Disney rips Peltz up over her brawl and defends Iger’s takeover

Disney Nelson Peltz tore up his bid for a board seat on Tuesday, as the entertainment giant’s agent fight with investor and his activist firm, Trian Fund Management, takes shape.

Disney said in a securities filing Tuesday that its board of directors is where it needs to be to move the company forward. The company also defended CEO Bob Iger’s previous acquisitions and said Peltz had no understanding of the Disney business, lacked the skills to drive shareholder value and offered no strategy.

“Peltz does not have a proven track record in big media or technology, and there are no solutions to offer the evolving media landscape,” Disney said in an investor presentation released Tuesday.

last week, Peltz presented his case for a proxy battle with Disney on CNBC “Squawk on the Street” After Trian files an initial proxy statement, he seeks a seat on the board of directors.

Peltz raised issues related to how shareholder value has eroded recently and Disney’s $71 billion acquisition of Fox in 2019. Trian also called out what he described as poor corporate governance, including failed succession planning and Disney’s lack of engagement with Trian in recent months.

A representative for Trian declined to comment on Tuesday.

Trian said it owns about 9.4 million shares valued at about $900 million, which it raised for the first time in months.

Disney Anticipate and exhibit Triann last week when it was announced that Mark Parker, CEO Nikewill become the new chairman of the board of directors.

In a filing on Tuesday, the company defended the many acquisitions that closed under now-returned CEO Iger, including Marvel and Lucasfilm, saying they enhanced the company’s shareholder value and were a turnaround for the company.

Disney’s portfolio means they’re often featured at the box office with Marvel movies and “Star Wars” installments. These assets also provided a lot of content for the streaming service, Disney+.

As for its acquisition of Fox, which Peltz took particular issue in his presentation last week, Disney said Fox has expanded its intellectual property portfolio and provided the company with a “deep seat” of talent, including Dana Walden, who was The challenger is considered as the next boss company.

When Iger shockingly returned to the helm of Disney in November, replacing his handpicked successor Bob Chapek after a poor earnings report, he said he’d only stay for two years to help look for his next successor. The company said last week that newly appointed Chairman Parker would lead the process of finding a new CEO.

Disney noted on Tuesday that in addition to succession planning, it’s in Central plan to reduce costs and prioritizing the profitability stream.

Disney stock has been rocky in 2022 emerging from the early days of the pandemic when movie theaters and theme parks were closed. Streaming subscriber growth is also slowing Heavier on media stocks in the last year.

Peltz said on CNBC last week that he’s been pushing for a seat on the board to get inside numbers and tell other members if and when they’re missing opportunities.

Disney on Tuesday disputed some of Peltz’s claims about the parties’ talks so far.

The company said it offered Peltz an information-sharing agreement, meaning he would have met quarterly with both management and the board of directors, rather than in an observer role on the board as Peltz said. Other than that, Disney indicated numerous interactions between the company and Trian.

— CNBC’s David Faber contributed to this report.