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Disney releases latest earnings in letter to shareholders

Disney touts its latest financial numbers, dividend hikes and projects around sports, Fortnite and Taylor Swift, and urges shareholders to elect board candidates at its upcoming annual meeting rather than being nominated by activist investors directors who Disney says will screw up management’s job
“Successfully executed the company’s strategic transformation.”

“The Disney Board of Directors urges shareholders to vote on only Disney’s 12 nominees and not the Trian Group or Blackwells nominees at the 2024 Annual Meeting held virtually on April 3 to protect their investment and the company’s future.”

Trian nominated its founder and CEO Nelson Peltz and former Disney executive Jay Rasulo to its board of directors. Blackwells has three nominees. The number of directors is fixed at 12. The candidate with the most votes wins.

Disney’s nomination cards are white. Trian’s card is blue. Blackwells are green.

“The Disney Board of Directors does not endorse Trian Group nominees Nelson Peltz and Jay Rasulo, nor does Blackwell nominees Craig Hartkopf, Jessica Schell and Leigh A. Solivan, and believe they do not possess the appropriate talents, skills, perspectives, and/or expertise to effectively support the Board’s ongoing efforts to drive profitable growth and shareholder value creation in the face of ongoing industry-wide challenges,” Disney reiterated has been the slogan of recent months.

This time, however, it has something new to watch. The stock closed above $109 today, up sharply from $90 at the start of the year.

“On February 7, 2024, we announced strong results for the first quarter of fiscal 2024 that demonstrate that we have entered a new era at Disney. Today, the company is growing with new strength,” the company said in a letter to shareholders stated in the letter.

“Your board and management team remain committed to driving meaningful growth and creating sustainable shareholder value well into the future. Our strategy is working, with our strong financial results and an exciting pipeline of ’s announcements solidify the company’s growth trajectory, including new direct-to-consumer initiatives from ESPN, a transformative partnership and investment ($1.5 billion) with Epic Games in Fortnite, and major upcoming releases like the surprise animated sequel Moana Upcoming and Taylor Swift’s historic concert movie (journey of times), will stream exclusively on Disney+. “

Disney is also joining forces with Warner Bros. Discovery Channel and Fox to create a new streaming sports service, pooling rights.

“The stage is now set for significant growth and success,” said CEO Bob Iger.

To help things along, Disney has created a new website for shareholders, VoteDisney.com, which includes a video on how to vote and a message from CEO Bob Iger.

Disney reported earnings last week that showed profits well above expectations and narrowed its streaming losses as the unit prepares to turn a profit in the company’s fiscal fourth quarter.

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