Disney Chief Executive Bob Chapek stated Thursday that the business’s sports network ESPN is searching for a partner to assist it enter sports betting.
“We at ESPN have the ability to do that. Now we’re going to need a partner to do that, because we’re never going to be a book, that’s never in the cards for the Walt Disney Company,” Chapek informed CNBC’s David Faber stated in an unique interview. “But at the same time, to be able to partner with a well-respected third party can do that for us.”
The remarks followed activist financier Daniel Loeb’s Third Point just recently took a brand-new stake in Disney throughout the 2nd quarter, valued at about $1 billion, or 0.4% of the business.
Initially, Loeb promoted Disney to draw out the sports residential or commercial property, stating it would be simpler for it to participate in specific efforts, such as sports betting. But on Sunday Loeb reversed his position, stating on Twitter, “We have a better understanding of @espn’s potential as a standalone business and another vertical for $DIS to reach a global audience to generate ad and subscriber revenues.”
Sports wagering was at the core of Loeb’s earlier push to spin off ESPN.
“We look forward to seeing Mr. Pitaro execute on the growth and innovation plans, generating considerable synergies as part of The Walt Disney Company,” Loeb contributed to the Tweet, referencing Disney’s Chairman James Pitaro.
Loeb’s turnaround came soon after Chapek informed press reporters throughout Disney’s D23 Expo that he had huge prepare for ESPN’s future, without divulging information.