Walt Disney’s (NYSE:DIS) CEO, Robert Iger, is among the investors buying a minority stake in Thrive Capital, an investment firm that invests in technology companies. Along with Iger, KKR & Co. (NYSE:KKR) co-founder Henry Kravis, India’s Mukesh Ambani, Brazil’s Jorge Paulo Lemann, and French businessman Xavier Niel will be investing $175 million to acquire a 3.3% stake in Thrive.
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A Wall Street Journal report highlighted that Iger briefly joined the venture firm as a partner last year. However, he gave up his role in Thrive as he returned to Disney as CEO.
In a shocking move in November, Iger replaced the then DIS CEO Bob Chapek. Meanwhile, Disney locked horns with Trian Fund Management’s Nelson Peltz, who seeks a seat on the company’s Board of Directors.
Trian listed multiple factors, including a flawed Direct-to-Consumer strategy, failed succession planning, increased financial leverage, over-the-top compensation practices, and the elimination of dividends, as major issues surrounding Disney. In response, the entertainment giant said that Peltz does not understand Disney’s business and lacks the experience to assist the board.
Is Walt Disney Stock a Buy, Sell, or Hold?
Disney stock commands a Strong Buy consensus rating on TipRanks based on 20 Buy and four Hold recommendations. Meanwhile, these analysts’ average price target of $119.15 implies 12.41% upside potential.
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