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Disney fended off the activist investor Nelson Peltz for the second time in two years, as its shareholders rejected his effort to win two seats on its board. The House of Mouse claimed a “substantial” margin of victory, after a bitterly fought contest with Peltz and his major backer, the former Marvel chair Ike Perlmutter. Based on preliminary results from Wednesday’s annual investor meeting, Disney’s board candidates won the backing of 75 percent of individual shareholders, an outsize investor base. But like any good Disney tale, the board fight provided a series of lessons for the future — for companies and activists alike. That included cost-cutting efforts, an investment in the video game giant Epic Games and a shake-up in the struggling movie division.

Persons: Iger, Nelson Peltz, Mouse, Peltz, Ike Perlmutter, Bob Iger Organizations: Disney, Marvel, Wall Street

☆ How Bob Iger vanquished a corporate raider in Disney’s most consequential boardroom battle in decades
▼ + stars: | 2024-04-04 | by ( Oliver Darcy | ) edition.cnn.com time to read: +6 min

But over the last several months, the Disney chief made significant moves that took the wind out of those sails. Regardless, the course of action taken by Iger had the same effect, pouring cold water on Peltz’s public grievances. On streaming strategy: Iger moved to take full control of Hulu in a major deal with Comcast. Last week, Disney merged the service into Disney+, putting both libraries into a single app in a move once considered unthinkable. Disney investors overwhelmingly moved to elect Disney’s slate of directors, rejecting Peltz and former company exec Jay Rasulo.

Persons: Bob Iger, Nelson Peltz, shoring, Peltz, “, Iger, ” Iger, Ron DeSantis, ”, Bob Chapek, Morgan Stanley, James Gorman, Jay Rasulo, ” Trian, It’s Organizations: New York CNN, Disney, ESPN, Florida Gov, Hulu, Comcast, CNBC, Google, Partners, Company, Dow Jones Industrial Locations: New York, Magic, —, refocusing

☆ Disney trounces activist shareholders in a major win for Bob Iger
▼ + stars: | 2024-04-03 | by ( Allison Morrow | Hadas Gold | ) edition.cnn.com time to read: +5 min

New York CNN —Disney won a hard-fought proxy battle against a group of activist investors who sought to secure seats on the company’s board of directors. Disney’s board triumphed by what the company called “a substantial margin” over the nominees put forward by Trian Fund Management and Blackwells Capital at its annual shareholder meeting. Iger didn’t just beat Trian’s Nelson Peltz, but trounced him, according to a person familiar with the vote count. Jay Rasulo, the former Disney finance chief who joined Peltz’s attempt, also lost by a wide margin, the person said. Retail shareholders, which hold roughly 35% of Disney stock, also voted overwhelmingly – 75% – for Disney’s candidates.

Persons: New York CNN — Disney, Bob Iger, Disney’s, —, Trian, didn’t, Trian’s Nelson Peltz, Jay Rasulo, Peltz’s, Peltz, ”, ” Iger, ” Peltz, Iger, CNN’s Oliver Darcy, Samantha Delouya, Oliver Darcy Organizations: New, New York CNN, Trian Fund Management, Blackwells, Disney, Retail, Financial Times, Republicans, Marvel, CNBC, Trian Partners Locations: New York, refocusing, Trian

☆ The battle over Disney’s future is about to be decided in a high stakes board vote
▼ + stars: | 2024-04-02 | by ( Hadas Gold | Samantha Delouya | ) edition.cnn.com time to read: +8 min

Two competing slates of board seats are now up for a vote against Disney’s. Peltz has criticized Disney’s recent theatrical flops and said the company should reach “Netflix-like margins” with its Disney+ streaming service, among other issues. If Peltz is successful, he and Rasulo could gain up to two seats on the board, displacing Disney’s picks. More than 35% of Disney’s shares are held by these individuals, who could seriously sway the vote. The influential advisory firms Institutional Shareholder Service and Egan-Jones have also thrown their support behind Peltz for at least one seat on the board.

