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MICROSOFT CORPORATION

(MSFT)
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Delayed Nasdaq  -  04:00 2022-12-02 pm EST
255.02 USD   +0.13%
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Disney names Carolyn Everson to board in deal with activist investor Third Point

09/30/2022 | 04:32pm EST

Sept 30 (Reuters) - Walt Disney Co on Friday announced a truce with activist investor Third Point, saying it would appoint tech and media veteran Carolyn Everson to the board with the support of the shareholder.

The hedge fund, led by billionaire investor Daniel Loeb, said in August it planned to push the entertainment and media conglomerate to make a string of changes, from spinning off cable sports channel ESPN to buying back shares and adding new board members.

However, Third Point reached an agreement with Disney on Friday to not present any proposal at any stockholder meeting until 2024, as long as Everson remains on the board, and to vote in accordance with the board's recommendations.

The activist shareholder also agreed to not raise its stake in the company to over 2% and to vote in favor of the slate of directors nominated by Disney's board.

Third Point did not immediately respond to a Reuters request for comment.

Loeb had exited his position in the company, known for its theme parks and movies like "Aladdin" and "Frozen", months earlier when fears about rising prices and faster interest rate hikes sparked a sharp market selloff, before re-investing nearly $1 billion in the company in August for a 0.4% stake.

Chief Executive Bob Chapek, who confirmed reports there were enquiries made to buy ESPN, told Reuters earlier this month he believes the sports television network is an asset to the company.

Everson, 50, who is on Coca-Cola's board, has worked with Meta Platforms' Facebook where she ran the global marketing and ad sales team for the social media giant.

Most recently, Everson was president of Instacart and her career has included leadership roles at Microsoft Corp and at Viacom, now part of Paramount Global. (Reporting by Akash Sriram in Bengaluru; Editing by Sriraj Kalluvila and Krishna Chandra Eluri)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
META PLATFORMS, INC. 2.53% 123.49 Delayed Quote.-63.29%
MICROSOFT CORPORATION 0.13% 255.02 Delayed Quote.-24.27%
PARAMOUNT GLOBAL 1.04% 20.38 Delayed Quote.-33.17%
WALT DISNEY COMPANY (THE) 0.85% 99.43 Delayed Quote.-35.81%
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Financials (USD)
Sales 2023 213 B - -
Net income 2023 71 663 M - -
Net cash 2023 68 340 M - -
P/E ratio 2023 26,7x
Yield 2023 1,07%
Capitalization 1 901 B 1 901 B -
EV / Sales 2023 8,61x
EV / Sales 2024 7,42x
Nbr of Employees 221 000
Free-Float 99,9%
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Mean consensus BUY
Number of Analysts 50
Last Close Price 255,02 $
Average target price 296,98 $
Spread / Average Target 16,5%
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Managers and Directors
Satya Nadella Chairman & Chief Executive Officer
Bradford L. Smith President & Chief Legal Officer
Amy E. Hood Chief Financial Officer & Executive Vice President
James Kevin Scott Chief Technology Officer & Executive VP
Hemma Prafullchandra CTO
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