Activist investor Dan Loeb is backing off his push to get Disney to spin off ESPN, he signaled on Twitter
The change of heart comes after Disney’s Chief Executive Bob Chapek said in media interviews at this weekend’s D23 Expo event—an annual gathering of Disney fans where the company announces new shows and films—that he has plans for ESPN to be a big growth engine and a large part of the company’s entertainment offerings.
Last month, Mr. Loeb’s hedge fund Third Point LLC announced that it had renewed its stake in Disney stock after having liquidated one earlier this year. He sent a letter to Mr. Chapek asking for major changes to Disney’s business, including spinning off ESPN, refreshing Disney’s board and cutting spending.
Mr. Loeb declined to comment beyond his tweets, a spokeswoman said. Messrs. Loeb and Chapek “have regular conversations” and are currently in close contact, people familiar with the matter said.for Mr. Loeb’s fund represented less than 1% of Disney’s shares outstanding and at the time had an economic value of around $1 billion, The Wall Street Journal has previously reported.
Last month, Disney said in response to Mr. Loeb’s Third Point letter, “We welcome the views of all our investors.” The company said its board has been continuously refreshed, “with an average tenure of four years.”
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