Credit: Inside the MagicWell, that didn’t take long. Disney has unveiled a new slew of arguments against Trian Fund Management and Nelson Peltz, dismissing their claims that it has been bleeding money during CEO Bob Iger’s reign. On the contrary, the company says it’s been making billions from the Marvel Cinematic Universe and Star Wars.
As the time until shareholders vote on a new board of directors grows shorter, the Walt Disney Company and its adversaries are lobbing increasingly harsh attacks against each other, and it was only a matter of time before the Mouse went on the offensive. After all, the value of Disney stock is on the line, and with it, shareholder votes.
Just days after it released a presentation accusing Trian Funds Management (and its board nominees Nelson Peltz and Jay Rasulo) of being a puppet controlled by former Marvel Entertainment Chairman Ike Perlmutter, the company has unveiled a new report claiming that Bob Iger made the company some $25 billion from the acquisition of Lucasfilm and Marvel Studios.
Related: Trian Partners Goes Nuclear Over Disney Claims: “Irrelevant” “Failures”
In a new presentation titled “Disney Is Position To Thrive Amid Unprecedented Industry Disruption,” the company makes the claim that not only is it on the financial upswing since 2023, but its incredibly expensive and controversial acquisition of Lucasfilm (and with it Star Wars and Indiana Jones) and Marvel Studios have paid out big time.
Disney breaks down the return on investment (ROI) numbers for its four big media branches: Walt Disney Animation, Pixar, Marvel Studios, and Star Wars. Notably, Indiana Jones was not included, likely because it is undeniable that its final installment, Indiana Jones and the Dial of Destiny (2023), was a colossal box office flop.
As you can see above, Disney claims that Marvel has provided shareholders with a 3.3 ROI since it purchased the company in 2009. According to financial reports, Disney spent approximately four billion dollars on Marvel, which means that this presentation implies it has produced $13.2 billion in revenue. The graph specifically cites the four Avengers movies and the Avengers Campus areas at the Disneyland Resort and Disneyland Paris, though it is unclear whether other MCU movies, TV shows, merchandise, etc, are being included.
Similarly, Disney says that since its 2012 acquisition of Lucasfilm, the IP has a 2.9 ROI, so its $4.05 billion purchase has presumably paid out some $11.745 billion. The presentation highlights the theme park Star Tours Adventures Continue, its trilogy of Star Wars feature film sequels, and its Disney+ series The Mandalorian, Obi-Wan Kenobi, Andor, and Ahsoka. Interestingly, it also cites three upcoming Star Wars films that have not yet been released: The Mandalorian & Grogu, New Jedi Order, and the recently resurgent Rogue Squadron.
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While Disney’s campaign against Trian Funds Management and Blackwells Capital has been increasingly personal, this presentation seems more of a defense against accusations that Bob Iger has been losing shareholders money. In particular, Nelson Peltz has made the argument that the CEO will bleed the company dry with huge planned investments in Disney Parks and Fortnite; it is not difficult to see this slideshow as an argument that if Iger was right about Marvel and Star Wars, why not Fortnite and Avatar theme parks?
The full “Disney Is Position To Thrive Amid Unprecedented Industry Disruption” presentation can be read here:
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