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Disney’s Stock Has Risen More Than 20% In 2024 With Proxy Fight Brewing; ValueAct Capital Reaffirms Support Of Bob Iger Ahead Of April 3 Shareholder Meeting
Disney stock has rebounded more than 20% thus far in 2024 as two activist investment firms have taken aim at its management and board of directors.
It isn’t yet clear whether either opponent has managed to secure meaningful support from other shareholders, though many individuals hold Disney shares, making the sentiments of its base difficult to gauge compared with institution-controlled stocks. Whatever the outcome, the costly friction with the billionaire Nelson Peltz(who is allied with ex-Marvel chief Ike Perlmutter) has set the stage for perhaps the most consequential shareholder meeting since the 2004 edition, when former CEO Michael Eisner was stripped of his chairman title. In addition to solid financial results, Iger announced a host of initiatives, including the acquisition of Taylor Swift’s concert documentary for Disney+; the greenlighting of Moana 2 for this year’s holiday animation slot; and an investment in Fortnite maker Epic Games.
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