Disney CEO Bob Iger is in the fight of his life and it's looking increasingly like he's going to lose it.
As RedState previously reported, Iger is currently struggling to maintain control of Disney's board. His primary opponent is Nelson Peltz, CEO of Trian Partners, a company known for going into sinking companies and revitalizing them with new plans and directions.
Both sides of the fight have been gathering allies, but Peltz seems to be gaining the upper hand with various infusions of power both in the form of controlling stocks and good PR. Iger has been attempting to help himself in much the same way but with little fanfare. In fact, there seems to be little faith in Iger himself as he's offloaded a great deal of his own stocks in Disney.
READ: Bob Iger Quietly Dumped a Massive Amount of His Disney Stock As Showdown With Nelson Peltz Nears
It would appear that even more trouble is on the horizon for the beleaguered Iger, as Reuters has reported that the Institutional Shareholder Services (ISS), an influential proxy advisory firm, recommended shareholders back Peltz:
ISS acknowledged that Disney, after having dragooned Iger out of retirement to return to the top job in 2022, has made positive operational changes and added two new directors.
"Iger's return may have been sufficient to plug the holes, and management has since taken several actions to plot a better course," the report said.
But it also blamed the board for not recognizing issues early enough to correct them.
Now ISS argues more outside oversight is necessary and Peltz, who has served on many public company boards, is the right person to ensure Disney "will not run aground" after Iger leaves. His contract is set to expire at the end of 2026.
Voting will occur on April 3, and what's at stake is nothing short of the heart and soul of Disney itself, a company that has turned radically to the left in the past few years. The company has produced few real box office successes with most of its movies disappointing the entertainment conglomerates accountants.
Meanwhile, its streaming service has become a laughing stock, losing Disney billions of dollars as it bleeds subscribers. Moreover, the offerings it continues to put out aren't giving many people a reason to come back. As RedState reported, the recent trailer for the upcoming Star Wars show "The Acolyte" was greeted with derision as it was clear that it would follow the same tired path of leftist ideals the show, and indeed the entire company, has been infected with.
Other Disney properties aren't fairing much better, with Marvel and Pixar also suffering from a lack of audience enthusiasm and low box-office deliveries.
None of these things speak well for Iger and the current board, and shareholders will likely make their displeasure known soon. While there's no guarantee that Peltz will win the day, the walls are clearly closing in on Iger.
If Peltz does win the fight, Disney's woes won't be immediately cured. That's when the real fight to restore the magic will begin.
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