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Two Billionaires Just Teamed Up to Create a Nightmare Scenario for Disney

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Two billionaires are teaming up in a partnership that could force big changes at Disney.

Activist investor Nelson Peltz, who tried but failed to win a seat on Disney’s board, now has the backing of fellow billionaire and former Marvel executive Isaac Perlmutter, The Wall Street Journal reported Sunday.

Perlmutter is letting Peltz’s Trian Fund Management control his stake in the company, which has boosted Peltz’s holding to about 33 million shares, the Journal reported, citing sources it did not name.

Peltz now has four times as many shares as he did when he first tried to win a board seat, giving him more clout in dealing with Disney CEO Bob Iger.

Perlmutter became a major Disney shareholder when he sold Marvel to Disney for $4 billion in 2009.

He said he would push for Disney’s board to “immediately welcome one or more Trian board candidates,” according to the Journal.

Peltz is expected to seek multiple seats, having last year failed in a bid for one seat.

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Perlmutter is not seeking either a board seat or a job, the Journal reported.

“While I was a Disney employee, I was not comfortable publicly stating my views on the company and its performance,” he said in a statement.

“As someone with a large economic interest in Disney’s success, I can no longer watch the business underachieve its great potential,” he said.

When Peltz sought a Disney seat earlier in the year, he called for spending cuts and criticized leaders he said supported bad strategies and failed to plan for succession at Disney.

Disney ousted Perlmutter from his leadership post directing Marvel’s comic-book publishing and licensing businesses in March.

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“I have no doubt that my termination was based on fundamental differences in business between my thinking and Disney leadership, because I care about return on investment,” he said at the time.

Disney’s rules call for nominations for new board members to officially open on Dec. 5 and run through Jan. 4, according to CNBC.

Should Disney not add a Peltz supporter to the board, Peltz can wage an open fight to join the board at the company’s annual meeting in the spring.


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Jack Davis is a freelance writer who joined The Western Journal in July 2015 and chronicled the campaign that saw President Donald Trump elected. Since then, he has written extensively for The Western Journal on the Trump administration as well as foreign policy and military issues.
Jack Davis is a freelance writer who joined The Western Journal in July 2015 and chronicled the campaign that saw President Donald Trump elected. Since then, he has written extensively for The Western Journal on the Trump administration as well as foreign policy and military issues.
Jack can be reached at jackwritings1@gmail.com.
Location
New York City
Languages Spoken
English
Topics of Expertise
Politics, Foreign Policy, Military & Defense Issues




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