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Trian claims Disney's board has failed to generate sufficient returns in recent years as subscription streaming losses have mounted and traditional TV subscribers have declined. Early vote countBoth Disney and Trian received support from influential shareholders ahead of Wednesday's meeting. Roughly one-third of Disney's shareholders are retail shareholders, who historically vote in small numbers in annual meetings. The arrangement still raised questions about ValueAct's support for the company and whether Disney's board should have disclosed the prior relationship. WATCH: Disney board battle reaches final moments

Persons: Bob Iger, Mickey Mouse, Valerie Macon, Nelson Peltz, Jay Rasulo, They've, Maria Elena Lagomasino, Michael Froman, Peltz, Ike Perlmutter, Trian, Disney's, Iger, Bob Chapek, Patrick T, Adam Jeffery, Morgan Stanley, James Gorman, CNBC's, George Lucas, Laurene Powell Jobs, Lucas, Powell Jobs, Ken Squire, Rowe Price, Rowe, Mason Morfit's, ValueAct, Neuberger Berman, John Ferguson, Rasulo —, Glass Lewis, Iger's, Gorman, Jeremy Darroch, CNBC's Andrew Ross Sorkin, Heidi Gutman, Lagomasino, shouldn't, Blackwells, Rasulo, Jason Aintabi, John Foley, Jessica Schnell, Craig Hatkoff, Leah Solivan, ValueAct hasn't Organizations: AFP, Getty Images Disney, Voters, Trian Partners, Disney, PepsiCo, Marvel, SEC, Fallon, Bloomberg, Getty, CNBC Disney, CNBC, Star Wars, LucasArts, Pixar, BlackRock, Institutional, California Public Employees, Yacktman Asset Management, Saratoga Proxy, ISS, Sky, Trian Fund Management, NBCU, Bank, NBCUniversal, Green, Comcast Locations: Los Angeles, New York

☆ Bob Iger may prevail in Disney’s boardroom showdown, but the battle has not left him unscathed
▼ + stars: | 2024-04-03 | by ( Oliver Darcy | ) edition.cnn.com time to read: +6 min

New York CNN —The battle for the future of Disney is about to reach its epic conclusion. Nelson Peltz, founder and chief executive officer of Trian Fund Management, has continually criticized Disney CEO Bob Iger. The forces that have tormented Iger will be banished to the shadows, exiled outside of the Magic Kingdom for now. The "Partners" statue of Walt Disney and Mickey Mouse, at Cinderella Castle at the Magic Kingdom, at Walt Disney World. The future of Disney is up for grabs in the proxy-fight between Iger and Peltz.

Persons: Nelson Peltz, Bob Iger, Peltz, Jay Rasulo, Rasulo, Disney’s “, Marco Bello, Iger, Bob Chapek, ” Barton Crockett, CNN’s, Samantha Delouya, George Lucas, Laurene Powell Jobs, Morgan, Jamie Dimon, Walt, Roy Disney, Abigail Disney, Ike Perlmutter, Trian, they’ll, Walt Disney, Mickey Mouse, Joe Burbank, ”, it’s, King, Hollywood, “ Iger Organizations: New York CNN, Disney, Trian, Management, Netflix, Trian Fund Management, Bloomberg, Rosenblatt Securities, “, Former Marvel Entertainment, Services, Magic Kingdom, Magic, Walt Disney World, Orlando Sentinel, Tribune, Service Locations: New York, Iger

☆ Disney trounces activist shareholders in a major win for Bob Iger
▼ + stars: | 2024-04-03 | by ( Allison Morrow | Hadas Gold | ) edition.cnn.com time to read: +5 min

New York CNN —Disney won a hard-fought proxy battle against a group of activist investors who sought to secure seats on the company’s board of directors. Disney’s board triumphed by what the company called “a substantial margin” over the nominees put forward by Trian Fund Management and Blackwells Capital at its annual shareholder meeting. Iger didn’t just beat Trian’s Nelson Peltz, but trounced him, according to a person familiar with the vote count. Jay Rasulo, the former Disney finance chief who joined Peltz’s attempt, also lost by a wide margin, the person said. Retail shareholders, which hold roughly 35% of Disney stock, also voted overwhelmingly – 75% – for Disney’s candidates.

