On August 15, 2022, Dan Loeb's Third Point LLC announced that it has bought a new stake in Walt Disney Co. and is calling on the Company to buy the rest of Hulu, explore spinning off ESPN and refresh its board. Third Point stated that it also wanted the Company to cut costs and consider a number of steps to shake up its portfolio.

Third Point stated that it also urges the Company to rethink the makeup of its board and consider a list of potential new members that Third Point has compiled. Third Point added that it also advocates for cost-cutting program and the continuation of the Company's pandemic-era suspension of cash dividend payments.