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Nearly one year ago, billionaire Nelson Peltz announced that he would be trying to gain a seat on Disney’s Board of Directors. He said that he didn’t think Disney was going in the right direction and wasn’t making its shareholders enough money. He gave up his fight when Disney CEO Bob Iger announced that he would be eliminating thousands of jobs and cutting $5.5 billion from Disney’s budget.
Credit: Disney
Related: Disney Investor Slams Company As He Fights to Join Board of Directors
However, Peltz recently picked up the fight again, but this time, he announced that he wasn’t just targeting one seat on Disney’s board, he was going after several. Peltz said that he had given Iger a chance to “right the ship,” but the embattled CEO had not done so.
But Iger and Disney weren’t going to back down without a fight. The company released a statement, claiming that Peltz only wanted seats on the board because of his close relationship with fired Marvel executive, Ike Perlmutter. They said that Perlmutter had a vendetta against the company and was using Peltz to make that happen.
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And now, Disney just got some big backup in its fight against Peltz and Perlmutter. According to Disney, the company has entered into an agreement with investment group ValueAct. Per The Hollywood Reporter:
Disney and ValueAct have entered into a “confidentiality agreement that enables the company to provide information to the investment firm and consult with ValueAct on strategic matters, including through meetings with the Disney board and management,” the company said on Wednesday.
As part of the arrangement, ValueAct also confirmed that it would support the Disney slate of nominees for the company’s board of directors at Disney’s upcoming annual shareholder meeting. The news comes amid Disney’s proxy battle with Nelson Peltz and his firm Trian Partners, an effort backed by ousted Marvel mogul Ike Perlmutter.
Credit: LinkedIn/Marvel
Related: Will Disney Become “Anti-Woke” If Latest Coup Attempt is Successful?
Peltz is hoping to get enough shareholders to vote for him and his loyalists so they can have at least two, if not three, seats on Disney’s Board of Directors. Should they be successful, this could mean that massive changes might take place within the company. Ike Perlmutter is an outspoken conservative and a large supporter of Donald Trump.
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Disney has been making more content that reflects the world we currently live in — meaning more diverse characters and family units. The company has frequently been accused of being “woke”, which Peltz and Perlmutter might put an end to if they gain those coveted seats.
Nominations for new board members will take place until January 4, 2024.
Whose side are you on, Nelson Peltz or Bob Iger? Let us know in the comments!
ABSOLUTELY THERE NEEDS TO BE A CHANGE !
As a Stockholder , Under this Senior Management with there deep grasp on Ideological tendencies they have cost Disney and there Shareholders Billons of Dollars , the parks are becoming neglected , there need to keep rising cost to compensate for the reduction in attendance is getting out of control.
Disney needs a change to get back to what they’re known for and that’s Entertainment, without NEW BLOOD this can’t happen.
Sounds like you are an operative.
Agree changes have to be made and to reduce salaries and bonuses of these executives
I don’t like the direction Bob Iger and his executive team have taken the company. I’m all for Peltz getting a seat or two on the board and for Iger to finally retire.
Go Iger!! Nothing wrong with keeping with the times and the world we live in currently.
I agree with you! Knowing how our world works is a way to embrace different ideals and recognize we are all the same. Everyone bleeds red!❤️
Disney stock should be one of the best. It is a mediocre investment at best. This is the board’s fault. They are woke and in love with Igor.
Why do we have to fight to lead a life of inclusivity? Have to winder why some people would work so hard to exclude those differentt from themselves.
Walt Disney himself would be horrified at what has been done with the company that bears his name. Disney, Disneyland and Disney World all stood for a brand guaranteed to have completely trustworthy content that ALL parents would be comfortable having their children experience. Today it has been transformed into a brand representing political activism in favor of a specific political viewpoint and worldview. As a result, much of its potential audience feels excluded because the informational content of its product actively advocates for specific viewpoints with which many parents disagree, and to which they do not wish their children to be exposed. This breaks the cardinal rule of ALL businesses. Regardless of the personal opinions of their principals, successful businesses NEVER adopt public-facing viewpoints that could reasonably be expected to repel large portions of their customer base. Taking a public position on Florida’s law regarding schools, adopting the liberal activist label for it (“don’t say gay”), and vowing to fight it as a company, was at least as suicidal as taking the opposite position. In reality, Disney should have taken no position at all and not commented, as it was not their role. Disney is now on its way to failure as a brand, not just because of that controversy but because it has inserted political advocacy into its films. Its movies are failing because large numbers of parents don’t want to expose their children to that content. If this continues the theme parks will follow suit as they are based in the themes, content and set pieces of the films. Peltz and Perlmutter represent an opportunity to recover since clearly Iger and the board refuse to acknowledge the urgent need for a COMPLETE change in direction if the company is to be rescued.
Eloquently stated and couldn’t agree more.
This long-winded (unnecessary) response shows all readers how little you actually know about Walt and Disney in general. It is a display of YOUR political leanings and very little actual care for children. How typical.
Well said
Well Billie,
As a college professor currently in my sixties and teaching the art of film production, and having been fascinated by Walt Disney and his company since childhood, I can honestly say I probably know a great deal more about the Disney brand and Walt in particular than you do. Walt was all about traditional American values and was extraordinarily sensitive to what was communicated to children, both overtly and covertly. His love of country and traditionalist values showed in everything he did, from the content of his movies to the loving reproduction of a turn-of-the-20th-century town in Disney World’s Main Street USA. If you were not aware, that portion of Disney World’s Magic Kingdom was inspired by Walt’s own hometown of Marceline, Missouri. He would not recognize what has been done with the company that bears his name.
Nelson Peltz. I hate the direction Disney has been going in.
“The slow March through their institution” …… Disney was an institution we could trust as parents, that’s gone now. Disney has vandalized a gift from the GREATEST GENERATION” our countries children. The Marxist Flower Child Generation appliCation of Critical Theory to Hollywood productions has destroyed the many gifts .