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ESPN stunned the sports world recently when it announced mass layoffs, including a number of big-name, on-air talents.
Network mainstays like Suzy Kolber, Jeff Van Gundy, Todd McShay and many more were let go by the company in an attempt to cut costs.
The move drew criticism for a number of reasons, not the least of which being that the company had recently inked Pat McAfee to a lucrative long-term deal.
McAfee issued a statement on Twitter in response to backlash.
Built on stone.
I did a lot of reflecting about our show’s journey while I was getting murdered on the internet today (hell yeah).. all roads lead back to how honored I am to be the leader of such a talented group and how lucky I am to be a part of this team (a few missing from… pic.twitter.com/DBj9eruKA1
— Pat McAfee (@PatMcAfeeShow) July 1, 2023
“We’re very pumped to be joining ESPN and our goal is that ;Mass exits’ are never a thing again..,” he wrote. “We hope to help that.. obviously that’s a lofty goal but, that’s how I truly look at life… I wish we could’ve worked alongside a lot of the folks that got released today. Some absolute legends, that we all respect, in the sports media world were trending today for losing jobs. That sucks.. no matter how you slice it.”
But it appears ESPN isn’t done making changes. Disney CEO Bob Iger revealed Thursday that the company could sell an equity stake in the sports network.
“The challenges are greater than I had anticipated,” he said of the potential move. “The disruption of the traditional TV business is most notable. If anything, the disruption of that business has happened to a greater extent than even I was aware.”
Disney currently owns 80% of ESPN. Hearst Communications owns the other 20%.
Iger noted that he’s already held discussions with potential partners. Though he did not disclose who those potential partners were.
The aim is to improve an ESPN streaming service by extending its distribution and adding content.
ABC Network first acquired ESPN from Getty Oil in 1984. Disney then acquired ABC in 1996. ESPN was, of course, part of the acquisition. A new equity holder would be the first since the 1996 move.