Disney wins ValueAct, Blackwells Backing in BoardroomFight with Trian

Jan 3 (Reuters) – Activist hedge funds ValueAct Capital and Blackwells Capital moved on Wednesday to back Walt Disney Co (DIS.N), opens new tab as it defends itself against a board challenge from a third activist investor, Trian Fund Management.
The unusual twist in the battle for Disney’s board underscores the high stakes in the company’s attempted turnaround under CEO Bob Iger.
Iger led Disney from 2005 to 2020, and returned to the helm in November 2022 as investors punished the company’s stock for a $1.5 billion quarterly loss in its streaming division and the underperformance of many of its movie franchises.