What will Nelson Peltz, the hyper-aggressive activist hedge fund investor also known as “The Smiling Crocodile,” do next? That’s become one of the great questions looming over the media industry these days. Last year, Nelson and his hedge fund, Trian Partners, accumulated around a $900 million equity stake in Disney, advocated for a bunch of changes, and then began a proxy fight to get a seat on the company’s board of directors. Earlier this year, though, Nelson decided to end the proxy fight after Bob Iger gave him a number of concessions that he was hoping for: $5.5 billion in cost cuts; the elimination of 7,000 jobs; and a potential return of the Disney dividend, which was chopped during the pandemic. “Disney plans to do everything we wanted them to do,” Nelson told CNBC in February.