Activist Investor Daniel Loeb’s Third Point has taken a new stake in Disney, according to CNBC citing a letter the activist investor sent to CEO Bob Chapek.
In a letter o Chapek, Loeb urged the company to “make every attempt” to acquire Comcast’s remaining minority stake prior to the contractual deadline in early 2024.
“We believe that it would even be prudent for Disney to pay a modest premium to accelerate the integration,” Loeb said in the letter.
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| Daniel Loeb |
Disney just came off a strong quarter with its streaming subscriber growth blowing past estimates. Disney also posted better-than-expected results on both the top and bottom line, bolstered by increased spending at its domestic theme parks.
ESPN+ has become a stronger product in the past year as Disney moves more exclusive live games to the service. Disney said last month it raise the price of ESPN+ to $9.99 per month from $6.99 per month starting Aug. 23, the largest price increase to date.
The activist investor has a history of investing in the media giant. He had held a stake for two years from 2020 to early 2022, pushing Disney to ramp up its streaming services.
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