Persons: New York CNN — Disney, Bob Iger, Disney’s, —, Trian, didn’t, Trian’s Nelson Peltz, Jay Rasulo, Peltz’s, Peltz, ”, ” Iger, ” Peltz, Iger, CNN’s Oliver Darcy, Samantha Delouya, Oliver Darcy Organizations: New, New York CNN, Trian Fund Management, Blackwells, Disney, Retail, Financial Times, Republicans, Marvel, CNBC, Trian Partners Locations: New York, refocusing, Trian

☆ Disney prevails over Trian in board fight: Reuters
▼ + stars: | 2024-04-03 | by ( ) www.cnbc.com time to read: +1 min

Walt Disney Co has secured enough shareholder votes to defeat a challenge against its board mounted by Nelson Peltz's hedge fund Trian Fund Management, people familiar with the matter said on Tuesday. Walt Disney Co has secured enough shareholder votes to defeat a challenge against its board mounted by Nelson Peltz's hedge fund Trian Fund Management, people familiar with the matter said on Tuesday. Enough votes had been cast as of Tuesday evening to put Disney's board directors safely ahead of Trian's two challengers, that included Peltz and former Disney chief financial officer Jay Rasulo, the sources said. Blackwells Capital, another hedge fund that nominated three board director candidates at Disney, was also unsuccessful in its attempt, the sources said. Spokespeople for Disney did not immediately respond to a request for comment.

Persons: Walt, Nelson Peltz's, Peltz, Jay Rasulo, Blackwells Organizations: Walt Disney Co, Fund Management, Disney, Blackwells

☆ Disney's cinematic drought may have opened a door for activist investor Peltz
▼ + stars: | 2024-04-02 | by ( Sarah Whitten | ) www.cnbc.com time to read: +4 min

DisneyDisney has struggled to return to the lofty box office records of 2019 — and that may have helped open the door for its recent troubles with activist Nelson Peltz. Just four years ago, the studio had seven billion-dollar films, which contributed to a global box office haul of more than $13.2 billion. Sony produced and distributed "Spider-Man: No Way Home," which made $1.9 billion, although Disney's Marvel Studios did serve as a co-producer. "People go to watch a movie or a show to be entertained," Peltz said in recent interview with The Financial Times. Peltz has also taken particular issue with Disney's failed succession plans and what he's described as a disjointed streaming strategy.

Persons: Harrison Ford, Indiana Jones, Nelson Peltz, Disney's, Strange, Peltz, Jay Rasulo, he's, Marvel, Ike Perlmutter Organizations: Disney Disney, Disney, Century Fox, Star, Sony, Disney's Marvel Studios, Guardians, Galaxy, Trian Fund Management, Financial Times, Marvel, U.S . Air Force, Financial, Marvel Entertainment Locations: U.S

☆ The battle over Disney’s future is about to be decided in a high stakes board vote
▼ + stars: | 2024-04-02 | by ( Hadas Gold | Samantha Delouya | ) edition.cnn.com time to read: +8 min

Two competing slates of board seats are now up for a vote against Disney’s. Peltz has criticized Disney’s recent theatrical flops and said the company should reach “Netflix-like margins” with its Disney+ streaming service, among other issues. If Peltz is successful, he and Rasulo could gain up to two seats on the board, displacing Disney’s picks. More than 35% of Disney’s shares are held by these individuals, who could seriously sway the vote. The influential advisory firms Institutional Shareholder Service and Egan-Jones have also thrown their support behind Peltz for at least one seat on the board.

