Although 2024 has only just begun, The Walt Disney Company is already making some big moves this year.

Disney World

The date of Disney’s first shareholder meeting of 2024 has yet to be announced, but ahead of the meeting, Disney shared a major update.

On January 3rd, 2024, Disney announced that it struck an agreement with ValueAct Capital Management. The agreement “enables the company to provide information to the investment firm and consult with ValueAct on strategic matters, including through meetings with the Disney Board and management.” Disney also confirmed that the investment firm will support the Disney Board of Directors’ recommended slate of nominees for election to the Board at the 2024 Annual Meeting.

©Disney

As part of the company’s announcement, Disney explained, “ValueAct has extensive experience investing in media and technology companies navigating significant business transformations, including Spotify, The New York Times, 21st Century Fox, Nintendo, Microsoft, Adobe and Salesforce.” Disney CEO Bob Iger said, “ValueAct Capital has a track record of collaboration and cooperation with the companies it invests in, and its Co-CEO Mason Morfit has been very constructive in the conversations we’ve had over the past year. We welcome their input as long-term shareholders.”

©ValueAct Capital

Mason Morfit, ValueAct Capital Co-CEO and Chief Investment Officer, added, “Disney is the world’s leading entertainment company. It has the best intellectual property, sports brand and parks & experiences assets in the industry. As legacy technologies transition to digital platforms, we believe Disney can lead the media industry forward. We could not be more excited to partner with Bob and the Board to help create long-term sustainable shareholder value.”

©Disney | Walt Disney Company Headquarters

This development comes amid Disney’s proxy battle with activist investor Nelson Peltz and his firm Trian Partners. Trian’s Disney stock is valued at around $3 billion, according to The Hollywood Reporter. Disney did not reveal the value of ValueAct’s stake in The Walt Disney Company.

©Trian Partners

We previously reported that Trian nominated Peltz and former Disney CFO James Rasulo to the Walt Disney Company board back in December. Trian released a statement reading, in part, that the group “Believes the Disney Board’s lack of focus, alignment, and accountability has resulted in chronic underperformance at one of the world’s most iconic companies.”

©MasterClass

As of January 3rd, 2024, The Walt Disney Company’s stock is valued at $90.83. On this same date last year, the stock was valued at $88.68 at close, according to Yahoo Finance.

Disney stock price as of January 3rd, 2024.

We will continue to look for updates in the Peltz/Disney proxy battle. As previously mentioned, Disney has not announced a date for the 2024 Annual Shareholder Meeting, though, in 2023, The Walt Disney Company’s Annual Meeting was held Monday, April 3rd, 2023, by virtual meeting. In the meantime, we’re always on the lookout for the latest Disney news, so stay tuned for more.

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