Walt Disney Co on Friday announced a truce with activist investor Third Point, saying it would appoint tech and media veteran Carolyn Everson to the board with the support of the shareholder.
A screen shows the logo and a ticker symbol for The Walt Disney Company on the floor of the New York Stock Exchange in New York, U.S., December 14, 2017. REUTERS/Brendan McDermid/File Photoon Friday announced a truce with activist investor Third Point, saying it would appoint tech and media veteran Carolyn Everson to the board with the support of the shareholder.
The hedge fund, led by billionaire investor Daniel Loeb, said in August it planned to push the entertainment and media conglomerate to make a string of changes, from spinning off cable sports channel ESPN to buying back shares and adding new board members. However, Third Point reached an agreement with Disney on Friday to not present any proposal at any stockholder meeting until 2024, as long as Everson remains on the board, and to vote in accordance with the board's recommendations.The activist shareholder also agreed to not raise its stake in the company to over 2% and to vote in favor of the slate of directors nominated by Disney's board.
Chief Executive Bob Chapek, who confirmed reports there were enquiries made to buy ESPN, told Reuters earlier this month he believes the sports television network is an asset to the company.
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