There’s a new character at Walt Disney that can help it generate more money. Dan Loeb, the decidedly unbashful hedge fund manager who runs Third Point, has taken a nearly $1 billion position in the entertainment empire, after liquidating its former stake earlier this year. His ideas for the company are far from goofy.
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. The two companies have an agreement in place to sort out a deal by January 2024 for a minimum total equity value of $27.5 billion. Having full ownership would give Disney leeway to experiment with the more adult-oriented programming, for instance “Only Murders in the Building,” and complement Disney+ offerings from the Marvel and Star Wars franchises.
The firm, led by Daniel Loeb, sent a letter on Aug. 15 to Disney Chief Executive Bob Chapek. Loeb is urging the company to spin off sports cable network ESPN, to shake up the board, and to buy the rest of Hulu from Comcast and integrate it with its flagship streaming product, Disney+.
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