Disney Shares Break $100 Mark, Up Over 300 Percent Since Iger Took Over as CEO
Disney stock, on the back of a strong earnings report driven by the international phenomenon 'Frozen,' shot up more that $7 in trading Wednesday morning.
When Comcast launched its unsolicited takeover bid for Disney in 2004, the cable giant valued the company's stock at $26.47 per share. At the time, Disney was mired in a creative malaise, and analysts and industry pundits wondered if the company's board should take the money and run. Who knew, the thinking went, if Disney shares would ever climb above $30 again?
Fast forward to today, and that sentiment looks ridiculous in hindsight. Disney shares, on the back of a strong earnings report driven by the international phenomenon Frozen, shot up more that $7 in trading Wednesday morning to break the $100 per share barrier, a feat never before accomplished in its history as a publicly traded company.
When Bob Iger took over for Michael Eisner as Disney's CEO in October 2005, the company's shares were trading at around $24. That equates to a share price gain upward of 300 percent during Iger's tenure. Small wonder then that Disney's board decided last year that they didn't want Iger to leave in 2016 and extended the CEO's contract through 2018.