Persons: Nelson Peltz, Jay Rasulo, Peltz, Ike Perlmutter, Bob Iger, ” Barton Crockett, Disney, ” Trian, Rasulo, Iger, Bob Chapek, Peltz —, —, It’s, ” Peltz, Perlmutter, ”, “ They’ve, ’ ” Crockett, Anna, Elsa, Ludwig Von Drake, “ Disney, George Lucas, Jamie Dimon, Michael Eisner, Laurene Powell Jobs, Abigail E, they’ve, ” Jessica Reif Ehrlich, “ Nelson Peltz, Neuberger Berman, Egan, Jones, ” Crocket, CNN’s Liam Reilly, Krystal Hur Organizations: CNN, Disney, Magic Kingdom, Disney’s, Trian Fund Management, Blackwells, Marvel, Netflix, Rosenblatt Securities, ESPN, ABC, Google, JPMorgan Chase, BofA Securities, California, Service Locations: Trian

☆ What Must Nelson Peltz Do to Get Some Respect?
▼ + stars: | 2024-03-16 | by ( James B. Stewart | Lauren Hirsch | ) www.nytimes.com time to read: 1 min

At age 81, with over four decades of dealmaking and corporate cage-rattling under his belt, Nelson Peltz would seem to have pretty much everything. Until the hedge fund billionaire Ken Griffin came to Palm Beach, Fla., Mr. Peltz had the largest property tax bill in town, with an oceanfront estate estimated to be worth $334 million. He also has an undeniably full life apart from his business: He has two children from his first marriage. He also has eight children (including two sets of twins) with his wife since 1981, the former model Claudia Heffner. His eldest child from that marriage, Matt, is a partner and co-chief investment officer at Mr. Peltz’s Trian Partners.

Persons: Nelson Peltz, Ken Griffin, Peltz, Claudia Heffner, Matt, Peltz’s Organizations: Peltz’s Trian Partners Locations: Palm Beach, Fla, Bedford , N.Y

☆ NYT's Jim Stewart on Disney's board battle: Can't remember a proxy fight that has become this nasty
▼ + stars: | 2024-03-15 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNYT's Jim Stewart on Disney's board battle: Can't remember a proxy fight that has become this nastyJames Stewart, New York Times columnist, joins 'Squawk Box' to discuss the latest on Disney's proxy fight with Nelson Peltz’s Trian Partners, Peltz's track record as an activist investor, and more.

Persons: Jim Stewart, James Stewart, Nelson Peltz’s Organizations: James Stewart , New York Times, Partners Locations: James Stewart ,

☆ Disney CEO Bob Iger is 'pulling all the stops' to win this proxy fight: 13D Monitor's Ken Squire
▼ + stars: | 2024-03-14 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDisney CEO Bob Iger is 'pulling all the stops' to win this proxy fight: 13D Monitor's Ken SquireKenneth Squire, 13D Monitor and 13D Activist Fund founder, joins 'Squawk Box' to discuss the latest developments in Disney's proxy fight with Nelson Peltz’s Trian Partners, impact of Disney's counterattack, and more.

Persons: Bob Iger, Ken Squire Kenneth Squire, Nelson Peltz’s Organizations: Fund, Partners

Zelensky and Trump loom over DavosTwo people are having an outsize impact at the World Economic Forum, and one of them isn’t even there. One is Volodymyr Zelensky, Ukraine’s president, who put on a full-court press of business and global leaders at the forum in Davos, Switzerland. Zelensky isn’t the only leader at Davos worried about Trump. The Ukrainian leader has sought to shore up global business support. And the annual wine tasting hosted by Anthony Scaramucci, the financier and former Trump official, well, ran out of wine.

