Disney boss stands down from Apple as streaming battle begins

Disney chief executive Bob Iger has resigned from Apple’s board, as the two companies prepare to launch rival streaming services.

The 68-year-old gave up his seat on Tuesday, as Apple announced the price and release date for its streaming service, according to documents filed to the US Securities and Exchange Commission, published late Friday.

Apple previously played down competition concerns as investors grew concerned Mr Iger would have been privy to insider information about Apple TV+, due to launch November 1. Disney will launch its alternative, Disney+, in the US on November 12 and in the UK in 2020.

Mr Iger said: “It has been an extraordinary privilege to have served on the Apple board for eight years, and I have the utmost respect for Tim Cook, his team at Apple, and for my fellow board members.”

Both companies hope they can take on Netflix and Amazon Prime in the streaming wars with lower prices, all-star casts and original TV shows. Apple TV+ will cost £4.99 and Disney+ will cost $6.99 (£5.59), while Netflix charges £8.99.

Mr Iger joined Apple’s board in 2011, after he became friends with Tim Cook. He had been close with Steve Jobs, who he bought Pixar from in 2006.

When Mr Iger joined Apple's board, Mr Cook applauded him for his “strategic vision for Disney,” which focused on “generating the best creative content possible, fostering innovation and utilizing the latest technology, and expanding into new markets around the world”.

Despite taking some years to catch up with Netflix, Mr Iger has helped keep Disney relevant as technology has turned many businesses on their heads.

Mr Iger, who took over at Disney in 2005, bought Pixar in 2006, Marvel in 2009 and has a majority stake in Hulu, another popular streaming service, a catalogue of media, along with the Star Wars franchise, that has led analysts to argue that Disney is the streaming service to beat.