Walt Disney Co (NYSE:DIS) shares are trading lower. Disney CEO Bob Iger spoke at a media investment conference Wednesday hosted by MoffettNathanson.

What To Know: According to a Bloomberg report, Iger announced plans to cut marketing expenses for Disney+ at the MoffettNathanson investment conference on Wednesday.

After years of investments focused on driving subscriber growth, Disney will now cut costs in an effort to realize profits in the streaming business by the end of Disney's fiscal year. Disney reportedly expects to have double-digit profit margins in its direct-to-consumer streaming business sometime in the future. A specific time frame was not provided.

The report indicates that the media giant plans to take a page out of Netflix Inc's (NASDAQ:NFLX) playbook by investing in technology that will send customized messages to customers who may be showing signs of losing interest. The messages are expected to flag shows that may be of interest to customers who are engaging with the platform less.

Iger also briefly touched on the company's parks business, noting that he expects it to "grow nicely" over the long term. The Disney CEO reportedly reiterated that the double-digit growth seen in the company's parks business in recent years is not expected to last.

Disney shares may also be experiencing some weakness Wednesday after Comcast Corp CEO Brian Roberts announced a new streaming bundle called "StreamSaver" at a conference on Tuesday. The new streaming package is expected to include Apple TV+, Netflix and Peacock at significantly reduced prices compared to buying the services individually.

DIS Price Action: Disney shares were down 2.71% at $102.50 at the time of publication Wednesday, according to Benzinga Pro.