Publications
Publications
- May 2022 (Revised April 2024)
- HBS Case Collection
Third Point in 2020: Growth Is Where the Value Is?
By: Robin Greenwood, James Williams and Denise Han
Abstract
In early May 2020, Daniel Loeb’s team at Third Point was evaluating a potential growth opportunity in the Walt Disney Company and whether investor activism might play a role. Battered by the effects of COVID-19, the company’s stock had initially tumbled to $86 and then somewhat recovered to $110. This case explores the headwinds and tailwinds of Disney’s ability to flesh out value for investors, including the growth of its Disney+ platform and the recovery of its theme parks. A supplementary case detailing Third Point’s ultimate decision and its aftermath is also available.
Keywords
Growth; Equity; Disney; Value; COVID-19 Pandemic; Economics; Strategy; Growth and Development; Investment Return; Opportunities; Business and Stakeholder Relations; North America
Citation
Greenwood, Robin, James Williams, and Denise Han. "Third Point in 2020: Growth Is Where the Value Is?" Harvard Business School Case 222-029, May 2022. (Revised April 2024.)