Persons: Volodymyr Zelensky, Donald Trump, Zelensky, Vladimir Putin, Andrew, Trump, Putin, “, ” Zelensky, Republican Party ”, DealBook, thumped, JPMorgan Chase, Steve Schwarzman, Blackstone, Ray Dalio, David Rubenstein, Carlyle, Michael Dell, John Kerry, Biden’s, Anthony Scaramucci, Christine Lagarde, Christopher Waller, Nelson Peltz’s, James Gorman, Morgan Stanley, Mary Barra, General Motors —, Bob Iger, Disney’s, Murray Auchincloss, Bernard Looney, Auchincloss, Yi Fuxian Organizations: Trump, Economic, Ukraine, Republican Party, Republican, JPMorgan, Congress Center, Dell, European Central Bank, Fed, Disney, General, BP, University of Wisconsin – Locations: Davos, Switzerland, Europe, Ukraine, American, Iowa, Bridgewater, China, Beijing, Russia, Britain, U.S, Asia, University of Wisconsin – Madison

☆ Analysis: The 2023 stock rally is back on track
▼ + stars: | 2023-12-01 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —The US stock market has rebounded from its months-long rut. Stocks finished out their best month of the year on Thursday, breaking a three-month streak of declines for all the major indexes. “The only way I see a rally continuing is if the bond market behaves itself,” said Richard Steinberg, chief market strategist at The Colony Group. While those stocks have remained at the top of Wall Street’s scoreboard, the recent rally has encompassed a wider range of stocks. Long-neglected pockets of the stock market, from beaten-down financials to small-caps to cyclical stocks, have climbed higher in recent weeks.

Persons: Stocks, ”, Richard Steinberg, “, Santa Claus, Ned Davis, Anna Cooban, Elisabeth Buchwald, Nelson Peltz, Nelson Peltz’s, Bob Iger, ” Trian, Trian, Trian’s, Morgan Stanley, James Gorman, Sky Jeremy Darroch, ” Read Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Nasdaq, Dow Jones, Treasury, The Colony, Wall Street, Ned Davis Research, Organization of, Petroleum, Saudi Press Agency, Ministry of Energy, Saudi, United Emirates, Reuters, Disney, Management, Peltz, Sky Locations: New York, Santa, OPEC, Saudi Arabia, Vienna, Russia, Iraq, United, Kuwait, Kazakhstan, Algeria, Oman, Brazil, Brazil’s

☆ Nelson Peltz Launches Fresh Proxy Fight Against Disney
▼ + stars: | 2023-11-30 | by ( Robbie Whelan | ) www.wsj.com time to read: 1 min

Nelson Peltz is the founder of Trian Fund Management, which owns about $3 billion in Disney stock. Photo: Marco Bello/Bloomberg NewsActivist investor Nelson Peltz announced a new proxy fight against Disney after the company rebuffed his request to be added to the board, starting the latest phase in the battle for the entertainment giant’s future. Peltz’s Trian Fund Management said Disney shareholders have lost about $70 billion in value since the activist ended its first campaign in February. Disney Chief Executive Bob Iger has stressed in recent weeks that he is transitioning from a period of fixing to one of building and that he has a plan to turn Disney into a modern media company.

Persons: Nelson Peltz, Marco Bello, Peltz’s, Bob Iger Organizations: Trian Fund Management, Disney, Bloomberg News, Peltz’s Trian, Management

☆ Nelson Peltz renews proxy fight against Disney
▼ + stars: | 2023-11-30 | by ( Krystal Hur | ) edition.cnn.com time to read: +3 min

New York CNN —Activist shareholder Nelson Peltz’s Trian Fund Management has launched a new proxy fight against Disney, just months after backing off from its earlier push after returned chief executive Bob Iger announced a vast cost-cutting plan for the media conglomerate. Trian declined to comment on how many seats it is seeking on Disney’s board, but said in the release that Disney has turned down its request for representation, including for Peltz. Trian’s reignition of its proxy fight comes a day after Disney revealed a shuffle to its board, with Morgan Stanley CEO James Gorman and former CEO of Sky Jeremy Darroch to join as new directors. Peltz in January launched a bid for a seat on Disney’s board after the company fired Bob Chapek in November 2022. We will be watching,” Peltz said on CNBC shortly after the conclusion of Iger’s TV interview in February, where the chief executive laid out his cost-cutting plan, addressed right-wing criticism of Disney and his decision to return to the company.

