Disney May Sell TV Assets
Walt Disney CEO Robert Iger has said the company may sell off its traditional TV assets, including ABC and FX, as the distribution and business model for traditional TV is "definitely broken". The company will likely seek a strategic partner for its ESPN sports business to help it transition to a direct-to-consumer model. The announcement follows the company's extension of Iger's contract through 2026. The traditional TV business saw a 35% decline in operating income to $1.8 billion in Disney's most recent quarterly earnings report, as cable TV cord-cutting picked up.