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The Battle Over Disney’s Future Is About To Be Decided In A High Stakes Board Vote
This week, a fierce war over Disney’s future will be decided as one of history’s most costly proxy campaigns culminates in a high-stakes shareholder vote on Wednesday.
The issue is Disney’s (DIS) stock price, which has climbed about 50% in the last six months but cannot satisfy the desire of certain investors seeking a larger return. Should activist investors gain a seat on the company’s board, they intend to shake up the Magic Kingdom and its extensive empire, which includes animation, streaming services, and theme parks.
The Battle Over Disney’s Future Is About To Be Decided In A High Stakes Board Vote
Two opposing board seat slates are now up for election against Disney’s. One is in charge thanks to Trian Fund Management, which has put forward its 81-year-old founder, Nelson Peltz, a well-known billionaire corporate raider, and Jay Rasulo, a former Disney CFO. Another minor challenge comes from Blackwells Capital, which is seeking three seats.
The main danger, however, comes from Peltz, whose combination with former Marvel head Ike Perlmutter can bring about significant change at Disney if successful.
Peltz has blasted Disney’s recent theatrical disasters and suggested that the company’s Disney+ streaming service achieve “Netflix-like margins,” among other things. The activist investor and his Trian fund aim to match senior executives’ pay with their performance, restore Disney’s box office dominance, and increase its profit margins. He also wants to ensure that CEO Bob Iger, known for sticking on longer than planned, truly walks down in 2026 at the end of his contract.
However, the strategy is similar to what Iger and his colleagues are already using, and analysts are still determining how Peltz and Rasulo will address the issues.
“I don’t think [Peltz has] offered a turnaround plan that would make people say, yeah, we need to get Peltz in there and change things,” Barton Crockett, senior research analyst at Rosenblatt Securities, told CNN.
What exactly is the point of contention?
In recent years, Disney has suffered a surprising number of box office flops, dwindling viewership on its linear television networks, including ESPN and ABC, and enormous losses as it expands its streaming business to compete with Netflix.
Peltz says he hopes for a turnaround.
“Despite its numerous advantages, Disney has lost its way. Disney lost its movie office dominance, was late to enter the streaming market, and doubled down on linear TV at the wrong time,” Trian stated in a letter to Disney shareholders earlier this month.
What happens on Wednesday?
At 1 p.m. ET, Disney will convene its annual shareholder meeting. During this meeting, shareholders will vote on “slates” of board member positions, including those of Trian and Blackwells. The voting results, which are now underway, will then be announced.
If Peltz is successful, he and Rasulo might gain up to two seats on the board, unseating Disney’s nominees. The pair might influence the company’s trajectory, which some analysts feel could speed Iger’s exit. Iger returned to the leadership role in 2022 after his hand-picked replacement, Bob Chapek, was sacked.
Peltz, who has no entertainment background but has successfully waged proxy wars, has stated in interviews that he wants to collaborate with the current leadership to shake up the media conglomerate.
“We want to ensure that this company finally succeeds. “It’s been mistreated for a long time, and that needs to change,” Peltz said in a proxy combat video on Trian’s website.
The Battle Over Disney’s Future Is About To Be Decided In A High Stakes Board Vote
How is Disney fighting back?
Typically, shareholder meetings and voting are dull exercises that receive little attention from the public.
But Disney is taking the danger seriously. More than $60 million has been thrown into the boardroom struggle, mostly from Disney, which is battling to retain Iger and its board in place.
Disney and its allies claim that the turnaround is already underway under Iger and that the Trian proxy war stems partly from a personal vendetta after Perlmutter was fired from the firm last year.
However, it faces a particular issue in persuading shareholders: Unlike other publicly traded corporations, many investors are “retail investors” — ordinary people who invest in businesses.
These individuals own more than 35% of Disney’s stock, and their votes might have a significant impact. So Disney has treated the campaign like a political campaign, producing a campaign website, removing Google search ads, and advertising on prominent podcasts such as “Smartless.” It even relies on some of its most popular animation characters.
“They’ve really pulled out all the stops in responding to Nelson Peltz and the other activists, and dismissing and attacking them on multiple levels, even going to the place of pulling out Disney intellectual property and calling Peltz a ‘Pinocchio,'” Crockett said in a statement.
Anna and Elsa from “Frozen” have also appeared on materials distributed to shareholders, while the relatively unknown figure Ludwig Von Drake hosted an animated short video explaining how shareholders vote.
“Disney has the right strategy to drive profitable growth and value creation for shareholders and has made substantial progress against our objectives to make our business more efficient and effective, including a sharpened focus on our greatest brand and franchise assets, a continued commitment to cutting costs and a reinstatement of the dividend,” the company said in a statement issued last week urging support for the members of its board of directors.
In addition, Iger and other senior Disney officials have been traveling throughout the country to meet with larger and institutional shareholders, according to a person familiar with the situation.
