Battle for Disney's Future - Nelson Peltz Gains Strong Backing from Perlmutter

Isaac "Ike" Perlmutter, former Marvel executive and billionaire, has pledged his support to his friend Nelson Peltz as Peltz gears up for a renewed challenge to make significant changes at Walt Disney Co DIS. 

Perlmutter, a significant independent shareholder in Disney, has entrusted his Disney stake to Peltz's Trian Fund Management. 

Trian now holds approximately 33 million Disney shares, including those controlled under a voting arrangement that gives Peltz's firm exclusive voting authority over Perlmutter's shares.

In 2009, when Perlmutter sold Marvel to Disney for $4 billion, he became one of the entertainment giant's major independent shareholders. Perlmutter has now expressed his intention to encourage Disney's board to consider accepting one or more board nominees from Trian, which may include Peltz.

The alliance between Perlmutter and Peltz significantly strengthens Trian's position, the Wall Street Journal noted, allowing them to press Disney CEO Bob Iger for board seats and other transformative measures. 

Perlmutter's decision to back Peltz is driven by his belief that Disney can benefit from the expertise and strategy of Trian, ultimately achieving better results for its shareholders. 

Recently, Walt Disney World's governing district, appointed by Florida Governor Ron DeSantis, was accused by Disney of delaying the release of important documents related to an ongoing lawsuit, according to court papers.

Shares of Walt Disney have fallen significantly in the last year and are trading at decade lows. There could be more troubles ahead for the company's movie division with more delays coming.

Price Action: DIS shares are up 0.79% at $79.92 on the last check Monday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.