3Last week, Walt Disney Company CEO Bob Iger came under fire for remarks he made about the ongoing WGA strike, in which he slammed union members for not being “realistic” with their demands—and it looks like the situation is only getting worse as actors from SAG-AFTRA also agreed to join the picket line Thursday morning.
Plenty of actors, writers, and even the most loyal of fans have spoken out about Iger’s controversial take on the strike, which sees thousands of his employees withholding their labor and joining the picket line in the fight for fair wages. Strikers cite the Disney boss’ $25 million plus paycheck in their arguments as they receive mere cents in residuals, which has left many Hollywood creatives unable to afford rent.
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Iger, who makes over $25 million per year, implying that struggling writers and actors are “greedy” for wanting equal pay, seems rich coming from someone as, well, rich as him. And if the Disney boss’ comments weren’t already egregious enough, here are four things Bob Iger has spent his multi-million dollar plus paycheck on that prove his frankly absurd wealth.
What is Bob Iger’s Net Worth?
Bob Iger has an expansive career in the entertainment industry that spans decades, from his early days doing “menial labor” on ABC shows to climbing the AMC Sports Ladder to eventually succeeding former CEO Michael Eisner at the Walt Disney Company in 2005. Iger has received praise for essentially “saving” Disney, skyrocketing it to new heights of success thanks to the company’s lucrative acquisition of Lucasfilm, its Marvel Cinematic Universe, and wise financial moves, thanks to Iger’s savvy “no-BS” business strategy. The CEO hasn’t shied away from laying off employees and cutting costs where he can, which has understandably placed him at the center of controversy on numerous occasions.
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His professional success meant big profits for the CEO, whose compensation for Disney’s fiscal 2018 reached $65.6 million. Shortly after, Iger announced his retirement in late 2021, where it was reported that he would be making his exit with a hefty pay package worth $23 million. However, to little surprise, Iger returned to Disney less than a year into retirement after the company ousted then-CEO Bob Chapek following a financially tumultuous two years under his leadership. Iger’s return was initially supposed to be temporary, though he recently confirmed that he’d extended his contract through 2026.
Throughout his lengthy career in Hollywood, Iger has accumulated a massive fortune, which is not entirely surprising for one of the world’s most prolific media titans. As of 2023, Bob Iger’s net worth is estimated to be around $350 million (via Celebrity Net Worth), and his annual pay is reported to be close to $27 million per year. As pointed out by Disney heiress Abigail Disney, this is roughly 787 times more than the median salary of a Disney employee.
What Are the WGA and SAG-AFTRA’s Demands?
The Writers Guild of America (WGA) and Screen Actors Guild – American Federation of Television and Radio Artists (SAG-AFTRA) officially joined forces for the first time since 1960 in a historic labor union strike against major Hollywood studios, with actors joining writers after their most recent contract negotiations fell through earlier this month.
Writers put down their pens in early May after similar contract disagreements, with both them and SAG-AFTRA refusing to return to work until a new deal is reached with Hollywood execs. The impact is already sending waves across the entertainment industry, with blockbuster movies and TV shows shutting down production in solidarity with the movement. It has the potential to cost the industry billions of dollars in losses, but as of now, the studios haven’t budged.
So, what do the WGA and SAG-AFTRA want to achieve by striking? For one, the unions are demanding increased minimum compensation in all areas of media, which means increased residuals and appropriate TV series-writing compensation in an ever-changing realm of streaming. There’s also the matter of artificial intelligence software (AI), which threatens to replace writers and background extras by using their likenesses in perpetuity, saving studios a little cash but effectively leaving creatives without job stability, housing, and benefits. There are more specific demands, but in general, this is a fight for fair pay—something Iger deemed “not realistic” and “disturbing” in his latest interview with CNBC.
Four Things Bob Iger Has Spent His Fortune on
1. A $33 Million Mansion
Bob Iger and his wife, former CNN journalist Willow Bay, purchased their sprawling seven-bedroom, nine-bathroom mansion in the Brentwood neighborhood of Los Angeles for $19.5 million. And what better time to make millions of dollars worth of renovations than the middle of mass ESPN layoffs? The Igers put some of their fortune towards adding a spa, tearing down an old stable and building a new two-story stable, and expanding the first and second floors of their luxury compounds, according to records obtained by the New York Post last year—all while laying off around 20 high-profile ESPN sports commentators. For context, using the average rent of $2,781 for an apartment in Los Angeles, Iger’s estate could pay over 11 thousand staffers’ housing bills for a month.
2. His Luxury Yacht
Over the years, Iger has been spotted vacationing on a yacht, whether it be his own or the vessel of another ultra-wealthy business exec. In one particularly eyebrow-raising incident, a proxy statement filed by Trian Partners in January 2023 claimed that Iger postponed a meeting between himself, the Disney board, and CEO Nelson Peltz because he planned to “sail his yacht off the coast of New Zealand.” For reference, the average price of a yacht is $1.1 million, more than most writers, actors, and other Hollywood creatives will potentially ever see throughout their careers under current contract conditions. While he spent the holidays enjoying the open waters, strikers saw residual checks as little as 13 cents, if at all. Iger is also reportedly having a second yacht constructed to replace his current 184-foot vessel.
Oh look, it's Bob Iger being unrealistic and disruptive on his yacht! pic.twitter.com/bHM9uPwcOE
— Saverio Guerra (@saverio825) July 16, 2023
3. Courtside NBA Tickets
It’s no wonder that Bob Iger is a massive fan of sports considering his start at ABC was primarily centered around athletics. He can often be spotted sitting courtside at NBA games, but don’t be fooled—Iger isn’t there purely for the sake of rooting on the Los Angeles Clippers. Iger recently made interesting comments about ABC’s future with Disney, which could have ramifications in the sports world if Disney decides to retain ESPN or even sell off ABC as part of the company’s cost-cutting initiatives. And yes, the average courtside seat will run you about $2 thousand, which could pay a writer’s monthly rent.
4. His Rigorous Health and Wellness Routine
Oddly enough, Bob Iger, who turned 72 in December, rises at 4:15 a.m. every work day—and not to cut multi-million dollar business deals. Variety reported in 2016 that the Disney CEO spends up to 45 minutes working out on his punishing cardio machine, the VersaClimber, which is surprisingly a cost-effective option for the average fitness guru. However, it has been rumored that he has a notoriously extensive—and, by association—expensive physical and mental health routine on top of his daily workouts, likely ranging from hundreds to thousands of dollars a month.
'@disney CEO Bob Iger's workout secret? The VersaClimber! cc: @andrewrsorkin pic.twitter.com/xIq8OTubS7
— Squawk Box (@SquawkCNBC) July 27, 2015