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.
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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.
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