Disney adds new board member in deal with activist Daniel Loeb
Disney has added media veteran Carolyn Everson to its board of directors as part of an agreement with Daniel Loeb’s Third Point just weeks after the activist investor abandoned his push for a spin-off of ESPN.
The Burbank, California-based group on Friday said Third Point had approved Everson’s appointment and entered into a deal where the hedge fund agreed not to buy more than 2 per cent of Disney’s outstanding shares or nominate new directors. The agreement will be in place until the company’s annual shareholder meeting in 2024.
Third Point disclosed a $1bn stake in Disney last month and called for sweeping changes at the company, including a spin-off of the ESPN sports television network. However, Loeb retreated from that recommendation after Bob Chapek, Disney’s chief executive, told the Financial Times he planned to keep the business.
This story originally appeared on: Financial Times - Author:Ortenca Aliaj
