Proxy War Launched At Disney [Archive] - Debate Policy

Kathianne

12-01-2023, 01:09 AM

The mea culpa from the other day, wasn't enough, not even close. Ignoring majority mores is fine for the individual, but when you use the money of others through stocks of 401k, etc., to have the company take positions and create products that are at odds with the prevailing mores, that is an abuse of fiduciary responsibility.

When South Park makes an episode on just one aspect of what Disney has done to its reputation in films, where parents no longer assume that they are child appropriate, they should be well aware they have a serious problem.

https://www.wsj.com/business/media/nelson-peltz-announces-fresh-proxy-fight-against-disney-50699679?mod=Searchresults_pos1&page=1

Nelson Peltz Launches Fresh Proxy Fight Against DisneyActivist investor says entertainment company turned down Trian request for board seats
By
Robbie Whelan
Follow
Updated Nov. 30, 2023 6:11 pm ET

Nelson Peltz is the founder of Trian Fund Management, which owns about $3 billion in Disney stock. PHOTO: MARCO BELLO/BLOOMBERG NEWS
Activist investor Nelson Peltz announced a new proxy fight against Disney after the company rebuffed his request to be added to the board, starting the latest phase in the battle for the entertainment giant’s future.

Peltz’s Trian Fund Management said Disney DIS 0.21%increase; green up pointing triangle shareholders have lost about $70 billion in value since the activist ended its first campaign in February. Disney Chief Executive Bob Iger has stressed in recent weeks that he is transitioning from a period of fixing to one of building and that he has a plan to turn Disney into a modern media company.

The two parties’ failure to come to an agreement means that shareholders will get a chance to decide what is the best vision for the 100-year-old company and who should guide it into a new era.

Peltz’s new campaign—his second in the past year—comes as Disney makes moves to shore up its board and satisfy shareholders, who have gone without a cash dividend since early 2020.

Iger and Disney are facing a raft of challenges, including a high debt load, a share price that has fallen nearly 40% in the past two years, a string of box-office flops from its vaunted movie studios, weakness in some of its international markets and a streaming business that has hemorrhaged more than $10 billion since it was launched four years ago.

Peltz hasn’t made public his road map for Disney, but is known as an aggressive cost-cutter with a record of pushing the companies he targets—from retailers to chemical manufacturers and fast-food chains—to slim down and become more efficient.

...

Kathianne

12-01-2023, 01:11 AM

More, with a bit of anger:

https://acecomments.mu.nu/?post=407265

It's On: Nelson Peltz Announces New Proxy War Against Disney's Woke Incomptent LeadershipI assume this time Peltz won't be bought off with empty promises.

Peltz owns a ton of Disney stock, and has the voting rights of Ike Perlmutter's stock as well. (Perlmutter sold Marvel to Disney and was paid off with a lot of stock.)

Peltz demanded a couple of seats on the board of directors. Disney, of course, refused, as the board of directors is carefully stocked with Bob Iger's yes-men, automatic-stamp cronies.

Now Peltz is going to Disney's shareholders to ask them to vote with him as well and force non-cronies on to the board who will actually safeguard investor value instead of just Bob Iger's woke propaganda mission.

Nelson Peltz is renewing his fight to shake up Disney's board.
Peltz's Trian Fund Management investment firm, which owns about $3 billion in Disney stock, issued a statement Thursday that after the Mouse House's board rejected Trian's request for board seats, the hedge fund will "take our case for change directly to shareholders." Trian is seeking two seats on Disney's board, CNBC reported. The firm oversees more than $2 billion worth of Disney shares held by former Marvel Entertainment chairman Ike Perlmutter, who has been vocal critic of Disney CEO Bob Iger and was dismissed from the company in March.

...

In a statement Trian said, "This morning, following conversations with Disney's CEO, Disney extended an offer to Trian to meet with the board but informed Trian that the board is turning down Trian's recent request for Board representation, including Nelson Peltz."

