With Bob Iger back at the helm, Disney could be making some big changes, Wells Fargo said.
Spinning off ESPN and ABC from Disney is the best move that CEO Bob Iger can make for the entertainment giant and its stock, according to Wells Fargo. The bank is predicting the split will likely come in late 2023, after Disney implements cost-cutting and balance-sheet initiatives. Those first moves may include ESPN going a la carte in streaming and Disney considering selling Hulu to shore up its balance sheet, analyst Steven Cahall said in a note Tuesday.
traditionally the cash cow, is neither owned-IP nor global the way the rest of DIS is," he wrote. Iger returned to the helm in a surprise move in November, replacing his hand-picked successor Bob Chapek, who had come under fire for his management of the company. The rationale for the spinoff is not financial engineering, but rather portfolio improvement, Cahall said.
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