Disney Declares Dividend of 30 Cents Amid Activist Pressure
November 30 2023 - 5:14PM
Dow Jones News
By Ben Glickman
Disney declared its first dividend since early 2020 as the
company faces fresh activist pressure from investor Nelson
Peltz.
The entertainment giant said it would pay a cash dividend of 30
cents a share.
The payout, equal to $1.20 a year, represents an annual yield of
1.3% based on the Thursday closing price of $92.69.
Disney Chairman Mark Parker said with the announcement that the
last year has been defined by strategic restructuring and focus on
long-term growth.
Peltz has previously pushed for Disney to reinstate its
dividend, and on Thursday announced a fresh proxy fight against the
company after Disney denied his request to be added to the
board.
Disney Chief Executive Bob Iger said in February that he would
look for board approval for a reinstated modest dividend by the end
of 2023. He said he hoped to boost the payout over time.
Disney's last dividend was 88 cents a share, declared in
December 2019 and paid in early 2020.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
November 30, 2023 16:59 ET (21:59 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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