Disney Should Weigh Breakup, Property Spinoff, Activist Says

Blackwells Capital, an activist investor seeking three board seats at Walt Disney Co., called on the entertainment giant to consider spinning off its famed theme-park properties and splitting into three companies.

The investment firm believes Disney’s real estate, centering on its park and hotel operations in Florida, is worth $77.5 billion, or 44% of the company’s market value, according to a the firm released Tuesday.