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Activist Investor Dan Loeb Takes New Stake in Disney, Urges ESPN Spinoff

  • Investor seeks board shakeup, says he has candidates in mind
  • Company ‘welcomes’ views, points to recent upbeat results
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Activist Loeb Takes New Stake in Disney, Urges ESPN Spinoff
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Activist investor Dan Loeb acquired a stake in Walt Disney Co. and called for sweeping changes at the world’s largest entertainment company, including a spinoff of the ESPN sports network and new board members.

The suggestions were made in a letter Monday to Disney Chief Executive Officer Bob Chapek. Loeb said his Third Point investment firm has taken a “significant stake” in the company in recent weeks. The investor owned Disney shares previously but sold earlier this year, according to Bloomberg data.