- Disney has struck a deal with activist investor Dan Loeb Third Point.
- The agreement includes the addition of former Meta chief executive Caroline Everson to the board of directors.
- The deal came weeks after Third Point acquired a new stake in Disney worth about $1 billion, or 0.4% of the company, and urged the media company to spin off its sports property to ESPN.
Disney has reached an agreement with activist investor Dan Loeb Third Point that includes adding former Meta chief executive Caroline Everson to its board of directors. the company said Friday.
The deal comes weeks after Third Point acquired a new stake in Disney, representing about 0.4% of the company, and called on the media company to spin off its sports property to ESPN. Third Point’s 6.35 million Disney shares are worth about $600 million as of Friday’s close.
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Disney said on Friday public application which, with support from Third Point, it will add Everson to its board ahead of its board meeting in November.
“We are pleased with our productive and ongoing dialogue with Bob and the Disney management team,” Loeb said in a press release Friday.
As part of the deal, Third Point agreed to the usual moratorium and other provisions, including that it would not acquire more than a 2% stake in Disney and that it would not solicit proxies or submit offers. According to the filing, Third Point, which will also not participate in the nominations to the board of directors, agreed to the terms at Disney’s 2024 annual shareholder meeting.
Disney shares rose slightly after hours.
“We have a productive and collaborative relationship with Third Point, with whom we share a deep commitment to further building on Disney’s many successes and increasing shareholder value,” Disney CEO Bob Chapek said in a press release.
Chapek welcomed Everson’s appointment to the board, pointing to her experience in digital advertising, which he says makes her “a great fit as we continue to position the company for long-term growth.”
Everson worked at Meta, formerly Facebook, for over 10 years, where she served as head of advertising for the social media platform. Although Everson was considered one of the most famous women — along with former Facebook COO Sheryl Sandberg — she left the company after Marn Levine was named chief business officer last summer.
Most recently, she briefly served as president of grocery delivery service Instacart, where she left after just three months. At the time, Instagramart and Everson told CNBC that her decision to leave was mutual.
With Everson officially taking over on November 21, Disney will have 12 board members.
Loeb initially eyed Disney’s ESPN business, saying spinning off the division would give Disney more flexibility to pursue sports betting and other business initiatives. However, he changed course shortly thereafter.
“We better understand the potential of @espn as a standalone business and another vertical for $DIS to reach a global audience for ad revenue and subscribers,” Loeb said earlier this month in a tweet.
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