Activist investor Nelson Peltz of the Trian Group has announced the of his proxy fight with the Walt Disney Co and CEO bob Iger after the entertainment company unveiled restructuring plan that included cost cuts and 7,000 layoffs.
"My dad once told me that you can only win once, this was a great win for all the shareholders," Peltz told CNBC on Thursday.
Trian disclosed that it owns approximately 9.4 million common shares of Walt Disney valued at approximately $1 billion. Disney said it planned to cut $2.5 billion in sales and general administrative expenses and other operating costs, an effort that is already under way. Another $3 billion in savings would come from reductions in non-sports content, including the layoffs.
Last month, Peltz said he wanted a seat on Walt Disney's board while also saying he wants to "restore the magic" in the entertainment and media company.In this Aug. 8, 2017, file photo, The Walt Disney Co. logo appears on a screen above the floor of the New York Stock Exchange.
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