Many view ESPN as the crown jewel of Walt Disney's (DIS 0.58%) TV empire. But now one prominent analyst believes that Disney will give up that crown jewel in the not-too-distant future to Apple (AAPL 0.06%).

Wedbush's Dan Ives stated on CNBC's Last Call program last week, "I believe it's a matter of when, not if, ESPN and Apple get together." Ives is cheering on a deal, recently writing to clients that it's "a no-brainer."

Is he right? 

Why Apple might be motivated

There have been rumors for years that Apple could acquire Disney outright. Ives doesn't think such a large transaction is likely. However, he believes that Apple would love to have ESPN.

Apple has already moved into streaming TV in a major way with Apple TV+. While Apple TV+ has attracted viewers with high-quality productions such as Ted Lasso and Severance, it has also expanded into live sports.

This move is already paying off nicely for Apple. MLS Season Pass subscriptions on Apple TV+ doubled since Lionel Messi joined Major League Soccer's Inter Miami franchise. 

Ives argued on CNBC that "live sports content is the golden goose." ESPN ranks as the longtime leader in providing live sports content at the college and professional levels. The Wedbush analyst thinks that Apple and ESPN make "a perfect fit."

Big money for a big buy

Would Disney be interested in selling ESPN to Apple? Maybe not. Disney CEO Bob Iger said in the quarterly update earlier this month that the company is "considering potential strategic partnerships for ESPN, looking at distribution, technology, marketing, and content opportunities where we retain control of ESPN." 

It's possible that Apple could be the strategic partner that Disney seeks. Ives, though, believes that an outright acquisition of ESPN by Apple is more likely.

Perhaps the right price could entice Iger to put ESPN up for sale. How much would a deal cost Apple? Probably in the ballpark of $50 billion, according to Ives.

That price tag isn't too much of a stretch for Apple. The tech giant's cash stockpile totaled nearly $59 billion as of July 1. Apple is on track to generate operating cash flow of around $120 billion in its current fiscal year.

A no-brainer deal?

Ives told CNBC, "[W]e believe an acquisition could clearly happen here as we look into the next six to nine months." However, there are a few reasons why Apple acquiring ESPN from Disney might not be such a no-brainer deal for either company. 

As Iger's comments in the recent quarterly conference call indicate, Disney is looking for a partner for ESPN, not a buyer. He said that the company has already "received notable interest from many different entities." 

The integration between ESPN and ABC (which Disney also owns) could also present a problem. Iger has stated that all options are on the table with its linear networks, including a potential sale. However, ABC's value could be lower with access to ESPN's content. If Apple acquired ESPN without also buying ABC, it could complicate matters for Disney.

Apple could be more reluctant to fork out $50 billion or more to get ESPN than Ives thinks. The company's biggest acquisition so far was buying Beats in 2014 for $3 billion. Apple clearly hasn't been willing to pull the trigger on huge deals in the past. 

A wild card

I do, however, think there's one wild card that just might tip the scales in favor of Apple acquiring ESPN: Apple plans to launch its Vision Pro mixed-reality headset next year. 

Disney's streaming service, Disney+, will be integrated with Vision Pro in several ways. The opportunities to tie in live sports with the mixed-reality device could be so appealing that Apple decides to acquire ESPN.

Granted, Apple and Disney will probably work together on such integration anyway. One big hint: A video shown at Apple's 2023 Worldwide Developers Conference introducing Vision Pro showed a 3D view of a basketball game. However, if Apple owned ESPN, it would have full control over how it offers a huge array of sports content with Vision Pro.

So will Apple acquire ESPN? I'm not sure. Even if the deal doesn't happen, though, I'd be shocked if Apple doesn't at least walk away as the major strategic partner for ESPN that Disney says it wants. Either way, it could be good news for Apple shareholders.