Happy Wednesday, welcome back to Dry Powder.

Given Disney’s $200 billion market cap, Dan Loeb’s recent $750 million stake might seem like a small drop in a very large bucket. But the seasoned activist investor knows how to get his way. I’ve since learned that his demands for Bob Chapek include two very specific additions to the board. In today’s column, I narrow down the list of candidates that Loeb might have in mind.

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Bill

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Chapek may want to ignore Loeb’s recommendations but he’d be well-advised not to. Especially when it comes to shaking up the Disney board—after all, it’s simpler than doubling the stock or spinning off ESPN—which I’m told Loeb feels has become too woke and too insular for its own good, and lacking in intellectual diversity. Notably, it is also lacking in executives with experience in entertainment and buzzy metaverse-type businesses. “Third Point has identified potential board members who we believe would make essential contributions to the Company’s Board at this critical time,” Loeb wrote Chapek on August 15. “We would be happy to make an introduction.”...