The ongoing proxy battle at Disney has intensified with various developments. Blackwells Capital has raised concerns that Disney should have disclosed its financial relationship with ValueAct Capital, which has been managing some of Disney's pension fund assets. This revelation comes amidst Disney's proxy fight, where it was reported that Disney paid ValueAct millions in fees to gain its support against another activist firm, Trian Fund Management. Trian, led by billionaire investor Nelson Peltz, has been vocal about its stance, opposing the reelection of two incumbent directors, Michael B.G. Froman and Maria Elena Lagomasino, and criticizing Disney for its slow adaptation to streaming, the overpayment for the Fox acquisition, and its significant investments in parks without a clear plan. Despite these criticisms, Trian has expressed its love for Disney and believes in its potential for growth. The fight has also seen high-profile endorsements, with JPMorgan CEO Jamie Dimon backing Bob Iger, Disney's CEO. Trian has countered Disney's claims about the involvement of Ike Perlmutter, stating he is not seeking a board seat nor will influence the fiduciary responsibilities of Trian's candidates.
JPMorgan CEO Jamie Dimon endorsed Bob Iger, the Disney CEO embroiled in a proxy battle with billionaire activist investor Nelson Peltz’s Trian https://t.co/RC4AmRr5VK
Bob Iger-Ike Perlmutter Relationship Is “Irrelevant” To Proxy Fight, Activist Investment Firm Trian Says; Shareholder Rips Disney For Waging “Scorched-Earth Campaign https://t.co/El6Aqxdzbn https://t.co/ZIknDkvsMl
Trian Slams Disney’s ‘Scorched Earth’ Board Campaign as One ‘Calculated to Distract Shareholders’ From Studio Problems https://t.co/WUIQWgF1n7
TRIAN- IN OUR VIEW, DISNEY IS SPENDING TENS OF BILLIONS ON PARKS WITHOUT A DISCLOSED TIMEFRAME OR PLAN
TRIAN: IN OUR VIEW, DISNEY SIGNIFICANTLY OVERPAID FOR FOX ACQUISITION, HAS LAGGING MEDIA MARGINS
TRIAN: IN OUR VIEW, DISNEY WAS SLOW TO ADAPT TO STREAMING
TRIAN: IKE PERLMUTTER IS NOT ON BALLOT, IS NOT SEEKING A BOARD SEAT AND WILL NOT INFLUENCE FIDUCIARY RESPONSIBILITIES OF OUR CANDIDATES AT DISNEY
TRIAN: WE DO NOT OPPOSE BOB IGER'S REELECTION NOR HIS CONTINUED SERVICE AS CEO OF DISNEY
TRIAN - GIVEN DISNEY'S MANY COMPETITIVE ADVANTAGES, TRIAN IS CONVINCED DISNEY CAN OUTPERFORM FOR SHAREHOLDERS IN FUTURE
TRIAN: "TRIAN LOVES THE WALT DISNEY COMPANY AND BELIEVES IT HAS UNPARALLELED ASSETS AND OPPORTUNITIES AND EVERY REASON TO GROW AND PROSPER"
TRIAN: OPPOSES REELECTION OF TWO OF DISNEY'S INCUMBENT DIRECTORS, MICHAEL B.G. FROMAN AND MARIA ELENA LAGOMASINO
TRIAN: "DISNEY IS ATTEMPTING TO SIDESTEP LONGSTANDING PERFORMANCE ISSUES AT COMPANY"
TRIAN COMMENTS ON THE WALT DISNEY COMPANY’S DISINGENUOUS AND HYPERBOLIC RHETORIC
Disney’s latest salvo in a proxy fight with activist investor Trian Fund Management highlights the firm’s “silent partner” Ike Perlmutter and his “difficult history with Bob Iger” https://t.co/koYGLsd5cm
New at Noon: Trian responds to $DIS Joe Terranova calls this "the most compelling and interesting business story we have in front of us" https://t.co/gX6ULHDrRI
$DIS ❖ JAMIE DIMON BACKS BOB IGER IN PROXY BATTLE WITH TRIAN: CNBC
Disney paid ValueAct millions in fees before winning its support in proxy fight, activist says https://t.co/au9J0asOda
Blackwells Capital contends that Disney should have disclosed that ValueAct Capital was managing some of its pension fund assets, stirring tensions between the two activist investment firms as they pursue different agendas https://t.co/N5ue9dAvpd