Disney Shares Rise on Report That Daniel Loeb’s Third Point Acquired Big Stake
thewrap.comCNBC reports. The news comes after the outlet obtained a letter to investors announcing Loeb and Third Point’s new position.
Following the news, Disney’ share price has risen 1.3%. Disney is coming off a strong fiscal quarter in which its total direct-to-consumer footprint surpassed 221 million subscribers.
Revenue also surpassed expectations thanks to strong demand for theme parks in the United States. Yet in a letter to Disney CEO Bob Chapek, Loeb pushed for changes such as a focus on making “every attempt” to acquire Comcast’s minority stake in Hulu prior the upcoming deadline in 2024. “We believe that it would even be prudent for Disney to pay a modest premium to accelerate the integration,” Loeb wrote in the letter. “We know this is a priority for you and hope there is a deal to be had before Comcast is contractually obligated to do so in about 18 months.”Disney holds a 67% stake in Hulu, while Comcast holds 33%.
Disney has agreed to buy out Comcast’s share of the streamer for a minimum of $5.8 billion by January 2024 if it hangs on to the streamer.
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