Daniel Loeb’s hedge fund Third Point LLC, known in media circles for its activist crusade to shake up Sony Corp., has bought 1.425 million shares in the Walt Disney Co., according to an SEC f…
The purchase is a tiny fraction of the media giant’s 1.81 billion outstanding shares and there was no immediate indication of any larger agenda motivating the stake, which was taken during the quarter ending March 31. Third Point had invested $115 million in Disney stock in 2013. According to a February filing for the fourth quarter, the company had no position in Disney as of the end of 2019.
The SEC disclosure comes at a sensitive time for Disney, which is sustaining damage from COVID-19 across its parks and resorts, studio and networks units. It also recently saw longtime CEO Bob Iger step away in February, handing the reins to Bob Chapek.
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