Persons: Nelson Peltz, Jay Rasulo, Peltz, Ike Perlmutter, Bob Iger, ” Barton Crockett, Disney, ” Trian, Rasulo, Iger, Bob Chapek, Peltz —, —, It’s, ” Peltz, Perlmutter, ”, “ They’ve, ’ ” Crockett, Anna, Elsa, Ludwig Von Drake, “ Disney, George Lucas, Jamie Dimon, Michael Eisner, Laurene Powell Jobs, Abigail E, they’ve, ” Jessica Reif Ehrlich, “ Nelson Peltz, Neuberger Berman, Egan, Jones, ” Crocket, CNN’s Liam Reilly, Krystal Hur Organizations: CNN, Disney, Magic Kingdom, Disney’s, Trian Fund Management, Blackwells, Marvel, Netflix, Rosenblatt Securities, ESPN, ABC, Google, JPMorgan Chase, BofA Securities, California, Service Locations: Trian

☆ Stocks making the biggest moves midday: Digital World Acquisition Corp., Boeing, Disney and more
▼ + stars: | 2024-03-25 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Masimo — The medical technology company climbed nearly 5%. Wells Fargo upgraded the stock to overweight from equal weight in light of the news. Super Micro Computer — The chip stock jumped nearly 10% after JPMorgan initiated coverage of the high-flying name. Foot Locker — Shares jumped 7% after Evercore upgraded shares to outperform from in line. Digital World Acquisition Corp. — The special purpose acquisition company leapt 26% after shareholders approved a merger with former President Donald Trump's social media company Trump Media & Technology Group, which owns Truth Social.

Persons: David Calhoun, Larry Kellner, Masimo, Wells Fargo, Samik Chatterjee, Chipmakers, Nelson Peltz's, Bob Iger, Evercore, Foot, Wedbush, GameStop's, Donald Trump's, Alex Harring, Jesse Pound, Hakyung Kim, Pia Singh, Sarah Min Organizations: Boeing, JPMorgan, Department of Energy, Semiconductor, Micron Technology, Nvidia, VanEck Semiconductor, Disney, Barclays, Fund Management, Mizuho, GameStop, Trump Media & Technology Group, Trump Media, United Airlines —, Reuters, U.S . Federal Aviation Administration, United Airlines Locations: Wells, Cleveland, Department of Energy . Cleveland, Ohio, Pennsylvania

☆ Nelson Peltz withholds votes from Disney CEO Bob Iger in proxy battle
▼ + stars: | 2024-03-25 | by ( Becky Quick | ) www.cnbc.com time to read: +2 min

Nelson Peltz's Trian Fund Management withheld its votes from Walt Disney CEO Bob Iger when voting its shares in the bitter proxy battle the asset management firm is waging against the entertainment giant, according to sources who monitor the situation. However, it is counter to Trian's proxy recommendations, and it doesn't mesh with the public statements Peltz has made about wanting to work together with management if he is elected to the Disney board. In recent weeks, Disney has stepped up its attacks on Trian and Peltz. "Disney is stupid because I'm not trying to fire Bob Iger, I want to help him," Peltz recently told the Financial Times. The Disney board meeting will be held April 3 and Trian could change its vote between now and then.

Persons: Nelson Peltz, Nelson Peltz's, Bob Iger, Peltz, I'm, Trian, Jay Rasulo, Maria Elena Lagomasino, Michael Froman, Ike Perlmutter Organizations: Trian Fund Management, Future Investment Initiative, Summit, Fund Management, Walt Disney, Disney, Financial Times, CNBC, Marvel Entertainment, Peltz Locations: Miami , Florida, Iger, Disney

☆ Advisory firm ISS tells Disney shareholders to side with Nelson Peltz in proxy fight
▼ + stars: | 2024-03-21 | by ( Michele Luhn | ) www.cnbc.com time to read: +3 min

Proxy advisory firm Institutional Shareholder Services on Thursday recommended that Walt Disney shareholders elect activist investor Nelson Peltz to the board in his bitter fight against CEO Bob Iger. While siding with Peltz, ISS told shareholders not to back Rasulo in the fight, citing his previous positioning as a potential successor to Iger. "Though we do not have any concerns about his ability to serve as an objective director, we recognize that Rasulo's potential presence might create added friction on the board," ISS said. Another proxy advisory firm, Glass Lewis, earlier this week endorsed Disney's slate of board nominees. Large institutional shareholders will often — but not always — vote based on the recommendation of either of the two proxy advisory firms.

