Investor Dan Loeb buys a new stake in Disney

Investor Dan Loeb buys a new stake in Disney

Daniel Loeb’s company Third Point has taken a new stake in Disney, pushing Disney to spin off its sports network ESPN

In a letter to Disney CEO Bob Chapek, Dan Loeb said “ESPN would have greater flexibility to pursue business initiatives that may be more difficult as part of Disney, such as sports betting”

Disney is making more money from cable subscribers than any other company solely because of it's sports network ESPN

Disney confirmed it will raise the price of ESPN+ to $9.99 per month from $6.99 per month from August 2023

Daniel Loeb has a history of being an active investor in Disney

“We believe that it would even be prudent for Disney to pay a modest premium to accelerate the integration,” Daniel Loeb said in the letter to Disney CEO

Disney had a strong quarter with its streaming subscriber growth beyond market estimates

Daniel Loeb is an American investor and the CEO of Third Point, a New York-based hedge fund organisation

Daniel Loeb also urged Disney to integrate streamer Hulu directly into the Disney+ direct-to-consumer platform

The Disney shares jumped as much as 2% on the news