Walt Disney CEO Bob Iger has reportedly become “overwhelmed and exhausted” from the difficulties of rebuilding his company amid its string of losses.
Speaking with Bloomberg News, insiders within the company said that Iger has quietly expressed regret for coming back in the wake of former CEO Bob Chapek stepping down. Since his return, Disney’s streaming service has continued to lose money while nearly every theatrical release has struggled at the box office.
Peltz, who called off his proxy fight with Disney in February after Iger committed to a $5.5 billion cost-cutting spree which included laying off 7,000 employees, has lost confidence in the CEO’s ability to turn the company’s fortunes around, according to The Wall Street Journal. In May, after Disney reported poor second-quarter earnings results, which stemmed mostly from its money-losing streaming division, Iger and Peltz spoke by telephone, according to The Journal.
During the conversation, Iger reportedly sought to reassure Peltz that Disney was on the right footing despite investor sentiment. But Peltz and his team at Trian Fund Management decided to boost his stake in Disney from 6.4 million shares to 30 million shares as the company’s stock continued to decline over the summer.
The Trian Fund Management now has a stake valued at $2.5 billion in the company, which could allow Peltz to get his desired board seats. As of Tuesday morning, Disney’s stock price fell to $84.50 a share, a 50 percent drop from its $191 stock price earlier this year.
As John Nolte of Breitbart News noted, Bloomberg failed to note that Disney alienated audiences by hurting its IP with woke content and pushing radical LGBTQ ideology on children through its programming.
“Forbes points out that Disney’s failing streaming service, Disney+, has already lost two billion — with a “B” — dollars this year but doesn’t bother to point out why. We all know why. The content sucks,” he added.
Paul Roland Bois joined Breitbart News in 2021. He also directed the award-winning feature film, EXEMPLUM, which can be viewed for FREE on YouTube or Tubi. A high-quality, ad-free stream can also be purchased on Google Play or Vimeo on Demand. Follow him on Twitter @prolandfilms or Instagram @prolandfilms.