Activist Investor Nelson Peltz Backs Down From Disney Proxy Fight Following Bob Iger’s Big RestructuringFebruary 9, 2023
Activist investor Nelson Peltz has bowed out of his proxy fight with Disney, following returned CEO Bob Iger’s announcement of a sweeping restructuring plan Wednesday.
“Now Disney plans to do everything we wanted them to do,” billionaire Peltz said while appearing on CNBC’s “Squawk on the Street” on Thursday morning. “We wish the very best to Bob, this management team and the board. We will be watching. We will be rooting. The proxy fight is over”
In a followup statement to Variety, a Trian spokesperson confirmed: “The proxy fight is over. This is a win for all shareholders.”
Peltz appeared on CNBC following Iger’s own on-camera interview with the cable news network’s David Faber. During Iger’s portion, he spoke about the multiple possibilities ahead for Disney’s Hulu.
“I’m not gonna speculate about whether we’re a buyer or seller of it,” Iger said. “I obviously have suggested that I’m concerned about undifferentiated general entertainment, particularly given the competitive landscape that we’re operating in, and we’re going to look at it very objectively.”
More to come…
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