It seems that Bob Iger and the Walt Disney Company Board are getting a bit nervous ahead of the Shareholder vote and Annual meeting in April. Today Bob Iger put out another video (this time not animated), and the Walt Disney Company Board sent out yet another letter to shareholders urging them to vote for them to all stay. 

The video was posted on a new website (votedisney.com) that Iger and the board put up to try and fight off both Trian Group and Blackwell Capital. Both groups are vying for board seats. 

They literally made a website with company manpower and funds to try to keep their seats on the board. It sounds to me like they are worried. File this under news and op-ed because I will share some of my thoughts while linking you to the video and letter so you can form your own opinions. 

Both the letter and the video focus on their gains that have only occurred in the last couple of weeks or so. As a shareholder, I am left wondering why they didn’t try this hard before they were worried about getting voted out, but I digress.

Here is the video courtesy of Scott Gustin on X:

NEW: In a new video, Disney CEO Bob Iger addresses shareholders saying their vote is “important to Disney’s future.” He also said the “major distractions we’re facing from activist investors are exactly what we don’t need.” pic.twitter.com/qRBURJSygk

— Scott Gustin (@ScottGustin) February 12, 2024

In the video, Bob Iger mentions their “recent earnings performance” as evidence that their plans are paying off. However, these really are recent. Headlines from the past week where the company board threw together deals to announce that brought a boost in stock. 

Again, why weren’t they doing this the entire time?

He also says that activist investor interference is something Disney doesn’t need right now, stating, “major distractions we’re facing from activist investors are exactly what we don’t need.”

However, I would argue that the only stock improvement we have seen was because of the threat of the activist investor groups. Suddenly, the current board could get movement on projects that improved stock when their backs were against the wall.

It is not just one activist investor group; three have come out against Disney. Disney did make a deal with ValueAct and was seemingly given special treatment to join forces with the board instead of fighting against them. This is something that the Blackwell group has called out. 

The point is that if only Peltz’s Trian came at them again, it could easily be dismissed. Three contenders tell me that it is not something you can dismiss. 

As far as the letter, it reiterates a lot of the points in the video. 

If you are a shareholder, please review the video and letter put out by Disney. Also, look at the bigger picture and form your own opinions about the direction of the company, past and future, then decide for yourself how to vote. 

White- Disney and the status quo
Blue – Trian Partners 
Green -Blackwell Capital

What do you think? Comment and let us know!
 

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