ESPN, the American international cable sports channel owned by The Walt Disney Company (NYSE:DIS), announced that it has exited its major stake in the X and Winter X Games to a sports-focused private equity firm, MSP Sports Capital.
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For almost 30 years, ESPN supported X Games, the extreme-sports competition franchise that comprised snowboarding, skateboarding, and other action sports like freestyle BMX. The upcoming Winter X Games are scheduled to take place in Colorado, U.S., from January 27-29.
The financial terms of the deal were kept under wraps. Under the multi-year deal, MSP Sports will head the day-to-day operations and retain a majority stake in the X Games. Meanwhile, ESPN will have a minority stake and will continue to broadcast the X Games like earlier.
Is DIS a Buy Or Sell?
As per TipRanks, the Wall Street community is clearly optimistic about the Walt Disney stock. Overall, the stock commands a Strong Buy consensus rating based on 14 Buys and 3 Holds. Walt Disney’s average price target of $143.33 implies 36.99% upside potential from current levels.
The DIS stock is slated to release its fiscal Q4 results on November 8.
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