激進(jìn)投資者納爾遜·佩爾茨發(fā)布了一份133頁的報(bào)告,闡述了如何改善迪士尼(Disney)的運(yùn)營(yíng),但他可能還需要一點(diǎn)運(yùn)氣,在下個(gè)月召開的年度股東大會(huì)上說服股東,支持他和一位盟友加入董事會(huì)。
有兩名激進(jìn)投資者尋求加入迪士尼的董事會(huì),佩爾茨的特里安基金管理公司(Trian Fund Management LP)就是其中之一,但特里安基金管理公司持有30億美元股份,擁有更大的話語權(quán)。過去幾個(gè)月,佩爾茨發(fā)起了對(duì)迪士尼的最新一次代理權(quán)之爭(zhēng),被視為迪士尼的眼中釘。另外一家想要加入迪士尼董事會(huì)的激進(jìn)對(duì)沖基金是布萊克威爾斯資本(Blackwells Capital),該基金持有價(jià)值約1,500萬美元的股份。
在3月4日發(fā)布的一份內(nèi)容詳盡的備忘錄中,佩爾茨的對(duì)沖基金把矛頭指向了首席執(zhí)行官鮑勃·艾格和他指定的董事會(huì)成員,并提出了特里安一直以來所說的“恢復(fù)魔力”(Restore The Magic)的計(jì)劃,其中包括減少拍攝續(xù)集,并重新奪回在動(dòng)畫電影市場(chǎng)的領(lǐng)先地位。
迪士尼并未立即答復(fù)《財(cái)富》雜志的置評(píng)請(qǐng)求。
2022年11月,艾格重回迪士尼擔(dān)任首席執(zhí)行官,受到了股東的熱烈歡迎,但佩爾茨指責(zé)艾格沒有積極改善公司股票業(yè)績(jī),因?yàn)樗麅H持有價(jià)值約2,000萬美元的迪士尼股份,與特里安持有的迪士尼股份相比不值一提。迪士尼反駁佩爾茨之前的抨擊稱,他在2023年年初將他所持有的迪士尼股份賣掉了三分之一,獲利1.5億美元。
迪士尼表示,佩爾茨從未在傳媒或科技行業(yè)任職,因此不具備進(jìn)入迪士尼董事會(huì)的相關(guān)經(jīng)驗(yàn)。迪士尼建議投資者選舉迪士尼的董事會(huì)提名人選繼續(xù)連任,包括新任董事、摩根士丹利(Morgan Stanely)的執(zhí)行董事長(zhǎng)詹姆斯·戈?duì)柭陀?guó)傳媒公司天空廣播集團(tuán)(Sky)的前首席執(zhí)行官杰里米·達(dá)洛克。
激進(jìn)投資者佩爾茨還指責(zé)艾格任命了自己的許多親密好友加入董事會(huì)。備忘錄稱,董事會(huì)沒有完全專注于公司,因?yàn)橛卸辔欢聲?huì)成員在其他公司擔(dān)任首席執(zhí)行官或董事,例如董事長(zhǎng)馬克·帕克同時(shí)擔(dān)任耐克公司(Nike)的執(zhí)行董事長(zhǎng)。
佩爾茨的大計(jì)劃
關(guān)于公司的發(fā)展方向,佩爾茨和特里安基金管理公司在備忘錄里指出,迪士尼需要重新奪回最近被環(huán)球影業(yè)(Universal)搶走的在動(dòng)畫電影市場(chǎng)的領(lǐng)先地位。備忘錄稱,2023年,環(huán)球影業(yè)的動(dòng)畫電影《小黃人大眼萌:神偷奶爸前傳》(Minions: The Rise of Gru)和《超級(jí)馬力歐兄弟大電影》(The Super Mario Bros. Movie)等均打破紀(jì)錄,令迪士尼相形見絀。
備忘錄寫道:“迪士尼把電影品質(zhì)和票房成績(jī)不佳歸咎于新冠疫情,但其競(jìng)爭(zhēng)對(duì)手去年卻發(fā)行了多部史上最成功的動(dòng)畫電影。”
迪士尼沒有努力開發(fā)新的知識(shí)產(chǎn)權(quán),而是過于專注于拍攝續(xù)集和外傳,這“表明迪士尼的創(chuàng)意引擎正在失去動(dòng)力”。
