Dan Loeb’s Third Point Calls for Disney to Spin Off ESPN, Refresh Board

Activist investor Dan Loeb’s Third Point LLC has bought a new stake in Walt Disney and is calling on the media company to buy the rest of Hulu, explore spinning off ESPN and refresh its board.

Mr. Loeb on Monday said his firm, which liquidated a large Disney stake earlier this year, has repurchased a “significant stake” in the company and sent a letter to Disney Chief Executive Bob Chapek urging the company to engage with Third Point on a number of issues.