Disney to Start Cracking Down on Password-Sharing

Walt Disney’s streaming service will start cracking down on password-sharing from June, Chief Executive Bob Iger said Thursday, as the entertainment conglomerate looks to boost subscriber growth and profitability at the business.

Iger also said there was a need for some consolidation in the streaming industry and Disney was eventually looking at double-digit margins in streaming, in a wide-ranging interview with CNBC.

The interview came just a day after Disney investors backed Iger and other company directors, defeating a campaign by activist investors including Nelson Peltz who argued that Disney had underperformed in the streaming-television era.

“The proxy vote was a decisive, true endorsement of the board,” he said, playing down criticisms of the activist investors and saying that the company was focused on succession – one of the major tasks facing the board of Disney.

Asked about criticism from billionaire Elon Musk, who had backed Peltz in the proxy battle, Iger said: “I ignore it.”