備忘錄中寫道:“續(xù)集屬于拍攝風(fēng)險(xiǎn)較低的電影項(xiàng)目,但它無法與新IP一樣帶來長(zhǎng)期效益。”
特里安基金管理公司和佩爾茨還表示,董事會(huì)應(yīng)該對(duì)電影公司的運(yùn)營(yíng)和文化進(jìn)行審查,以糾正他們認(rèn)為迪士尼存在的“按需支出”的思維。這種思維往往會(huì)導(dǎo)致預(yù)算超支和缺乏財(cái)務(wù)紀(jì)律。
雖然佩爾茨有許多提議,并堅(jiān)稱他能夠糾正迪士尼的發(fā)展方向,但尤其是考慮到公司上個(gè)月公布的最新業(yè)績(jī),他要加入迪士尼董事會(huì)阻力重重。
迪士尼的每股收益超出分析師預(yù)期,并預(yù)測(cè)全年每股收益將比2023年高20%。為了在下個(gè)月的股東大會(huì)之前向投資者示好,迪士尼還宣布回購(gòu)30億美元股份,并把股息增加50%。
此外,艾格和迪士尼的現(xiàn)任董事會(huì)在公司創(chuàng)始人沃爾特和羅伊·迪士尼的家庭成員和后代中有堅(jiān)定的支持者。上周,迪士尼的后代,包括批評(píng)艾格的阿比蓋爾·迪士尼,單獨(dú)發(fā)布了兩封公開信,反對(duì)佩爾茨和另外一家激進(jìn)投資者布萊克威爾斯的提名。
其中的一封信里寫道:“迪士尼的故事中有英雄和反派。我們很清楚目前誰是反派,而且我們知道不能將保護(hù)公司豐富的遺產(chǎn)或帶領(lǐng)公司步入光明未來的重任交給他們。”(財(cái)富中文網(wǎng))
譯者:劉進(jìn)龍
審校:汪皓
激進(jìn)投資者納爾遜·佩爾茨發(fā)布了一份133頁的報(bào)告,闡述了如何改善迪士尼(Disney)的運(yùn)營(yíng),但他可能還需要一點(diǎn)運(yùn)氣,在下個(gè)月召開的年度股東大會(huì)上說服股東,支持他和一位盟友加入董事會(huì)。
有兩名激進(jìn)投資者尋求加入迪士尼的董事會(huì),佩爾茨的特里安基金管理公司(Trian Fund Management LP)就是其中之一,但特里安基金管理公司持有30億美元股份,擁有更大的話語權(quán)。過去幾個(gè)月,佩爾茨發(fā)起了對(duì)迪士尼的最新一次代理權(quán)之爭(zhēng),被視為迪士尼的眼中釘。另外一家想要加入迪士尼董事會(huì)的激進(jìn)對(duì)沖基金是布萊克威爾斯資本(Blackwells Capital),該基金持有價(jià)值約1,500萬美元的股份。
在3月4日發(fā)布的一份內(nèi)容詳盡的備忘錄中,佩爾茨的對(duì)沖基金把矛頭指向了首席執(zhí)行官鮑勃·艾格和他指定的董事會(huì)成員,并提出了特里安一直以來所說的“恢復(fù)魔力”(Restore The Magic)的計(jì)劃,其中包括減少拍攝續(xù)集,并重新奪回在動(dòng)畫電影市場(chǎng)的領(lǐng)先地位。
迪士尼并未立即答復(fù)《財(cái)富》雜志的置評(píng)請(qǐng)求。
2022年11月,艾格重回迪士尼擔(dān)任首席執(zhí)行官,受到了股東的熱烈歡迎,但佩爾茨指責(zé)艾格沒有積極改善公司股票業(yè)績(jī),因?yàn)樗麅H持有價(jià)值約2,000萬美元的迪士尼股份,與特里安持有的迪士尼股份相比不值一提。迪士尼反駁佩爾茨之前的抨擊稱,他在2023年年初將他所持有的迪士尼股份賣掉了三分之一,獲利1.5億美元。
迪士尼表示,佩爾茨從未在傳媒或科技行業(yè)任職,因此不具備進(jìn)入迪士尼董事會(huì)的相關(guān)經(jīng)驗(yàn)。迪士尼建議投資者選舉迪士尼的董事會(huì)提名人選繼續(xù)連任,包括新任董事、摩根士丹利(Morgan Stanely)的執(zhí)行董事長(zhǎng)詹姆斯·戈?duì)柭陀?guó)傳媒公司天空廣播集團(tuán)(Sky)的前首席執(zhí)行官杰里米·達(dá)洛克。
