Reuters Entertainment News Summary

Billionaire investor Daniel Loeb, who runs Third Point, made a U-turn on Disney when he built a new stake in the second quarter, not long after exiting his position months earlier when fears about rising prices and faster interest rate hikes sparked a sharp market selloff. Cineworld plunges as lack of blockbusters adds to debt woes Cineworld warned on Wednesday a lack of big-budget movies was hitting admissions and would likely persist until November, potentially complicating efforts to cut debt that it warned could significantly dilute shareholder interests.

Following is a summary of current entertainment news briefs.

Third Point discloses stake of nearly $1 billion in Disney, pushes for changes

Hedge fund Third Point on Monday disclosed a stake of roughly $1 billion in Walt Disney Co and said it plans to push the media company to make a string of changes, from spinning off cable sports channel ESPN to buying back shares and adding new board members. Billionaire investor Daniel Loeb, who runs Third Point, made a U-turn on Disney when he built a new stake in the second quarter, not long after exiting his position months earlier when fears about rising prices and faster interest rate hikes sparked a sharp market selloff.

Cineworld plunges as lack of blockbusters adds to debt woes

Cineworld warned on Wednesday a lack of big-budget movies was hitting admissions and would likely persist until November, potentially complicating efforts to cut debt that it warned could significantly dilute shareholder interests. Shares in the world's second largest cinema chain slumped about 40% in early trading, as it faces payment obligations to former shareholders of its U.S. division Regal and a potential multimillion-dollar fine in a dispute with Canada's Cineplex.

Stand-up puppet comic Randy Feltface aims for world domination

A purple comedian from Australia is hoping to take over the world one joke at a time. “... I just really like making art, I like making shows, I like traveling, and I would like to do this for as long as it continues to be fun," said puppet Randy Feltface.

Marvel's She-Hulk hopes Disney+ fans like her when she's angry

"She-Hulk: Attorney at Law" is the latest Marvel Comics superhero to get the TV series treatment. Tatiana Maslany stars as Jen Walters, who struggles to embrace her Hulk-like superpowers and instead wants to continue her life as a high-powered attorney.

Rapper A$AP Rocky pleads not guilty to assault with firearm charges

Rap musician A$AP Rocky pleaded not guilty on Wednesday to two felony charges of assault with a firearm connected to a November shooting of a former friend in Hollywood. Rocky, 33, appeared in a Los Angeles courtroom standing next to his attorney, who affirmed to a judge that the artist was entering a not guilty plea.

Analysis-Activist's call for ESPN spin-off may be a tough sell at Disney

The first time billionaire investor Daniel Loeb began pushing for change at the Walt Disney Co, he got his wish. His hedge fund Third Point LLC in 2020 called on the company to suspend its dividend and go all-in on streaming. Days later, the company announced it was betting big on growing its trio of streaming services, Disney+, the sports-focused ESPN+ and adult-focused Hulu. Just two years later, Disney surpassed streaming pioneer Netflix Inc in total subscriptions.