Sep 30, 2022 - Axios Events

Disney and Third Point reach truce

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.

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