Activist hedge fund ValueAct Capital has restated its support for Walt Disney and the entertainment giant’s current board led by Chief Executive Officer Bob Iger amid a boardroom challenge from rival activist Trian Fund Management.
The report quotes ValueAct CEO Mason Morfit as saying in a statement that: “As legacy technologies transition to digital platforms, we believe Disney can lead the media industry forward”, before going on to stay that it had seen tangible evidence of progress under Iger’s leadership including the acquisition of the remaining stake in Hulu and its integration with Disney+.
In January, Disney also secured the backing of another activist investor Blackwells Capital, but is still facing calls to reduce costs and look at its succession panning from Nelson Peltz’s Trian.
