Disney’s Bob Iger Enlists Taylor Swift and Fortnite to Help in Reelection Campaign

Taylor Swift! Fortnite! Disney CEO Bob Iger dropped the names of both entertainment icons as he ramped up his campaign to defeat the two activist shareholders—Nelson Peltz and Blackwells Capital—trying to win seats on Disney’s board. Using the power of incumbency, Iger on Wednesday unveiled a deluge of glitzy new entertainment ventures alongside improved earnings for the December quarter, a 50% increase in the quarterly dividend and the first stock buyback in several years. Disney stock jumped 6% in after-hours trading. You can just imagine Iger thinking, “Take that, Nelson Peltz!”

For all the big names, though, it’s the earnings shareholders will most likely focus on. In that respect, the picture is mixed at best. Disney has slashed losses from its streaming business, but at the cost of growth. The number of Disney+ subscribers in the U.S. and other core markets fell slightly—possibly reflecting the impact of higher prices in the U.S. Meanwhile, the decline in Disney’s traditional U.S. entertainment TV channels accelerated, with revenue falling 14%, compared with a 9% drop in the previous quarter. ESPN continues to feel the pressure of falling subscriber numbers, thanks to cord cutting.