SOURCE: Disney planet affected by the pedophilia scandal

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The last time Nelson Peltz and his company Trian Partners fought a replacement conflict with Disney, little than a year ago, they presented their concerns in the PowerPoint presentation. Disney had to cut costs, said Trian. She had to reconstruct the dividend and reconstruct the free cash flow to the right track. Disney "overpaid" in his amusement parks, dented guests and did not invest enough.

Bob Iger's return to the post of CEO in November 2022 and the sharp increase in action that occurred yet cancelled Peltz. "It was a large win for all shareholders. Disney's management is now planning to do everything we wanted from them," said Peltz CNBC in February, announcing that he is giving up his fight for replacement.

Indeed, Disney solved fundamentally all Peltz's problems. The company reduced costs by $7.5 billion and laid off thousands of employees. It restores the dividend and argues that free cash flow will scope pre-COVID levels this taxation year. The company has announced an investment worth $60 billion in its amusement park activities, suggesting that it wants to make it, adding more alternatively than downloading more.

And yet, a fewer months later, Peltz returned. And although last time he was only looking for 1 seat on the board, now he's looking for at least three, possibly more, reports sources The Hollywood Reporter.

The question that Iger and another Disney bosses ask themselves – not to mention Wall Street – is: what the case of Trian will look like. It is unclear precisely what argument the Trian intends to make, whose shares in Disney are valued at about $3 billion (beyond the active achievements of 81-year-old Peltz). Yes, Disney's share price is inactive falling behind, although it is not alone among media companies this year.

"I'm certain the board will perceive to them in terms of what their plans are, what their ideas are," said Iger on Dealbook Summit on November 29, adding that he gave "very clearly" Disney's board that "of course we gotta deal with them in any form, but do not force me to take my eyes off the ball and lose focus in managing the company."

Trian said in a message that he was offered the chance to meet with the board, but was not offered any seats, which forced him to present the substance to shareholders. 1 of these Disney shareholders, Ancora Holdings Group's investment firm, supported Trian on December 5, saying Peltz would "be a fantastic addition to Disney's board of directors".

Iger said the company has advanced standards for its board members, which will be 12 at the next yearly meeting, and that the board takes the process of adding members seriously and not only offers them to those who ask for them. Disney, for his part, appointed CEO Morgan Stanley James Gorman and erstwhile CEO Sky Jeremy Darroch to his board in November. Both will be selected at the company's next yearly meeting.

Disney has been happy to deal with activists for a long time. In fact, it is now dealing with another: ValueAct. While an investment firm based in San Francisco has an active reputation, sources state that its shares are based on what it sees as the interior value of Disney amusement parks alternatively than the desire to shake the situation. She's not expected to run for board seat.

And the company dealt with Dan Loeb's 3rd Point in 2020 and 2022. Sources noted that each time Loeb presented "detailed" strategical plans, which Trian had not done so far. In 2022, Disney added the erstwhile executive manager of Meta, Carolyn Everson, to his board for 3rd Point.

Another investor-activist and shareholder of Disney, Blackwells Capital, believes that the defence against Peltz's replacement fight will cost Disney shareholders "more than $50 million and will only service as destructive to the value of fog for Disney's management and board".

"A mindless, drum-beating activism is not the right strategy for shareholders," says Jason Aintabi, investment manager at Blackwells. "The Disney Board works in the best interests of all shareholders and should have time to focus on expanding values in 1 of the most iconic companies in America without this stupid sideshow.

But Peltz's effort has his followers. Bill Ackman, an influential hedge fund manager and founder of Pershing Square Capital Management, was seen at Dealbook Summit paying close attention to Iger, Elon Musk and another interlocutors. Iger's remarks on Disney withdrawing their commercials from X Muska (Twitter) seemed peculiarly disturbing to Ackman, who expressed disapproval of "Disney [submitting public pressure] in the X case, while investing a lot in TikTok.

"If Bob Iger had carefully examined the facts, he would most likely inactive be advertising on X, but Disney bends under public opinion force alternatively of doing the right thing," wrote Ackman on X. "Meanwhile Disney invests a lot in TikTok, most likely along with movies with kids teaching another teenagers how to be anorexic and worse. I'm certain Nelson Peltz can fix that erstwhile he joins Disney's board.

This is Isaac "Ike" Perlmutter. Peltz's friend and neighbour in Palm Beach, Perlmutter, was "released" this year by Disney from his position as president Marvel. Perlmutter pawned his share of Disney to Peltz and they account for almost 80 percent of Trian's share, which gives him more financial skin in the game than Peltz. On November 30, Disney cited Perlmutter's "personal plan" by noting that his interests "may be different than the interests of all another shareholders."

While a origin close to Perlmutter had previously told THRThat Marvel's erstwhile chief "was not involved" in Peltz's fresh venture outside of the pledge of his shares, the SEC's submission from Trian confirms that Perlmutter is "participants of attorneys." In the last battle, Trian only referred to the function of Perlmutter (he referred to him as the "third party" known to both Disney and Peltz). Disney made any changes to its regulations in November, which, although mostly technical, can shed light on how much Perlmutter is active in the Peltz board game, with tightened disclosure requirements.

During 14-year work in Disney, Perlmutt's influences weakened over the years, and before being released, his supervision was mainly limited to consumer products. A lone magnate, seldom photographed, was photographed with Donald Trump in Florida in 2016. In his 2019 memoir, Iger wrote that Perlmutter was against Marvel's designs, specified as Black Panther and Captain Marvel (he didn't think a black or female superhero movie would sale toys) and later said Perlmutter wanted to fire Marvel Studios' boss Kevin Feige, forcing Iger to step in and transfer Marvel Studios to a larger cinema umbrella.

It's meddling in the management of Marvel that worries any if the Trian venture succeeds. "There is no silent partner in Ike" – warned Perlmutter 1 of the sources. "You invitation Trump to the board. He gave his voice to Nelson. It's so dangerous."

Kim Masters contributed to this report.

This communicative first appeared on December 7 in The Hollywood Reporter magazine.