Bob Chapek, CEO of Walt Disney Co., said that ESPN Sports Network is important for his overall vision, which includes connecting directly with customers and betting on sports.
In an interview at the Disney D23 fan event in California, Chapek said that the younger under 35 sports audience prefers to have sports betting as a part of their sporting lifestyle. When asked if Walt Disney was developing ESPN sports-betting app, Chapek replied that they were working on it.
Recently ESPN caught the attention of investors after Dan Loeb, an activist, wrote to the CEO and asked him to spin off the sports network to shareholders to get better valuations. Chapek said he has received around 100 inquiries from buyers interested in the sports channel, confirming the business’s worth.
No Subsidiary Disinvestment
Loeb tweeted Sunday that he understood ESPN’s business growth plans well and was not pressurizing Walt Disney to sell its subsidiary company. Chapek also clarified that he does not want to sell another subsidiary, Hulu streaming services. Comcast Corp has one-third of its holdings in Hulu. According to an agreement between Disney and Comcast, Disney has the option to buy Comcast’s stake by early 2024.
Chapek has created a vision for Walt Disney that includes more consumer lifestyle opportunities. He plans to harness the data from Disney’s theme parks, online Television viewers, and cruise line trips. The data will be used specifically for creating new opportunities for consumers to watch programs tailored by Marvel and Lucas Studios.
According to Chapek, Walt Disney has been interacting with Ron DeSantis, Governor of Florida, to maintain the status quo of the Reedy Creek Improvement District’s independent status. This place is a self-regulated municipal district that serves Disney World Resort, and legislators of Florida had voted to disband the district early this year.
The government has criticized both political sides for not taking a stand on disbanding the district. Chapek fears that with mod term elections around November and the presidential election in 2024, the rhetoric would gain pace and impact the entertainment industry.
Chapek says that pressure from political sides is aggravating things that divide the country. Pointing to the Disney theme park reception from the public, Chapek said that Disney brings people together.
Disney hosted the D23 event in Anaheim Convention Centre in California for a 3-day extravaganza with many fans wearing Disney characters’ costumes.
Josh D’Amato, Chief of Disney theme parks, in a presentation on Sunday, outlined new rides and attractions. It includes the brand-new multiverse threat King Thanes, designed exclusively for Disney’s Avenger Campus at the California Adventure Park.
D’Amaro also presented teasers of new attractions such as the Mexican Village modeled on the 2017 movie “Coco “and the villa from “Encanto” to be included in the Magic Kingdom and Animal Kingdom parks in Florida.
