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Author: tecmo ⎊  😊 😞
Number: of 70 
Subject: ESPN Value
Date: 09/05/2023 12:54 PM
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A key headwind for Disney is figuring out what to do with the broadcast assets - and ESPN is the crown jewel there. Iger is on record as saying that he wants some new partners - which could even mean selling off the asset (Apple and Amazon are typically pointed to as potential buyers).

What is ESPN worth?

$50B is thrown around as a potential number, but this article from Baron's - referencing Disney Bear Brandon Nispel suggests it might only be worth $30B.

Revenue : $16B
Operating Margin : low 20s
Earnings : $3.8B

Putting a multiple of 8x earnings on ESPN seems like a pretty bearish position IMO even considering the challenges with cord-cutting.

tecmo
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Author: tecmo ⎊  😊 😞
Number: of 70 
Subject: Re: ESPN Value
Date: 09/05/2023 1:29 PM
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https://stratechery.com/2023/the-rise-and-fall-of-...

A good analysis of ESPN vs. Charter

The biggest long-term question, though, has to be around sports itself. Sports leagues could extract ever higher rights fees from ESPN because ESPN could extract ever higher affiliate fees from cable TV providers; if the latter is broken than the former is as well.

tecmo
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