Disney Board Sends Letter To Shareholders Urging Them to Vote For Disney’s Candidates
The Walt Disney Board of Directors sent a letter to shareholders today highlighting the company’s strong earnings report and urging shareholders to “protect their investment and the future of the Company by voting the WHITE proxy card for only Disney’s 12 nominees and not the Trian Group or Blackwell’s nominees.”
The letter began with the Board touting the company’s strong earnings and referring to the slew of announcements made during the earnings call.
Photo: DIsney+
These included plans for a direct-to-consumer ESPN, an investment in Epic Games, the surprise Moana 2, and the addition of Taylor Swift to Disney+.
According to Disney, despite the recent successes of the company, Trian and Blackwells are both seeking to replace board members with candidates who do not “possess the appropriate range of talent, skill, perspective and/or expertise to effectively support Disney’s building priorities in the face of continuing industry-wide challenges.”
Touting Their Recent Success
The body of the letter then goes into greater detail about the company’s recent successes.
The Walt Disney Company
“Our continued turnaround in earnings and free cash flow gives us an opportunity not only to invest in our growth businesses but also to increase shareholder returns while maintaining a strong balance sheet,” Disney wrote.
Plans For Streaming
When it comes to streaming, Disney spotlighted both ESPN’s new joint venture with Fox and Warner Bros. Discovery, as well as the company’s plans to create a stand-alone streaming version of ESPN “before football season in 2025.”
According to Disney, the fruits of their recent streaming strategies have caused “entertainment direct-to-consumer (DTC) operating income to improve 86% year-over-year.”
“The beta launch of Hulu on Disney+ is exceeding every metric we planned for, and we are looking forward to the full launch next month as we offer an even more unified streaming experience to consumers,” they concluded.
(Photo Illustration by Mateusz Slodkowski/SOPA Images/LightRocket via Getty Images)
After noting that filmmaking remains the heart of the company and highlighting upcoming releases, including the aforementioned Moana sequel along with Kingdom of the Planet of the Apes, Inside Out 2, Deadpool 3, Alien: Romulus, and Mufasa: The Lion King, Disney stated that it had many untapped stories “waiting to be brought to life in Parks across the globe as investment continues.”
Disney Wants Your Vote
At the end of the letter, Disney once stated their belief that the Board was in a good place and urged shareholders to vote only for Disney’s 12 nominees.
Photo: The Walt Disney Company
“Disney has the right Board and management team in place to continue delivering on our strategic transformation, with the relevant skillsets, experiences, professional backgrounds and diversity of perspective necessary to position this Company for long-term growth, success and value creation,” they concluded.
“Your Board urges you to vote the WHITE proxy card FOR ONLY Disney’s 12 nominees. We recommend you not vote using any blue proxy card from the Trian Group or green proxy card from Blackwells. Please disregard and discard those cards.”
Photo: The Walt Disney Company
The Walt Disney Company’s annual meeting will take place on April 3, 2024.
