Hedge fund Third Point has taken a new stake in Disney.
According to a letter sent by Third Point CEO Daniel S. Loeb to Disney CEO Bob Chapek, Loeb used 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 first reported by CNBC.
The move represents a u-turn on Disney, after Loeb liquidated the firm’s position in Disney during the first quarter.
Disney is coming off a strong quarter after passing rival Netflix in subscribers in the coveted streaming market. The largest entertainment company in the world also posted results that exceeded expectations on both the top and bottom line.
The New York-based hedge fund head also said he believes there is a strong case that the ESPN business should be spun off.
Loeb had held Disney stake for two years from 2020 to early 2022, pushing Disney to ramp up its streaming services.