Disney Turns Down Nelson Peltz’s Request for Board Seats, Both Release Statements

This morning, we reported that Nelson Peltz and Trian Fund Management were pushing for two seats on The Walt Disney Company Board of Directors. Trian later released a statement (via Business Wire) stating they spoke with Disney CEO Bob Iger and that Disney offered to meet with Trian but said they were turning down their request for board seats, including a seat for Nelson Peltz. Disney released a statement in response. Read both below.

Nelson Peltz
Credit: Patrick T. Fallon/Bloomberg

Statement from Trian Fund Management

Trian Fund Management, L.P. (together with its affiliates, “Trian” or “we”) beneficially owns approximately $3 billion of stock in The Walt Disney Company (NYSE: DIS) (“Disney” or the “Company”). This morning, following conversations with Disney’s CEO, Disney extended an offer to Trian to meet with the Board but informed Trian that the Board is turning down Trian’s recent request for Board representation, including Nelson Peltz. Trian said the following regarding the discussions:

“Since we gave Disney the opportunity to prove it could ‘right the ship’ last February, up to our re-engagement weeks ago, shareholders lost ~$70 billion of value. Disney’s share price has underperformed proxy peers and the broader market over every relevant period during the last decade and over the tenure of each incumbent director. Investor confidence is low, key strategic questions loom, and even Disney’s CEO is acknowledging that the Company’s challenges are greater than previously believed. While James Gorman and Sir Jeremy Darroch represent an improvement from the status quo, the addition of these directors will not, in our view, restore investor confidence or address the root cause behind the significant value destruction and missteps that this Board has overseen. Trian intends to take our case for change directly to shareholders.”

The Walt Disney Company logo with Mickey Mouse

Statement from The Walt Disney Company

The Walt Disney Company (NYSE: DIS) issued the following statement today in response to the statement released by Nelson Peltz, founding partner of Trian, relating to Disney and its Board of Directors:

The Walt Disney Company has a proven track record of delivering long-term value to our shareholders and is in the midst of a significant transformation to reinforce our position as the world’s preeminent entertainment company. Over the past twelve months, we restructured the company to restore creativity to the center of all our businesses as we significantly reduce costs and drive efficiencies, and we are on track to achieve about $7.5 billion in cost savings – $2 billion more than our original target.

Disney is moving from a period of fixing to a new era of building, as the entire media sector navigates the crosscurrents of the competitive landscape for streaming. We are executing on four key building opportunities that will be central to our success: achieving significant and sustained profitability in our streaming business; building ESPN into the preeminent digital sports platform; improving the output and economics of our film studios; and turbocharging growth in our Experiences business. Our extraordinary portfolio of businesses, brands and assets—and the key synergies between them—are the foundation to developing the popular franchises that will continue to drive our strategic success. With one of the strongest balance sheets in the media sector, Disney expects free cash flow to approach pre-COVID levels in fiscal 2024, and the Board and management are steadfast in our commitment to ensuring The Walt Disney Company’s long-term success for the benefit of all our shareholders.

Disney also continues to refresh its Board of Directors, including the appointments of James P. Gorman, Chairman and Chief Executive Officer of Morgan Stanley, and Sir Jeremy Darroch, a veteran media executive and former Group Chief Executive of Sky, as new directors, as the result of a lengthy and comprehensive search that began in April of this year.  Their appointments reflect Disney’s commitment to a strong board focused on the long-term performance of the company, strategic growth initiatives, the succession planning process, and increasing shareholder value. As also announced yesterday, Disney board member Francis A. deSouza has decided not to stand for reelection at the annual meeting.

Mr. Peltz, in partnership with Isaac Perlmutter, a former Disney executive, intends to take its case to shareholders. Mr. Perlmutter owns 78% of the shares that Mr. Peltz claims beneficial ownership of, or more than 25 million of the 33 million shares. This dynamic is relevant to assessing Mr. Peltz and any other nominees he may put forth as directors, as Mr. Perlmutter was terminated from his employment by Disney earlier this year and has voiced his longstanding personal agenda against Disney’s CEO, Robert A. Iger, which may be different than that of all other shareholders.

The Disney Board will recommend to shareholders its slate of director nominees in the company’s proxy statement to be filed with the Securities and Exchange Commission and distributed to all shareholders eligible to vote at the annual meeting.

Disney shareholders are not required to take any action at this time.

