May 15 (Reuters) - Walt Disney ( DIS ) 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 on 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 ( DIS )

streaming platforms.

Still, the goal is to "reduce pretty dramatically our

investment in content specifically aimed at those traditional

networks," Iger said at the MoffettNathanson's 2024 Media,

Internet and Communications Conference in New York.

On Disney's ( DIS ) 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 ( DIS ) shares were down 2.2% at $103.06 in afternoon trading

on the New York Stock Exchange.