Disney CEO Says the Company Is Open to Finding a New Strategic Partner for ESPN

Disney is open to potentially selling an equity stake in ESPN and is looking for a strategic partner in the business as it prepares to transition the sports network to streaming, CEO Bob Iger said Thursday.

The linear TV business has degraded over the past year more than Iger expected, the Disney CEO told CNBC’s David Faber Thursday in an interview at Sun Valley, Idaho. Disney announced yesterday Iger has extended his contract to 2026 as CEO. He returned to run Disney last year after stepping down as CEO in 2020.

Disney has held early conversations with potential partners that could improve an ESPN streaming service by extending its distribution and adding content, Iger said. He declined to name specific partners. Disney currently owns 80% of ESPN. Hearst Communications owns the other 20%.

Read the source article at CNBC