{"id":1010,"date":"2023-10-16T23:16:30","date_gmt":"2023-10-16T20:16:30","guid":{"rendered":"https:\/\/xxbet-company.com\/disney-exec-investor-cautioned-company-on-sports-betting\/"},"modified":"2023-10-16T23:16:30","modified_gmt":"2023-10-16T20:16:30","slug":"disney-exec-investor-cautioned-company-on-sports-betting","status":"publish","type":"post","link":"https:\/\/xxbet-company.com\/nb\/disney-exec-investor-cautioned-company-on-sports-betting\/","title":{"rendered":"Disney Exec, Investor Cautioned Company on Sports Betting"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_34 counter-flat ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Innholdsfortegnelse<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1'><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/xxbet-company.com\/nb\/disney-exec-investor-cautioned-company-on-sports-betting\/#Iger_Sports_Betting_View_Evolved\" title=\"Iger Sports Betting View Evolved\">Iger Sports Betting View Evolved<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/xxbet-company.com\/nb\/disney-exec-investor-cautioned-company-on-sports-betting\/#Penn_to_Rescue_for_ESPN\" title=\"Penn to Rescue for ESPN?\">Penn to Rescue for ESPN?<\/a><\/li><\/ul><\/nav><\/div>\n<p>The debut of ESPN Bet, expected in November, marks Walt Disney\u2019s (NYSE: DIS) initial foray into the consumer-facing side of the sports wagering industry \u2014 something a high-ranking executive and a major investor previously warned the company about.<\/p>\n<figure aria-describedby=\"caption-attachment-248980\" data-style=\"width: 858px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" fetchpriority=\"high\" class=\"wp-image-248980 size-post-thumbnail-858xAUTO\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/BI-858x567.jpeg\" alt=\"Iger sports betting\" width=\"858\" height=\"567\" srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/BI-858x567.jpeg 858w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/BI-624x413.jpeg 624w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/BI-496x328.jpeg 496w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/BI-430x284.jpeg 430w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/BI-302x200.jpeg 302w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/BI-238x158.jpeg 238w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/BI-194x128.jpeg 194w\" sizes=\"(max-width: 858px) 100vw, 858px\" title=\"\"><figcaption class=\"text-description\">Disney CEO Bob Iger (left). An executive and a major investor reportedly warned the company about getting involved in sports betting. (Image: Getty Images)<\/figcaption><\/figure>\n<p>In a wide-ranging article published today by the <em>Wall Street Journal<\/em>, Robbie Whelan, Katherine Sayre, and Jessica Toonkel report that during Bob Iger\u2019s first stint as chief executive officer, Disney was reluctant to embracing sports wagering for fear that it would <a href=\"https:\/\/www.casino.org\/news\/disney-ceo-chapek-sees-sports-betting-helping-espn-brand\/\" rel=\"nofollow noopener\" target=\"_blank\">threaten family-friending branding<\/a>. That view changed when Bob Chapek replaced Iger in 2020. Iger returned as Disney CEO last year.<\/p>\n<p>In mid-2022, Jenny Cohen, who was then Disney head of corporate social responsibility, expressed to Chapek and other Disney and ESPN executives concerns about plans for ESPN to potentially engage in a wide-ranging partnership with a sportsbook operator.<\/p>\n<blockquote class=\"main-blockquote\">\n<p><strong>She told her colleagues, and Disney\u2019s CEO at the time, Bob Chapek, that sports betting would tarnish the Disney brand,\u201d<\/strong> the <em>Journal<\/em> reported, citing unidentified sources with knowledge of the conversation. <strong>\u201cConsumers could start associating Disney with gambling addiction.\u201d<\/strong><\/p>\n<\/blockquote>\n<p>At least one major investor took note as well. BlackRock, the asset manager known for applying <a href=\"https:\/\/www.casino.org\/news\/wynn-resorts-makes-third-straight-appearance-on-civic-50-list\/\" rel=\"nofollow noopener\" target=\"_blank\">environmental, social and governance<\/a> (ESG) principles to some of its investment selections, reportedly told Disney that a deal with a sportsbook could prompt some of its Europe-listed ESG funds to sell Disney stock, according to the <em>Journal<\/em>. It\u2019s not clear why BlackRock didn\u2019t say the same regarding U.S.-listed ESG funds holding Disney shares.