Third Point, the hedge fund run by Daniel Loeb, has disclosed a $1 billion stake in Disney and is pushing for a spin-off of the entertainment giant’s sports network ESPN, according to a report by Reuters.
Third Point also wants Disney to embark on a raft of other initiatives including implementing a share buy-back programme and appointing additional board members.
Shares in Disney jumped by as much as 2% when news of Third Point’s stake – which equates to about 0.4% of the business – emerged on Monday.
Loeb had previously exited a position in Disney during the market sell-off earlier this year, but rebuilt a stake during Q2 after Disney said quarterly profits had jumped 50 per cent and its streaming subscriptions had overtaken those of Netflix.
