Activist investor Dan Loeb is holding back from asking Disney to sell ESPN

Billionaire activist investor Daniel Loeb has balked at pushing Walt Disney Co to spin off ESPN, saying he has a “better understanding” of the sports television network’s growth potential.

This comes after Disney Chief Executive Bob Chapek reaffirmed ESPN’s value to the media company.

“We believe ESPN is an asset that is well placed within The Walt Disney Company,” Chapek told Reuters.

The investor said in a tweet on Sunday that he looks forward to ESPN chairman James Pitaro executing on the company’s growth and innovation plans and generating “significant synergies as part of” Disney.

Loeb, who runs Third Point, announced a roughly $1 billion stake in Disney in August and announced plans to push the company toward a range of changes, from spinning off ESPN to buying back shares and Admission of board members.

Chapek said that Walt Disney values ​​ESPN as an asset and explained the sports broadcasting brand is so "well placed" within the company.
Chapek said that Walt Disney values ​​ESPN as an asset, noting that the sports brand is “well placed” within the company.
REUTERS

Loeb, who runs Third Point, announced a roughly $1 billion stake in Disney in August and announced plans to push the company toward a range of changes, from spinning off ESPN to buying back shares and Admission of board members.

On Loeb’s plan to press Disney to add new board members, Chapek defended the board, saying he had a broad “range of skills” and the average tenure on the board was four years.

Third Point, which owns about 0.4% stake in Disney, has also suggested that Disney accelerate its timeline to buy the remaining stake in streaming service Hulu from minority shareholder Comcast Corp ahead of its proposed acquisition in 2024.

Chapek told Reuters he has been in talks with Comcast about accelerating the acquisition timeline. “I would think it would make sense for them because it’s inevitable,” he said.

https://nypost.com/2022/09/12/activist-investor-dan-loeb-backs-off-from-asking-disney-to-sell-espn/ Activist investor Dan Loeb is holding back from asking Disney to sell ESPN

JACLYN DIAZ

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