An announced restructuring by The Walt Disney Company has seen ESPN turned into an independent entity, but the company’s CEO — Bob Iger — was clear the network is not for sale.
Speaking on the Disney year-end earnings call Wednesday, Iger revealed that ESPN, in conjunction with its Entertainment/Parks and Experiences/Products divisions, will all work as separate divisions going forward.
“We were fairly certain that when we created this structure and broke out ESPN on its own, it would lead to questions,” Iger said of a potential sale. “Actually, ESPN is a differentiator for this company. It is the best sports brand in television … and it continues to create real value for us.”
Iger did note that under previous leadership, the company explored putting ESPN on the market, but has decided against a move.
“We are not engaged in any discussions right now, or considering a spinoff of ESPN,” Iger said. “That had been done — by the way, in my absence — and I’m told … after exploring it very thoroughly, that it wasn’t something the company wanted to do.”
The Disney CEO also announced more than 7,000 jobs would be cut due to the corporate restructuring. ESPN President Jimmy Pitaro will continue to oversee the sports network after the changes are finalized.