Persons: Nelson Peltz, Bob Iger, Peltz, Jay Rasulo, Iger, Trian, Maria Elena Lagomasino, Disney, Blackwells, Roy Disney, Jamie Dimon, George Lucas, Glass Lewis, Lewis, — CNBC's Rohan Goswami Organizations: Walt Disney, New York Stock Exchange, Services, Trian Fund Management, Disney, ISS, JPMorgan Chase, Disney's

☆ George Lucas backs Disney CEO Bob Iger in proxy fight with Nelson Peltz
▼ + stars: | 2024-03-19 | by ( Becky Quick | ) www.cnbc.com time to read: +2 min

Filmmaker and Hollywood legend George Lucas is throwing his support behind Walt Disney CEO Bob Iger in the bitter proxy battle between the company and activist investor Nelson Peltz. Lucas, who received 37.1 million Disney shares as part of Disney's $4.05 billion purchase of Lucasfilm in 2012, is currently the largest individual investor in the company, multiple sources confirmed to CNBC. When I sold Lucasfilm just over a decade ago, I was delighted to become a Disney shareholder because of my long-time admiration for its iconic brand and Bob Iger's leadership. I have voted all of my shares for Disney's 12 directors and urge other shareholders to do the same." Iger, meanwhile, has been trying to streamline the sprawling media company to rein in spending and make its Disney+ streaming platform profitable.

Persons: George Lucas, Walt, Bob Iger, Nelson Peltz, Lucas, Bob Iger's, Bob, Peltz, Roy Disney, Jamie Dimon, Indiana Jones, Jay Rasulo, Iger Organizations: Walt Disney, Lucasfilm, CNBC, Disney, Trian Fund Management, JPMorgan Chase Locations: Hollywood

☆ Disney shareholders could cash in as investors offer money for their votes amid a bruising proxy battle
▼ + stars: | 2024-03-05 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

Read previewThe Disney proxy battle continues to heat up — and ordinary shareholders could cash in. Mom-and-pop investors are also being courted for their votes on a new marketplace called Shareholder Vote Alliance, which runs auctions for shareholders' proxy votes. Xu said Shareholder Vote Alliance doesn't reveal the names of the bidders but confirmed the bid is from a current shareholder. Shareholder Vote Alliance pitches itself as a way for everyday investors to generate income by monetizing their shareholder votes. Shareholder Vote Alliance closes its auctions a couple of days before shareholder votes.

Persons: —, Nelson Peltz's, Ike Perlmutter, Bob Iger, Trian, Blackwells, Donald Duck's, Ludwig Von Drake, Steven Xu, Xu, Blackwell didn't, There's, Iger, we've Organizations: Service, Fund Management, Disney, Blackwells, Business, Alliance, Street, Wall, ValueAct

☆ Read the open letter Disney heirs wrote to shareholders, defending Bob Iger and slamming activist investors as 'villains'
▼ + stars: | 2024-03-01 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +4 min

The heirs backed Iger and his management for being "faithful" to Disney's "magic" and said the CEO has "grown this company in a modern world." Peltz's Trian Fund Management, which owns about $3 billion of Disney stock, has criticized Disney's leadership and is seeking seats on its board. In early February, Iger and Peltz threw jabs at each other following Disney's better-than-expected earnings report. They understand that the longevity of The Walt Disney Company isn't only the result of smart business decisions; it is rooted in the strong emotional connection Disney continues to forge with generations of people from around the globe. To the contrary, their "I alone can fix it" mentality makes clear that they are not interested in preserving the Disney magic, but stripping it to the bone to make a quick profit for themselves.

