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Action-Packed Weeks Ahead for Walt Disney

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Disney (ticker: DIS) is gearing up for an eventful period, and it’s not just because of the highly anticipated Marvel Entertainment film hitting the screens this month. On Wednesday, Disney will be releasing its fiscal-fourth-quarter earnings, coinciding with the resurgence of a campaign against the entertainment and media conglomerate by Nelson Peltz’s investment firm, Trian Fund Management. This time, Peltz has gained significant support from former Marvel executive Isaac “Ike” Perlmutter, who has handed over his stake to Trian.

In a statement, Perlmutter explains his decision: “While I was a Disney employee, I was not comfortable publicly stating my views on the company and its performance.” He goes on to express his belief that Nelson and Trian can effectively assist Disney’s leadership in navigating the challenges and opportunities ahead.

Perlmutter previously revealed in April that he was fired by Disney as chairman of Marvel due to his strong push for cost-cutting measures. However, Disney has declined to comment on this matter.

Trian’s upcoming effort to secure seats on Disney’s board will coincide with Disney’s nomination window opening in December. The exact number of seats that Trian will seek is currently unknown. This is Trian’s second campaign against Disney in about a year. In February, Peltz abandoned his previous bid for a seat on Disney’s board after the company implemented $5.5 billion worth of budget cuts. Despite these efforts, Disney’s stock has declined by more than 25% since the announcement of the cuts.

While Disney’s earnings announcement on Wednesday may grab headlines, it is clear that the real drama lies in this activist sequel.

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