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Disney’s Board Showdown: Shareholders Cast Future Votes
April 3, 2024

deadline.com
The Showdown at Disney’s Headquarters
In what could be a defining moment for the House of Mouse, Disney shareholders are set to hash out an intense debate over who gets a say on the company’s board. With all eyes on the 1 PM ET start time, the tension is palpable. This isn’t just another boardroom tussle; it’s the most expensive proxy battle the business world has ever seen. Disney is gearing up to defend its board against not one, but two heavyweight challengers.
Rival Camps Hungry for Change
Nelson Peltz of the Trian Group isn’t shy about shaking things up. Together with Disney’s former money maestro, Jay Rasulo, they’re gunning for a pair of seats at the table. Peltz’s game plan? Kick the media profits into high gear and give Disney’s streaming game a makeover, especially in the wake of their $71 billion mega-deal with 21st Century Fox back in 2019.
But that’s not all – they’re calling for a creative overhaul in Disney’s film studios and clear-cut plans for who’ll be the next captain of the Disney ship. Meanwhile, the folks at Blackwells Capital aren’t just warming the bench; they want to split Disney into separate entities and have little love for Peltz’s board blueprint, aiming to nab three seats of their own.
Disney’s Chiefs Holding Their Ground
The vote kicked off today with Disney’s top brass seemingly sitting pretty. Vanguard Group, the king of the hill with an 8.3% share, threw its weight behind Disney’s picks, tipping the scales in their favor. With over half the votes in, Disney’s lead looks solid, though the little guy – the retail shareholder – might just swing the pendulum.
The referee’s whistle hasn’t been blown just yet; advisory titans Glass Lewis and ISS can’t seem to agree, with the former backing Disney’s lineup and the latter giving a nod to Peltz but leaving Rasulo out in the cold.
Let’s get one thing straight – this shareholder showdown isn’t about showing CEO Bob Iger the door. The man’s a legend who’s been at the Disney helm for twenty years, steering it through thick and thin. But if these activist board members manage to snag seats, they could throw a wrench in Iger’s grand plan to get Disney back on the magic track.
Since Iger’s surprise comeback last November, Disney’s shares have been on a rollercoaster ride, cresting at $122.82 on Tuesday. A hefty chunk of that spike traces back to the end of October when Ike Perlmutter handed his voting keys over to Team Trian, catapulting the stock by a spellbinding 53%.