Disney reaches deal with Third Point, will add former Meta exec to its board

The Disney+ website on a laptop in the Brooklyn borough of New York, U.S. on Monday, July 18, 2022.

Gaby Jones | Bloomberg | Getty Images

disney reached a deal with activist investor Dan Loeb’s Third Point, which includes the addition of former Meta executive Carolyn Everson to its board of directors, the the companies said on Friday.

Deal comes weeks after Third Point was taken a new challenge to Disney valued at around $1 billion, or 0.4% of the company, and urged the media company to expand its sports property, ESPN.

Initially, Loeb said the breakup from ESPN would give Disney more flexibility to pursue sports betting and other business initiatives. However, shortly after Loeb reverse route.

“We have a better understanding of the potential for @espn as a standalone business and another vertical for $DIS to reach a global audience to drive ad and subscription revenue,” Loeb said earlier this month. here in a tweet.

On Friday, Disney said in a public repository which, with the support of Third Point, it would add Everson to its board before its November board meeting.

As part of the deal, Third Point agreed to certain standstill provisions, including that it would not take an equity stake in Disney greater than 2% and that it would not solicit proxies or submit proposals. Third Point also will not participate in board appointments, according to the filing.

Everson was at Meta, formerly Facebook, for more than 10 years, where she served as the social media platform’s head of ads. Although Everson was considered one of the most high-profile women – alongside former Facebook COO Sheryl Sandberg – she left the company after Marne Levine was promoted to chief executive. business last summer.

More recently, she did a short stint as president of grocery delivery service Instacart, which she left after just three months. At the time, Instacart and Everson told CNBC the decision to leave was mutual.

This is breaking news. Please check for updates.

Leave a Comment

Your email address will not be published. Required fields are marked *