Regions

The Third Point LLC of Daniel Loeb purchased a USD113.7 million stake in Walt Disney Co. The move would extend Loeb's bet on the industry as he pushed Sony Corp to sell as much as 20% of its entertainment business in an initial public offering.

According to the New York-based venture capitalist's regulatory filing yesterday, by the end of June 2013, Third Point already owned 1.8 million shares of Disney. The filing also showed Loeb's options to acquire 32,000 more shares.

The Burbank, California-headquartered Disney dropped by 2.5% to USD62.38 at the close in New York. Disney's market value was said to be over USD111 billion. It gained around 25% in 2013.

Loeb' filing did not disclose his shares in Sony. However, in a letter for Sony Chief Executive Officer Kazuo Hirai sent last June 17 this year, Loeb said Third Point held 70 million shares in Sony. Loeb acquired the stocks through direct proprietorship and cash-settled swaps. The investor said he was interested in representation on the board of Sony.