This article first appeared on GuruFocus.
Disney's (NYSE:DIS) CEO Josh D'Amaro told CNBC he isn't interested in spinning off ESPN, pushing back on investor calls to separate the sports business. He also said he isn't considering the kind of structural moves reshaping the rest of the industry, where Paramount Skydance (PSKY) has proposed a merger with Warner Bros. Discovery (WBD) and Comcast (CMCSA) is spinning out NBCUniversal. Disney shares are up 1.28% on the day.
Asked about the share price, D'Amaro said he's "not happy with where the stock stands right now," adding that investors aren't either. The stock is down more than 8% over the past twelve months, despite quarterly results last week that showed growth in theme parks and streaming.
D'Amaro called the parks division a big surprise last quarter and said Disney isn't immune to the headwinds facing the sector, though he wouldn't say whether further price increases are coming. On streaming, he described a possible free ad-supported tier as a front porch for viewers who might later subscribe, and floated merging shopping into the Disney+ experience. On the FCC's early review of Disney's broadcast licenses, he said the company won't be told how to run its news operations.