00:00It's Benzinga, bringing Wall Street to Main Street.
00:02The Walt Disney Company is backing away from plans to spin off ESPN,
00:07shelving years of speculation that a standalone sports network could offset its declining cable
00:12business, according to Fox Business. The decision comes under CEO Josh DeMauro,
00:18who took the role in March. ESPN will remain within Disney as the company focuses on its
00:24streaming pivot, according to Business Insider. The option is not permanent and could be revisited
00:29as conditions evolve. Disney may still bring in strategic partners through minority stakes,
00:35similar to its prior sale of a 10% stake to the NFL. ESPN generated about $17.7 billion in
00:45revenue
00:46last year, about 19% of Disney's $94.4 billion total. For all things money, visit Benzinga.com.
Comments