It’s going to be an action-packed few weeks at Walt Disney —and it has nothing to do with the latest Marvel Entertainment film due out this month.
Disney reports fiscal-fourth-quarter earnings on Wednesday just after Nelson Peltz’s investment firm Trian Fund Management relaunched its campaign against the entertainment and media conglomerate, this time with powerful backing. Former Marvel executive Isaac “Ike” Perlmutter has entrusted his stake to Trian, giving Peltz a leg up in its attempt to win seats on Disney’s board.
“While I was a Disney employee, I was not comfortable publicly stating my views on the company and its performance,” Perlmutter said in a statement in which he urged Disney to welcome Trian’s nominees to the board. “I believe Nelson and Trian can help Disney’s leadership better navigate the company’s challenges and opportunities.”
Perlmutter said in April that Disney fired him as chairman of Marvel because he pushed too aggressively to cut costs.Disney’s nomination window opens in December, and it isn’t known how many seats Trian will seek. This is the firm’s second campaign against Disney in roughly a year. Peltz previously sought a seat on Disney’s board but abandoned his campaign in February after the company made $5.5 billion in budget cuts. But Disney stock is down more than 25% since the announcement of cuts.
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