8/15, 4:28 PM (Source: TeleTrader)
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Loeb's Third Point obtains new Disney stake - report

Third Point Management hedge fund, owned by investor Daniel Loeb, has acquired a new stake in Walt Disney Co., CNBC reported on Monday citing an investor letter.

Loeb told Disney's Chief Executive Bob Chapek that his fund will also be looking to buy Comcast's remaining minority stake in the entertainment conglomerate before early 2024. "We believe that it would even be prudent for Disney to pay a modest premium to accelerate the integration," Loeb wrote in the latter, sharing a belief that Disney's ESPN business should be spun off.

Disney's better-than-expected second quarter brought an increase in its ESPN+ service price by 40% last week.

Baha Breaking News (BBN) / ND