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Is ESPN about to leave the House of Mouse?

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A new investor is calling on Disney’s boss Bob Chapek to spin off the giant sports entertainment network ESPN as its own separate company

Daniel Loeb’s Third Point owns one billion dollars of Disney’s stock.

In a letter to Disney’s CEO, Loeb says there’s a strong case the ESPN business should be spun-off from Disney.

The shares jumped as much as 2% on the news.

Dan Loeb wants to see big changes at Disney and ESPN

He says ESPN generates significant free cash flow for Disney but a separate entity would give ESPN the chance to pursue business interests that can’t be done while part of the Mouse House.

Disney makes more money from cable than any other media company thanks to ESPN.

Disney just came off a strong quarter, with streaming subscriber growth surpassing Netflix and blowing past estimates.

“We believe that it would even be prudent for Disney to pay a modest premium to accelerate the integration,” Loeb said in the letter.

“We know this is a priority for you and hope there is a deal to be had before Comcast is contractually obligated to do so in about 18 months.”

Disney responded to Loeb in a statement.

“We welcome the views of all our investors.”

disney statement

“As our third quarter results demonstrate, The Walt Disney Company continues to deliver strong financial results powered by world-class storytelling and our unique and highly valuable content creation and distribution ecosystem.”

Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

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A British digital currency “later this decade”

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The Bank of England and Britain’s finance ministry think the UK is likely to need to create a central bank digital currency later this decade.

“On the basis of our work to date, the Bank of England and HM Treasury judge that it is likely a digital pound will be needed in the future,” the Telegraph quoted BoE Governor Andrew Bailey and finance minister Jeremy Hunt as saying in the joint report.

“It is too early to commit to build the infrastructure for one, but we are convinced that further preparatory work is justified,” the Telegraph quoted the report saying.

The BoE declined to comment on the Telegraph article, but said a joint consultation on CBDC issues would be published shortly.

A government source said the report would be published next week.

BoE Deputy Governor Jon Cunliffe is due to give a speech on Tuesday to update the finance industry on the BoE’s CBDC work.

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Business

Disney’s Drama

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What’s going on at Disney and why is the world’s largest entertainment company in trouble?

 
Dreams are a wish your heart makes, or at Disney, dreams are having a tough time of coming true.

After decades of turning children’s dreams into fantasies, the mouse-house is facing a crisis of leadership.

This Ticker Original looks at how the Walt Disney Company got here, and what happens next. #disney #bob iger

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Business

The Tech Market Crash

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Since the Global Financial Crisis, tech companies have been riding high and making billions, so what happened?

 
It’s been a shocking year for tech companies. Riding high off the back of the pandemic, reality suddenly hit.

Across Silicon Valley, and spreading to Wall Street, the once darlings of the Nasdaq were suddenly hit hard.

So what happened, and where to from here?

This Ticker Original investigates. #snapchat #apple #tech stocks #nasdaq

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