Walt Disney Company CEO Bob Iger has revealed that the company is contemplating the sale of its TV assets and is actively seeking a strategic partner for ESPN, its sports cable property. During an interview with CNBC, Iger shared that he has engaged in discussions with potential investors who may be interested in purchasing a minority stake in ESPN, although he refrained from providing specific details.
Bob Iger of Disney, $DIS, put roughly a third of the company up for sale this week, per Bloomberg, declaring Disney’s linear TV assets noncore. That includes TV networks ABC, FX and Freeform.
7/19/2023
Iger expressed his hope that a strategic partner would be able to provide assistance to Disney in terms of sports-related distribution or content. He emphasized that Disney intends to maintain its involvement in the sports business. Alongside this, Iger indicated that he is open to the possibility of selling or spinning off Disney's cable networks, which encompass prominent channels such as ABC, FX, and National Geographic.
In a surprising revelation, Iger admitted that he did not foresee the extent to which legacy television networks would face challenges. Consequently, he acknowledged that Disney's television properties might not be considered central to the company's core operations. This acknowledgment demonstrates a potential shift in Disney's focus and strategic direction.
Recent reports have highlighted Disney's exploration of options to sell or establish a joint venture partnership for its digital and TV business in India. This business segment includes the popular Disney+ Hotstar streaming service and Star India, which Disney acquired as part of the larger acquisition of 21st Century Fox's entertainment assets in 2019. These developments showcase Disney's ongoing efforts to reassess and restructure its operations in response to changing market dynamics.
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