S&P today affirmed its A- investment grade credit rating for Disney after CEO Bob Iger, in a recent interview with CNBC, injected a big dose of uncertainty into what the company may look like g…
S&P also affirmed its “positive” outlook, anticipating the media giant will continue to reduce leverage this year and next. “The outlook is positive, reflecting our expectations that leverage could decline…depending on how the Hulu put-call is resolved and how its direct-to-consumer segment performs.”
Iger, in the interview, discussed secular pressure on the media and entertainment industry, its impact on Disney, and potential strategic moves as reviews its portfolio of broadcast and cable TV networks, excluding flagship sports net ESPN. “It may reach the conclusion that those networks are no longer core. As a result, Disney is looking at potential options including selling noncore networks,” said S&P.
Alternate paths for ESPN include operating it on a standalone basis and bringing in additional strategic partners. Hearst Corp. owns 20%. Private equity firms, already invested in stations, could see an opportunity in linear TV.
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