Disney Reinstates Dividend, Amends Bylaws Amid Push By Nelson Peltz For Board Seat

deadline.com:

Disney today announced a cash dividend of $0.30 per share for the second half of its fiscal 2023, its first such payout since the dividend was halted three years ago during Covid.

It will be payable January 10, 2024 to shareholders of record at the close of business on December 11. The company had said back in February that it planned to bring back the dividend this year. “This has been a year of important progress for The Walt Disney Company, defined by a strategic restructuring and a renewed focus on long-term growth,” said Mark Parker, Chairman of the Board. “As Disney moves forward with its key strategic objectives, we are pleased to declare a dividend for our shareholders while we continue to invest in the company’s future and prioritize meaningful value creation.” The dividend move comes as activist investor Nelson Peltz, backed by big Disney shareholder and former Marvel boss Ike Perlmutter, is seeking to join the board of the media giant — saying today he would bring the fight “directly to the shareholders” after Disney rejected his offer and named two new directors instead.

This push by the founder of Trian Partners has led Disney to restate and amend its corporate bylaws that deal with outside candidates seeking board seats.

Shareholders elect directors at a company’s annual meeting. Companies list their nominated directors in a proxy statement ahead of the gathering and provide shareholders with a list of the names on proxy cards.