Disney reached a deal with activist investor Dan Loeb’s Third Point, which includes adding former Meta executive, Carolyn Everson, to its board of directors, the companies said on Friday.
The deal comes weeks after Third Point took a new stake in Disney, valued at about $1 billion, or 0.4% of the company.
Initially, Loeb said there was a strong case for Disney to spin out its sports property, ESPN, so that it would have more flexibility to pursue sports betting and other business initiatives. However, shortly after Loeb reversed course. “We have a better understanding of @espn’s potential as a standalone business and another vertical for $DIS to reach a global audience to generate ad and subscriber revenues.”
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