Hedge fund manager Dan Loeb buys a new stake in Disney and pushes for ESPN spinoff
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Daniel Loeb’s Third Point has take a new stake in Disney, according to a letter to investors obtained by CNBC’s David Faber.
The shares jumped 2% on the news.
In a letter to Disney CEO Bob Chapek, Loeb used the company to “make every attempt” to acquire Comcast’s remaining minority stake prior to the contractual deadline in early 2024.
“We believe that it would even be prudent for Disney to pay a modest premium to accelerate the integration,” Loeb said in the letter.
Loeb also said he believes there is a strong case that the ESPN business should be spun off.
The activist investor has a history of investing in the media giant. He had held a stake for two years from 2020 to early 2022, pushing Disney to ramp up its streaming services.