Since then, Comcast’s NBCUniversal division has taken steps to keep the famous TV show off Hulu in order to bolster its own streaming service, Peacock. Analysts estimate that it would cost him at least $9 billion to buy his Comcast stake in Hulu.
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Loeb also urged Disney to spin off ESPN, a division that has traditionally been Disney’s source of revenue. ” he wrote.
ESPN’s line-up of live games makes Disney’s cable channel bundles more valuable in negotiations with cable companies like Comcast and Charter. Disney also highlighted ESPN’s contribution to its streaming business, telling investors last week that the sports-focused service ESPN+ had 22.8 million paying subscribers as of July. I told you.
And, importantly, ESPN generates significant revenue and profits. Disney’s cable network, led by ESPN, had $7.2 billion in revenue and his $2.5 billion profit in the second quarter. That money will help offset losses in streaming as Disney builds its portfolio of services. It exceeded $1 billion in the fourth quarter compared to a loss of $300 million in the same period.
“Disney needs ESPN’s free cash flow to accelerate its investment in streaming content,” LightShed Partners founder Richard Greenfield wrote in an analyst report this year. He also said that the ESPN spinoff “will be much more difficult as resources and content licensing deals he shares with ABC Broadcast Networks (another Disney division).”
Loeb suggested Disney could benefit from an independent ESPN if it maintained a contractual relationship similar to the one eBay had when it spun out payments company PayPal in 2015.
He then suggested that Disney hire a new board member, arguing that the company has “a gap in talent and experience as a group that must be addressed.” Third Point has already “identified board candidates who we believe will make significant contributions,” Loeb said, declining to name them. He added that the company “would be happy to make referrals.”
