Social media app TikTok's decision to hire Disney veteran Kevin Mayer as its CEO 'speaks more to a company looking to join the ranks of the media establishment rather than break them,' a Wall Street analyst argues. More details:
"Ultimately, TikTok's ambitions toward disruption may be less than we had thought," writes Evercore ISI's Kevin Rippey. Kevin Mayer, the Disney executive who oversaw the launch of streaming service Disney+, its new CEO late Monday, Wall Street analysts weighed in on the appointment and what it means for the broader sector.
"We likely gained some valuable insight about the strategic ambitions of TikTok by way of the company’s new CEO hire," Evercore ISI analyst Kevin Rippey wrote in a Monday evening report. "Ultimately, we think TikTok naming a well-tenured Disney executive as its CEO speaks more to a company looking to join the ranks of the media establishment rather than break them."
Calling Mayer "the ultimate established media executive," the analyst said "it’s fair to say that Mr. Mayer would be at the top of the list for new CEO wish lists in digital media." And he argued that TikTok was "likely to need a CEO capable of navigating a myriad of issues related to collecting user data and being owned by ByteDance, a Chinese internet company."
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