Disney activist investor Nelson Peltz increased his efforts to claim a seat on the company’s board of directors after former Marvel director Ike Perlmutter committed his shares to him.
Peltz, whose daughter Nicola married Brooklyn Beckham last year, now owns about $2.5 billion worth of Disney stock and has previously waged a proxy war with CEO Bob Iger for a board seat.
The 81-year-old’s Trian Investment Fund owns about 33 million shares, making it one of the largest investors of Disney’s 1.8 billion shares.
Some of the shares controlled by the investment firm are subject to an arrangement that gives the Peltz firm sole voting rights over Perlmutter’s shares, according to The Wall Street Journal.
“As someone with a strong economic interest in Disney’s success, I can no longer stand by and watch the company under-realize its great potential,” Perlmutter said in a statement to Disney. Yahoo Finance.
Disney activist investor Nelson Peltz now owns about $2.5 billion worth of company stock
Fired Marvel director Ike Perlmutter gave Peltz permanent voting rights over his shares
“I urge Disney’s board to immediately welcome one or more Trian board candidates, including Trian’s CEO and Founding Partner, Nelson Peltz, to the boardroom.
“I believe Nelson and Trian can help Disney’s leadership better address the company’s challenges and opportunities.”
Perlmutter said he was fired from Marvel Entertainment in March for pushing for cost cuts too aggressively.
Perlmutter, who has a net worth of $4 billion, has signaled his intention to support Trump in the Republican Party primaries and has previously donated to Florida Governor Ron DeSantis.
Peltz’s first proxy war in January called on Disney to “restore the magic” amid criticism that the media conglomerate had become too political.
He withdrew from the initial fight after Iger unveiled a cost-cutting plan that involved 7,000 layoffs and restructuring to save about $5.5 billion.
However, Disney shares tumbling 12.5 percent over the past year have prompted the activist investor to renew his bid for power.
In October, Disney shares plummeted to a low of $78.73 and are at $79.82 on Monday.
Perlmutter (right) shakes hands with former President Donald Trump. The ex-Marvel CEO said he was fired for pushing too hard to cut costs
Disney CEO Bob Iger is ‘overwhelmed and exhausted’ as the company’s stock price falls and he faces a takeover by Peltz
Disney boss Iger is “overwhelmed and exhausted” as he extended his contract for another three years as he grappled with falling stock prices and challenges to his leadership.
In September, Iger revealed that the company will “calm the noise around cultural issues” as it has proven to be bad for business.
The House of Mouse is embroiled in a legal battle with Florida Gov. and Ron DeSantis after former CEO Bob Chapek criticized the so-called “Don’t Say Gay” bill.
DeSantis targeted Disney’s special tax district, replacing its board with his allies and leading the charge to change the name from the Reedy District to the Central Florida Tourism Oversight District.
Before DeSantis’ chosen board took control, Disney created a development contract for future investments. These were thrown out by the new administration, leading to a federal lawsuit.
Disney has since dropped much of its federal lawsuit against Florida’s governor.
They asked a federal judge for permission to file an amended complaint, focusing solely on the First Amendment claim, which was approved.
DeSantis has urged Disney to drop the case because he has run for president.
Disney announced Friday that the release of the live-action Snow White movie will be delayed a full year after star Rachel Zegler sparked outrage with a tirade of woke rage
A recent SEC filing shows that Disney will spend $60 million on its parks and cruise lines over the next decade
A recent SEC filing shows they will spend $60 million on their parks and cruise lines over the next decade – and Walt Disney World in Orlando is expected to lead the investment.
Disney has increased the cost of tickets to some of its theme parks by up to 10 percent before the investment.
The company has faced losses from its Disney+ streaming business, which is not expected to become profitable until next year.
The company is facing losses of nearly $900 million after a series of woeful box office flops.
Disney announced Friday that the release of the live-action Snow White movie will be delayed a full year after star Rachel Zegler sparked outrage with a tirade of woke rage.
Iger has extended his contract until 2026 and hinted that he will retire at that time, once a good successor has been found and appointed.