According to Dan Loeb, the founder of The Third Point LLC, which liquidated a large stake in Walt Disney Co. this year, has repurchased what he calls a "significant stake" in the company.

Third Point disclosed the investment in a letter to Disney CEO Bob Chapek, praising the company's streaming subscriber base and urging the company to engage with Third Point on governance issues.

In an effort to buy out Comcast Corp.'s minority stake in Hulu before its 2024 contract deadline, Third Point is urging Disney to "do everything in its power" to acquire it.

Disney would even be wise to pay a modest premium to accelerate the integration, but we are aware that the seller may have unreasonable price expectations at this point," Loeb wrote.

Disney should spin off its ESPN business to shareholders to relieve leverage at the parent company, despite ESPN's centrality in streaming offerings and its significant free cash flow.

In addition, Loeb urges the company to implement a cost-cutting program and maintain the suspension of cash dividends during the pandemic.

Previously, Third Point held 4.1 million shares of Disney and successfully pushed the company to suspend its $3 billion annual dividend in favor of streaming revenues.

Loeb had become concerned that Disney's streaming business would take years to reap the profits needed to boost the company's share price, a person familiar with his thinking said in May.

A Disney share price of $123.76 a share was seen in early trading on Monday, up 1.9%.

Disney Stock Is Back In The Hands Of Dan Loeb's Third Point

For More Stories And News, Please Visit Our Website. Click On The Link Below To Visit Our Website. We Appreciate You Taking The Time To Read Our Storie