Sep 30, 2022 - Axios Events

Disney and Third Point reach truce

Tim Baysinger

Illustration of two hands shaking with money shapes and textures surrounding them — Illustration: Natalie Peeples/Axios

Activist investor Dan Loeb's Third Point and Disney have agreed to standstill that will include the appointment of ex-Facebook executive Carolyn Everson to the company's board.

Why it matters: It was only weeks ago that Loeb took a $1 billion stake in Disney and pushed for CEO Bob Chapek to make major changes, including a "refresh" of the company's board.

Details: As part of the deal, which was disclosed in and SEC filing on Friday, Third Point has agreed to a customary standstill, voting and other provisions through Disney's 2024 annual meeting of shareholders.

"We are pleased with our productive and ongoing dialogue with Bob and Disney's management team," Loeb said in a statement. "The expansion of Disney's Board of Directors to include Carolyn Everson will add an important new perspective to an already accomplished group."
Everson was Meta's ad sales chief for more than 10 years and is coming off a brief stint as Instacart's president.

The big picture: Loeb was also pressuring Disney to spin off ESPN and get control of Hulu earlier.

Chapek managed to convince Loeb on keeping ESPN and growing the sports media company through betting.
On buying out Comcast's stake in Hulu ahead of the 2024 deadline, Chapek told the FT: "It takes two to tango."

Tim Baysinger co-authors the Axios Pro Media deals newsletter. Sign up now.

Add Axios on Google

Disney and Third Point reach truce

What to read next