Peter Rice, then chairman and CEO of Fox Networks Group Inc., spoke at the Milken Institute global conference in Beverly Hills, California, May 3, 2017.
David Paul Morris Bloomberg | Getty Images
Disney has abruptly fired Peter Rice, its top TV content executive, a number of sources told CNBC on Thursday.
Rice did not know that the shooting was coming, according to someone familiar with the matter.
It was not immediately clear what led to Rice’s sudden departure from the company. According to the New York Times, Rice “did not fit into Disney’s corporate culture.” Other sources told Variety that the sudden decision was related to strategy and had nothing to do with Rice’s personal behavior.
A source told CNBC that Rice was considered a possible candidate to succeed CEO Bob Chapek as Disney’s CEO. Rice is well-liked and respected in Hollywood, and his removal is “unheard of” and “significant,” the source said.
His contract was renewed in August 2021 and was due to expire by 2024. Rice was given an undisclosed payment, said a source familiar with the matter.
Rice has more than three decades of experience in the entertainment industry and rose to 21st Century Fox. When the sale of the Disney company was finalized in 2019, Rice joined the Disney team. Dana Walden, who also made the transition from Fox to Disney, will take over his duties.
Disney confirmed Walden’s promotion, which takes effect immediately. Rice did not respond immediately to CNBC’s request for comment.
The layoff comes as Disney works aggressively to expand its streaming audience. Rice ran 20th Television, ABC Entertainment, ABC News and FX, among other brands.
The Disney board expressed support for Chapek, who passed the news to Rice earlier this week.
“The strength of the Walt Disney Company’s emerging pandemic business is a testament to Bob’s leadership and vision for the company’s future,” said Susan Arnold, chairman of Disney’s board. “In this important time of business growth and transformation, we are committed to keeping Disney on the successful path it is taking today, and Bob and his leadership team have the support and trust on board.”
– Julia Burstin and Alexander Sherman of CNBC contributed to this report.
Add Comment