Disney has also lined up some big names to back its board, including director George Lucas, JPMorgan Chase CEO Jamie Dimon, former Disney CEO Michael Eisner, and billionaire philanthropist Laurene Powell Jobs. Even Disney family members who have been critical of the firm, such as Abigail E. Disney, have come out against Peltz’s boardroom war.
The Battle Over Disney’s Future Is About To Be Decided In A High Stakes Board Vote
“Clearly, Bob Iger and the board have taken this very seriously and put out an amazing amount of material, and they’ve met with investors,” Jessica Reif Ehrlich, managing director of BofA Securities, told CNN. “Nelson Peltz has gone public, so it’s very contentious, very loud, very public.”
Meanwhile, Peltz has recently won backing from the California Public Employees Retirement System (CalPERS) and private investment company Neuberger Berman, undermining Disney’s efforts to avoid a board conflict. The powerful consulting firms Institutional Shareholder Service and Egan-Jones have also endorsed Peltz for at least one seat on the board.
While Disney isn’t taking any chances, some analysts believe that if Peltz wins a seat or two at the table, it might pave the way for Iger to leave the House of Mouse sooner than expected in 2026.
“It’s clear that Iger doesn’t want to deal with him,” Crocket stated about Peltz. “So, I guess the one thing that I would wonder about, not from an operational perspective, but from a leadership perspective, is that if Peltz wins, it might hasten the departure of Iger.”
SOURCE – (CNN)
Business groups are urging Justin Trudeau’s government to stop labor unrest at Canada’s main ports, as it did with railways in August, to avoid supply chain disruptions.
Hundreds of dock foremen in British Columbia ports have been on strike for a week. On Sunday, employers at Montreal’s port locked out 1,200 unionized workers after they rejected a contract offer that promised a 20% salary raise over six years.
Businesses report that the work disruptions are harming ports that handle approximately C$1.2 billion ($860 million) of products daily. They want Labor Minister Steven MacKinnon to refer the case to the Canada Industrial Relations Board, which can send the parties to arbitration to settle the disagreement.
He used that technique over two months ago to halt labor stoppages at Canada’s two main railways. However, the government’s use has sparked resentment among some unions.
The Teamsters Canada Rail Conference has filed a court challenge, claiming that the government’s actions in the railway conflict set a dangerous precedent by breaching workers’ constitutional rights.
Soon after, the pro-union New Democratic Party ripped up a legislative arrangement in which it committed to vote with Trudeau’s Liberals to advance critical legislation.
It’s unclear whether the government currently has enough support to enact a back-to-work law, which would be required to end the port issue.
According to Michel Murray, a Montreal Longshoremen’s Union representative, the port employers “act as bullies,” and refusing to talk indicates that “they clearly want the federal government to intervene.”
“Nearly C$6 billion worth of goods are expected to arrive at the port over the next two weeks,” Michel Leblanc, CEO of the Chamber of Commerce of Metropolitan Montreal, said in a statement. “The urgency is real.”
Goldy Hyder, CEO of the Business Council of Canada, stated that the conflicts “continue to weaken Canada’s economy and tarnish its reputation as a reliable trading partner.”
“Canada’s ports will continue to lose market share if the country’s reputation for labor instability is not corrected soon,” Hyder wrote in a letter to MacKinnon and Transport Minister Anita Anand on November 9.
According to a group of port employers, the Montreal offer would have increased the average dockworker’s pay by more than C$200,000 annually.
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(VOR News) – Amazon has verified that employee data was stolen to the extent that it was compromised as a result of a “security event” that took place at a third-party vendor. The event brought about the compromise of data.
According to a statement that was provided to TechCrunch on Monday, the information that pertains to Amazon employees was revealed as a result of a data breach. This information related to Amazon employees was disclosed.
Amazon spokesman Adam Montgomery issued the statement.
When it comes to Amazon’s or Amazon Web Services (AWS) systems, there have been no security breaches that have taken place, and we have not encountered any security problems. An incident that occurred at one of our property management providers and included security was brought to our attention over the course of the investigation.
This problem had an effect on a number of the company’s customers, including Amazon, and we were informed about it. Other customers were also affected. Montgomery asserts that the only information that was disclosed was that of the work contact information of Amazon workers. As far as Montgomery is concerned, there was no further breach of security.
Among the things that were listed in this category were things like work email addresses, desk phone numbers, and the locations of buildings.
The number of employees who were affected by the security vulnerability has not been acknowledged by Amazon, nor has the total number of employees who were affected been released.
Additionally, it was stated that the third-party vendor, which was not named, does not have access to sensitive data such as Social Security numbers or financial information. This information was described as being kept confidential. The information in question was not made public. The vendor has reportedly fixed the security flaw that was responsible for the data breach that took place, according to reports that were received.
