March 2010 April 2010 May 2010 June 2010 July 2010
August 2010
September 2010 October 2010
November 2010
December 2010
January 2011
February 2011 March 2011 April 2011 May 2011 June 2011 July 2011 August 2011 September 2011 October 2011 November 2011 December 2011 January 2012 February 2012 March 2012 April 2012 May 2012 June 2012 July 2012 August 2012 September 2012 October 2012 November 2012 December 2012 January 2013 February 2013 March 2013 April 2013 May 2013 June 2013 July 2013 August 2013 September 2013 October 2013 November 2013 December 2013 January 2014 February 2014 March 2014 April 2014 May 2014 June 2014 July 2014 August 2014 September 2014 October 2014 November 2014 December 2014 January 2015 February 2015 March 2015 April 2015 May 2015 June 2015 July 2015 August 2015 September 2015 October 2015 November 2015 December 2015 January 2016 February 2016 March 2016 April 2016 May 2016 June 2016 July 2016 August 2016 September 2016 October 2016 November 2016 December 2016 January 2017 February 2017 March 2017 April 2017 May 2017 June 2017 July 2017 August 2017 September 2017 October 2017 November 2017 December 2017 January 2018 February 2018 March 2018 April 2018 May 2018 June 2018 July 2018 August 2018 September 2018 October 2018 November 2018 December 2018 January 2019 February 2019 March 2019 April 2019 May 2019 June 2019 July 2019 August 2019 September 2019 October 2019 November 2019 December 2019 January 2020 February 2020 March 2020 April 2020 May 2020 June 2020 July 2020 August 2020 September 2020 October 2020 November 2020 December 2020 January 2021 February 2021 March 2021 April 2021 May 2021 June 2021 July 2021 August 2021 September 2021 October 2021 November 2021 December 2021 January 2022 February 2022 March 2022 April 2022 May 2022 June 2022 July 2022 August 2022 September 2022 October 2022 November 2022 December 2022 January 2023 February 2023 March 2023 April 2023 May 2023 June 2023 July 2023 August 2023 September 2023 October 2023 November 2023 December 2023 January 2024 February 2024 March 2024 April 2024
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
News Every Day |

Disney and activist investors gear up for battle at annual meeting: What to know

Disney and activist investors gear up for battle at annual meeting: What to know

Disney and activist investors have been exchanging jabs in the lead-up to the entertainment giant’s Wednesday shareholder meeting.

The back-and-forth has arisen out of the ongoing proxy fights Disney is having with two entities, Trian Group and Blackwells Capital. 

The Trian Group and Nelson Peltz, who founded Trian Fund Management, officially kicked off their latest proxy fight with Disney late last year. The group holds over $3.5 billion of Disney shares.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

That was followed in January by investment firm Blackwells Capital launching one of its own.

Trian has claimed Disney "has lost its way in the past decade, making strategic and operational missteps that have results in deteriorating financial performance and poor absolute and relative stock returns, costing shareholders billions."

It directed blame at Disney’s board, alleging it "lacks focus, and accountability and has consistently failed to fulfill its essential duties." In response, it has put forward Peltz and former Disney CFO Jay Rasulo as its board nominees, arguing they should take the seats of Michael Froman and Maria Lagomasino. 

NELSON PELTZ: DISNEY'S BOARD HAS ‘SELF-INFLICTED’ WOUNDS

Trian has accused the board of "questionable strategic and capital allocation decisions, poor executive compensation alignment and suboptimal succession planning." It has also flagged things like box office performance and linear TV. 

Peltz and Rasulo would "work constructively" with Disney’s board if elected to help "restore the magic" at the company, according to a Trian press release.

Blackwells has also argued Disney shareholders could get more value.

In a recent presentation, the firm argued Disney has "fall[en] behind in the areas of content, media, technology and governance best practices," among others.

It proposed its three board nominees could fill the gaps it perceives if they get elected as additions to the board. They are Jessica Schell, Craig Hatkoff and Leah Solivan.

Blackwells also suggested Disney "could be worth more as two or three distinct entities." It has offered the possible idea of spinning Disney’s massive real estate portfolio off into an REIT or "creating an IPCo/OpCo/PropCo structure."

Last week, the firm slapped Disney with a lawsuit, raising questions about disclosures pertaining to ValueAct Capital, Reuters reported. Disney has refuted them as "baseless," according to the outlet. 

Disney has pushed back on both the nominees proposed by the activist investors and their arguments. 

"We have aggressively executed our key strategic priorities to make Disney’s businesses more efficient and effective, reinvigorated our creative engines, and sharpened our focus on our greatest brand and franchise assets," the company said on a website it created.

It has pointed to things like its recent dividend actions and the $7.5 billion in annual cost-savings it is working to achieve. It has also touted its work related to its streaming services, ESPN and parks.

The entertainment giant has questioned the qualifications of the activist investor-nominated board candidates for the job and claimed they could "disrupt" its progress.

Disney’s slate, which it argued is best suited, includes Mary Barra, Safra Catz, Amy Chang, Jeremy Carroch, Carolyn Everson, James Gorman, Calvin McDonald, Mark Park, Derica Rice, Bob Iger, Froman and Lagomasino.

Disney and the Central Florida Tourism Oversight District that runs Walt Disney World’s special tax district last week settled a lawsuit that arose out of a feud between the company and Gov. Ron DeSantis.

