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Loeb Takes Stake in Disney

Activist investor Daniel Loeb has taken 1.8 million shares in the Walt Disney Co., according to a filing with the U.S. Securities and Exchange Commission. The stake by Loeb and his New York hedge fund, Third Point Capital LLC, in New York City, in the Burbank entertainment and media conglomerate is valued at about $113.7 million, as of June 30. Disney is third high profile entertainment industry investment by Loeb. Third Point also owns 4 million shares in News Corp., parent of film and television studio 20th Century Fox, and 70 million shares in Sony Corp. In May, Loeb demanded of Sony management to spin off its film and music divisions, which the company rejected. Shares in Disney closed down 1.58, or 2.47 percent, at $62.38 on the New York Stock Exchange.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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