Disney Shares Jumped 1.34% as Dan Loeb’s Third Point Takes New Stake

Tiger Newspress2022-08-15

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 1.34% 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.

Disney justcame off a strong quarterwith its streaming subscriber growth blowing past estimates. Disney also posted better-than-expected results on both the top and bottom line, bolstered by increased spending at its domestic theme parks.

ESPN+ has become a stronger product in the past year as Disney moves more exclusive live games to the service. Disney said last month it raise the price of ESPN+ to $9.99 per month from $6.99 per month starting Aug. 23,the largest price increase to date.

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.

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Comments

euniceyxy
2022-08-16
euniceyxy
Go go Disney!
WJ77
2022-08-16
WJ77
👍
kslee9566
2022-08-16
kslee9566
Good
Doris11
2022-08-16
Doris11
Like please
Melvin888
2022-08-16
Melvin888
Buy
ramius75
2022-08-16
ramius75
🎉

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