Investments

Daniel Loeb adds Disney shares, bets streaming is company’s ‘biggest market opportunity ever’

Daniel Loeb

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Longtime activist investor Daniel Loeb told clients on Thursday that he opened a new position in the Walt Disney Company during the second quarter based in part on the media giant's decision to enter the streaming market.

Loeb, manager of Third Point LLC, said he initiated a long position in Disney when shares sank on fears that theme park and movie theater closures would cripple the company. But those concerns, he said, masked a far more compelling opportunity.

In a separate phone call with CNBC's Scott Wapner, Loeb said there isn't a close No. 2 rival for Disney in terms of quality of content and its vast intellectual property trove.

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