CEO Bob Iger is fighting off activist investor Nelson Peltz, who argues the company spends too much on message-based “woke” programming and is campaigning for seats on the Disney board. This episode was produced by Hady Mawajdeh and Jesse Alejandro Cottrell, edited by Matt Collette, fact-checked by Laura Bullard, engineered by Patrick Boyd, and hosted by Noel King. Transcript at vox.com/todayexplained Support Today, Explained by making a financial contribution to Vox! bit.ly/givepodcasts Learn more about your ad choices. Visit podcastchoices.com/adchoices