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Disney CEO Says Rejecting Third Point’s Call for ESPN (NYSE:DIS) Event

Five microphones and the ESPN microphone flag

Unreleased Valerie Loiseleux / iStock via Getty Images

Disney (NYSE:DIS) CEO Bob Chapek is said to have turned down activist investor Third Point’s offer that the entertainment giant turn away from the sports network ESPN.

Chapek, he was “fired” by interest from interesting companies bought ESPN this year on speculation that the company might be considering selling sports network, Disney CEO told the Financial Times in an interview. Chapek said the interest shows he sees the network’s potential.

He told the paper that he plans to restore ESPN to its “growth trajectory”. He also told the FT that he has “regular conversations” with Third Point’s head, Dan Loeb, which he describes as “very cooperative, non-confrontational and collective.”

Chapek’s comments come after Third Point last month reported a new bets in Disney (DIS) and suggests that ESPN is split up are from company overall. Loeb also wants Disney to buy Comcast (NASDAQ:CMCSA) of its remaining minority stake in Hulu.

Chapek told the FT he “wants” to fix the Hulu problem soon, but Comcast (CMCSA) was reluctant.

Loeb and Third Point also proposed a cost-cutting program that would include disposing of underperforming assets, as well as suspending cash dividends and using free cash flow to pay down debt, buy back shares, and pay off dividends. bonds or organic investments. Disney responded to Loeb’s suggestions at that time.

The third point in last month’s Q2 letter to investors said that Disney (DIS) to be The biggest recent addition to its portfolio.

Also watch, Hulu still looks like it will end up at Disney, although some still find NBCU suitable.

Also see SA collaborator The Entertainment Oracle’s part from last month called “Why Disney should leave its own devices.”

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