Third Point Discloses $115 Million Stake in Disney

Daniel Loeb Disney Stake: $115 Million

Hedge fund has no plans for a larger strategic push at the Mouse House

Daniel Loeb’s Third Point LLC, the hedge fund that tried to force Sony Corp. to spin off its entertainment assets earlier this summer, disclosed a $115 million stake in Disney on Wednesday.

The filing, which gave information on Third Point’s holdings as of the end of June, reveals a holding of 1.8 million shares, or less than 1% of the Mouse House. Unclear was when, exactly, that stake was obtained.

A rep for Third Point did not respond to a request for comment.

Unlike his investment in Sony, however, Loeb has no larger plans for a strategic management push at Disney, according to a MarketWatch report.

In May, Third Point, a minority stakeholder in Variety Media, tried to push Sony’s board to spin off as much as 20% of its U.S.-based entertainment assets into a separately traded public company. The board rebuffed his efforts last month.

Besides Sony and Disney, Third Point has made investments in media companies including Yahoo and MGM.

Filed Under:

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety

Loading