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Disney Plugs Earnings, ‘Fortnite’ & ‘Eras Tour’ Deals In Letter To Shareholders Amid Ongoing Proxy Fight

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Disney touted its latest financials, a dividend hike and projects around sports, Fortnite and Taylor Swift as it urged stockholders to elect its board candidates at the upcoming annual meeting — not directors nominated by activist investors that it says will gum up the works as management  “successfully executes a strategic transformation of the company.”  “Disney’s Board of Directors urges shareholders to protect their investment and the future of the Company by voting the WHITE proxy card for only Disney’s 12 nominees and not the Trian Group or Blackwells nominees at the 2024 annual meeting” to be held virtually on April 3.

Trian is nominating its founder and CEO Nelson Peltz as well as former Disney executive Jay Rasulo to the board. Blackwells has three nominees.

The number of directors is fixed at 12. Candidates with the most votes win. Disney’s card of nominees is white. Trian’s card is blue.

Blackwells’ is green. “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 do not possess the appropriate range of talent, skill, perspective and/or expertise to effectively support the Board’s ongoing efforts to drive profitable growth and shareholder value creation in the face of continuing, industry-wide challenges,” Disney said, repeating its mantra of recent months.

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