ARTS & ENTERTAINMENT ENVELOPE COMPANY TOWN

Daniel Loeb's Third Point buys $113.7 million in Disney stock

Activist investor Daniel Loeb's hedge fund, Third Point, has acquired $113.7 million of Disney stock, regulatory filings indicate.

Loeb's company, which this summer pressed Sony Corp. to make a public offering of up to 20% of its entertainment arm, owned 1.8 million shares of Disney stock as of June. 

Shares of Disney were down more than 2% on Thursday to $62.54.

Spokespersons for Disney and Third Point did not immediately respond to requests for comment.

Sony responded to Loeb's call for a spinoff earlier this month -- though the New York investor was disappointed by the answer.

PHOTOS: 2012 highest-paid media executives

The Tokyo electronics and media giant said in an Aug. 6 letter addressed to Loeb, the chief executive of Third Point, that it "unanimously concluded that continuing to own 100% of our entertainment business is the best path forward."

Loeb's company owns about 7% of Sony.

Third Point said in a statement that it was disappointed by Sony's decision but pleased that the company has made a "commitment to greater transparency."

Third Point said it was looking forward to a continuing dialogue with Sony. "In the new spirit of transparency, management should communicate more specific plans to improve entertainment results," Third Point said.

ALSO:

Activist investor Daniel Loeb boosts rhetoric in call for Sony spinoff

Sony rejects Daniel Loeb's proposal to spin off entertainment arm

Analyst makes case for separating Sony from Sony Pictures

Follow @DanielNMiller

daniel.miller@latimes.com

MORE

ON LOCATION: People and places behind what's onscreen

PHOTOS: Biggest box office flops of 2013

PHOTOS: Celebrity production companies

Copyright © 2014, Los Angeles Times
Related Content
Comments
Loading