A slew of prominent individuals and firms have publicly made clear where they stand in the proxy fight, particularly the one between Disney and Trian.

Disney has gotten expressions of support from JPMorgan Chase CEO Jamie Dimon, Lucasfilm founder George Lucas, former Disney CEO Michael Eisner, Emerson Collective founder Laurene Powell Jobs and ValueAct Capital. Disney family members have also stood by the company and its board nominees.

Meanwhile, 13 business executives urged Disney’s board to "work with [Peltz] for the benefit of all shareholders." They all had past experience with Peltz and Trian through their various companies.

Shareholders have also received recommendations from proxy voting advisory firms.

Glass Lewis recently said they should side with Disney’s slate in the board vote. Meanwhile, Egan-Jones issued a recommendation to vote in favor of Peltz and Rasulo. Another firm, Institutional Shareholder Services, offered an endorsement of Peltz.

Disney’s annual meeting will occur Wednesday and have a webcast. 

Shareholders of record as of Feb. 5 have a say in the board’s makeup. The company reported having about 768,000 common shareholders of record at the end of September.

CLICK HERE TO READ MORE ON FOX BUSINESS

Proceedings are expected to kick off at 10 a.m. Pacific, the time zone that covers its Burbank, California, headquarters.

Disney previously engaged in a proxy fight with Peltz and Trian ahead of its 2023 shareholder meeting.

On their respective websites dedicated to the proxy fight, Trian and Disney have both been urging shareholders to side with them when they vote.

Game News

Today's Wordle answer for Saturday, April 13

Men’s volleyball: Long Beach sweeps UCI for Big West title; top seeds win in MIVA tourney

Couple who won Come Dine With Me posed as customs officers to steal drugs as part of scam

Danielle Serdachny scores OT goal to lift Canada to 6-5 win over US in women’s hockey world final

Четвертый том в серии ко Дню космонавтики

Ria.city






Read also

Mike Lindell's 'financial condition' prompts Smartmatic to request court hearing

Blue Jays vs. Yankees Player Props Today: Vladimir Guerrero Jr. - April 16

Saka Vs Hata set for OPBF title on June 1st

News, articles, comments, with a minute-by-minute update, now on Today24.pro

News Every Day

Men’s volleyball: Long Beach sweeps UCI for Big West title; top seeds win in MIVA tourney

Today24.pro — latest news 24/7. You can add your news instantly now — here


News Every Day

The Masters 2024: Rory McIlroy feels he can still win at Augusta National despite swing ‘feeling horrific’ in round two



Sports today


Новости тенниса
Елена Рыбакина

Елена Рыбакина провела первую тренировку в Штутгарте. Видео



Спорт в России и мире
Москва

Парашютный Фестиваль «Небофест 2024» состоится 26 мая в Нижнем Новгороде



All sports news today





Sports in Russia today

Москва

Кубок России. ЦСКА уверенно шагает в финал пути РПЛ.


Новости России

Game News

Шапки женские на Wildberries — скидки от 398 руб. (на новые оттенки)


Russian.city


Москва

Москву и Петербург ближе к выходным ждет настоящая зима


Губернаторы России
БГАТОиБ

В Бурятском театре оперы и балета пройдет сольный концерт Елены Мохосовой


Шапки женские вязаные на Wildberries, 2024 — новый цвет от 392 руб. (модель 466)

Шапки женские на Wildberries — скидки от 398 руб. (на новые оттенки)

Социальная работа на предприятии: современные тенденции и интересные кейсы

Трое подростков одновременно прокатились на электровелосипеде в Москве


Большой театр России. Фестиваль Бенуа де ла Данс-2024

«Времена года» Антонио Вивальди прозвучат в Эрмитажном театре

Жена бывшего Волочковой похвасталась фигурой на последних месяцах беременности

Сергей Шнуров объяснил, почему ему не нравятся Земфира и ДДТ


Финалисты «Мастерса» в Монте‑Карло опередили Рублева в рейтинге ATP

Сафиуллин не смог выйти во второй круг турнира ATP в Барселоне

Россиянка Вероника Кудерметова вышла во второй круг турнира в Штутгарте

Рыбакина узнала первую соперницу на новом турнире WTA



Тема дня: Росавтодор: в 2024 году до четырех полос расширят 376 км федеральных трасс в рамках капремонта

Елена ШЕРИПОВА рассказала о секретах успешного прохождения кастинга в модельную школу

Социальная работа на предприятии: современные тенденции и интересные кейсы

Аддитивные технологии помогают "Норникелю" обрести импортонезависимость


Премьеры сверили финансы // Михаил Мишустин и Роман Головченко обсудили маршруты интеграции

Тверская область: ввозили муку из Италии, картофель из Беларуси

Глава МЧС РФ Куренков: в село Илек Оренбургской области направлены спасатели

Кубок России. ЦСКА уверенно шагает в финал пути РПЛ.


Российские врачи окажут помощь жителям отдалённых деревень Боснии и Герцеговины

«Приключения панды» расскажет о ценности дружбы. Детское радио приглашает в кино

«Единая Россия» проведет спортивный марафон «Сила России»

Красную площадь в Москве перекрыли по неизвестным причинам



Путин в России и мире






Персональные новости Russian.city
Владимир Высоцкий

Владимир Высоцкий — «Диалог у телевизора»



News Every Day

Четвертый том в серии ко Дню космонавтики




Friends of Today24

Музыкальные новости

Персональные новости