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Walt Disney will cut its investment in programming for traditional television networks “pretty dramatically” as the company navigates the consumer shift to streaming, Chief Executive Bob Iger said Wednesday.

Iger said linear channels such as ABC still serve as an important marketing tool and reach older viewers who are not watching series such as “Abbott Elementary” on Disney’s streaming platforms.

Still, the goal is to “reduce pretty dramatically our investment in content specifically aimed at those traditional networks,” Iger said at the MoffettNathansons 2024 Media, Internet and Communications Conference in New York.

On Disney’s theme parks business, Iger said he expected continued growth but perhaps not at the same rate as in recent years.

“We’ve had double-digit revenue growth in that business for quite some time, and that’s extraordinary,” he said. “But I think we’re being realistic, too, in that delivering double-digit revenue growth … well into the future is not necessarily that achievable.”

Disney shares closed down 2.5% at $102.77 on the New York Stock Exchange.

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Jets’ Scheifele misses G7 because of injury

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Jets' Scheifele misses G7 because of injury

Winnipeg forward Mark Scheifele did not play in Game 7 of the Jets’ first-round Stanley Cup playoff series against the St. Louis Blues on Sunday due to an undisclosed injury, coach Scott Arniel said.

Arniel ruled out Scheifele following the team’s morning skate. He was hurt in Game 5 — playing only 8:05 in the first period before exiting — and then did not travel with the Jets to St. Louis for Game 6. Arniel previously had said Scheifele was a game-time decision for Game 7.

Scheifele, 32, skated in a track suit Saturday, and Arniel told reporters the veteran was feeling better than he had the day before. Scheifele, however, was not able to participate in the Jets’ on-ice session by Sunday, quickly indicating he would not be available for the game.

Winnipeg held a 2-0 lead in the series over St. Louis before the Blues stormed back with a pair of wins to tie it, 2-2. The home team has won each game in the best-of-seven series so far.

The Jets’ challenge in closing out St. Louis only increases without Scheifele. Winnipeg already has been dealing with the uneven play of goaltender Connor Hellebuyck, a significant storyline in the series to date. Hellebuyck was pulled in all three of his starts at St. Louis while giving up a combined 16 goals on 66 shots (.758 SV%). In Game 6, Hellebuyck allowed four goals in only 5 minutes, 23 seconds of the second period.

Hellebuyck was Winnipeg’s backbone during the regular season, earning a Hart Trophy and Vezina Trophy nomination for his impeccable year (.925 SV%, 2.00 GAA).

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Stars expect Robertson, Heiskanen back in semis

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Stars expect Robertson, Heiskanen back in semis

Stars coach Pete DeBoer expects to have leading goal scorer Jason Robertson and standout defenseman Miro Heiskanen available in the Western Conference semifinals after both missed Dallas’ first-round series win over the Colorado Avalanche.

Following their thrilling Game 7 comeback victory over the Avalanche on Saturday night, the Stars await the winner of Sunday night’s Game 7 between the Winnipeg Jets and St. Louis Blues. If the Blues win, the Stars will have home-ice advantage in the best-of-seven series.

“I believe you’re going to see them both play in the second round, but I don’t know if it’s going to be Game 1 or Game 3 or Game 5,” DeBoer said after Saturday’s series clincher. “I consider them both day-to-day now, but there’s still some hurdles. It depends on when we start the series, how much time we have between now and Game 1. We’ll have a little better idea as we get closer.”

Robertson, 25, who posted 80 points (35 goals, 45 assists) in 82 games this season, suffered a lower-body injury in the regular-season finale April 16 and was considered week-to-week at the time.

Heiskanen hasn’t played since injuring his left knee in a Jan. 28 collision with Vegas Golden Knights forward Mark Stone. Initially expected to miss three to four months, the 25-year-old defenseman had surgery Feb. 4 and sat out the final 32 games of the regular season. In 50 games, he collected 25 points (five goals, 20 assists) and averaged 25:10 of ice time, which ranked fifth among NHL blueliners.

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U.S. crude oil prices fall more than 4% after OPEC+ agrees to surge production in June

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U.S. crude oil prices fall more than 4% after OPEC+ agrees to surge production in June

Logo of the Organization of the Petroleum Exporting Countries (OPEC)

Andrey Rudakov | Bloomberg | Getty Images

U.S. crude oil futures fell more than 4% on Sunday, after OPEC+ agreed to surge production for a second month.

U.S. crude was down $2.49, or 4.27%, to $55.80 a barrel shortly after trading opened. Global benchmark Brent fell $2.39, or 3.9%, to $58.90 per barrel. Oil prices have fallen more than 20% this year.

The eight producers in the group, led by Saudi Arabia, agreed on Saturday to increase output by another 411,000 barrels per day in June. The decision comes a month after OPEC+ surprised the market by agreeing to surge production in May by the same amount.

The June production hike is nearly triple the 140,000 bpd that Goldman Sachs had originally forecast. OPEC+ is bringing more than 800,000 bpd of additional supply to the market over the course of two months.

Oil prices in April posted the biggest monthly loss since 2021, as U.S. President Donald Trump’s tariffs have raised fears of a recession that will slow demand at the same time that OPEC+ is quickly increasing supply.

Oilfield service firms such as Baker Hughes and SLB are expecting investment in exploration and production to decline this year due to the weak price environment.

“The prospects of an oversupplied oil market, rising tariffs, uncertainty in Mexico and activity weakness in Saudi Arabia are collectively constraining international upstream spending levels,” Baker Hughes CEO Lorenzo Simonelli said on the company’s first-quarter earnings call on April 25.

Oil majors Chevron and Exxon reported first-quarter earnings last week that fell compared to the same period in 2024 due to lower oil prices.

Goldman is forecasting that U.S. crude and Brent prices will average $59 and $63 per barrel, respectively, this year.

Catch up on the latest energy news from CNBC Pro:

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