Disney has decided to keep ESPN — shelving years of speculation about a potential spinoff — in one of the first major strategic calls by newly installed CEO Josh D’Amaro, according to a report.

The move signals that the media giant is doubling down on sports as it navigates a rapidly shifting TV landscape and accelerates its push into streaming.

People familiar with the matter told Business Insider that D’Amaro has opted, for now, to retain ESPN inside Disney rather than turn it into a standalone company — a question that has loomed over the company for years.

The decision underscores ESPN’s continued importance to Disney despite long-running concerns that the network’s reliance on the shrinking cable bundle could drag on the company’s valuation.

Instead of cutting ESPN loose, Disney believes the network will play a central role in its streaming future, according to the report.

The choice marks an early defining moment for D’Amaro, who recently took the helm and is now setting the tone for Disney’s next chapter.

For more than a decade, ESPN has been both a powerhouse and a headache for Disney.

Once a “profit-making colossus” that could command massive fees from cable distributors, ESPN began losing subscribers as cord-cutting accelerated — a shift that former CEO Bob Iger publicly acknowledged as early as 2015, sending shockwaves through the media industry.

Since then, investors and analysts have repeatedly floated the idea of spinning off ESPN to unlock value and insulate Disney from the declining cable business.

That debate intensified as streaming upended traditional TV economics, forcing legacy media companies to rethink their portfolios.

But Disney’s latest move suggests it sees more upside in keeping ESPN than in shedding it.

The company plans to continue offering ESPN across multiple platforms: through the traditional cable bundle, via a streaming bundle with Disney+ and Hulu, and as a standalone streaming product.

Disney may also pursue additional minority investors — similar to last year’s deal to sell a 10% stake in ESPN to the NFL — as a way to bring in partners without relinquishing control.

Executives have long described ESPN as a “core” asset, even while leaving the door open to potential strategic alternatives.

D’Amaro’s decision, at least for now, appears to close that door.

Disney is currently facing scrutiny from the Federal Communications Commission over its ABC broadcast licenses — a probe that was launched shortly after President Donald Trump publicly urged the company to fire late-night host Jimmy Kimmel.

The Post has sought comment from Disney and ESPN.