Hollywood Week: Disney Proxy Fight, UTA/Medialink, Kate Middleton
- Details
- Category: Entertainment News
- Published on Saturday, 23 March 2024 11:44
- Written by Janet Walker
Walt Disney CEO Bob Iger is imploring Disney shareholders to retain his leadership along with the twelve other board members during the annual shareholder vote scheduled for April 3, 2024, and oppose the hedge fund nominees.
Disney Proxy Fight Heats Up
With the annual shareholder meeting in less than two weeks, the power grab by Activist Nelson Peltz, and two hedge funds, Trian and Blackwell, have put the mouse on the defensive. Peltz, added by former Disney CFO Jay Rasulo, have promoted their hostile takeover fight with a slogan, "Bring Back The Magic," similar to the 2016 Trump presidential campaign.
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The issues at stake appear to be centered on finding a successor for longtime CEO Bob Iger who has retired once and was brought back, after the pandemic restrictions were lifted, and began leading the company, navigating the business entities back from a closure state to a productive operational state.
At the onset of the pandemic lock down years, Iger retired leaving former CEO Bob Chapek to helm the company through the very troubling and financially tumultuous season, which saw all major Disney attractions closed, theaters closed, with only streaming to boost revenue.
Disney stock, which experienced record highs, of $201.91, in March of 2021 has continued to adjust to post pandemic changes and closed on March 22, 2024, at $115.87, a loss of $87.04 over the last three years.
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Many longtime Hollywood creatives have announced their support for Iger and his twelve board members, which would be expected as supporting Iger and his team could pay off in opportunity.
Others, who don't stand to gain a creative deal or opportunity are also supporting the current board structure including Chase CEO Jamie Dimon who said, "Bob is a first-class executive and outstanding leader who I've known for decades. He knows the media and entertainment business cold and has the successful track record to prove it. It's a complicated industry filled with creative talent, requiring the unique expertise and engagement skills that Bob possesses. Putting people on a Board unnecessarily can harm a company. I don't know why shareholders would take that risk especially given the significant progress the company has made since Bob came back."
Experts, Analysts, and media who offer support and insight into why the board's company should remain as is can be read here.
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Understanding What's at Stake
The Walt Disney company is all about creativity. The pandemic shifted the business model, with millions of households opting to secure their entertainment opportunities through streaming. Once the restrictions were lifted, the same households now had the choice of seeing movies in theaters or at home. The theatrical revenues for many Disney businesses including Marvel Cinematic Universe films, and PIXAR, saw declines in theatrical attendance.
This hiccup staged the verbal sparring match over Marvel fatigue, bloated budgets, unnecessary redundancies creating expenditures which resulted in write downs or passing on projects, in the current climate.
What is at stake is leadership. Choosing proven creative leadership, those who have delivered consistent content that surprises, dazzles, and delights or change in mid-stream for untested and unproven hedge fund directed choices.
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Who is Nelson Peltz
Peltz, who supported Biden in the last election has said he is leaving the democratic fold and returning to his republican roots and supporting Donald Trump. Although Peltz host major donor fundraisers, in 2020, for former president Donald Trump, he has said in a Fox Business article, while he does intend to politically support the embattled former president, he has yet to decide on donating money to his campaign.
A hostile challenge to the leadership of the Disney board is akin to electing leaders to the White House who have no political experience. The nation is still reeling from the trauma from the Trump years.
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UTA Accuses Medialink Founder, Michael Kassen, of Financial Misconduct
Following the March 12, 2024, announcement by United Talent Agency, UTA, that it had fired Medialink Founder, Michale Kassan, whose company the talent giant purchased in 2021, Kassan, repeatedly fired back at allegation of financial misconduct and boosted of starting a new company.
"UTA maintains that Kassan "erased any line between his personal and business expenses" during his two plus years with the company following UTA's acquisition of MediaLink for $125 million in December 2021. UTA's amended complaint drops multiple claims against him but accuses Kassan of threatening to breach the noncompete clause in his contract. The complaint asserts that Kassan's "foolish boasts" to media outlets that he planned to launch new business ventures amounted to threats to violate his agreement. News of the explosive split between Kassan and UTA erupted on March 12 with Variety's exclusive report," Yahoo!Finance.com reported.
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Catherine, Princess of Wales, Diagnosed with Cancer
Catherine, Princess of Wales, 42, announced yesterday, after a planned abdominal surgery in January, of which she was recovery, her team of doctors discovered cancerous cells and ordered the wife of Prince William, the future King of England, to undergo proactive round of chemotherapy.
The princess, who has undergone extensive media speculation in the past months, over her recovery, the long absence from public duties, and more recently her attempts at editing the photos of her recent released Mother's Day pictures, brought the hammer down on the media, the paparazzi, and the gossip with her announcement.
While the princess has not provided any details of the abdominal surgery, or the medical information of what led to the discovery of the cancer cells, she appeared well, although somewhat tired, in the video announcement.
