Disney CEO Bob Iger made the company’s strategy for his new contract term abundantly clear: Virtually everything within the company is now up for serious reevaluation.

Armed with a fresh extension through 2026, Iger told CNBC on Thursday he is open to a wide range of large-scale shifts at Disney — including selling part of ESPN to a strategic partner, shedding or spinning off other linear TV networks such as ABC and FX, purchasing the remaining Hulu equity it doesn’t already own, and even pulling back on its movie-production efforts.

The company is in the midst of shedding 7,000 jobs — about 3% of its global workforce — in a bid to reduce $5.5 billion in costs, a move highlighted by another round of cuts at ESPN. 

Historic levels of cord-cutting by consumers have greatly amplified Iger’s urgency, as nearly 28 million ESPN linear subscribers have left since 2011. Such issues have also compelled Disney to consider changes to its media business in India.

“The company is facing a lot of challenges, some of them self-inflicted,” Iger said. “We’ve gotten a lot done very quickly, significant cost reductions and significant realignment of the company. But we’re dealing head-on with some of our biggest challenges.”

Iger said he is still “bullish about sports” — unsurprisingly, given how live games dominate U.S. television ratings across all genres. But even there, he stressed discipline.

“It’s a business that we want to stay in, but we’re realistic,” he said.

ESPN declined to comment on Iger’s remarks to CNBC. 

The Washington Commanders are a week away from an official new owner — but fans excited to see Dan Snyder on his way out may be worried in the wake of recent reports.

As NFL governors meet on July 20 to vote on the team’s $6.05 billion sale to the group led by Josh Harris, the Washington Post wrote that issues in legal negotiations “threaten to complicate the approval and closing” of the deal. 

That report follows ESPN’s story unveiling new details of how the leaked emails that led to Jon Gruden’s firing from the Las Vegas Raiders contributed to Synder’s downfall.

Despite the rumblings, two sources with knowledge of the situation told Front Office Sports that any issues are expected to be resolved ahead of next Thursday’s vote. An NFL spokesperson declined comment.

Approval Expected

It’s been widely expected that when the sale goes to an official vote, Harris will have no problem surpassing the 24-vote threshold needed for approval.

The Commanders sale process has seen its fair share of twists and turns — but by this time next week, everything should be history, and the Commanders can move forward under Harris.

Fanatics CEO Michael Rubin’s historic march through the sports business is taking another big step — this time into the lucrative world of live events.

On Thursday, Fanatics announced an equity deal with Endeavor-owned IMG to create Fanatics Events, a new live-events business. Majority-owned by Fanatics, the venture will begin with a focus on sports collectibles before broadening through “acquisitions, joint ventures, and new event launches.”

Lance Fensterman was newly hired as CEO of Fanatics Events after a prior role leading pop culture events business ReedPop, which produces major events such as the New York Comic Con. Fensterman is excited to provide “an opportunity to celebrate all aspects of fandom.”

After experiencing a battering during the pandemic, the live events business has rebounded sharply over the past year, with major events like the NFL’s Super Bowl Experience in 2023 drawing some of their largest crowds in years and leagues such as the NBA aggressively creating new events.

The effort is merely the latest expansion for Fanatics as it continues to grow exponentially beyond its origins in sports merchandising trading cards, international sales, collectibles auctions, content, and sports betting — all while building its company valuation to a stratospheric $31 billion.

Most recently, Fanatics fended off a rival bid from DraftKings to complete its $225 million acquisition of the U.S. assets of PointsBet, a move accelerating the company’s sportsbook operations.