Persons: Iger, Peltz's, Disney's, Peltz, Roy O, Walt Disney, Walt, Roy, Snow White, Mary Poppins, Bob Iger, Saul Steinberg —, Nelson Peltz —, Roy P, Disney Susan Disney, Abigail E, Disney Tim Disney Organizations: Peltz's Trian Fund Management, Disney, Trian Fund Management, Variety, The Walt Disney Company, Walt Disney Company, Directors Locations: Iger

☆ Nelson Peltz and Bob Iger are still throwing punches despite Disney's killer start to 2024
▼ + stars: | 2024-02-08 | by ( Jordan Hart | Madeline Berg | ) www.businessinsider.com time to read: +3 min

Disney CEO Bob Iger and activist investor Nelson Peltz are still sparring despite stellar earnings. All signs point to the fact that Peltz's second Disney proxy fight is still on. AdvertisementDespite what one analyst has called Disney's "epic quarter," tensions between CEO Bob Iger and activist investor Nelson Peltz seem to be running as high as ever. And the verbal jabs both sides threw at each other indicate the proxy fight is still on. Peltz has specifically lamented Disney's streaming losses, a pause in dividends, and the lack of a comprehensive succession plan.

Persons: Bob Iger, Nelson Peltz, Peltz's, —, Taylor Swift, Disney's, hasn't, Iger, Trian, Peltz, Peltz hasn't Organizations: Disney, Peltz's Trian, Service, Epic, Fund Management, CNBC

☆ Here’s what major analysts are chattering about before Disney earnings
▼ + stars: | 2024-02-07 | by ( Pia Singh | ) www.cnbc.com time to read: +4 min

Analysts are largely bullish on Walt Disney stock ahead of the media company's fiscal first-quarter earnings out Wednesday afternoon. But analysts are not sure about the effect of the move on Disney's share price just yet. Analysts are generally optimistic on Disney ahead of earnings, with some even thinking the stock is trading at a cheaper valuation than it should be. Disney remains Morgan Stanley's sole overweight media stock given the firm's bullish view on parks and streaming, analyst Benjamin Swinburne wrote in a Monday note. DIS 1Y mountain Disney stock.

Persons: Wells, Steven Cahall, Morgan Stanley's, Benjamin Swinburne, Swinburne, Jason Bazinet, Bazinet, Hugh Johnston, Disney, Blackwells, Nelson Peltz's Organizations: Walt Disney, Disney, Blackwells, ESPN, Fox, Warner Bros . Discovery, UBS, Big Tech, Citi, Hulu, DIS, Capital, Fund Management Locations: rebundling, Tuesday's, F1Q23

Disney's fiscal first-quarter earnings per share beat expectations and it said its full-year EPS will rise at least 20% from 2023. Iger also unveiled his strategy and timeline for bringing Disney's flagship sports network ESPN into the streaming era. AdvertisementThe company will launch a stand-alone streaming service with ESPN and its sister networks in the fall of 2025, something Iger called "inevitable." Even if there's consumer demand, the JV faces several hurdles, from challenges brought by existing distributors to antitrust opposition, LightShed Partners wrote in a note published ahead of Disney's earnings release. Challenges aside, the new sports streaming strategy is a big step forward for Iger and Disney.

Persons: —, Bob Iger's, Iger, Taylor Swift, Nelson Peltz, Bob Chapek's, Peltz's, Disney, Paul Verna, Alpha, LightShed, Iger didn't, Trian, Elon Musk, Gina Carano's, Iger's Organizations: Service, Disney, Epic Games, Peltz's Trian Fund Management, Blackwells, ValueAct, Business, Iger, Insider Intelligence, ESPN, Disney's, Fox, Warner Bros, JV, LightShed Partners, Marvel, CNBC Locations: Moana

☆ Wall Street loves Disney's kitchen-sink quarter, but Nelson Peltz says he isn't backing down
▼ + stars: | 2024-02-07 | by ( Alex Sherman | ) www.cnbc.com time to read: +4 min

Nelson Peltz, founding partner and CEO of Trian Fund Management, speaks with CNBC's Andrew Ross Sorkin on July 17, 2013 in New York. Are you not entertained, Nelson Peltz? Both Disney's higher profits, and string of content and partnership announcements, appeared to form a direct rebuttal to Peltz's concerns about the company. It was hard to keep up with Disney's announcements this quarter:ESPN finally set a launch date for its direct-to-consumer service: August or fall of 2025. It's only logical that the mountain of announcements came this quarter, given activist pressure from Trian and Blackwells Capital.