Hackers said they posted Amazon data on Breach Forums. It has been determined that the information in question is accurate as a consequence of this declaration. Additionally, the individual alleges that they have more than 2.8 million lines of data, which they allege was stolen during the mass-exploitation of MOVEit Transfer that took place the previous year.
Using the alias “Nam3L3ss,” the threat actor claims that they have disclosed information that was purportedly taken from twenty-five big corporations, as indicated in a study that was carried out by the cybersecurity company Hudson Rock. The analysis was done by Hudson Rock.
The assumption that the threat actor makes is that “the data that you have seen up to this point is less than .001% of the total data that I possess.”
This is the Amazon assertion that they make.
The public will have access to one thousand releases that have never been seen before in the history of record releases. The journal TechCrunch has attempted to get in touch with the other firms that were identified by the threat actor; however, the magazine has not yet received any additional responses to the inquiries that it has made.
It was the MOVEit breach, which took place in 2023, that was the most catastrophic breach that ever took place. The file-transfer software that was developed by Progress Software was vulnerable to a zero-day vulnerability, which allowed attackers to take advantage of the weakness and cause this breach.
More than one thousand businesses were impacted by these incursions, and it is believed that the notorious Clop ransomware and extortion ring was responsible for them. Through the utilization of ransomware, hacks were successfully carried out.
Not only did the data breach affect the Oregon Department of Transportation, which had 3.5 million pieces of information stolen, but it also affected the Colorado Department of Health Care Policy and Financing, which had four million pieces of information stolen, and Maximus, which is a giant in the United States government services contracting market, which had 11 million pieces of information stolen.
SOURCE: TC
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(VOR News) – The following day, Bitcoin achieved a new record high as a consequence of traders’ wagers on the potential benefits of Donald Trump’s return to the White House for the cryptocurrency.
This was an additional factor contributing to Bitcoin’s recent record-breaking performance.
This resulted in Bitcoin’s first-ever record-breaking high.
The digital currency’s inaugural transaction, valued at eighty thousand dollars, was executed one hundred twenty minutes after twelve o’clock in the afternoon (1200 GMT). This occurred shortly after the timepiece reached twelve.
The conviction that President Trump may reduce laws on digital currencies has increased as a result of his victory in the presidential election that occurred in the United States on Tuesday. This conviction has been bolstered by his election victory. Since the election was won by the Republican nominee, Trump, this mentality has been gradually cultivated.
On Wednesday, the price of bitcoin achieved a new all-time high of $75,000, surpassing the previous all-time high of $73,797.98, which was achieved in March. This item has attained the highest price to date.
It was widely believed that Trump was the politician who embraced Bitcoin during his campaign against Kamala Harris, the Democratic Party candidate. Harris was a candidate for the Democratic Party in the Senate campaign.
Donald Trump employed the term “hoax” to describe cryptocurrencies during his inaugural tenure as president of the United States. However, in the time that has passed since then, he has experienced a substantial change in his viewpoints, which has even resulted in the creation of his own committee platform.
In addition to his pledge to establish the United States of America as the “bitcoin and cryptocurrency capital of the world,” he has also committed to appointing Elon Musk, a tech entrepreneur and right-wing conspiracy theorist, to the role of overseeing a comprehensive investigation into the government’s wasteful practices.
Both of these commitments are components of his strategy to enhance the prosperity of the United States of America. It is crucial to acknowledge that he has made a commitment to both of these.
The administration of President Trump was responsible for the reduction of corporation taxes, which resulted in an increase in market liquidity and facilitated the investment in high-growth assets, such as cryptocurrencies. Through the administration of President Trump’s predecessor, this was accomplished.
The previous administration benefited from a decrease in the tax rate for Bitcoin companies.
In September, President Trump announced that he, his sons, and other organizations would be creating a digital currency platform known as World Liberty Financial. The development of this platform would also incorporate the participation of other businesses. The network would facilitate the conversion of digital currency into corporeal currency.
Nevertheless, it experienced an unsuccessful sales launch earlier this month, with only a small percentage of the tokens that were placed on the market being purchased by consumers. This incident transpired earlier this month. From this, it is possible to infer that the launch was unsuccessful.
Cryptocurrencies have been the subject of numerous news articles since their inception. The FTX exchange platform is the most notable of the numerous industry stalwarts that have fallen, and these stories have covered a wide variety of subjects, including the immense volatility of their pricing. Numerous topics have been addressed in these narratives.
According to reports that circulated in the days preceding the election, he made history by becoming the first former president to utilize bitcoin to conduct a transaction. Donald Trump achieved historical significance by conducting a transaction using bitcoin. This could be considered a significant accomplishment.
He accomplished this by purchasing hamburgers from a restaurant in New York City, which characterized the transaction as “historic.” He succeeded in achieving these objectives. Because of this opportunity, he capitalized on it.
Bitcoin, a digital currency, is transacted on the market every day of the week, including Sundays.
SOURCE: TET
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