Hobbled sports giant ESPN has seen profit plummet 20% in the first nine months of the fiscal year as more cable subscribers cut the cord, according to a rare peek at the Disney-owned network’…
Hobbled sports giant ESPN has seen profit plummet 20% in the first nine months of the fiscal year as more cable subscribers cut the cord, according to a rare peek at the Disney-owned network’s finances.
One Bloomberg analyst put the value of the sports division at up to $22 billion for prospective partners.CEO Bob Iger has made it no secret that its cable business is facing a number of challenges In order to bolster viewership, Disney said it is planning to make its ESPN cable network available to cord-cutters as a streaming service to adapt to shifting consumer tastes. It is looking into adding a distribution partner to help market the new service and has had talks with Verizon and T-Mobile,ESPN has been the linchpin of not only Disney’s cable-TV networks, but also of the overall traditional cable bundle, bringing in some of the highest TV fees.
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