Disney (DIS) – Proxy Fight – March 23, 2024

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Disney (DIS) – Proxy Fight – March 23, 2024

Speaking of Disney… The proxy battle set for a May resolution continues to heat up. George Lucas announced support for Iger and the current board while the Institutional Shareholder Service (ISS) recommended shareholders vote for Trian and Nelson Peltz’s demands (including board seats). ISS surely influences a lot more shares than Lucas. I view this as a win-win for shareholders. Disney could fend off activists and continue executing with a larger shareholder microscope over its actions. I also already view Disney as on a great track to deliver a turnaround. See updated free cash flow guidance, the asset reshuffle and its tightened film pipeline for evidence. If Trian wins, that would still likely drive short-term shareholder excitement. I’d likely take advantage of that excitement by exiting my position with a quick & sizable gain. I don’t think Peltz is qualified to be on this board and I don’t like any of his ideas for the company. But? I do like capital gains.

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