'Makes a lot of sense for Disney to stay intact' -CIO

STORY: Billionaire Daniel Loeb backed off from pushing Walt Disney Co to spin off ESPN, saying he has a "better understanding" of the sports television network's potential for growth.

This comes after Disney Chief Executive Bob Chapek reaffirmed the value of ESPN to the media company.

"We believe that ESPN is an asset that is well placed within the Walt Disney Company," Chapek told Reuters.