Walt Disney Co. (DIS) had been having a huge success with its film business, but with its ESPN sports network still struggling, Wall Street firm BTIG Research is out with a five-point plan to reposition the entertainment giant that includes buying the likes of Twitter Inc. (TWTR) or Spotify, among other attractive options.

In a research report, analyst Richard Greenfield argued management at the company should be using its strong balance sheet and free cash flow to “strategically reposition” it for future growth. In order to do that, he thinks the company should stop repurchasing shares and instead use the money for acquisitions. “Buying back stock appears to be a very short-term decision that shows management’s lack of urgency to reposition Disney,” wrote Greenfield. “Given the strength of Disney’s earnings and free cash flow, especially if buybacks​ stopped, we believe they have tremendous firepower to make a series of acquisitions over the coming 12-24 months.” (See also: Could Apple Buy Disney? RBC Thinks So.)

Fixing ESPN

So which companies should the media juggernaut set its sights on? According to BTIG, for starters it should acquire Twitter to reinvent ESPN’s "SportsCenter" franchise. The way the analyst sees it, management at ESPN simply won’t admit that sports news on television is going the way of the dinosaur but would be better off being in the places where people access their content, and increasingly that is online. “If SportsCenter did not exist on TV, it could become a mobile/digital only brand with live content that could play out in real-time across an array of platforms,” wrote the analyst, noting that Twitter already hosts a lot of conversations focused on sports, particularly when it comes to local teams. Given that Twitter has an enterprise value of $11 billion, Greenfield argued that even if Disney paid a premium for the social network platform operator it would still fall into the smallish category of deals for the entertainment company. (See also: Twitter Announces 12 New Live Content Deals.)

Spotlight on Spotify

But Greenfield doesn’t think that’s the only purchase Disney should make. He pointed to Spotify, the digital music service as a way to “plant direct-to-consumer roots.” By acquiring the music subscription service it would get a base of more than 50 million paying subscribers who use mobile devices to listen to music. “Combined with buying Twitter, Disney would control two homescreen worthy, daily-use-case mobile applications/platforms,” he wrote. This would provide a ton of data that Disney could leverage as it thinks about building new direct-to-consumer offerings.” What’s more, Spotify provides Disney with a big subscription service that consumers are willing to pay for. Buying Netflix Inc. (NFLX) would give the company that base of paying customers, but the Wall Street watcher noted that the higher price tag it would garner may pose a higher barrier for Disney.

Other potential targets include Electronic Arts (EA) and Activision Blizzard Inc. (ATVI), two big video game companies. By acquiring either, it would give the entertainment giant an industry-leading position in that market. What’s more, it provides the company with diversification away from its cable TV unit, noted Greenfield. “Disney is the world’s best and most consistent content creator with an incredible portfolio of brands. With Disney’s studio and theme parks nearing peaks, an underleveraged balance sheet that would be stronger if buybacks ceased, and no management succession plan for [CEO Robert] Iger, the time for Disney to strike on a series of transformative acquisitions is now,” he wrote.

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