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.
“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.