© Reuters. FILE PHOTO: The 3D printed Disney logo is seen in front of the ESPN+ logo in this illustration taken July 13, 2021. REUTERS/Dado Ruvic/Illustration
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(Reuters) – Disney Co CEO Bob Chapek has rejected calls by billionaire investor Daniel Loeb to sell or spin off the sports television network ESPN, the Financial Times reported on Saturday.
Loeb, who runs Third Point, in August revealed a stake worth about $1 billion in Disney and announced plans to push the company to make a series of changes, from cutting off ESPN to buying back shares. and added new board members.
Mr Chapek told the FT that Disney was hit by companies seeking to acquire ESPN earlier this year while there were rumors that the company was considering selling the cable network.
“If people want to come and buy it or shoot it with us, I think that says something about its potential,” Chapek was quoted as saying by the FT. “I think its potential lies within the Disney company.”
“We have a plan for it to restore ESPN to its growth trajectory.”
