In the evolving world of digital media, Walt Disney Co DIS is steering its focus towards launching a streaming alternative for its ESPN cable channel.
The company's CEO, Bob Iger, has actively expressed interest in collaborating with strategic allies for this ambitious endeavor.
Interestingly, the telecom firm, Verizon Communications Inc VZ, is already interested in this venture. The two corporate titans are reportedly in preliminary discussions about this possible collaboration, the Information reports.
Earlier this summer, Verizon's top executive, Hans Vestberg, communicated to significant players in the sports industry, shedding light on his eagerness to join hands with Disney. This proposed alliance aims to reshape the distribution landscape of the ESPN streaming service.
As Disney looks to expand its digital footprint, Verizon could provide the required technological infrastructure and reach, offering a win-win situation for both entities.
Such a partnership could redefine how sports enthusiasts consume content in the digital age.
In August, Iger roped in former executives Kevin Mayer and Tom Staggs to figure out ESPN as its dismal revenue weighs on the company.
Mayer and Staggs, co-CEOs of Candle Media, are working with ESPN President Jimmy Pitaro on the strategic options for ESPN.
Iger is seeking partners who bring advantages to ESPN in either content or distribution.
Price Action: VZ shares traded higher by 0.47% at $33.22 on the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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