Third Point re-invests in Disney pushes for changes including ESPN spinoff

In the second quarter, billionaire investor Daniel Loeb, the head of Third Point, reversed course on Disney by purchasing a share after selling the company's holdings in the previous quarter. [{ "selector": ".puuue-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

considering that we have recently acquired a sizeable portion of the Company again," Loeb wrote to Disney CEO Robert Chapek in a letter obtained by Reuters. [{ "selector": ".lzkak-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

Striking a conciliatory tone, Loeb said that while Disney should reduce expenses, pay off debt, and buy back shares, some adjustments might already be in the works. [{ "selector": ".tngko-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

As the network lost cable subscribers, Puck, a trade newspaper for the industry, revealed last year that Disney had thought about splitting off ESPN. [{ "selector": ".fbnuc-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

In addition, Loeb suggests that Disney buy the remaining stock in Hulu from minority shareholder Comcast Corp (CMCSA.O) earlier than the anticipated 2024 acquisition date. [{ "selector": ".jerkx-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

The activist investor also criticized the company's board, saying there are "gaps in talent and experience as a group that must be addressed" and added that Third Point has identified potential directors. [{ "selector": ".nzkmw-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

After Disney had already given it some thought, he advised them to employ bankers and attorneys to "reassess the desirability of the purchase in the current context." [{ "selector": ".ppzjb-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

The only reason I bring it up is because they were portraying Mick as tense with his behaviour, and when Bree saw him taking a medication, he buried the pill bottle.