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Disney taps two former executives to review ESPN strategy - reports

Investing.com -- Disney (NYSE:DIS) has brought on two former executives to work with ESPN on finding a potential strategic partner for the sports network, according to news reports.

According to Bloomberg, Disney said that Kevin Mayer and Tom Staggs, two executives who were once tapped to possibly replace Chief Executive Officer Bob Iger at the helm of the entertainment giant, will consult with ESPN Chairman Jimmy Pitaro on cultivating and analyzing possible strategic partners.

The newsletter Puck first reported the move.

Iger had mentioned in an interview with CNBC earlier this month that he was seeking a strategic partner for ESPN. Pitaro, meanwhile, has said sports leagues and tech firms as well as marketing and distribution companies have shown "a healthy level of interest" in the network.

Mayer previously led Disney's high-profile mergers and acquisitions as the group's head of global strategy, while Staggs was formerly chief financial officer and head of the lucrative theme-parks division.

After leaving Disney, the men later founded Candle Media with backing from investment bank Blackstone (NYSE:BX), and have acquired content studios like "Cocomelon" creator Moonbug Entertainment and actress Reese Witherspoon's Hello Sunshine.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.