Disney and Third Point reach truce
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.