Disney investor changes tune on ESPN in turnaround decision

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Activist investor Daniel Loeb and Third Point CEO has eased off on calls for Walt Disney to spin off sports network ESPN.

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Third Point bought a new stake and Loeb wanted to see five changes at Disney, which would unlock further value in the near-term.

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One of the changes was for Disney to ditch ESPN.

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However, Loeb has dropped that plan. He is now fine with Disney keeping ESPN.

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"We have a better understanding of ESPN’s potential as another vertical for Disney to reach a global audience," he said on Twitter.

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ESPN president James Pitaro is to execute the growth and innovation plans as part of The Walt Disney company.

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