激進(jìn)投資者佩爾茨還指責(zé)艾格任命了自己的許多親密好友加入董事會(huì)。備忘錄稱,董事會(huì)沒有完全專注于公司,因?yàn)橛卸辔欢聲?huì)成員在其他公司擔(dān)任首席執(zhí)行官或董事,例如董事長(zhǎng)馬克·帕克同時(shí)擔(dān)任耐克公司(Nike)的執(zhí)行董事長(zhǎng)。
佩爾茨的大計(jì)劃
關(guān)于公司的發(fā)展方向,佩爾茨和特里安基金管理公司在備忘錄里指出,迪士尼需要重新奪回最近被環(huán)球影業(yè)(Universal)搶走的在動(dòng)畫電影市場(chǎng)的領(lǐng)先地位。備忘錄稱,2023年,環(huán)球影業(yè)的動(dòng)畫電影《小黃人大眼萌:神偷奶爸前傳》(Minions: The Rise of Gru)和《超級(jí)馬力歐兄弟大電影》(The Super Mario Bros. Movie)等均打破紀(jì)錄,令迪士尼相形見絀。
備忘錄寫道:“迪士尼把電影品質(zhì)和票房成績(jī)不佳歸咎于新冠疫情,但其競(jìng)爭(zhēng)對(duì)手去年卻發(fā)行了多部史上最成功的動(dòng)畫電影。”
迪士尼沒有努力開發(fā)新的知識(shí)產(chǎn)權(quán),而是過于專注于拍攝續(xù)集和外傳,這“表明迪士尼的創(chuàng)意引擎正在失去動(dòng)力”。
備忘錄中寫道:“續(xù)集屬于拍攝風(fēng)險(xiǎn)較低的電影項(xiàng)目,但它無法與新IP一樣帶來長(zhǎng)期效益。”
特里安基金管理公司和佩爾茨還表示,董事會(huì)應(yīng)該對(duì)電影公司的運(yùn)營(yíng)和文化進(jìn)行審查,以糾正他們認(rèn)為迪士尼存在的“按需支出”的思維。這種思維往往會(huì)導(dǎo)致預(yù)算超支和缺乏財(cái)務(wù)紀(jì)律。
雖然佩爾茨有許多提議,并堅(jiān)稱他能夠糾正迪士尼的發(fā)展方向,但尤其是考慮到公司上個(gè)月公布的最新業(yè)績(jī),他要加入迪士尼董事會(huì)阻力重重。
迪士尼的每股收益超出分析師預(yù)期,并預(yù)測(cè)全年每股收益將比2023年高20%。為了在下個(gè)月的股東大會(huì)之前向投資者示好,迪士尼還宣布回購(gòu)30億美元股份,并把股息增加50%。
此外,艾格和迪士尼的現(xiàn)任董事會(huì)在公司創(chuàng)始人沃爾特和羅伊·迪士尼的家庭成員和后代中有堅(jiān)定的支持者。上周,迪士尼的后代,包括批評(píng)艾格的阿比蓋爾·迪士尼,單獨(dú)發(fā)布了兩封公開信,反對(duì)佩爾茨和另外一家激進(jìn)投資者布萊克威爾斯的提名。
其中的一封信里寫道:“迪士尼的故事中有英雄和反派。我們很清楚目前誰是反派,而且我們知道不能將保護(hù)公司豐富的遺產(chǎn)或帶領(lǐng)公司步入光明未來的重任交給他們。”(財(cái)富中文網(wǎng))
譯者:劉進(jìn)龍
審校:汪皓
Activist investor Nelson Peltz published 133 pages worth of ideas on how to improve Disney, but it might take a little luck to convince shareholders at the company’s annual meeting next month that he and an ally should be added to the board.
