By: Dan Weiner

The deal for a hedge fund to invest in and become part of the Disney Company is moving forward and certain concessions were made, and an apparent truce was reached in the negotiations.

Dan Loeb’s Third Point LLC has a deal with Disney. Loeb is known for his extreme Democrat party loyalty and left-wing activism, so this deal with Disney is a match made in heaven.

An exclusive The Hollywood Reporter story states that Third Point, the company looking to join with Disney, has agreed to not acquire more than 2 percent of Disney’s outstanding stock; seek the removal of any board member or or propose any new nominees (that Disney’s board does not also approve of); present any proposals at Disney’s annual meeting; or solicit a proxy or other referendum from other shareholders.

Disney says that it has entered into a support agreement with the hedge fund, which will include “customary standstill, voting and other provisions through Disney’s 2024 Annual Meeting of Shareholders,” per the company.

“We have a productive and collegial relationship with Third Point, with whom we share a deep commitment to continue building on Disney’s many successes and increasing shareholder value,” Disney CEO Bob Chapek said in a statement to The Hollywood Reporter.

In addition, Disney has named veteran tech executive Carolyn Everson to its board of directors, at Loeb’s recommendation. Everson was most recently president of Instacart, and before that was a senior executive at Facebook, where she led its advertising business. She also worked as COO of Viacom, and as an ad sales executive at Microsoft.

“I am incredibly excited and honored to join The Walt Disney Company’s Board and work alongside the outstanding directors and extraordinarily talented management team,” added Everson. “Disney is a beloved brand with an incredible history that brings joy to millions of consumers around the world and one that has meant so much to me and my family over the years. I am fully committed to helping progress Disney’s strategic priorities at an exciting time for the business and industry at large.”

Loeb had been pushing Disney to diversify its slate of directors according to Alex Weprin of The Hollywood Reporter. The addition of Everson brings the size of the board to 12 directors. Her experience in digital advertising may be valuable as Disney prepares to launch its ad-supported tier of Disney+ later this year.

“We are pleased with our productive and ongoing dialogue with Bob and Disney’s management team,” added Loeb. “The expansion of Disney’s Board of Directors to include Carolyn Everson will add an important new perspective to an already accomplished group.”

According to the support agreement, Third Point owns approximately $600 million worth of Disney stock.

Carolyn Everson was elected as a Director of The Coca-Cola Company in 2022. She is a business leader with extensive experience in media and consumer-facing companies.

Everson most recently served as president of Instacart. Prior to that role, she was vice president, Global Business Group, at Facebook, now known as Meta, where she led a global team of more than 4,000 people and was responsible for over $80 billion in revenue.

Prior to Facebook, Everson was corporate vice president of the Global Advertising Sales and Trade Marketing Teams at Microsoft. Her other previous roles included seven years at Viacom, where she ultimately served as chief operating officer. Prior to Viacom, Everson worked at Primedia, Walt Disney Imagineering and Accenture Consulting.