Third Point discloses stake of nearly $1 billion in Disney, pushes for changes

Hedge fund Third Point on Monday disclosed a stake of roughly $1 billion in Walt Disney Co and said it plans to push the media company to make a string of changes, from spinning off cable sports channel ESPN to buying back shares and adding new board members.

Billionaire investor Daniel Loeb, who runs Third Point, made a U-turn on Disney when he built a new stake in the second quarter, not long after exiting his position months earlier when fears about rising prices and faster interest rate hikes sparked a sharp market selloff.