The activist investor argued in a letter that Disney should spin off ESPN and refresh its board of directors — but this time he appears to be facing stiffer company opposition.
The last time Dan Loeb went to war with Disney over the company’s streaming strategy, he painted a picture of victory.
In October 2020, Loeb called on Disney to go “all-in” on streaming, and to halt its dividend and “double” its content budget. in a letter to Disney CEO Bob Chapek, Loeb told investors in his Third Point hedge fund that the investment had proved “constructive.” Just a few months later, he took things a step further, telling Third Point’s investors that Disney’s response to his investment was “commendable” and that his suggestions have been “proven correct so far.
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