Disney urges vote for company board nominees, not those of Trian or Blackwells

Disney’s board of directors sent a letter to shareholders detailing what it calls “the progress it has made and continues to make on its strategic priorities, delivering on the promises it made just over one year ago.” The board stated in part: “The board has been laser-focused on a strategy that will drive shareholder value. The company has restored its cash dividend and subsequently increased the dividend payment declared for July 2024 by 50%. Disney is also targeting $3 billion in share buybacks for FY24. As shared in its first quarter earnings, the company has also made great strides in reigning in costs and is on track to meet or exceed its cost cutting target of $7.5 billion by the end of FY24. Disney also reaffirmed it is on track to deliver $8 billion in free cash flow, and to reach profitability in its combined DTC streaming businesses in Q4 FY24. Disney’s creative engines continue to be recognized with numerous nominations across the TV and film industry… Disney’s board of directors believes all of its 12 nominees are uniquely qualified to continue this important progress and create long-term shareholder value. The board urges shareholders to protect their investment and the future of the company by voting the White proxy card for only Disney’s 12 nominees now and not the Trian Group or Blackwells nominees. The 2024 Annual Meeting of Shareholders will be held on April 3, 2024. The Disney board of directors does not endorse the Trian Group nominees, Nelson Peltz and Jay Rasulo, or the Blackwells nominees, Craig Hatkoff, Jessica Schell and Leah Solivan, and believes that they are unqualified to serve on Disney’s Board and preserve value creation for shareholders in this increasingly complex global landscape.”