Activist investor Dan Loeb backs off from asking Disney to sell ESPN

Loeb, who runs Third Point, in August disclosed a stake of roughly $1 billion in Disney and announced plans to push the company to make a string of changes, from spinning off ESPN to buying back shares and adding board members.

Chapek confirmed reports that Disney had received numerous inquiries from companies seeking to buy ESPN earlier this year amid rumors that the company was weighing a sale of the cable network.

The company has spent the last year laying plans to reignite growth at ESPN, and to position it for the future as part of Disney’s bundle of streaming service.

“It’s been a great cash flow generator for us, which is, as we ramp up with streaming, kind of helps pay the bills,” said Chapek. “It’s very, very positive today, and the most important thing was to always look for the future, right?”