Disney acquires MLB’s remaining BAMTech Streaming Division at $900 million
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Disney acquires MLB's share [Image Credit: MLB.nbcsports.com[
MLB – After acquiring Major League Baseball’s remaining 15% stake in BAMTech earlier in November, Disney has now become the owner of the BAMTech Streaming Division. They had to cough up $900 million to get 100% ownership. The SEC filing was announced on Tuesday.
Just after the company’s big move, Disney got their former CEO Bob Iger back after a sudden announcement on November 20. Their former chief executive Bob Chapek got ousted by the board only after reigning the seat for 3 years. Disney had decreed Iger “to set the strategic direction for renewed growth”.
Iger further noted that the company restructuring will commence “in the coming weeks”. The announcement was made shortly after his welcome news, on November 21. During this restructuring process, the figurehead who’ll see themselves out is Kareem Daniel, Chairman of Disney Media and Entertainment Division, other names are not yet disclosed.
MLB – Disney gets 100% ownership of BAMTech
Disney’s financial statement in BAMTech on October 1, 2022, was at $828 million, with 15% of its share recorded. Earlier in 2016, the giant conglomerate made a $1 billion investment in BAMTech, allowing a 33% stake with an additional $1.58 billion for a 75% stake a year later.
Furthermore, National Hockey League also took the initiative to sell its $10 interest in BAMTech at $350 million to Disney. This act occurred in August 2021, a year before MLB’s major news broke out. Major Baseball League became the harbinger of BAMTech in 2000 with MLB Advanced Media on the toe.
The takeover stage was decorated by Major League Baseball as it spun off the streaming-technology division as BAMTech. After Tuesday’s filing with the SEC, the Company noted, “we anticipate that within the coming months Mr. Iger will initiate organizational and operating changes within the company to address the board’s goals.”
The filing stated, “While the plans are in early stages, changes in our structure and operations, including within DMED (and including possibly our distribution approach and the businesses/distribution platforms selected for the initial distribution of content), can be expected. The restructuring and change in business strategy, once determined, could result in impairment charges”.
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