Peltz’s Trian Fund Management LP is one of two activist investors seeking seats on Disney’s board, but with a $3 billion stake under Trian’s control and a louder voice, Peltz has been a thorn in Disney’s side for months as he wages his latest proxy battle against the company. The other activist hedge fund vying for board representation at Disney is Blackwells Capital, which owns about $15 million in stock.
In an extensive memo published on March 4, Peltz’s hedge fund took a shot at CEO Bob Iger and his board appointees and laid out a plan Trian has been calling “Restore The Magic,” which included cutting down on sequels and reclaiming the lead on animated films.
Disney did not immediately respond to Fortune’s request for comment.
Peltz accused Iger, who was feted by shareholders when he returned to the top job in November 2022, of not being motivated to improve the company’s share performance because he owned only about $20 million worth of Disney shares, compared to the billions in Disney stock Trian controls. Disney pointed out in a rebuttal to Peltz’s previous attacks that he made $150 million selling about one-third of his Disney shares in early 2023.
Disney, for its part, has said Peltz does not have the proper experience to serve on Disney’s board because he has not worked in the media or technology industries. The company has recommended that investors reelect Disney’s board nominees, which include new directors James Gorman, executive chairman of Morgan Stanely, and Jeremy Darroch, former CEO of UK media company Sky.
The activist investor also accused Iger of appointing many of his friends and close contacts to the board. The board isn’t fully focused on the company, the memo claims, because several members serve as CEOs or directors at other companies including chairman Mark Parker, who also serves as executive chairman of Nike.
Peltz’s big ideas
As for the direction of the company, Peltz and Trian claimed that Disney needs to regain the lead that it has recently ceded to Universal in animated films, the memo stated. Universal animated movies such as Minions: The Rise of Gru and The Super Mario Bros. Movie broke records last year while Disney failed to compete, Peltz’s memo claimed.
“While Disney has blamed the pandemic for poor film quality and results, its competitors managed to release some of the most successful animated films of all-time within the last year,” read the memo.
Instead of seeking out new intellectual property to build on, Disney has focused too much on sequels and spinoffs, which “suggest a creative engine that is sputtering.”
“Sequels are less risky film ventures to produce, but do not drive long-term benefits in the same way that new IP can,” the memo reads.
Trian and Peltz added that the board should lead a review of studio operations and culture to rectify what they see as a “spend what you need” mindset at Disney that often leads to budget overruns and a lack of financial discipline.
Still, despite Peltz’s long list of proposals and insistence that he can right the ship at Disney, he faces an uphill battle to get on the board, especially given the company’s most recent earnings last month.
The company beat analyst expectations on earnings per share and said full-year earnings per share would exceed last year’s results by 20%. It also announced a $3 billion stock buyback and a 50% dividend increase to try to woo investors ahead of next month’s shareholders meeting.
Iger and Disney’s current board also have strong backers in the family members and heirs of company founders Walt and Roy Disney. Last week, the Disney descendants, including Iger critic Abigail Disney, published two separate letters?opposing the nominations by Peltz and the other activist firm, Blackwells.
“Disney stories are filled with heroes and villains. We know who the villains are in this story, and we know they cannot be entrusted with protecting this company’s rich legacy or guiding its bright future,” one of the letters read.