Persons: Nelson Peltz, CNBC's Andrew Ross Sorkin, Peltz, Jay Rasulo, Michael Froman, Maria Elena Lagomasino, Bob Iger, CNBC's Julia Boorstin, Iger, Boorstin, Taylor, Trian, Disney Organizations: Trian Fund Management, Disney, CNBC, ESPN, Epic Games, Warner Bros . Discovery, Fox, Blackwells, Disney Board Locations: New York, Trian

☆ CNBC Daily Open: Dow breaks losing streak
▼ + stars: | 2024-01-19 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange during afternoon trading on January 17, 2024 in New York City. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Dow snaps 3 days of declinesThe blue-chip Dow Jones Industrial Average rose Thursday after falling for three straight days, with the other main indexes also ending higher. Peltz said he and Rasulo will be like "Batman and Robin" in an interview with CNBC, if they get elected.

Persons: Dow, Nelson Peltz, Jay Rasulo, Peltz, Rasulo, Robin, cryptocurrency Organizations: New York Stock Exchange, CNBC, Dow, Apple, Bank of America, Disney, Trian, Management, Davos India, Economic, Analysts Locations: New York City, Switzerland, India, Davos, cryptocurrencies

☆ CNBC Daily Open: Markets in the green, Davos in full swing
▼ + stars: | 2024-01-19 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. In Asia, chip companies lifted Taiwan stocks, with heavyweight Taiwan Semiconductor Manufacturing Corp surging as much as 6.6%. Peltz said he and Rasulo will be like "Batman and Robin" in an interview with CNBC, if they get elected. India's wealthy, China's shrinking working populationIndia's affluent population is set to nearly double and drive consumption growth in the world's fifth-largest economy.

Persons: Dow, Nelson Peltz, Jay Rasulo, Peltz, Rasulo, Robin, Bernstein, AllianceBernstein Organizations: CNBC, Dow, Apple, Bank of America, Taiwan Semiconductor Manufacturing Corp, Disney, Trian, Management, Davos India, Economic Locations: Asia, Taiwan, India, Davos, Switzerland, China, Pacific

Activist investor Nelson Peltz is stating his case for joining Disney 's board. The proxy battle comes as Iger tries to streamline the sprawling media company to rein in spending and make its Disney+ streaming platform profitable. Peltz reiterated in a CNBC "Squawk Box" interview Thursday morning that he believes Disney's current board oversight is "awful." Peltz and Rasulo aim to execute a clear vision for the brand's theme parks, targeting "high-single digit operating income growth," according to the filing. Peltz told CNBC on Thursday that he paid a visit to Disney World last week.

Persons: Nelson Peltz, Peltz's, Peltz, Jay Rasulo, they'd, Rasulo, Bob Iger's, Bob Chapek, Trian, Iger, that's Organizations: Disney, Peltz's Trian Fund Management, Netflix, CNBC, ESPN, Hollywood Studios, CNBC PRO Locations: Kingdom

☆ Wendy's taps PepsiCo exec Kirk Tanner as new CEO as burger chain fights off activist pressure
▼ + stars: | 2024-01-18 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Wendy's has tapped PepsiCo veteran Kirk Tanner as its new chief executive, effective Feb. 5, as the burger chain tries to boost its share price and ease pressure from activist investors. Kirk Tanner, chief executive officer of North America beverages for PepsiCo Inc., speaks during the Bloomberg Power Players Summit in Miami, Florida, U.S., on Friday, Jan. 31, 2020. Outgoing Wendy's CEO Todd Penegor has been at the helm of the company since 2016. Under his leadership, Wendy's successfully launched its breakfast menu nationwide, helping the company overtake Burger King as the second-largest U.S. burger chain by sales. But if Blackwells nominates its own board candidates, it's kicking off a fight with another activist investor: Nelson Peltz, who is chair of Wendy's board.

