Richard Plepler

He spent the bulk of his career at the Walt Disney Company, first in the publishing division in the early 90s, and eventually as president of ESPN. Over the course of his own career's ascent, he saw Disney's cable business grow to unprecedented heights of profitability. But in 2012, when Skipper became president and ESPN's performance was so wildly spectacular, something else happened.

He spent the bulk of his career at the Walt Disney Company, first in the publishing division in the early 90s, and eventually as president of ESPN. Over the course of his own career's ascent, he saw Disney's cable business grow to unprecedented heights of profitability. But in 2012, when Skipper became president and ESPN's performance was so wildly spectacular, something else happened.

The numbers were still enormous, but for the first time, they weren't growing. And Skipper, in his new position, now got to hear how the leaders of the company thought about this loss.

The numbers were still enormous, but for the first time, they weren't growing. And Skipper, in his new position, now got to hear how the leaders of the company thought about this loss.

The numbers were still enormous, but for the first time, they weren't growing. And Skipper, in his new position, now got to hear how the leaders of the company thought about this loss.

Danger from a completely new way of watching TV and movies that could peel away cable subscribers, undermining Disney's most lucrative division at the time. So why not meet the consumer where they were? Why not make a Disney streaming service to capture the millennial flight from cable? A win was a win, right? Not exactly. Richard Plepler from HBO again.

Danger from a completely new way of watching TV and movies that could peel away cable subscribers, undermining Disney's most lucrative division at the time. So why not meet the consumer where they were? Why not make a Disney streaming service to capture the millennial flight from cable? A win was a win, right? Not exactly. Richard Plepler from HBO again.

Danger from a completely new way of watching TV and movies that could peel away cable subscribers, undermining Disney's most lucrative division at the time. So why not meet the consumer where they were? Why not make a Disney streaming service to capture the millennial flight from cable? A win was a win, right? Not exactly. Richard Plepler from HBO again.

Internal resources were finite, so dumping a bunch of money into streaming while cable was still so profitable just did not make sense.

Internal resources were finite, so dumping a bunch of money into streaming while cable was still so profitable just did not make sense.

Internal resources were finite, so dumping a bunch of money into streaming while cable was still so profitable just did not make sense.

And it wasn't like cable was just making more than streaming at this point. Streaming companies weren't really making any money at all. Sure, Netflix technically had modest profits on paper, but it was racking up billions of dollars in debt. But it didn't have to make money.

And it wasn't like cable was just making more than streaming at this point. Streaming companies weren't really making any money at all. Sure, Netflix technically had modest profits on paper, but it was racking up billions of dollars in debt. But it didn't have to make money.

And it wasn't like cable was just making more than streaming at this point. Streaming companies weren't really making any money at all. Sure, Netflix technically had modest profits on paper, but it was racking up billions of dollars in debt. But it didn't have to make money.

Wall Street valued Netflix as a tech company and had its blessing to spend, spend, spend because all it cared about was the company's stratospheric growth in subscribers. Netflix could worry about turning a real profit later. Disney was a media company, an old one, a company that had been making profits for decades, paying regular dividends to its shareholders.

Wall Street valued Netflix as a tech company and had its blessing to spend, spend, spend because all it cared about was the company's stratospheric growth in subscribers. Netflix could worry about turning a real profit later. Disney was a media company, an old one, a company that had been making profits for decades, paying regular dividends to its shareholders.

Wall Street valued Netflix as a tech company and had its blessing to spend, spend, spend because all it cared about was the company's stratospheric growth in subscribers. Netflix could worry about turning a real profit later. Disney was a media company, an old one, a company that had been making profits for decades, paying regular dividends to its shareholders.

It wasn't supposed to spend billions of dollars on unproven projects. It didn't have that kind of leeway. And so Disney waited, and it leaned into what was still working, the cable bundle.

It wasn't supposed to spend billions of dollars on unproven projects. It didn't have that kind of leeway. And so Disney waited, and it leaned into what was still working, the cable bundle.

It wasn't supposed to spend billions of dollars on unproven projects. It didn't have that kind of leeway. And so Disney waited, and it leaned into what was still working, the cable bundle.