Disney touted its latest financials, a dividend increase and projects around sports, Fortnite and Taylor Swift while urging shareholders to elect their board candidates at the next annual meeting – not directors nominated by activist investors who it says will get in the way. work such as management.
“successfully executes a strategic transformation of the company.”
“The Disney Board of Directors urges shareholders to protect their investments and the future of the Company by voting on the WHITE proxy card only for the 12 Disney nominees and not for the Trian Group or Blackwells nominees at the 2024 annual meeting” which will be held virtually on April 3.
Trian is naming its founder and CEO Nelson Peltz as well as former Disney executive Jay Rasulo to the board. Blackwells has three nominees. The number of directors is set at 12. The candidates with the most votes win.
The Disney nominees card is white. Trian's card is blue. Blackwells is green.
“The Disney Board of Directors does not endorse Trian Group nominees Nelson Peltz and Jay Rasulo, or Blackwells nominees Craig Hatkoff, Jessica Schell and Leah Solivan, and believes they do not possess the appropriate range of talent, ability, perspective and/or experience to effectively support the Board's ongoing efforts to drive profitable growth and shareholder value creation in the face of ongoing industry-wide challenges,” Disney said, repeating its mantra from recent months.
This time, however, there is something new to brag about. Shares closed today at more than $109, up slightly from $90 at the start of the year.
“On February 7, 2024, we announced very strong results for the first quarter of fiscal 2024 – results that demonstrate we have entered a new era at Disney. Today, the Company is building from a position of renewed strength,” the company’s letter to shareholders said.
“Its Board and management team remain committed to driving significant growth and creating sustainable value for shareholders into the future. Our strategy is working, as evidenced by our strong financial results and a series of exciting announcements that reinforce the company's growth trajectory, including new direct-to-consumer plans from ESPN, a transformative collaboration and investment in Fortnite's Epic Games. [of $1.5 billion] and future significant content releases, such as a surprise animated sequel to Moana coming to theaters and Taylor Swift's historic concert film [The Eras Tour]which will stream exclusively on Disney+.”
Disney is also teaming up with Warner Bros. Discovery and Fox to create a new sports streaming service that combines the rights.
“The stage is now set for significant growth and success,” said CEO Bob Iger.
To help, Disney created a new website for shareholders, VoteDisney.com, which includes a video on how to vote and a message from CEO Bob Iger.
Disney's earnings last week posted profits well above forecasts and narrowed streaming losses as the division prepared to become profitable in the company's fiscal fourth quarter.