Third Point, an investment firm run by Daniel Loeb, has taken a new stake in The Walt Disney Co. and is urging the company’s CEO to make a wave of changes, including spinning off ESPN and combining Hulu and the Disney+ streaming service. In a letter to Disney CEO Bob Chapek, Loeb, whose stake in Disney is reportedly worth about $1 billion, also wants The Mouse to expand its board of directors. Spinning off sports TV giant ESPN would give the unit “greater flexibility” and enable it “to pursue business initiatives that may be more difficult as part of Disney, such as sports betting,” Loeb said.
Sony Corp. turned down billionaire Daniel Loeb’s call to sell a portion of its entertainment business, saying 100% ownership of the film and music units is crucial to the company’s success.
Activist investor Daniel Loeb, the chief executive of hedge fund Third Point, has turned up the heat on Sony Corp. in his call for the electronics and media giant to make an initial public stock offering of up to 20% of its entertainment arm.
Sony Corp. Chief Executive Kazuo Hirai on Thursday defended the company’s ownership of an electronics-gear business and entertainment operations under one roof — a corporate mix that has come under assault from hedge-fund investor Daniel Loeb.
