Walt Disney is taking steps to strengthen its share price amid an ongoing battle with Nelson Peltz, CEO of Trian. The entertainment giant announced on Wednesday that it has entered an information-sharing agreement with activist investor ValueAct Capital Management. The purpose of this alliance is to seek consultation on strategic matters, and ValueAct has pledged to support Disney's board nominees at the company's annual meeting in 2024.

The decision comes as Disney CEO Bob Iger continues to face opposition from Peltz, who recently nominated himself and another member of his firm for seats on Disney's board. Peltz argues that Disney has underperformed for an extended period and attributes this to the board's close ties with Iger.

Disney has encountered challenges in maximizing profitability following substantial investments in its streaming platform, Disney+. Moreover, the company is striving to revive its theme park business after experiencing setbacks due to Covid-19 lockdowns. Critics argue that given Disney's extensive intellectual property portfolio and a remarkable history of successful films such as Frozen and The Lion King, the company should be performing better.

While Disney shares have recently risen by 14% in the past three months, they continue to remain below their peak of around $190 in early 2021. In premarket trading, Disney shares were up 0.3% at $91.02. Comcast, a competing media corporation, saw a 0.7% increase in the premarket session, while Warner Bros. Discovery experienced a 1% decrease.

According to Disney, ValueAct Capital Management has a proven track record in assisting companies through significant transitions, including Spotify, New York Times, Microsoft, and Salesforce.

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