Money Control Place
  • Politics
  • Business
  • Stocks
  • Investing
  • Politics
  • Business
  • Stocks
  • Investing

Money Control Place

Business

Former Disney CEO Bob Chapek breaks silence, says there’s no strategic need for ESPN partners

by March 25, 2024
March 25, 2024
Former Disney CEO Bob Chapek breaks silence, says there’s no strategic need for ESPN partners

In his first public comments since Disney fired him as CEO in November 2022, Bob Chapek told CNBC he sees no reason for Disney-owned ESPN to add minority partners.

“Strategically, I don’t really see a benefit in bringing on yet another minority partner into ESPN,” Chapek said as part of the CNBC documentary “ESPN’s Fight for Dominance,” which chronicles the network’s digital strategy, published Thursday.

Disney CEO Bob Iger told CNBC’s David Faber in July that he’d consider selling a minority stake in ESPN to strengthen the sports network’s content or technology as it plans a new direct-to-consumer offering, which he later said would launch by fall 2025.

The company hasn’t yet announced a deal to sell a stake in ESPN. CNBC reported in August that the network had held talks with the major American professional sports leagues, including the National Football League and the National Basketball Association, about potential partnerships or investments.

Disney owns 80% of ESPN and Hearst owns the other 20%, a structure that’s been in place since 1996. By searching for a partner, Disney wants to enhance the content, distribution and marketing of the direct-to-consumer ESPN, which hasn’t yet been priced, Iger said during Disney’s August quarterly earnings call.

Striking a partnership with one of the professional sports leagues could help secure future live rights, though it may irritate other media companies that bid against Disney for packages of games. Bringing on a technology or telecommunications company such as Verizon or Apple could give ESPN broader distribution options by reaching larger customer bases.

Still, it’s unclear selling equity in ESPN is needed to strike an arrangement. ESPN President Jimmy Pitaro, who also spoke with CNBC as part of the documentary, downplayed the need for the sports network to sell a stake in its business to build a partnership with a league or another company.

“It’s not about equity,” Pitaro said. “It’s not about these partners taking an ownership interest in ESPN. That is something, as Bob [Iger] has said, that we are very much open to, but this is about partnership and accelerating the launch or the adoption of ESPN flagship.”

This post appeared first on NBC NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
How ESPN executives plan to survive the decline of cable TV
next post
China’s Youth Snapping Up Gold “Beans” as Country Faces Deflation

Related Posts

First the token, now the swipe: NYC’s subway...

March 20, 2025

What to expect for your travels this Fourth...

July 1, 2023

Rite Aid chain reportedly could sell up to...

September 28, 2023

Social Security checks are about to change. Here’s...

December 20, 2023

Trump Media shares rise again, jump 50% in...

May 2, 2024

What a stake in Intel could mean for...

August 27, 2025

Waiting for your tax refund? There are other...

February 6, 2024

Coca-Cola dodges after Trump says soda will switch...

July 18, 2025

House hunting is already tough. Guess what? It’s...

June 30, 2023

UAW strike expands again as union says it...

October 24, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • S&P 500 Breaking Out Again: What This Means for Your Portfolio

    • Lithium Market Update: Q3 2025 in Review

    • Despatch of SPP Offer Documents

    • Crypto Market Update: FalconX to Buy 21Shares, Senate Democrats Call Out Trump Envoy

    • Apollo Silver

    • Blackrock Silver Commences Phase 2 Hydrology Program, Geotechnical Evaluation and Seismic Survey on the Tonopah West Project

    Categories

    • Business (1,401)
    • Investing (3,062)
    • Politics (3,699)
    • Stocks (1,828)
    • Uncategorized (20)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: MoneyControlPlace.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 moneycontrolplace.com | All Rights Reserved