Disney Slams Activist Peltz's 'All-Black Cast' Critique: 'This is Exactly Why He Shouldn't Be Near A Creatively Driven Company'

Nabaparna Bhattacharya

March 23, 2024

Walt Disney Company (NYSE:DIS) has reportedly stated that activist investor Nelson Peltz’s criticism of the company’s focus on movies featuring female and Black actors suggests he is unfit for Disney’s board.

Peltz, embroiled in a contentious board battle with Disney, told the Financial Times that Disney’s films prioritize messaging over quality storytelling, Reuters reported Saturday.

He singled out “The Marvels” and “Black Panther” as examples, the report said.

Also Read: Disney Activist Battle Rages On With Stock At 52-Week Highs: Can Nelson Peltz ‘Restore The Magic’?

“Why do I have to have a Marvel that’s all women? Why do I need an all-Black cast?” Peltz reportedly said.

A Disney spokesperson told Reuters: “This is exactly why Nelson Peltz shouldn’t be anywhere near a creatively driven company.”

Peltz’s battle with his Trian Partners fund places the notable activist investor advocating collaboration with target companies at odds with Disney CEO Bob Iger.

In his autobiography, “The Ride of a Lifetime,” Iger revealed his push to diversify Marvel films, originally centered on white male characters.

In the FT interview, Peltz questioned the track record of Marvel Studios chief Kevin Feige.

Also See: Disney Heirs Rally Behind CEO Bob Iger, Slam Activist Investors As ‘Wolves In Sheep’s Clothing’ In Open Letter

Despite criticisms, Marvel Studios has achieved substantial success, with 33 films grossing nearly $30 billion worldwide.

Trian is seeking two Disney board seats, including one for Peltz and another for former CFO Jay Rasulo. Concurrently, Blackwells Capital aims for three board seats at Disney.

Disney’s annual meeting, marking the end of voting, is set for April 3, the report read.

Disney stock has gained over 20% in the past year. Investors can gain exposure to the stock via AdvisorShares Gerber Kawasaki ETF (NYSE:GK) and First Trust S-Network Streaming And Gaming ETF (NYSE:BNGE).

Read Next: Newmont’s Ghana Gold Mine Sale Targets $2B, Attracts Chinese Giants

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Nelson Peltz and Disney logo illustration via Shutterstock.

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