The Walt Disney Company Board Wins

**update** The Walt Disney Company Board wins the proxy battle with all Disney nominees being elected to the board for 2024-2025.

Today is the day of the Walt Disney Company Annual Board meeting, which is when the proxy battle between Disney, Trian Partners, and Blackwell Capital will be decided. Ahead of the meeting, the mainstream media is already calling it a win for the current Disney board.

Several prominent news outlets say that Disney has a safe lead, and two of their board members, Maria Elena Lagomasino and Michael Froman, were being targeted for replacement. Disney CEO Bob Iger was not the target for replacement, contrary to how Disney and many news outlets portrayed it as such. 

This was an interesting race, given that individuals owned 40% of stock. While the contenders went after large investment firms and hedge fund groups, that only accounted for part of the vote. 

At this time, “sources” have indicated that Disney is “safely ahead,” according to Variety. Vanguard (owning 7.8% of Disney shares), BlackRock (owning 4.2% of Disney shares), and T. Rowe Price (owning 0.5% of Disney shares) all apparently support Disney. 

I hope that even if these directors stay on board, Disney has gotten enough of a shake-up to actually make some changes moving forward.  Streaming is declining, and Disney’s box office is in shambles with only “Deadpool and Wolverine” and possibly “Inside Out 2” to pull it back up. Their “Star Wars” and “Marvel” films and shows have been dropping in viewership and reviews further and further with each release. The parks are pulling everything up, but Epic Universe is coming next year to Orlando, and Disney’s offerings like the new “Country Bears” and “Smellephants on Parade” will not cut it. 

No matter who wins, Disney needs to perform. If they do not, next year, there will be more groups vying for a board seat at the company. Last year, it was one. This year, it was three. What will happen in 2025 if it doesn’t improve?

Disney’s 2024 annual shareholders meeting will take place today, April 3, 2024, at 10 AM PST/ 1 PM EST. The voting results will be announced then. Shareholders can still vote or change their vote during the meeting, so nothing is set in stone yet. It does appear that Disney will win this one.

I do feel that Disney may have let their image slip a little bit on this one with that awful mudslinging video that was not the brand or image that Disney usually presents. Hopefully, they won’t stoop to that again in the future. 

What do you think? Comment and let us know!