Billionaire Nelson Peltz Pushes for Change
Nelson Peltz, the billionaire father-in-law of Brooklyn Beckham, has intensified his battle with Walt Disney. Through his Trian fund, Peltz holds a $3 billion stake in Disney and has been calling for change for the past two years.
New Offensive for Three Board Seats
Peltz is now pushing for three board seats as he expresses his discontent with Disney's CEO Bob Iger. Iger, who returned to Disney in November 2022, less than a year after retiring, has been facing challenges with box-office flops and the struggles of the company's streaming service.
Disney's Recent Additions to the Board
During the same week that Peltz launched his new attack, Disney brought in former SKY boss Jeremy Darroch and Morgan Stanley chief James Gorman as new directors. While Peltz acknowledges that these additions represent some improvement, he believes they won't restore investors' confidence or address the underlying issues.
Poor Performance and Value Destruction
Peltz claims that Disney's missteps and failure to address the cause behind significant value destruction have resulted in shareholders losing around $70 billion. He had initially given Disney the opportunity to prove it could "right the ship."
Ofcom Seeks Public Opinion on Potential Takeover of The Telegraph
Abu Dhabi-Backed Redbird IMI Under Scrutiny
Communications regulator Ofcom is seeking public opinion regarding the potential takeover of The Telegraph newspaper by Abu Dhabi-backed Redbird IMI. The watchdog is concerned about the risks of editorial censorship due to Abu Dhabi's strict media laws.
UK House Prices Rise for Third Consecutive Month
Modest Increase Due to Dropping Mortgage Rates
According to Nationwide, UK house prices have edged up by 0.2% in the past month, marking the third consecutive monthly increase. This rise is attributed to the drop in mortgage rates. However, prices are still down 2% compared to last year.
Decrease in Mortgage Rates
The average two-year fixed mortgage rate has dropped to 6.04%, down from 6.86% in July. This decrease in rates has contributed to the recent uptick in house prices.
EasyJet Restores Dividend and Returns to Profit
CEO Johan Lundgren's Successful Week
Johan Lundgren, the CEO of easyJet, had a good week as the company restored its dividend and swung back into profit. This positive outcome is attributed to a spike in holiday bookings.
Dr Martens Chief Faces Sales Slump and Profit Warning
Trouble for Kenny Wilson
Kenny Wilson, the chief of Dr Martens, had a bad week as the company experienced tanking sales and issued its fourth profit warning in two years.
