Loeb Backs Down on Call for ESPN
Third Point founder Daniel Loeb announced on Twitter Sunday that he was changing course on a previously announced effort to force Walt Disney (NYSE: DIS) to split up ESPN.
He acknowledges Disney in his quest to push for an ESPN spin-off.
Last month, the active investor announced that his hedge fund was taking a stake in the media and entertainment giant, which was later valued at $1 billion.
The move was intended to provoke the California-announced company to unlock the share price by bumping itself up.
In a subsequent tweet, he said Third Point is looking forward to ESPN and Sports Content President James Pitaro's plans to increase the ESPN price.
This is because the sports network remains part of the company's structure.
Back in August, when Loeb owned Third Point Disney stock -- the hedge fund's second relaunch with it -- he remarked that ESPN was not a U.S. company as a standalone company.
"In a recent interview with Variety, Chapek made comments implying that ESPN would continue to be part of the Disney port.
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