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The post Disney Turns Down Nelson Peltz’s Request for Board Seats, Both Release Statements appeared first on WDW News Today.

Disney CEO Bob Iger Speaks at The New York Times’ DealBook Conference

One day after hosting a company town hall in New York City, Disney CEO Bob Iger participated in a Q&A panel at the 2023 The New York Times’ DealBook conference, where he talked more about where The Walt Disney Company is and where he’d like it to go. The Details One of the main topics… Read More »Disney CEO Bob Iger Speaks at The New York Times’ DealBook Conference

The post Disney CEO Bob Iger Speaks at The New York Times’ DealBook Conference appeared first on The Disney Blog.

How Disney+ Subscribers Can Save Big on Loungefly NOW

Do you subscribe to Disney+?

©Disney

Being a subscriber can get you a lot of perks BEYOND being able to stream all that awesome Disney, Marvel, and Star Wars content. You can also get exclusive merchandise and early access to merchandise, as well as discounts on Disney World trips, and more! Well, there’s a NEW Disney+ subscriber deal we HAVE to tell you about because it’s for Loungefly.

So we know a lot of you love Loungefly (as we do), so this could be a chance to grab a cute holiday bag or even a gift for someone on your holiday shopping list. If you’re a Disney+ subscriber, you can now save 15% off on the Loungefly website. 

You can save on Loungeflys!

This applies to ANY Loungefly product, including bags, ears,  clothing, and more. You’ll need to enter code DISNEYFUNKO15 at checkout to get the deal, so be sure to check that out.

©Disney

This isn’t the only deal you can get as a Disney+ subscriber, though!  Be sure to check your email for a special message from Disney with a list of ALL kinds of discounts, including a Fandango discount to see Wish, a chance to enter to win a trip on the Disney Treasure, discounts on Disney games, and more!

We’ll be keeping an eye out for more perks for Disney+ members, so stay tuned to DFB for more.

When are you headed to Disney World next? Have you checked out our line of fun graphic tees to wear on your trip? We’ve designed some for the whole family – from infants to adults! Click here to check them out!

FULL LIST of Everything Coming to Disney+ in December

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WE KNOW DISNEY.
YOU CAN, TOO.


Oh boy, planning a Disney trip can be quite the adventure, and we totally get it! But fear not, dear friends, we compiled EVERYTHING you need (and the things to avoid!) to plan the ULTIMATE Disney vacation.

Whether you’re a rookie or a seasoned pro, our insider tips and tricks will have you exploring the parks like never before. So come along with us, and get planning your most magical vacation ever!

Are you a Disney+ subscriber? Which perk are you most excited about? Let us know in the comments!

The post How Disney+ Subscribers Can Save Big on Loungefly NOW first appeared on the disney food blog.

DFB Video: 25 Shocking Things Disney Had to Stop Doing

Free stuff became expensive stuff, poop candy was discontinued, and space sporks are no more.

Disney World

What things did Disney have to stop doing in the past? Find out today, on DFB Guide.

Check out our video below: 25 Shocking Things Disney Had to Stop Doing

Are you a DFB Video subscriber? If you hit the button below, you can subscribe to our channel and catch up on ALL of our latest episodes!

And stay tuned for more Disney news! 

Join the DFB Newsletter to get all the breaking news right in your inbox! Click here to Subscribe!

WE KNOW DISNEY.
YOU CAN, TOO.


Oh boy, planning a Disney trip can be quite the adventure, and we totally get it! But fear not, dear friends, we compiled EVERYTHING you need (and the things to avoid!) to plan the ULTIMATE Disney vacation.

Whether you’re a rookie or a seasoned pro, our insider tips and tricks will have you exploring the parks like never before. So come along with us, and get planning your most magical vacation ever!

Are you going to Disney World next year? Let us know in the comments.

The post DFB Video: 25 Shocking Things Disney Had to Stop Doing first appeared on the disney food blog.

ALERT! A HUGE Change Is Coming to EPCOT Next Week!

Have you heard of this MAJOR EPCOT change?

It’s so pretty at night

EPCOT has had several different fireworks shows over the years, with EPCOT Forever (which was replaced by Harmonious in 2021 but then returned earlier this year for a limited time) being the current show. However, that’s about to change!

