Walt Disney CEO Bob Iger is said to be “overwhelmed and exhausted” from the work it takes to rebuild his business after a string of losses.
According to people inside the company who spoke to Bloomberg News, Iger has quietly said that he feels bad about coming back after former CEO Bob Chapek quit. Ever since he came back, Disney’s streaming service has kept losing money, and almost every movie in theaters has had a hard time.
As a result of this mess, activist investor Nelson Peltz has “boosted his stake in the firm,” as reported by the New York Post.
According to The Wall Street Journal, “Peltz has lost faith in Iger’s ability to turn around the company’s fortunes. In February, he dropped his vote fight with Disney after Iger promised a $5.5 billion cost-cutting spree that included letting go of 7,000 employees. According to The Journal, Iger and Peltz talked on the phone in May, after Disney announced weak earnings for the second quarter. This was mostly due to its streaming business, which was losing money.”
“Iger reportedly tried to reassure Peltz that Disney was actually on the right track during that conversation, despite how investors felt. But Peltz and his associates at Trian Fund Management chose to increase Peltz’s investment in Disney from a mere 6.4 million shares to a total of 30 million shares because the price of the company kept going down over the summer.”
Trian Fund Management currently has a $2.5 billion share in the company. This could help Peltz obtain the board seats he wants. It was worth $84.50 a share this week, down 50% compared to earlier this year when it was worth $191 a share.
John Nolte of Breitbart News pointed out that Bloomberg forgot to mention that Disney turned off viewers by adding woke material that hurt its IP and using its shows to teach kids radical LGBTQ ideas.
He added, “Disney’s problems are all directly related to its obsessive left-wing social, political, and sexual agenda, which is directed at innocent young children.”
“Forbes says that Disney+, the company’s failed streaming service, has already lost two billion dollars this year, but it doesn’t say why. Everyone knows the reason. I don’t like the subject matter,” he said.