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Iger_Sports_Betting_View_Evolved\"><\/span>Iger Sports Betting View Evolved<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>During Iger\u2019s first stint as Disney CEO, the company purchased 21<sup>st<\/sup> Century Fox for $71.3 billion, inheriting <a href=\"https:\/\/www.casino.org\/news\/walt-disney-owns-six-percent-of-draftkings-in-passive-fashion\/\" rel=\"nofollow noopener\" target=\"_blank\">a 6% stake<\/a> in DraftKings (NASDAQ: DKNG) in the process. At the time, some other Disney and ESPN insiders urged him to increase that stake. But he reportedly balked. Disney recently liquidated that investment.<\/p>\n<div class=\"callout\">\n<p>Under Chapek, Disney became a hotbed of sports betting rumors. Those included speculation of shopping the ESPN brand for a partnership with a sportsbook operator and potentially buying a gaming company in an effort to bolster the sports network\u2019s wagering footprint. No transaction to either effect materialized under Chapek.<\/p>\n<\/div>\n<p>When Iger returned to the top spot at California-based Disney, he remained tepid on sports wagering. But he signaled earlier this year his <a href=\"https:\/\/www.casino.org\/news\/disney-ceo-iger-somewhat-tepid-on-sports-betting\/\" rel=\"nofollow noopener\" target=\"_blank\">view on the matter was softening<\/a> a bit after witnessing his adult sons actively engaged in betting via their smartphones.<\/p>\n<p>For ESPN, which is owned by Disney, having a broader sports wagering presence is viewed as essential when it comes to better connecting with millennial and Gen Z males \u2014 key demographics for the network and sportsbook operators alike.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Penn_to_Rescue_for_ESPN\"><\/span>Penn to Rescue for ESPN?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In August, Penn Entertainment (NASDAQ: PENN) and Disney announced that the former will pay $1.5 billion over a decade <a href=\"https:\/\/www.casino.org\/news\/penn-entertainment-espn-unveil-significant-sports-betting-deal\/\" rel=\"nofollow noopener\" target=\"_blank\">to use the ESPN Bet brand<\/a>, though there is an opt-out clause for both parties after three years if certain market share objectives aren\u2019t met.<\/p>\n<p>Penn is also granting <em>ESPN<\/em> $500 million in warrants that allow the network to buy approximately 31.8 shares in the casino company, vesting ratably over 10 years, and the regional casino operator dumped <em>Barstool Sports<\/em> to execute the transaction with the sports network.<\/p>\n<p><strong>Penn, which previously pieced meager market share in the sports wagering space, was rumored to be ESPN\u2019s third choice for a partnership, behind DraftKings and FanDuel. But talks with those operators stalled, reported the <em>Journal<\/em>.<\/strong><\/p>\n<p>The post <a rel=\"nofollow noopener\" href=\"https:\/\/www.casino.org\/news\/disney-reportedly-warned-about-sports-betting\/\" target=\"_blank\">Disney Exec, Investor Cautioned Company on Sports Betting<\/a> appeared first on <a rel=\"nofollow noopener\" href=\"https:\/\/www.casino.org\/news\" target=\"_blank\">Casino.org<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>The debut of ESPN Bet, expected in November, marks Walt Disney\u2019s (NYSE: DIS) initial foray into the consumer-facing side of the sports wagering industry \u2014 something a high-ranking executive and a major investor previously warned the company about. Disney CEO Bob Iger (left). An executive and a major investor reportedly warned the company about getting <a href=\"https:\/\/xxbet-company.com\/nb\/disney-exec-investor-cautioned-company-on-sports-betting\/\" class=\"more-link\">&#8230;<\/a><\/p>","protected":false},"author":1,"featured_media":1011,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/xxbet-company.com\/nb\/wp-json\/wp\/v2\/posts\/1010"}],"collection":[{"href":"https:\/\/xxbet-company.com\/nb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/xxbet-company.com\/nb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/nb\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/nb\/wp-json\/wp\/v2\/comments?post=1010"}],"version-history":[{"count":0,"href":"https:\/\/xxbet-company.com\/nb\/wp-json\/wp\/v2\/posts\/1010\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/nb\/wp-json\/wp\/v2\/media\/1011"}],"wp:attachment":[{"href":"https:\/\/xxbet-company.com\/nb\/wp-json\/wp\/v2\/media?parent=1010"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/xxbet-company.com\/nb\/wp-json\/wp\/v2\/categories?post=1010"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/xxbet-company.com\/nb\/wp-json\/wp\/v2\/tags?post=1010"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}