For Disney making Dan Loeb happy will be a lot harder this time around.
Mr. Loeb’s Third Point LLC disclosed a stake of 1 million Disney shares in its quarterly filing late Monday. That is well below the 5.3 million shares Third Point owned two years ago, when it publicly campaigned for the company to permanently suspend its dividend and dump that money into content for its streaming services. His timing then was superb: Disney announced a major shake-up of its corporate structure just a week later that effectively focused all of its media operations on streaming first.