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Daniel Loeb's Third Point buys $113.7 million in Disney stock

August 15, 2013|By Daniel Miller
  • Daniel Loeb's hedge fund, Third Point, already owns part of Sony Corp.; now it has a stake in Disney, too.
Daniel Loeb's hedge fund, Third Point, already owns part of Sony Corp.;… (Jacob Kepler / Bloomberg )

Activist investor Daniel Loeb's hedge fund, Third Point, has acquired $113.7 million of Disney stock, regulatory filings indicate.

Loeb's company, which this summer pressed Sony Corp. to make a public offering of up to 20% of its entertainment arm, owned 1.8 million shares of Disney stock as of June. 

Shares of Disney were down more than 2% on Thursday to $62.54.

Spokespersons for Disney and Third Point did not immediately respond to requests for comment.

Sony responded to Loeb's call for a spinoff earlier this month -- though the New York investor was disappointed by the answer.

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The Tokyo electronics and media giant said in an Aug. 6 letter addressed to Loeb, the chief executive of Third Point, that it "unanimously concluded that continuing to own 100% of our entertainment business is the best path forward."

Loeb's company owns about 7% of Sony.

Third Point said in a statement that it was disappointed by Sony's decision but pleased that the company has made a "commitment to greater transparency."

Third Point said it was looking forward to a continuing dialogue with Sony. "In the new spirit of transparency, management should communicate more specific plans to improve entertainment results," Third Point said.

ALSO:

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Sony rejects Daniel Loeb's proposal to spin off entertainment arm

Analyst makes case for separating Sony from Sony Pictures

Daniel Miller

daniel.miller@latimes.com

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