"Competition for people's time is increasing and the abundance of choice is allowing consumers to be more selective."
-- Walt Disney (DIS) CEO Bob Iger, announcing a 32% quarterly earnings decline that dragged Disney's stock down 7% to $19.15 in after-hours trading.
Iger's point is that Disney's problems extend beyond the recession. "In essence, we don't believe the changes we are seeing in consumer behavior can all be attributed to a weak economy, and we feel it is important for us to address them as more than just cyclical issue," Iger told investors, pointing to potentially long-term challenges in broadcast TV and the DVD business. It all adds up to more pressure on a CEO who, thus far, has proven his doubters wrong and rebuilt Disney into the most valuable media giant. For more, read my Fortune colleague Richard Siklos' recent "Bob Iger rocks Disney." -- Jessica Shambora
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