The Walt Disney Company

Disney has lost its way and underperformed peers; replacing two long-tenured directors with Nelson Peltz and former Disney CFO Jay Rasulo will restore accountability and shareholder returns.

Disney should kill its $3bn dividend and plow every dollar into Disney+ content; subscriber LTV math and Adobe/Microsoft precedents show the re-rating dwarfs any dividend yield.

Disney's DTC pivot is working, but spinning ESPN, fully owning Hulu, cutting costs, and refreshing the board will unlock the next leg of value.

Disney is in a self-inflicted crisis of governance, strategy and capital allocation; electing Nelson Peltz to the board will restore discipline, profitability and the dividend by FY 2025.

Disney's world-class IP is being squandered by a board that overpaid $52bn for Fox, bungled CEO succession, and is bleeding streaming losses — add Nelson Peltz to restore discipline.

Disney's board has failed shareholders — TSR lags peers by 401% over ten years — so Trian is nominating Peltz and former CFO Rasulo to restore governance, accountability, and 'the magic.'

Disney squandered a winning hand through a weak, unfocused Board; electing Peltz and Rasulo brings the shareholder mindset needed to reverse years of TSR underperformance.

Disney's decade of underperformance stems from a passive Board; Trian's nominees Peltz and Rasulo will fix CEO succession, right-size legacy media, and drive DTC to Netflix-like 15-20% margins by 2027.

Disney lost its way under a distracted, unaccountable board; replacing two directors with Peltz and Rasulo restores focus on DTC margins, CEO succession, and capital discipline.

Disney's decade of underperformance stems from a board lacking focus and accountability; electing Peltz and Rasulo brings ownership mentality to fix succession, streaming economics and capital allocation.

Disney should lean into its 21%-ROIC Parks business and escape the streaming wars via bigger bundles and cross-studio collaboration — applying the Microsoft, NYT, and Spotify playbook ValueAct knows.

Disney has underperformed its peers across every recent time period under the incumbent board; elect Trian's Peltz and Rasulo to restore focus, accountability, and shareholder alignment.