What's Going On With Walt Disney Stock Thursday?

Walt Disney Co DIS is trading lower Thursday amid reports of CEO Bob Iger roping in former executives Kevin Mayer and Tom Staggs to figure out ESPN as its dismal revenue weighs on the company.

Iger's trusted Mayer and Staggs, co-CEOs of Candle Media, are working with ESPN President Jimmy Pitaro on the strategic options for ESPN and, to a lesser degree, Disney's other linear cable networks, CNBC reports.

Also Read: Disney's Bob Iger Taps Former Confidants To Explore ESPN

Iger is desperate to jumpstart ESPN following a surge in cord-cutters for streaming services like Netflix, Inc NFLX.

Previously Iger expressed confidence in ESPN's launch of a direct-to-consumer product, which also entails the risk of higher customer cancellations. ESPN's best programming is still exclusive to the linear cable TV bundle.

Iger now seeks minority partners to take equity stakes in ESPN. The sports network has held early talks with the National Football League, Major League Baseball, the National Basketball Association, and the National Hockey League.

The lack of minority partners could lead to a spinoff of the network, something Iger is not very keen about.

Mayer, Staggs, and Pitaro are finding a way where Disney can keep a majority stake in ESPN. Disney currently owns 80% of ESPN, and Hearst holds 20%.

Iger is seeking partners who bring advantages to ESPN in either content or distribution. 

Price Action: DIS shares traded lower by 0.55% at $85.82 on the last check Thursday.

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