Trian ends proxy fight with Disney
Trian Partners has ended its proxy battle against Disney, the activist hedge fund's co-founder Nelson Peltz said on Thursday.
Why it matters: Peltz had been angling for a board seat ever since buying more than $800 million worth of Disney shares last year.
- Peltz had targeted boardmember Michael Froman.
- "We wish the very best to Bob, his management team, the board. We will be watching, we will be rooting. The proxy fight is over," Peltz said during a surprise call into CNBC Thursday, just after the network had interviewed Iger.
The big picture: Trian's move to abandon its proxy fight comes one day after Iger announced a new corporate restructuring and cost-cutting measures, as well as promised a return to the annual dividend for shareholders.
- “Now Disney plans to do everything we wanted them to do,” Peltz said.
Yes, but: Iger threw some cold water on the Hulu sale, not giving any indication that he was ready to make a move.
- Peltz has said that Disney should buy out Comcast's stake in Hulu as soon as possible.
- Disney is on the hook to purchase Comcast's 33% stake in Hulu by next year for at least $9 billion.
- When asked by CNBC about Hulu, Iger said "everything is on the table" in regards to whether or not they'll buy or sell the stake.
Editor's note: The story has been updated with additional quotes and information.