Disney CEO Bob Iger received a call from activist investor Nelson Peltz, the executive revealed on CNBC Wednesday. However, Iger doesn’t have “specifics about what else he is really after or what he will ask for.”
“We’re in lockstep with with the board in terms of our opportunities and our challenges and our direction. We all feel very optimistic about the future of the company. I don’t have any more to add really about that,” Iger said.
Peltz’s Trian Fund Management oversees roughly $2.5 billion of Disney shares. According to a report from CNBC, Peltz will be paying close attention to The Walt Disney Company’s fourth quarter earnings call, which started mere minutes after Iger’s interview on the network. After Disney reports its earnings, the fund will decide whether or not it will move forward with a proxy fight to nominate new board members.
A majority of Trian’s shares are held by former chairman and CEO of Marvel Entertainment Isaac Perlmutter, who has a history of butting heads with Iger and who was ousted by the Disney head earlier this year.
Peltz has a history of challenging Iger and launched his first proxy fight against the corporate head earlier this year. Previously, Peltz called on Disney to make changes to its corporate governance, strategy and operations and capital allocation. In response, Disney pointed out that there was a more than five-fold shareholder return during Iger’s first 15-year term in the position. Peltz’s opponents also said that he lacked “the perspective and experience to contribute to the objective of delivering shareholder value in a rapidly shifting media ecosystem.”
During the fourth quarter of 2023, Disney reported net income of $264 million as well as a 5% year-over-year increase in revenue, bringing its revenue total to $21.24 billion. Disney+ also added nearly 7 million subscribers in this time, a 7% year-over-year increase that brought its total to 112.6 million.