From Investing.com:

Activist hedge fund Blackwells Capital plans to nominate three directors at Walt Disney Co, challenging Trian Fund Management, which is also seeking two seats on Disney’s board. Blackwells is supportive of Disney CEO Bob Iger’s work, and is offering a slate of nominees to provide new perspective. Disney is undergoing a turnaround after a $1.5 billion loss in its streaming division. Blackwells is proposing executives with entertainment, real estate, and venture capital experience for Disney’s board.

Blackwells is also proposing a way for incumbent board directors who lose their seats to be reinstated through a board expansion. Disney recently reached a deal with ValueAct Capital to advise it on strategy, while Blackwells had called on Trian to drop its board challenge. The battle for Disney’s board underscores the high stakes in the company’s attempted turnaround under Iger. Iger has embarked on a restructuring plan to cut costs and is on track to achieve about $7.5 billion in cost savings.

Blackwells, led by Jason Aintabi, has had previous success in calling for CEO ousters at other companies. It also plans to challenge the board of Wendy’s Co. Disney is set to face a challenging proxy fight as several activist hedge funds seek to influence the company’s direction. Trian has received the endorsement of another Disney investor, activist hedge fund Ancora Holdings. The uncertainty surrounding the composition of Disney’s board highlights the company’s challenges in finding a new successor for CEO Bob Iger.



Read more: Exclusive-Blackwells to nominate board directors at Disney, rivaling Trian -sources By Reuters