Walt Disney Co CEO Bob Iger dazzled Wall Street on Wednesday with sweeping changes and billions of dollars in cost cuts, and some analysts are convinced that will be enough to sway its harshest critic - activist investor Nelson Peltz.
Peltz's Trian Fund Management, which holds a stake of about $1 billion in the media giant, praised Disney for what it said was a response to its suggestions. "We are pleased that Disney is listening," a Trian spokesperson said.
Disney shares rose 6% before the bell on Thursday, with at least nine brokerages raising their price target on the stock after Iger targeted savings of $5.5 billion with the restructuring and doubled down on making the streaming business profitable. Peltz's list of demands to "restore the magic" at Disney include combining the streaming outfit with Hulu, which it part-owns, and that Iger find his replacement within two years for a company with a long history of botched succession planning."Carving out ESPN leaves the door open for them to eventually spin the sports network out.
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