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Wells Fargo: Disney Will Likely Spin off ESPN in 2023

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The Street

By Dan Weil Several months ago, star investor Dan Loeb of Third Point called for a spinoff, before reversing field. In August, activist investor Dan Loeb of Third Point, called for entertainment titan Disney to spin off its giant ESPN TV sports network. His idea was that Disney (DIS) – Get Free Report could lower its debt burden through the move. ESPN has paid billions of dollars to college and pro sports leagues for broadcast rights. Loeb changed his tune in September, saying he now understood how ESPN could boost Disney’s growth. But Wells Fargo analysts believe that with Bob Iger reinstalle…

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