Disney’s latest investor call confirmed that it has been exploring an equity deal to raise cash for its flagship sports broadcaster ESPN. Surprisingly, both the NFL and NBA are rumored to be bidding for a slice, which would give two of the world’s most valuable sports leagues a stake in one of the leading broadcasters. If realized, this would make a curious arrangement that only harms the sports leagues in both the short and long-term. ESPN would use such an arrangement to perturb the leagues from making the long-anticipated switch to direct-to-consumer (D2C) distribution, while simultaneously crowning itself as the NFL or NBA’s ‘favorite’ broadcaster – a bad look when it holds a minority of all rights agreements in the…