EPCOT Forever is going to be replaced by a brand-NEW nighttime spectacular: Luminous — The Symphony of Us. The new production, which celebrates Disney’s 100th anniversary, kicks off next week, on December 5th, 2023. It’ll feature fireworks, fountains, lasers, lighting effects, and lots of music.

©Disney

Disney has said that viewers can “delight in a dramatic show designed to bring us all together. Marvel at a dazzling pageant of fireworks, fountains, music, and lights set to an original composition. New music, along with evocative selections from the Disney songbook, come together to remind us that we are more alike than we are different.”

©Disney

Luminous will feature two original songs, as well as new arrangements of classic Disney songs. The show begins with voices from around the World Showcase welcoming you to the gathering, followed by the original song “Heartbeat Symphony.”

Disney also shared a list of songs that will be featured in the show:

  • “You’ll Be in My Heart”
  • “Proud Corazón”
  • “You’ve Got a Friend in Me”
  • “Friend Like Me”
  • “So Close” (from Enchanted)
  • “When She Loved Me”
  • “Remember Me”
  • “Into the Unknown”
  • “I See the Light”

The show will conclude with another original number for the finale — “Beating of Our Hearts.”

©Disney

Luminous will run nightly at 9:30PM for most of December.

©Disney

On December 31st, it’ll be at 6:30PM. Then, starting on January 1st, it’ll take place at 9PM each evening. Be sure to check showtimes on the My Disney Experience app so that you know what time it’ll run during your trip.

©Disney

EPCOT will have TWO dining packages available during the new fireworks show. Both Spice Road Table and Rose and Crown Dining Room will continue to offer dining packages that allow you to enjoy a meal as well as a spectacular view of the new show. Note that dining packages are available right now — those with reservations through December 4th will continue to enjoy EPCOT Forever, while those with reservations on and after December 5th will enjoy Luminous.

Click here for more details on EPCOT fireworks dining packages!

If you’re planning your Disney World trip now and want to make sure you don’t miss out on any new experiences, like Luminous, reach out to our friends over at Small World Vacations. They can help take the stress out of planning your vacation, and their services are absolutely free.

Disney Vacation Planner

We’ll be there on the opening night of Luminous, so stay tuned for full coverage of the new fireworks show!

Click here to learn more about Disney’s 100th anniversary celebration.

 

Are you going to watch the new fireworks show in EPCOT? Let us know in the comments!

The post ALERT! A HUGE Change Is Coming to EPCOT Next Week! first appeared on the disney food blog.

2 Big Problems Fans Have With the Haunted Mansion in Magic Kingdom Today

Foolish mortals, the time has come! 

Haunted Mansion

The Hatbox Ghost has finally materialized in the Haunted Mansion at Disney World, after being a highly-anticipated addition since it was announced at the D23 fan convention back in September. Previously, the Hatbox Ghost (Haunted Mansion fans love to call him Hattie) was located in the attic scene of Disneyland’s Haunted Mansion. Now, he resides next to the endless hallway scene of the Disney World attraction. While many folks are DYING over the new addition to the Mansion, a lot of fans feel that Hattie’s arrival causes some issues. Let’s talk about it!

If you’re familiar with the Haunted Mansion and its storyline, then you know that the spooky house is home to “999 happy haunts.” Further, you won’t see any ghosts materialize until after the seance circle scene, where Madame Leota communicates with the spirits and asks them to join in on the spooky fun.  Hattie kind of causes some plot holes, here.

Haunted Mansion

Firstly, the addition now makes it seem that there are now technically 1,000 happy haunts in the mansion. And you could be the 1,001st. Many folks are upset that the words don’t fit what you actually see in the Mansion now that Hattie is there. However, some Imagineers have confirmed that Hattie was originally supposed to be there, but between the technology that allowed him to perform, and the structure of the Mansion, it was virtually impossible to get him to work the way Imagineers intended. So, to Disneyland he went! Basically, Hattie was already counted as a happy haunt before he technically joined — or so they say.

There he is!

The next issue that Hattie causes is something that’s been weighing on Disney fans and Mansion Cast Members alike. Hattie now appears BEFORE the seance circle part of the ride, which fans say doesn’t really make sense. He’s now the only ghost you’ll see before the seance. This is the one issue that we kind of agree with. However, it makes sense that he would be put here because of the aforementioned issue with getting him inside the mansion in one piece based on structure and the working technology. Imagineers also confirmed that Hattie received new technology in 2015 to try to get him to work properly, but the area in the Disney World attic scene where he was supposed to go wasn’t strong enough to support how heavy the new technology is. SO, this is why he is near endless hallway. All in all, we’re just happy that he is at Disney World, where he was always meant to be.

