Activist Dan Loeb has backed away from a demand for Disney to sell ESPN. But it’s not a bad idea, says jennifersaba
Sleeping Beauty Castle is pictured at dusk at Disneyland Park in Anaheim, California, U.S., July 24, 2021. REUTERS/Mario AnzuoniNEW YORK, Sept 12 - Pushy investor Dan Loeb has changed his mind, somewhat, about Walt Disney
. He is backing off his demand that the $210 billion entertainment giant run by Chief Executive Bob Chapek sell sports network ESPN. But Disney may want to still consider it anyway.. Amid the glad-handing of Disney devotees, Chapek, talking to reporters, maintained that ESPN is still a fit for the Magic Kingdom.
Disney also doesn’t have cash to throw around. It currently has approximately $50 billion in net debt, taken on to finance its acquisition of Fox’s assets, more than 3 times EBITDA, well over its 10-year average of 1 times EBITDA, according to Refinitiv. And a streaming price war is on the horizon, so Disney will struggle to raise monthly fees to fund the sports business.
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