At issue is Disney’s stock price, which has risen nearly 50% over the last six months but has still failed to placate the desire of some investors, who are seeking a higher return. Should activist investors secure a seat on the company’s board, they hope to shake up the Magic Kingdom and its sprawling empire, which stretches from animation to streaming services to theme parks. Two competing slates of board seats are now up for a vote against Disney’s.
More than $60 million has been poured into the boardroom fight, most of it from Disney, which is fighting to keep Iger and its board firmly in place. Disney and its supporters say that turnaround is already happening under Iger and that the Trian proxy battle is due in part to a personal grudge after Perlmutter was ousted from the company last year.
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