Persons: Nelson Peltz’s, Bob Iger, ” Trian, Trian, Trian’s, Morgan Stanley, James Gorman, Sky Jeremy Darroch, ” “, ” Disney, Peltz, Bob Chapek, Chapek, Iger’s, Iger, “, ” Peltz, Disney, ” Iger, I’ve, ” — CNN’s Oliver Darcy Organizations: New, New York CNN, Management, Disney, Peltz, Sky, Walt Disney Company, Disney Parks, CNBC Locations: New York, Florida

Biden and Xi try direct diplomacyThe mood music was upbeat but pragmatic after the first face-to-face meeting in a year between President Biden and his Chinese counterpart, Xi Jinping. There was no joint communiqué after Wednesday’s talks, but both sides issued positive statements trumpeting where they found common ground, including on tackling climate change and improving communications. The leaders agreed to restart military communications that were suspended last year after Nancy Pelosi, then speaker of the House, visited Taiwan. Larry Fink of BlackRock and Steve Schwarzman of Blackstone reportedly sat at the Chinese leader’s table. The measure would keep the federal government funded through early next year, clearing the way for President Biden to sign the legislation.

Persons: Biden, Xi, Wednesday’s, Nancy Pelosi, —, Larry Fink, BlackRock, Steve Schwarzman, Blackstone, Tim Cook, Albert Bourla, Ray Dalio, ” Richard McGregor, DealBook, “, they’re, Kamala Harris, Elon Musk, Jensen Huang, Nelson, Trian Organizations: Hyatt Regency, Apple, Pfizer, Bridgewater Associates, Lowy Institute, SpaceX, Tesla, Nvidia, Disney, ValueAct Capital, 13D, Microsoft Locations: San Francisco, U.S, Taiwan, China, Beijing, Iran, Israel, Australia, Ukraine

☆ Nelson Peltz’s Trian Reports Allstate and Sysco Stakes
▼ + stars: | 2023-11-15 | by ( J Oshbeckerman | ) www.wsj.com time to read: 1 min

Trian Fund Management took fresh stakes in Allstate and Sysco. Photo: Mike Blake/REUTERSNelson Peltz ’s Trian Fund Management reported a new Allstate position of 3.64 million shares in its quarterly 13F filing. Last month, Reuters reported that Trian had an Allstate stake. Trian also reported a new stake in food distributor Sysco , with 1.22 million shares.

Persons: Mike Blake, Nelson Peltz, Trian Organizations: Trian, Management, Allstate, Sysco, Reuters

☆ Peltz’s Push for Disney Board Seats Boosted by Perlmutter’s Shares
▼ + stars: | 2023-10-30 | by ( Lauren Thomas | Robbie Whelan | ) www.wsj.com time to read: 1 min

Nelson Peltz, co-founder and chief executive officer of Trian Fund Management, is pressing Disney for multiple board seats. Photo: Calla Kessler/Bloomberg NewsBillionaire and former Marvel executive Isaac “Ike” Perlmutter offered moral and logistical support to his friend Nelson Peltz last year when the activist investor campaigned for big changes at Disney . As Peltz prepares a fresh challenge to the company, Perlmutter is proving to be a key financial ally, too.

Persons: Nelson Peltz, Calla Kessler, Isaac “ Ike ” Perlmutter, Peltz, Perlmutter Organizations: Trian Fund Management, Bloomberg News Billionaire, Marvel, Disney

☆ Jim Cramer says activist investor Nelson Peltz’s new battle with Disney is warranted
▼ + stars: | 2023-10-10 | by ( Morgan Chittum | ) www.cnbc.com time to read: +1 min

Peltz called off his previous proxy fight in February, choosing to give just-back CEO Bob Iger time to turn things around at Disney. If you like this story, sign up for Jim Cramer's Top 10 Morning Thoughts on the Market email newsletter for free . Troubled Disney (DIS) is facing a new fight with activist investor Nelson Peltz over board seats and the direction of the company — efforts that CNBC's Jim Cramer welcomes. Last week, Disney stock reached a 52-week low below $79. "Peltz correctly noticed that the stock is down huge and that's probably not right," Cramer added.

