Disney Faces Proxy Fight and Dividend Reinstatement Amid Board Seat Battle

Disney has announced the reinstatement of its cash dividend of $0.30 per share for the second half of fiscal 2023, marking its first payout since the dividend was halted three years ago during the pandemic. This move comes as activist investor Nelson Peltz, supported by former Marvel boss Ike Perlmutter, seeks to join Disney's board of directors. In response, Disney has amended its corporate bylaws to address outside candidates seeking board seats. Peltz plans to bring the fight "directly to the shareholders" after Disney rejected his offer and named two new directors instead.