April 3 (Reuters) – Walt Disney (NYSE:) shareholders supported CEO Bob Iger and the company’s other directors, ending a multimillion-dollar messy battle started by activist investors Trian Fund Management and Blackwells Capital.
A vote to re-elect all 12 of Disney’s current board members, announced at the company’s annual shareholder meeting on Wednesday, upset a campaign by investors who argued the entertainment conglomerate was falling behind in the era of streaming television.
Here are the key events in the boardroom saga:
Date Event
October 7, Activist Investor Daniel Loeb Calls Out Disney
In 2020, we will refuse to pay dividends and spend the money on
create and buy more programs for Disney+
On October 12, Disney will restructure its media and entertainment operations.
Companies will accelerate Disney+ growth in 2020
On May 16, Third Point will liquidate its position in Disney.
2022 in the first quarter, two years after
hedge fund was the first to invest and began to call
media companies are spending more aggressively on their
streaming platform
On August 15, Third Point reports that the rate is approximately $1.
2022 billion and says it plans to push the media
the company will make a number of changes
9/11 Third Point’s Daniel Loeb withdraws
2022 pushes Disney to spin off ESPN
On September 30, Disney announces a truce with activist investors.
2022 Third point, stating that it will appoint technical and
media veteran Carolyn Everson addresses the board of directors
On November 8, Disney reports growth in streaming customers, but
High 2022 costs disappoint investors
Bob Iger returns to Disney as CEO on November 21st.
2022, less than a year after his retirement, in
unexpected return
On November 28, Iger said one of his top priorities was to make
The company’s streaming business will be profitable in 2022
December 8th. An ad-supported version of the Disney+ service.
2022 launches, attracting major advertisers from
different sectors
On January 12, activist investor Nelson Peltz officially
The battle for a seat on the Disney board of directors will begin in 2023
January 17. In a letter to shareholders, Disney defends its
2023 board for denying Peltz a seat, saying he
“lack of skills and experience” to help
company
February 8, Disney
2023 announces
restructuring; cuts 7,000 jobs as
part of its efforts to save $5.5 billion in
costs and make your own streaming business
profitable
On February 9, Peltz says his proxy fight is over.
2023
May 15 Trian increases its stake in Disney by acquiring
2023 approximately 500,000 more shares since end
March, for a total of 6.4 million.
November 15 ValueAct acquires major stake in Disney and
There’s room for an entertainment giant’s stock in 2023
the price will approximately double, sources familiar with
the investment firm’s thinking said.
November 30 Peltz advances plans to search for at least
Three Disney board seats in 2023, but no Trian
Several people are happy with Iger’s changes
familiar with the matter, tell me
On December 14, Disney is preparing for a fierce proxy battle.
2023 Peltz nominates former Disney executive as well.
Chief Financial Officer James “Jay” Rasulo
company board
January 3 ValueAct and Blackwells offer support
2024 for Disney defending against the board
challenge from activist investor Trian Fund
Control.
January 16, Disney
2024 says
it “does not support”
candidates nominated by activist shareholders
in a preliminary power of attorney filed with the securities department
and exchange commission.
January 31, Trian
2024 calls
Disney shareholders should not
re-elect two current members of the board of directors Maria
Elena Lagomasino and Michael Froman.
February 1, Disney
2024 sets
shareholders meeting in April
3
6 February, Blackwells
2024 calls
Disney shareholders will choose their shareholder
three candidates for the board of directors and proposes strategic
options including potential separation
company into three entities that could
will eventually become public companies in their own right.
On February 7, Disney announces a $1.5 billion stake in Epic.
2024 Games Plans to Stream on ESPN
service in 2025 and a new share of $3 billion.
buyout plan.
On February 28, Disney and Reliance Industries will announce a price of $8.5.
2024 billion Merger of media assets in India.
February 29, grandchildren Roy and Walt.
2024 Disney, Disney founders,
back
CEO Iger and Board of Directors Opposing
activist investors in the battle for proxy.
March 4, Triann Peltz
2024 accuses
“poor oversight” by Disney’s board of directors
for the company’s problems, Disney claims
slow to adapt to changes in the industry, including
streaming, made mistakes when receiving it
strategy and poor succession planning.
March 19, directed by George Lucas.
2024 spins
Disney CEO Iger by proxy
combat
March 21, Proxy Advisory Firm Institutional.
2024 Shareholder Services (ISS)
recommends
shareholders vote to elect Peltz.
March 28, Blackwells
2024 sues
Disney in Delaware Court
the information he says may indicate possible
disclosure violations in hedging relationships
ValueAct Capital fund.
March 29, US Pension Fund California Public
2024 Employees’ Retirement System (CalPERS)
vote
elect two directors of Triana
candidates for the Disney board of directors.
Mutual fund and Disney
April 1, investor T. Rowe Price
2024 says
it voted for entertainment
directors of the giant; BlackRock (NYSE:) also backs Disney
Board of Directors, sources told Reuters.
April 2, Vanguard Group, Disney’s largest company.
shareholder from 2024
votes for election
entertainment giant
Current directors, according to Reuters
sources
On April 3, Disney shareholders supported CEO Iger.
2024 and other directors of the company at the annual
meeting of shareholders