Persons: Peltz, Bob Iger, Jim Cramer's, Nelson Peltz, Jim Cramer, Cramer Organizations: Disney, Trian Fund Management, CNBC, Club

☆ Bob Iger’s stalling may be stifling
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +2 min

The $180 billion company run by Bob Iger is kicking off its second round of layoffs, according to Reuters, part of an effort to cut $5.5 billion in costs. That’s a solid effort to keep activist Nelson Peltz, who had griped about Disney’s margins, at bay for now. The tricky part is ensuring assets don’t lose even more value before Iger heads out the door. Iger said he would leave the company and is meant to be setting up a successor. The balance act is ensuring Iger doesn’t degrade value, leaving a mess for his successor, whenever that person comes along.

☆ Disney clash with activist Peltz will have sequel
▼ + stars: | 2023-02-16 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +7 min

NEW YORK, Feb 16 (Reuters Breakingviews) - Activist investor Nelson Peltz often plays a long game. Disney Chief Executive Bob Iger unveiled $5.5 billion of cost cuts last week when the $200 billion theme-parks-to-streaming company released fourth-quarter earnings. "The proxy fight is over,” a spokesperson for his outfit Trian Fund Management told Reuters. Could Peltz still end up on the Disney board? "The proxy fight is over.

☆ Activist Investor Nelson Peltz Steps Up Pressure on Disney Board
▼ + stars: | 2023-02-02 | by ( Robbie Whelan | Theo Francis | ) www.wsj.com time to read: +1 min

Activist investor Nelson Peltz escalated his criticism of the Walt Disney Co.’s board and advocated for the removal of director Michael B.G. Froman , blaming him for backing governance and compensation decisions that Mr. Peltz says have harmed the company. Disney said Thursday that it didn’t support Mr. Peltz or his son, Matthew, named as an alternate nominee for Mr. Peltz, joining its board. “Neither Mr. Peltz nor his son offer skills or experience additive to the Disney board that replace the decadeslong experience of Mr. Froman,” Disney said. Mr. Froman didn’t respond to a request for comment.

☆ Activist investing cries out for some pushback
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +2 min

The number of aggressive investing campaigns led by firms such as Paul Singer’s Elliott Management and Nelson Peltz’s Trian Fund Management swelled last year, including from a record arrival of rookie practitioners. It represents a 36% increase from 2021 and the busiest year since 2018, when there were 249. There were also 55 first-time activists last year, who initiated more than a third of the campaigns. If the result is no better than a coin flip, it gives shareholders and boards fresh reason to question an activist’s arrival. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Disney Defends Board, CEO Robert Iger Against Nelson Peltz’s Criticisms
▼ + stars: | 2023-01-17 | by ( Erich Schwartzel | Dean Seal | ) www.wsj.com time to read: 1 min

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☆ At Walt Disney, the G in ESG stands for goofy
▼ + stars: | 2023-01-12 | by ( Jennifer Saba | ) www.reuters.com time to read: +3 min

NEW YORK, Jan 12 (Reuters Breakingviews) - It’s sadly fitting that Walt Disney (DIS.N) persists with Mickey Mouse corporate governance. The $176 billion entertainment empire on Wednesday appointed Nike (NKE.N) Chairman Mark Parker to run its board, too. Parker, who has been a director at Disney since 2016, was around for all of it. Parker has been a Disney director since 2016, and he also serves as executive chairman of Nike. Disney also said that shareholder Trian Partners had nominated founding partner Nelson Peltz to serve on the company’s board.

LONDON, Jan 10 (Reuters) - British fund manager Terry Smith accused Unilever (ULVR.L) on Tuesday of "virtue signalling" with its ethically-focused marketing, in his latest salvo against the consumer goods giant. Yet the company had recently added activist investor Nelson Peltz to its board. On Tuesday, Smith reiterated "we don’t know how well it (Hellmann's) would have grown without the (virtue signalling) 'purpose’", adding that "maybe Hellmann’s would be growing as fast or even faster without its ‘purpose'". The words virtue signalling were struck through in Smith's letter. "Shouldn’t we have some idea how Unilever and its management have performed before they are allowed to do any more acquisitions?

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