Disney is focusing on core brands and franchises to deliver higher returns, targeting a $4.5 billion reduction in annualized entertainment cash content spend. The board is built around diverse skillsets critical to Disney's success. Trian criticizes Disney for being slow to adapt to streaming, overpaying for Fox acquisition, and overspending on parks without a disclosed timeframe or plan.
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: "DISNEY IS ATTEMPTING TO SIDESTEP LONGSTANDING PERFORMANCE ISSUES AT COMPANY"
Disney cleared a crucial hurdle in its plan to revamp Disneyland to the tune of $1.9 billion over the next decade, but not without contention https://t.co/czye6WOOnJ
Disney cleared a crucial hurdle today in its plan to revamp Disneyland to the tune of $1.9 billion over the next decade, but not without contention https://t.co/czye6WOOnJ
Disney provides new update on its $60 billion Parks and Experiences spending plan https://t.co/k2e0b6jZLJ
NEW: In a new filing, Disney provided additional information about the company's planned 10-year, $60 billion investment in the Experiences segment. A new breakdown of the plan shows 50% at Parks/Resorts, 20% Cruise/Other, and 30% on Tech and Maintenance. https://t.co/3ot0PLQ38B
Disney announces a $4.5 billion reduction on entertainment content spend
DISNEY: BOB IGER HAS DELIVERED STRONG RETURNS FOR DISNEY SHAREHOLDERS THROUGHOUT HIS TENURE AS CEO
DISNEY: NELSON PELTZ, IKE PERLMUTTER, AND JAY RASULO ARE "NOT WHAT DISNEY NEEDS RIGHT NOW"
DISNEY: "THIS BOARD HAS 'SKIN IN THE GAME'"
DISNEY: TRIAN WANTS TO REPLACE VALUABLE DIRECTORS WITH NOMINEES WHO "LACK RELEVANT AND NON-DUPLICATIVE EXPERTISE"
DISNEY: TRIAN'S CAMPAIGN TARGETS TWO DISNEY DIRECTORS WITH SKILLSETS AND EXPERTISE THAT ARE AN IMPORTANT COMPONENT OF THE BOARD'S OVERSIGHT
DISNEY: BOARD IS BUILT AROUND DIVERSE SKILLSETS CRITICAL TO DISNEY'S SUCCESS
DISNEY: DIRECTORS MARK PARKER AND JAMES GORMAN HAVE BOTH EXECUTED HIGH-PROFILE, SEAMLESS CEO TRANSITIONS
DISNEY: THE SUCCESSION PLANNING COMMITTEE MET SEVEN TIMES IN 2023
DISNEY: THE BOARD IS FOCUSED ON BOTH SELECTING A NEW CEO AND POSITIONING THE NEW CEO FOR LONG-TERM SUCCESS
DISNEY: NOW EXPECT TO REDUCE COSTS BY AT LEAST ABOUT $7.5B BY THE END OF FY24, ABOUT $2BN AHEAD OF OUR ORIGINAL TARGET
DISNEY: OUR EXPENSE BASE IN FY24 WILL ONLY INCREASE SLIGHTLY VS. FY23
DISNEY: WE REMAIN FOCUSED ON ACHIEVING PROFITABILITY IN STREAMING BY THE END OF FY24, WHICH IS WITHIN FIVE YEARS OF LAUNCHING DISNEY+
DISNEY: WE ARE TARGETING A $4.5BN REDUCTION OF ANNUALIZED ENTERTAINMENT CASH CONTENT SPEND
DISNEY: IS FOCUSING ON CORE BRANDS AND FRANCHISES TO DELIVER HIGHER RETURNS
DISNEY: WE ARE DELIVERING ON OUR COMMITMENTS TO CREATE "SUPERIOR, SUSTAINABLE" SHAREHOLDER VALUE IN A RAPIDLY CHANGING ECOSYSTEM
DISNEY: "DISNEY IS POSITIONED TO THRIVE AMID UNPRECEDENTED INDUSTRY DISRUPTION"