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

(END) Dow Jones Newswires

11-30-23 1659ET