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Nelson Peltz, a billionaire activist investor with a significant stake in Disney, has criticized the media giant's use of all-black and all-female casts in recent productions, arguing that audiences go to movies for entertainment, not messages. Peltz, who is pushing for board seats at Disney, believes the company's focus on diversity and social justice campaigns may be impacting its box office performance. He also criticized Unilever's Ben & Jerry's for making political statements. Despite his criticisms, Peltz clarified that he supports Disney CEO Bob Iger and aims to help the company improve.
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Nelson Peltz, a billionaire activist investor with a significant stake in Disney, has criticized the media giant for its use of all-black and all-female casts in recent productions. Peltz, whose stake in Disney is valued at approximately $3.5 billion, echoed accusations that Disney has become overly focused on promoting social messages rather than prioritizing entertainment.
In an interview with the Financial Times, Peltz expressed his disapproval of recent blockbusters like "The Marvels" and "Black Panther," which feature female and black superheroes, respectively. He questioned the necessity of having all-female or all-black casts, suggesting that there should be a balance instead.
Disney's recent efforts to diversify its casting reflect a broader industry trend toward inclusivity and representation. However, Peltz's criticisms highlight a perception among some investors that Disney's focus on diversity may be alienating audiences and impacting box office performance.
Peltz's activist campaign against Disney also includes concerns about executive compensation and succession planning. He is pushing for board seats for himself and former Disney finance chief, Jay Rasulo, aiming to influence decision-making within the company.
Despite his criticisms, Peltz clarified that he is not seeking to remove Disney's CEO, Bob Iger. Instead, he asserts that he wants to support Iger and the company's leadership. Peltz's campaign has gained momentum with the backing of influential advisory group Institutional Shareholder Services, which recommended adding Peltz to Disney's board.
Peltz's comments also extend to his involvement with consumer goods giant Unilever, where he has advocated for change as a board member. He criticized Unilever's ice cream brand Ben & Jerry's for making political statements, arguing that companies should focus on their core products rather than engaging in activism.
Overall, Peltz's stance reflects ongoing debates within the business world about the role of corporations in addressing social issues and the balance between profit-making and social responsibility.
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