Trian's statement continued, "Since we gave Disney the opportunity to prove it could 'right the ship' last February, up to our reengagement weeks ago, shareholders lost ~$70 billion of value. Disney's share price has underperformed proxy peers and the broader market over every relevant period during the last decade and over the tenure of each incumbent director. Investor confidence is low, key strategic questions loom, and even Disney's CEO is acknowledging that the company's challenges are greater than previously believed. While James Gorman and Sir Jeremy Darroch represent an improvement from the status quo, the addition of these directors will not, in our view, restore investor confidence or address the root cause behind the significant value destruction and missteps that this board has overseen. Trian intends to take our case for change directly to shareholders."

Disney continues lying to the public, insisting that there is no reason that any investor would be concerned about Disney stock losing half its value, and this is all a political/personal "vendetta" orchestrated by Ike Perlmultter.

Disney responded shortly afterward with a statement that the media conglomerate "has a proven track record of delivering long-term value to our shareholders" and also saying that Perlmutter has a "longstanding personal agenda" against Iger.
Bob Iger also continues lying in public statements -- thereby misleading investors, which is an SEC violation -- in pretending that Disney's woes are largely due to Bob Chapek, who was only CEO of Disney for a year before Iger schemed to get him booted out of that position.

...
Speaking Wednesday at the New York Times' DealBook Summit, Iger criticized Disney's strategic decisions under Chapek, the former head of theme parks whom Iger had hand-picked as his successor. "I was disappointed in what I was seeing in the transition period and while I was out. I worked hard at distancing myself from it," Iger said.

Since returning to Disney, Iger said at DealBook Summit, he has been "fixing a lot of problems that the company has had, and dealing with a lot of challenges." Some of those "were brought on by decisions that were made by my predecessor," he said, while others "are just basically the result of a tremendous amount of disruption in the world and in our business."

Almost all of the movies bombing at the box office were greenlighted by Bob Iger, not Bob Chapek. When Iger "stepped down" as CEO, he actually moved to the board of directors, overseeing his supposed replacement Chapek.

Bob Iger was so determined to run Disney even though he wasn't technically CEO that he kept the CEO's office instead of turning it over to the nominal CEO Bob Chapek. Iger kept the prize office, and the supposed actual CEO had to do with a lesser one.

But sure, all of the problems at Disney were caused by Chapek during his incredibly brief one-year stewardship while Bob Iger was continuing to boss him around and undermine him.

For example: Bob Chapek actually declined to obey the command of the gay/trans extremists who wanted Disney to publicly oppose Ron DeSantis' Parental Rights in Education bill. But then Bob Iger went on TV to tell the world that Chapek was making a mistake and that he should back the trans agenda to the hilt.

That inspired an employee walk-out against Chapek, and then Chapek caved, condemning the "Don't Say Gay Bill" in what is widely termed a "hostage video" demanded by the trans extremists carrying out Iger's will.

In additional news, Disney -- and other leftwing organizations -- have joined another boycott of X/Twitter, based on trumped-up lies by the ADL that X/Twitter is "antisemitic."

A Times reporter demanded to know if Musk would go on an "apology tour" to apologize for his non-antisemitism.

Musk's answer: "They're blackmailing me? For money? Go fuck yourself."

MUSK: Don't advertise.
HOST: You don't want them to advertise?

MUSK: No

HOST: What do you mean

MUSK: If someone is going to try to blackmail with advertising, blackmail me with money. Go *** yourself...Go **** yourself. Is that clear? I hope it is.

He then said "Hey, Bob" -- Bob Iger being in the audience.

He should ban Disney and all these other boycotting companies from twitter. If they boycott him, why shouldn't he boycott them back?

Asked if the public will boycott Disney over its demands that Twitter censor its users, Elon Musk responded that the public already is boycotting Disney.

But we can boycott them harder. Right now the boycott is a very soft one, not an organized one. The boycott is really just people deciding they don't like Disney's products.

An organized campaign to boycott Disney would bring additional pain to the company.

We should boycott all of these companies. We should start a Friends of Free Speech PAC which will organize boycotts against all corporations engaged in restraint of free speech.

Posted by: Disinformation Expert Ace at 02:24 PM