WOO!

What do you think? We’ll continue to keep you updated with more Disney news, so make sure to follow along for more so that you’re always in the loop!

Looking for more Disney World news? Click here! 

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WE KNOW DISNEY.
YOU CAN, TOO.


Oh boy, planning a Disney trip can be quite the adventure, and we totally get it! But fear not, dear friends, we compiled EVERYTHING you need (and the things to avoid!) to plan the ULTIMATE Disney vacation.

Whether you’re a rookie or a seasoned pro, our insider tips and tricks will have you exploring the parks like never before. So come along with us, and get planning your most magical vacation ever!

What do you think of the Hatbox Ghost’s arrival to Disney World? Let us know in the comments! 

The post 2 Big Problems Fans Have With the Haunted Mansion in Magic Kingdom Today first appeared on the disney food blog.

Photos: 2024 “Brand New World” Collection Debuts

The 2024 Dated merchandise collection has started to appear at the Walt Disney World Resort prior to its shopDisney launch. The yearly collection of dated shirts, pins, and more is going with a bold approach this year, using bright neon pinks, blues, and yellows to celebrate Disney in 2024. Titled “Brand New World,” the collection launches […]

The post Photos: 2024 “Brand New World” Collection Debuts appeared first on LaughingPlace.com.

PHOTOS: Work Begins to Fix Broken Haunted Mansion Cobblestones at Magic Kingdom

After a months-long leak caused significant damage to the exit walkway of The Haunted Mansion at Magic Kingdom, Disney is finally attending to the problem.

The Haunted Mansion Pavement

WDW MK Haunted Mansion stock 4

The broken cobblestones are on the pathway leading out of The Haunted Mansion. When we first spoke to Cast Members about the walkway last month, they noted the cobblestones were loose and they sometimes saw water spring up from the cracks, posing a threat to themselves and the guests who walked the area.

haunted mansion pavement replacement 1527

As of Thursday, some of the broken pavement has been torn up and replaced with a flat black board, apparently as a temporary solution.

haunted mansion pavement replacement 1528

The board is near the exit gate of Haunted Mansion property. The cobblestones around it still have bad cracks. Hopefully, this indicates crews are working on repairing the underground leak and fully replacing the sidewalk.

In bigger Haunted Mansion news, the Hatbox Ghost has finally materialized at the Florida version of the attraction. The ghost was an opening-day animatronic at the Disneyland Haunted Mansion but the technology of the day wasn’t quite up to standards, so he was removed within weeks. The Hatbox Ghost returned to Disneyland in 2015.

The Haunted Mansion

Haunted Mansion Disneyland Spring Wreath

The Haunted Mansion has become one of Disney’s most iconic attractions since its opening at Disneyland in 1969 and on the opening day of Walt Disney World in 1971. A clone of the Walt Disney World attraction opened at Tokyo Disneyland in 1983. The ride serves as inspiration for Phantom Manor at Disneyland Paris and Mystic Manor at Hong Kong Disneyland.

Hatbox Ghost

In addition to the Hatbox Ghost, the Magic Kingdom received a few updates in August, including a slightly updated look for Madame Leota.

Disneyland revealed this year that they would be expanding the grounds of their Haunted Mansion to include a new gift shop and gardens inspired by various Haunted Mansion characters. The “spirited metamorphosis” will take place in 2024.

The post PHOTOS: Work Begins to Fix Broken Haunted Mansion Cobblestones at Magic Kingdom appeared first on WDW News Today.

Fan Selected Kanan Jarrus Legacy Lightsaber Hilt Available on shopDisney to Disney+ Subscribers

Star Wars fans can bring the thrill of their favorite stories and characters home through stunning collectibles like Disney’s Legacy Lightsaber hilts. The latest offering is inspired by Jedi Master Kanan Jarrus from Star Wars: Rebels and will be available first to Disney+ subscribers through special access on shopDisney. (Please note this article contains affiliate links. Your purchase […]

The post Fan Selected Kanan Jarrus Legacy Lightsaber Hilt Available on shopDisney to Disney+ Subscribers appeared first on LaughingPlace.com.