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Nelson Peltz Slams Disney, From 2019 Fox Deal To Planned Sports Streaming JV, As Proxy Battle Rages
Activist investor Nelson Peltz calls Disney's board the “root cause of underperformance" as he makes the case for new directors.
“The Succession Planning Committee is composed of 3 out of 4 Directors who botched the last succession… its only “accomplishment” to date was to extend Mr. Iger’s contract for a 6th time just ~8 months in.” Trian believes “there is an opportunity to find strategic partners for all or some of Disney’s non-Sports linear assets to maximize value of linear while improving Disney’s strategic focus and growth profile.” And it is “skeptical that a flagship ESPN DTC service is a viable business model given rising sports programming costs and the consumption patterns of sports fans.” The company fretted that Disney has had “about three hours total of engagement with Trian” including two meetings — a board presentation last year (“We were allotted just 45 minutes, not a single nonmanagement Board member attended in-person, and not one substantive question was asked by a nonmanagement Director”) followed by a meeting with Bob Iger — after which Disney named two others directors.
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