A year ago, Nelson Peltz and his firm Trian Partners decided to wage a proxy battle against Disney, laying out their concerns that the studio needed to cut costs. Why? To increase cash flow and profits, of course.
Bob Iger's return as Disney CEO helped as it led to a surge in stock prices, and Peltz was a happy man. The executive later addressed all his concerns, including laying off thousands of employees, resulting in savings of $7.5 billion. According to The Hollywood Reporter, however, Peltz is back...and he's not alone.
Last time, he was seeking one seat on the board; now, he wants three.
Trian has a $3 billion stake in Disney and, after not being offered any seats by the studio, the company is taking its case to shareholders. There are currently 12 board members in total, and given the size of Disney and how selective a process that is, it's not surprising places aren't just being handed out.
The trade's report goes far more in-depth with what's happening, but here's where things get messy: Isaac "Ike" Perlmutter is also involved. He was fired as Marvel Entertainment Chairman earlier this year and has since pledged his shares in Disney to Peltz (in fact, they make up nearly 80% of Trian's stake).
Disney has gone so far as to acknowledge that Perlmutter has a "personal agenda" against Iger and that his interests "may be different than that of all other shareholders." Now, though, he may well be out for revenge.
It's no secret Perlmutter was a problem in Disney, and more specifically, Marvel, for several years. He allegedly pushed back against movies like Black Panther and Captain Marvel being made, simply because he felt people wouldn't buy toys depicting Black and female superheroes (something Iger named and shamed him for in his autobiography).
Perlmutter also tried to fire Marvel Studios President Kevin Feige, so if he gets any sort of foothold in Disney...well, the consequences could be major. "There is no silent partner in Ike," one anonymous source warns. "You’re inviting Trump onto the board. He has proxied his vote to Nelson. It’s so dangerous."
Beyond his association with Marvel, Ike is known for his low public profile and involvement in various philanthropic endeavours. He has mostly gained attention for his contributions to veterans' causes and has been a notable donor to political campaigns.
We'll let you know how this situation develops in the weeks ahead.