Heading into Wednesday’s Walt Disney Company’s annual shareholder meeting, it offers more hype and real drama than any of the studio’s wake-up films that bombed the box office.
Which is the mouse house?
CEO Bob Iger wants to maintain strong control on Disney’s board of directors. But is support disappearing? His pandering to the left has resulted in a series of recent box office disasters, unprecedented in the company’s history. He has been waging an expensive and reckless culture war against the state of Florida, a battle that Disney recently lost.
And while Disney stock has underperformed in recent years, the promise that his return would spark Disney’s own return to its former glory remains unfulfilled.
And then there’s billionaire investor Nelson Peltz, who is fighting with Iger over the direction of the company.
Peltz believes Disney has lost its way and is trying to secure a seat on the board. Specifically, he is aiming to win two seats by nominating himself and former Disney CFO Jay Laszlo. He is seeking to replace two Iger supporters, Maria Elena Lagomasino and former Mastercard executive Michael Froman.
Mr. Peltz’s Trian Fund Management owns $3 billion in Disney common stock, or just under 2% of the company. The majority of Trian’s Disney stock is owned by former Marvel Entertainment Chairman Ike Perlmutter, a key ally of President Trump who is supporting Mr. Peltz’s offensive on the board.
And he has significant backing from major institutional investors and other major companies, including Egan Jones, Institutional Shareholder Services (ISS), and California State Pension Fund Calpers.
Credit rating agency Egan Jones has publicly criticized Disney for entering what it calls a “culture war killing field.” This is a reference to the battle between Disney and Florida Governor Ron DeSantis (R) over radical LGBTQ education. Ideology in public schools.
Last month, Disney dropped its lawsuit against the state of Florida, losing a costly battle that would have cost the Orlando region autonomy, a valuable perk Disney has enjoyed for 50 years.
Disney has also actively promoted transgender ideology in children’s entertainment by creating transgender and gender nonconforming characters.
This week, BlackRock and T. Rowe Price said they supported Iger, appearing to favor Iger over Peltz, according to a Wall Street Journal report.Mr. Iger has already secured support from Star Wars Film director George Lucas is Disney’s largest individual shareholder.
Disney is on the brink of a tense battle. The company aired a commercial urging shareholders to vote by the deadline.
Disney’s general meeting of shareholders is scheduled to be held Wednesday at 1:00 pm ET. live streaming.
Follow David Ng on Twitter @moon_ooooooooo. Any tips? Please contact us at dng@breitbart.com