Persons: Tanner, Wendy's, Kirk Tanner, Todd Penegor, Burger, Blackwells, Nelson Peltz, Peltz, Trian, Ram Krishnan Organizations: Pepsi, PepsiCo, PepsiCo Inc, Bloomberg Power Players Summit, Reuters, Trian Fund Management, Disney Locations: Miami , Florida, North America, U.S, Wendy's

☆ Nelson Peltz is launching a blitz on Disney. Here's what he says is next in his proxy fight
▼ + stars: | 2024-01-18 | by ( Alex Sherman | ) www.cnbc.com time to read: +2 min

Disney and its investors are going to start hearing a lot from activist investor Nelson Peltz. Disney's annual meeting last year was April 3. Disney plans to launch a direct-to-consumer ESPN service either later this year or in 2025 as the sports network's traditional cable subscription model fades. After it reports earnings Feb. 7, Disney will release its definitive proxy materials, which include the date of the annual meeting. Neither side usually knows who is winning until days or hours before the annual meeting because those massive investors often vote late in the process.

Persons: Nelson Peltz, Peltz's, Jay Rasulo, Peltz, Trian, Glass Lewis, Rasulo, Bob Iger Organizations: Disney, Management, Twitter, CNBC, ESPN

☆ Big M&A and Bob Iger's future: 13 media executives make their anonymous 2024 predictions
▼ + stars: | 2023-12-20 | by ( Alex Sherman | ) www.cnbc.com time to read: +14 min

Executive 2: Bob Iger will, again, extend his contract as Disney CEO Earlier this year, Disney CEO Bob Iger renewed his contract through 2026. This executive predicted "fool me five times, shame on me." This executive predicted Peltz and Rasulo will win their campaign and both join the board. This person predicted Disney would purchase privately held Candle Media to acquire Moonbug Entertainment, the owner of CoComelon. This executive predicted Yaccarino would either lose patience or find her job increasingly pointless and leave the company in 2024.

Persons: Andrew Ross Sorkin, Walt Disney Company Bob Iger, Michael M, David Zaslav, Slaven Vlasic, NBCUniversal, Brian Roberts, Roberts, Donna Langley, Bob Iger, Iger, Nelson Peltz, Jay Rasulo, Marco Bello, Peltz, Rasulo, Disney's, Dana Walden, Dana Walden Jason Laveris, Disney Entertainment Dana Walden, Walden, Bob Chapek, Andrew Wilson, Wilson, Chris Licht wouldn't, McCarthy, Andrew Wilson Michael Newberg, Kevin Mayer, Mayer, Bryan van der Beek, Tom Staggs, Staggs, Jayson Tatum, Kyle Terada, NBCUniversal's Peacock, Alec Martinez, Gray, Discovery's Max, Jeff Zucker, Lady Michelle Obama's, Michelle Obamas, Cheriss, Gerry Cardinale, Jeff Shell, RedBird, Shari Redstone's, David Ellison, Byron Trott, Zucker, Mark Thompson, Linda Yaccarino, X Linda Yaccarino, Vox, Jerod Harris, Yaccarino, CNBC's Julia Boorstin, Boorstin, Elon Musk's, Jason LaVeris, Barbie, Mario, Oppenheimer, LightShed's Greenfield Organizations: Walt Disney Company, New York Times, Santiago, Getty, Jazz, Lincoln Center, Warner Bros ., Comcast, Warner Bros, Discovery, Disney, Trian Fund Management, Future Investment Initiative, Summit, Bloomberg, Filmmagic, Disney Entertainment, Electronic Arts, CNBC, Candle Media, Iger, Media, Moonbug Entertainment, Apple Boston Celtics, Golden State Warriors, USA, National Basketball Association, NBA, Apple, The College, ESPN, College, NHL, MLB, Vegas Golden Knights, Florida Panthers, Mobile, National Hockey League, Diamond Sports Group, Scripps, Gray Television, Las Vegas Golden Knights, Arizona Coyotes, Phoenix Suns, Street Journal, Netflix, Hulu, Max, Paramount, RedBird, Paramount Global, CNN Worldwide, CNN, NurPhoto, BDT, The Ritz, Carlton, FilmMagic, Mario Bros Locations: New York City, Disney, Miami , Florida, Las Vegas , Nevada, Laguna Niguel, Dana Point , California

