{"id":231334,"date":"2022-09-12T01:00:51","date_gmt":"2022-09-12T06:00:51","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=231334"},"modified":"2022-09-12T14:04:59","modified_gmt":"2022-09-12T19:04:59","slug":"hedge-fund-boss-loeb-changes-mind-about-espn-spinoff","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/hedge-fund-boss-loeb-changes-mind-about-espn-spinoff\/","title":{"rendered":"Disney Investor Daniel Loeb Changes Mind on ESPN Spinoff"},"content":{"rendered":"

Third Point founder Daniel Loeb took to Twitter Sunday, announcing he\u2019s changing course on a previously announced effort to compel Walt Disney (NYSE: DIS) to consider spinning off ESPN<\/em>.<\/p>\n

\"Loeb
Third Point founder Dan Loeb. He’s relenting in his quest to push Disney to spin off ESPN<\/em>. (Image: Wall Street Journal<\/em>)<\/figcaption><\/figure>\n

Last month, the activist investor announced his hedge fund took a stake then valued at $1 billion<\/a> in the media and entertainment giant. The move was intended to push the California-based company to unlock shareholder value by shedding the self-proclaimed worldwide leader in sports. A Sunday tweet indicates Loeb had a change of heart.<\/p>\n

We have a better understanding of @espn\u2019s potential as a standalone business and another vertical for $DIS to reach a global audience to generate ad and subscriber revenues,\u201d<\/strong> wrote Loeb on the social media platform.<\/p><\/blockquote>\n

In a subsequent tweet, he added Third Point is looking forward to what ESPN<\/em> and Sports Content Chairman James Pitaro\u2019s plans are for boosting ESPN <\/em>value. That’s as the sports network remains part of the broader framework of the company.<\/p>\n

Sports Betting Implications<\/h2>\n

When Loeb said in August that Third Point owned Disney shares — the hedge fund\u2019s second go-round with the company — he made remarks that implied ESPN<\/em> as a standalone entity would be better positioned to capitalize on the US sports wagering boom.<\/p>\n

\u201cCustomers of ESPN and sports leagues would be better served by a focused management team driving a leadership position in sports distribution,\u201d wrote the Third Point founder. \u201cWe believe that most arrangements between the two companies can be replicated contractually, in the way eBay spun PayPal while continuing to utilize the product to process payments.\u201d<\/p>\n

\n

ESPN<\/em> has long been tied to a variety of sports wagering-related rumors. Last month, Disney CEO Bob Chapek added fuel to that speculation, telling investors the company could soon make a significant sports betting announcement.<\/a> It\u2019s unlikely that will include ESPN <\/em>being separated from the Disney empire.<\/p>\n<\/div>\n

In a recent interview with Variety<\/em>, Chapek made remarks that imply ESPN<\/em> will remain a part of the Disney portfolio. He noted Disney fielded about 100 calls regarding the fate of the sports network when rumors swirled it could be for sale.<\/p>\n

\u201cWhat does that tell you? That says we\u2019ve got something really good,\u201d <\/strong>he said. \u201cAnd if you have a strategic plan, a vision for where it fits into the company over the next 100 years, then you don\u2019t exactly want to divest yourself of it. And we have that plan. We\u2019ve not shared that plan.\u201d<\/strong><\/p>\n

ESPN Sports Betting Rumors<\/h2>\n

While Loeb\u2019s comments put to rest notions that ESPN <\/em>will be spun-off from Disney, the rumor mill surrounding the sports network\u2019s betting ambitions is likely to keep spinning.<\/p>\n

The conjecture usually involves Disney acquiring a sportsbook operator<\/a> and folding that company into ESPN<\/em>, leveraging the sports network\u2019s robust brand appeal in the process.<\/strong><\/p>\n

Disney, a member of the Dow Jones Industrial, has the resources to acquire various sportsbook companies with little to no strain on its balance sheet. It remains to be seen if that\u2019s the route Disney chooses to pursue.<\/p>\n","protected":false},"excerpt":{"rendered":"

Third Point founder Daniel Loeb took to Twitter Sunday, announcing he\u2019s changing course on a previously announced effort to compel Walt Disney (NYSE: DIS) to consider spinning off ESPN. Last month, the activist investor announced his hedge fund took a stake then valued at $1 billion in the media and entertainment giant. The move was […]<\/p>\n","protected":false},"author":46,"featured_media":231335,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,1074],"tags":[81903,80968],"acf":[],"yoast_head":"\nHedge Fund Boss Loeb Changes Mind About ESPN Spinoff<\/title>\n<meta name=\"description\" content=\"Third Point founder Dan Loeb changes tune on Disney possibly spinning of ESPN.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/hedge-fund-boss-loeb-changes-mind-about-espn-spinoff\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hedge Fund Boss Loeb Changes Mind About ESPN Spinoff\" \/>\n<meta property=\"og:description\" content=\"Third Point founder Dan Loeb changes tune on Disney possibly spinning of ESPN.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/hedge-fund-boss-loeb-changes-mind-about-espn-spinoff\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-12T06:00:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-09-12T19:04:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/loeb.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"960\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/hedge-fund-boss-loeb-changes-mind-about-espn-spinoff\/\",\"url\":\"https:\/\/www.casino.org\/news\/hedge-fund-boss-loeb-changes-mind-about-espn-spinoff\/\",\"name\":\"Hedge Fund Boss Loeb Changes Mind About ESPN Spinoff\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/hedge-fund-boss-loeb-changes-mind-about-espn-spinoff\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/hedge-fund-boss-loeb-changes-mind-about-espn-spinoff\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/loeb.jpg\",\"datePublished\":\"2022-09-12T06:00:51+00:00\",\"dateModified\":\"2022-09-12T19:04:59+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Third Point founder Dan Loeb changes tune on Disney possibly spinning of ESPN.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/hedge-fund-boss-loeb-changes-mind-about-espn-spinoff\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/hedge-fund-boss-loeb-changes-mind-about-espn-spinoff\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/hedge-fund-boss-loeb-changes-mind-about-espn-spinoff\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/loeb.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/loeb.jpg\",\"width\":1280,\"height\":960,\"caption\":\"Third Point founder Dan Loeb. 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