Will Disney Shareholders Elect an Activist Board Member?

As the 2024 elections draw closer, Disney shareholders are locked in a different kind of campaign — a proxy battle over placing activist investors on the company’s board. 

‘Restore the Magic’: Led by Nelson Peltz, a billionaire known for activist campaigns at Heinz and other companies, the hedge fund Trian Partners is seeking to place Peltz and former Disney CFO Jay Rasulo on Disney’s board of directors. The group’s “Restore the Magic” campaign tells shareholders that the entertainment giant has “lost its way” because the board “lacks focus, alignment, and accountability.”

‘Vote Disney’: Led by CEO Bob Iger, Disney’s board is defending itself with a wide-ranging campaign of its own. Its “Vote Disney” website highlights “a 100-year track record of creativity, innovation and growth” and accuses the “disruptive” Peltz of making false claims about his experience. 

The Latest: While Peltz said he planned to vote for former President Donald Trump in November, the proxy fight has focused on issues like the profitability of streaming, not on conservative culture war criticisms of Disney. News broke Thursday morning that corporate research firm ISS was backing Peltz. That contrasted with advisory firm Glass Lewis, which backed Iger along with JP MorganChase CEO Jamie Dimon and Star Wars creator George Lucas. 

How the Media Covered It: Coverage was mainly found in business outlets rather than mainstream political outlets. Some coverage on the right featured Peltz’s comments about Trump. The New York Times (Lean Left bias) published a favorable piece saying Peltz “just wants some respect.”