☆ Will 2024 bring good tidings to media and telecom companies? That's unlikely
▼ + stars: | 2023-12-19 | by ( Alex Sherman | ) www.cnbc.com time to read: +10 min

Still, legacy media companies including Disney, Paramount Global, Warner Bros. Since the "Great Netflix Correction" of 2022, there isn't a unifying growth narrative for media and entertainment companies. Disney, Paramount Global and NBCUniversal have all pegged 2025 as their flagship streaming services' first full year of profitability. Beyond financial metrics, several executives privately acknowledged morale has become an increasing concern at legacy media companies. One executive noted he's increasingly hearing from peers that running media and entertainment companies just isn't as fun as it was five or 10 years ago.

Persons: Corey Martin, Granderson Des Rochers, Martin, Jerome Powell, Liu Jie, Shari Redstone, David A, CNBC Shari Redstone, Biden, Sinclair, Lina Khan, Joe Biden, Khan, There's, John Harrison, Brian Roberts, Drew Angerer, Donald Trump, Trump, David Zaslav, Michael M, Disney, Nelson Peltz, Jay Rasulo, Bob Iger, he's, LightShed's Rich Greenfield Organizations: Universal Studios, Warner Bros . Discovery, Disney, Paramount Global, Comcast, Granderson, U.S, Federal, Washington , D.C, Xinhua News Agency, Getty, Treasury, Federal Reserve, Allen, Co . Media, Technology Conference, Grogan, CNBC, Trump, Nexstar, Gray Television, Federal Trade, Verizon, Mobile, NBCUniversal, CBS, NBC, EY, Allen & Company Sun Valley Conference, Trump's Department, Justice, Time Warner, Republican, Democratic, Netflix, Cable, Warner Bros, New York Times, Santiago, Getty Images Media, Management, Paramount Locations: Washington ,, United States, Sun Valley , Idaho, Tegna, Europe, U.S, EY Americas, New York City

Trian Fund Management on Thursday announced it was nominating its CEO, Nelson Peltz, and former Walt Disney CFO Jay Rasulo to the media giant's board, as the firm wages a contentious proxy fight with Disney. The firm announced it was seeking two board seats for Peltz and another media executive, following what it called "significant value destruction and missteps" that the board oversaw. Trian's proxy fight comes as Disney CEO Bob Iger tries to right the ship after a broad restructuring that resulted in thousands of layoffs. Disney has said the proxy fight is apparently in part due to a personal grudge held by Peltz's ally and former Marvel boss Ike Perlmutter. Trian has oversight of shares owned by Perlmutter, who has been an outspoken critic of Disney CEO Bob Iger.

Persons: Nelson Peltz, Walt Disney, Jay Rasulo, Trian, Rasulo, Disney, Bob Iger, Peltz's, Ike Perlmutter, Perlmutter, Morgan Stanley, James Gorman, Jeremy Darroch Organizations: Trian Fund Management, Future Investment Initiative, Summit, Trian, Management, Walt, Disney, Company, Peltz, Marvel, Sky Locations: Miami , Florida

☆ Activist investor urges Disney to add Trian's Nelson Peltz to its board
▼ + stars: | 2023-12-05 | by ( Drew Richardson | ) www.cnbc.com time to read: +2 min

Activist investor Ancora on Tuesday urged Disney to put Nelson Peltz on its board, days after Peltz and his firm, Trian, launched a proxy fight with the entertainment giant. "Mr. Peltz (or a qualified designee) would make a fantastic addition to Disney's Board." Trian oversees about $3 billion in Disney stock, but the overwhelming bulk of the shares is owned by Perlmutter, whom Disney laid off earlier this year. Trian is seeking more than two seats on Disney's board, which is populated by directors seen as loyal to Iger. Ancora owned more than 60,000 shares of Disney as of September, according to FactSet.

Persons: Ancora, Disney, Nelson Peltz, Peltz, Bob Chapek, Bob Iger, Ike Perlmutter, Trian, Perlmutter, Iger Organizations: Board, Trian Fund Management, Disney's, Disney, Marvel, CNBC PRO Locations: Trian

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