Activist investor Dan Loeb steps back from his push for Disney to sell ESPN

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Activist investor Dan Loeb indicated on Twitter Sunday morning that he is backing his push to persuade The Walt Disney Company to shut down its popular sports television network ESPN.

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After Disney’s DIS comes a change of heart,
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Chief executive Bob Chapek said in a media interview this weekend at the D23 Expo event — an annual gathering of Disney fans where the company announces new shows and movies — that he has a huge growth engine for ESPN and the company’s entertainment. plan to be a major part of Offering.

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“As Bob stated, ESPN is an integral part of The Walt Disney Company, and he believes its full potential will continue to be realized as we execute against our strategic vision for the most trusted brand in the game. “Disney spokeswoman Christina Sheik said. on Sunday.

Last month, Loeb’s hedge fund Third Point LLC announced that it had renewed its stake in Disney stock after being liquidated earlier this year. He sent Chapek a letter asking for major changes to Disney’s business, including closing down ESPN, refreshing Disney’s board, and cutting spending.

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“We have a better understanding of ESPN’s potential as a stand-alone business and have another scope for [Disney] To reach a global audience to generate advertising and customer revenue,” Loeb wrote on twitter Sunday Morning. “We look forward to seeing [ESPN chief James] Pitaro executes on growth and innovation plans, creating considerable synergy as part of The Walt Disney Company. ,

An expanded version of this report appears on WSJ.com.

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Credit: www.marketwatch.com /

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