Peltz announced the news in an interview with CNBC. Trian confirmed the decision to drop the proxy battle, calling it a “win for all shareholders.”
Iger’s plans for the world’s largest entertainment company include 7,000 job cuts and $5.5 billion in cost savings. He also said Disney’s board would consider reinstating the company’s dividend, which was suspended at the start of the pandemic. The moves addressed two of Peltz’s biggest complaints. “We are pleased that Disney is listening,” Trian said in a statement after Iger’s announcement.
Proxy fights are expensive and can run into the tens of millions of dollars. Trian also likely already saw a sizable gain on its $1 billion stake in Disney, with the shares climbing 32% so far this year.
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