ValueAct Co-CEO Mason Morfit stated in a statement, “We believe Disney can lead the media industry forward as legacy technologies transition to digital platforms.”
In January, Disney secured the support of ValueAct and Blackwells Capital during its continuous proxy battle with Peltz, who has compelled the media and entertainment behemoth to reduce expenses, generate profits comparable to Netflix for its streaming division, and improve its succession planning.
ValueAct, a group that advocates for Disney to get past the streaming wars, cited the company’s moves as crucial steps toward producing larger content bundles, including the purchase of Hulu’s remaining shares and their merger with Disney+.
The activist hedge fund added that it has observed real improvement and reiterated its support for Disney’s board of directors and CEO Bob Iger.
