Nelson Peltz may have lost the battle with Disney, but in strict financial terms may have won the war. The activist investor waged a months-long campaign against CEO Bob Iger and the media company’s board of directors, ending in a decisive defeat at April’s annual shareholder meeting.
At the heart of the effort was a blistering critique of the company’s then-languishing share price. As Iger sought to deliver cost reductions and streaming profits, while also trying to right a capsized movie ship and work through a host of other challenges, the stock sank to multi-year lows last year.
It has since rallied, rising 11% in 2024 to date, better than the growth of the benchmark S&P 500. Multiple media outlets, citing an unidentified source familiar with the transaction reported that Peltz’s firm, Trian Fund Management, unloaded its entire stake in Disney.
Trian at one point controlled $3 billion in shares, including voting rights conferred by former Marvel Chairman Ike Perlmutter, who teamed with Peltz in the proxy fight.
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