Disney CEO Bob Iger resigned from Apple’s board of directors, just as the two companies are becoming streaming media competitors, Apple says in an SEC filing on Friday.
Bob Iger resigned from Apple on Sept. 10, after filing with the Securities and Exchange Commission, according to The Hollywood Reporter. The action coincided with the same day that Apple published the pricing and features of TV+, the company’s new Netflix competitor.
It will cost $4.99 per month, $2 less than Disney’s soon-to-be-released Disney+ streaming product. Both TV+ and Disney+ will stream original television shows and movies to subscribers.
The price undercuts Disney, which earlier this year announced its own streaming service that will feature its iconic children’s content and cost $6.99 a month.
Apple and Disney’s stock didn’t change on the news. Nevertheless, Disney is launching streaming video service Disney+ on Nov. 12, which will compete with Apple’s Apple TV+ service, programmed to become available on Nov. 1.
Apple added in a statement: “Bob has been an exemplary board member for nearly eight years, and for as long as he has led Disney he has been one of Apple’s most trusted business partners. He is a dedicated, visionary CEO and a role model for an entire generation of business leaders. “More than anything, Bob is our friend. He leads with his heart and he has always been generous with his time and advice. While we will greatly miss his contributions as a board member, we respect his decision and we have every expectation that our relationship with both Bob and Disney will continue far into the future.”
Apple and Disney have long had a unique relation among major American companies, dating back to when Apple co-founder Steve Jobs became a Disney director and major shareholder after the firm bought Pixar, the digital animation studio majority-owned by Jobs. Iger became an Apple director quickly after Jobs’ death in 2011.
‘While we will greatly miss his contributions as a board member, we respect his decision and we have every expectation that our relationship with both Bob and Disney will continue far into the future,’ Apple responded in a statement.
Disney did not quickly return a request for comment. In April, Disney revealed its hotly expected streaming service, Disney+. For $6.99 a month, subscribers will have access to a library of movies and films spanning five categories; Disney, Pixar, Marvel, Star Wars and National Geographic.
The family-friendly service will also include Fox films such as The Sound of Music and Malcolm in the Middle following the sale of 20th Century Fox to Walt Disney. here will further be original content in the style of documentaries, films, and TV shows.
Now, Iger continues as CEO of Disney where he has been in charge since 2005 and is no longer on any other public company boards.