{"id":7043,"date":"2023-10-30T10:50:29","date_gmt":"2023-10-30T10:50:29","guid":{"rendered":"https:\/\/borrowaccelerated.com\/markets\/activist-peltz-gets-boost-from-former-marvel-chairman-in-push-for-disney-board-seats\/"},"modified":"2023-10-30T10:50:30","modified_gmt":"2023-10-30T10:50:30","slug":"activist-peltz-gets-boost-from-former-marvel-chairman-in-push-for-disney-board-seats","status":"publish","type":"post","link":"https:\/\/borrowaccelerated.com\/?p=7043","title":{"rendered":"Activist Peltz Gets Boost From Former Marvel Chairman in Push for Disney Board Seats"},"content":{"rendered":"
\n
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<\/p>\n

<\/p>\n<\/figure><\/div>\n

Walt
\n Disney
\n is finding it hard to shake off figures from its recent past. Activist investor Nelson Peltz has returned to the offensive at the company and he is being backed by former Marvel Chairman Isaac Perlmutter,\u00a0according to The Wall Street Journal.\u00a0\u00a0<\/p>\n

Peltz\u2019s Trian Fund Management previously was reported to have built up a stake of more than $2.5 billion in
\n Disney
\n (ticker: DIS) and to be seeking multiple board seats at the company.\u00a0<\/p>\n

\n

The majority of Trian\u2019s controlled stake is made up of shares owned by Perlmutter, who plans to urge Disney\u2019s board to accept one or more of Trian\u2019s nominees, according to a Journal report on Monday.\u00a0<\/p>\n

Perlmutter is one of Disney\u2019s largest independent shareholders due to his sale of superhero company Marvel to the entertainment giant in 2009 for $4 billion. Perlmutter was employed by Disney until earlier this year when his role was terminated amid a wave of layoffs implemented by Disney CEO Bob Iger.\u00a0\u00a0<\/p>\n

Perlmutter isn\u2019t seeking to join Disney\u2019s board himself or to return to the company but he believes the company is underachieving, he told the Journal.\u00a0Disney didn\u2019t immediately respond to a request for comment.<\/p>\n

Disney shares were up 0.6% in premarket trading on Monday but have fallen more than 8% this year.<\/p>\n

The nominating window for Disney\u2019s board of directors opens in December, meaning Peltz\u2019s Trian hasn\u2019t officially launched a fresh proxy battle against the company. Peltz abandoned a previous effort to push its way onto the board earlier this year when Iger outlined a $5.5 billion cost-cutting plan involving 7,000 layoffs. <\/p>\n

Patrick Gadson, co-head of the shareholder activism practice at law firm Vinson & Elkins, told Barron\u2019s<\/em> he expects Peltz to push ahead with a proxy battle unless there are radical changes at Disney, such as announcing an external investor for ESPN or the spinoff of ABC and other linear TV channels. <\/p>\n

\u201cI think it would take something of that level for [Peltz] to announce that he\u2019s no longer pursuing more radical change at the board,\u201d Gadson said. <\/p>\n

Write to Adam Clark at adam.clark@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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