the House of the Mouse aquire the likes of James Cameron's Avatar franchise, the Ridley Scott Alien franchise, and of course the X-Men and Fantastic Four characters.
In a recent New York Times article, we are introduced to Ricky Strauss, who has been placed in charge of the streaming service, specifically its content.
In the meantime, Iger said, the price point on the Disney direct-to-consumer streaming service will be reflective of an app that has a smaller volume of prestige content, rather than the more all-encompassing philosophy that drove early Netflix.
Due to syndication deals which are already in place, there will be some properties which won't be available at the launch of the streaming service.
However a Disney spokesperson also told the Times that as of now there are "no current plans" to also take the Marvel-themed shows that air on Netflix, including Jessica Jones, Daredevil, Luke Cage, The Punisher, Iron Fist, and The Defenders, but "no current plans" speaks for itself.
The company's theme parks division reported a 15-percent rise in profit to $1.3 billion with increases at domestic and global resorts.
In the fiscal third quarter, Disney's net income rose 23 percent to $2.92 billion (around Rs. 20,000 crores), or $1.95 (about Rs. 133) per share, from $2.37 billion (roughly Rs. 16,300 crores), or $1.51 (around Rs. 104) per share, a year ago.
Revenue rose 7 percent to $15.23 billion - also missing forecasts.
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