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TIMELINE-ValueAct, Blackwells set to back Disney in proxy battle with Peltz

Reuters
·4-min read

(Adds latest developments) Jan 3 (Reuters) - Activist hedge funds ValueAct Capital and Blackwells Capital moved on Wednesday to provide backing to Walt Disney as the 100-year-old media company defends itself against a board challenge from Nelson Peltz's Trian Fund Management. The latest development comes after Peltz nominated himself and former Disney executive James "Jay" Rasulo to the board of the company in December. Here is what happened since Iger retired in 2020 and after his return as CEO in 2022: Date Event Feb. 25, Iger retires after 15 years as CEO, handing the 2020 reins to Disney Parks head Bob Chapek; Iger assumes post of executive chairman Sept. 29, Disney says it will lay off about 28,000 parks 2020 unit employees due to coronavirus hit Oct. 7, Activist investor Daniel Loeb urges Disney to 2020 forgo paying a dividend and use the cash to make and buy more programming for Disney+ Oct. 12, Disney restructures its media and entertainment 2020 businesses to accelerate Disney+ growth Feb. 28, Disney pauses film releases in Russia over 2022 Ukraine invasion March 4, Disney says it will offer a cheaper, 2022 ad-supported version of Disney+ March 10, Disney pauses all business in Russia 2022 May 16, Third Point liquidates its position in Disney 2022 during the first quarter, two years after the hedge fund first invested and began urging the media company to spend more aggressively on its streaming platform May 16, Florida Governor Ron DeSantis says he wants the 2022 state to take control of Disney's special district when it is scheduled to be dissolved in June 2023 June 9, Chief Executive Bob Chapek announces a major 2022 leadership shift, promoting Dana Walden to chairman of general entertainment content June 28, Disney board unanimously votes to extend Chief 2022 Executive Officer Bob Chapek's contract for three years Aug. 15, Third Point discloses a stake of roughly $1 2022 billion and said it plans to push the media company to make a string of changes Sept. 11, Third Point's Daniel Loeb backs off from 2022 pushing Walt Disney Co to spin off ESPN Sept. 14, Comcast Corp Chief Executive Brian 2022 Roberts signals to Disney the company will seek market value for its minority stake in Hulu Sept. 30, Disney announces a truce with activist investor 2022 Third Point, saying it will appoint tech and media veteran Carolyn Everson to the board Nov. 8, Disney reports higher streaming customers, but 2022 high costs disappoint investors Nov. 11, The company plans to freeze hiring and cut some 2022 jobs, according to a memo seen by Reuters Nov. 21, Bob Iger returns to Disney as chief executive 2022 less than a year after he retired, in a surprise comeback Nov. 28, Iger says one of his top priorities was to make 2022 the company's streaming business profitable Dec. 8, The ad-supported version of the Disney+ service 2022 launches, attracting major advertisers from different sectors Jan. 12, Activist investor Nelson Peltz formally 2023 launches a battle for a board seat at Disney Jan. 17, In a letter to shareholders, Disney defends its 2023 board for denying Peltz a seat, saying he "lacks the skills and experience" to help the company Feb. 8, Disney announces a restructuring, 7,000 job 2023 cuts, as part of its efforts to save $5.5 billion in costs and make its streaming business profitable Feb. 9, Peltz declares that his proxy fight is over 2023 March 27, Disney begins 7,000 layoffs as it seeks to 2023 control costs and create a more "streamlined" business, according to a letter Iger sent to employees, seen by Reuters May 15, Trian adds to its stake in Disney by purchasing 2023 roughly 500,000 more shares since the end of March, giving it a total of 6.4 million Oct. 9, Peltz is expected to ask Disney for "multiple" 2023 board seats, including one for himself, according to a person familiar with the matter Nov. 15, ValueAct has built a large stake in Disney and 2023 sees room for the entertainment giant's stock price to roughly double, sources familiar with the investment firm's thinking said. Nov. 28, Iger tells employees he faced a "myriad of 2023 challenges" upon returning to the company, but remained upbeat about its prospects Nov. 30, Peltz pushes ahead with plans to seek at least 2023 three board seats at Disney as Trian is not satisfied with Iger's changes, several people familiar with the matter say Dec 14, Disney braces for a bitter proxy battle as 2023 Peltz nominates himself and former Disney Chief Financial Officer James "Jay" Rasulo to the company's board Jan. 3, Activist hedge funds ValueAct and Blackwells 2024 moved to provide backing to Disney as it defends itself against a board challenge from activist investor Trian Fund Management. (Reporting by Akash Sriram, Tiyashi Datta, Jaspreet Singh and Samrhitha Arunasalam in Bengaluru; Editing by Sriraj Kalluvila, Pooja Desai and Shounak Dasgupta)