Walt and Roy O. Disney's Grandchildren throw their support behind Bob Iger and the Disney board

Mar 01, 2024 in "The Walt Disney Company"

Posted: Friday March 1, 2024 7:25am ET by WDWMAGIC Staff

In a display of solidarity and commitment to The Walt Disney Company's heritage, the grandchildren of both Roy O. and Walt Disney have come forward with public letters to the company's shareholders expressing their support of CEO Bob Iger and the Walt Disney Co. board of directors.

 

In their letter, the grandchildren of Roy O. Disney speak about the company's origins, emphasizing Disney's unique legacy of creating magical experiences. They voice strong support for Disney CEO Bob Iger and the current leadership, warning against the dangers posed by activist investors who, they argue, lack a genuine understanding and appreciation of Disney's core values. They describe activist investors as "really wolves in sheep's clothing, just waiting to tear Disney apart if they can trick shareholders into opening the door for them."

Echoing this sentiment, the family of Walt Disney, including Walter Elias Disney Miller, Tamara Diane Miller, Jennifer Miller-Goff, and Joanna Sharon Miller, issued a letter supporting the company's management and Board of Directors. They specifically oppose the nominations by Nelson Peltz, which is a clear stance against changes they believe could undermine the company's integrity. They commend Bob Iger for balancing creativity with profitability, acknowledging the company's ability to adapt and thrive even in challenging times.

The letters of support from the Disney family come at a time when The Trian Group, which owns more than $3 billion in shares of The Walt Disney Company, is urging Disney shareholders to withhold votes for board members, Mr. Froman and Ms. Lagomasino, and vote to appoint its own Nelson Peltz and former Disney executive Jay Rasulo to the board.

You can read both letters in full below.

An Open Letter to Shareholders of The Walt Disney Company

As the grandchildren of Roy O. Disney, we grew up with a front row seat to the magic that fuels the remarkable company he and his brother Walt Disney built together. We spent our childhoods on the studio lot watching movies get made. We explored Disneyland with the creative geniuses behind the happiest place on earth. We saw the passion Walt and Roy had for creating life-long memories for children and families, and the infectious joy they got out of the work they did.

From Mickey and Minnie, to Snow White and Mary Poppins, Disney is not a company that makes widgets - it makes magic. And it takes a special group of leaders with a deep respect and understanding for this tradition to develop the kinds of incredible experiences - whether in a theme park, at a movie theatre, or in your own home - that touch people's hearts.
Bob Iger, his management team, and the Board of Directors are faithful to this magic. They understand that the longevity of The Walt Disney Company isn't only the result of smart business decisions; it is rooted in the strong emotional connection Disney continues to forge with generations of people from around the globe.

We may not agree about everything, but we know that our grandfather would be especially proud of what Disney means to the world today. We also know that, like us, he would be very concerned by the threat posed by self-anointed "activist investors" who are really wolves in sheep's clothing, just waiting to tear Disney apart if they can trick shareholders into opening the door for them.

What concerns us most about these hedge-fund-backed opportunists is that they have little to no knowledge of what Disney truly means to people like you. They haven't made any arguments for why they should be entrusted with the keys to the kingdom our family built. To the contrary, their "I alone can fix it" mentality makes clear that they are not interested in preserving the Disney magic, but stripping it to the bone to make a quick profit for themselves.

We're old enough to remember the bitter episode four decades ago when another corporate raider, Saul Steinberg - who, as it so happens, was good friends with one of the current activists, Nelson Peltz
- launched a hostile takeover attempt of Disney and threatened to break apart the company. He was defeated, much as these activists must be defeated today.

This is not a company of interchangeable parts. It is home to thousands and thousands of dedicated employees who share the same passion Walt and Roy had for bringing hope and happiness to people through the magic of storytelling. Disney is lucky to be led by people who are looking to the future while drawing guidance from our cherished past. As The Walt Disney Company charts its path forward, it is imperative that the strategy Bob Iger, his management team, and the Board of Directors have implemented is not disrupted by those motivated by nothing more than their own self-interest.

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.

Sincerely,

Roy P. Disney
Susan Disney Lord Abigail E. Disney Tim Disney

To the Shareholders of The Walt Disney Company,

As the family of Walt Disney, we support The Walt Disney Company management and its Board of Directors, and oppose the nominations put forth by Nelson Peltz.

The integrity in the name of Walt Disney has always been a priority to our family. Our mother - Diane Disney Miller, Walt's eldest daughter - created The Walt Disney Family Museum to ensure that the history of her father's life and those involved in the creation of his dreams would be honored and remembered. We still believe in this brand of integrity and storytelling.

Bob Iger has grown this company in a modern world, and he continues to maintain a balance of creativity and profit. It is still a company based on the desire to entertain and explore. There have been challenging times, but this current management has adjusted and grown through those challenges.

We are never without gratitude and pride for our grandfather and being a part of this family, and we will always cherish the memories and the life that we had with him. With this gratitude, it matters to us what the company does and how Walt Disney is represented.

As such, we support Bob Iger and The Walt Disney Company Board.

Sincerely,
Walter Elias Disney Miller
Tamara Diane Miller
Jennifer Miller-Goff
Joanna Sharon Miller
Discuss on the Forums

Get Walt Disney World News Delivered to Your Inbox

View all comments →

BrianLo12 days ago

Not at all. Comcast wanted Fox and Disney wanted Sky. They both lost something, but Roberts only got the stinker and Dis was bid up unnecessarily. The only one who truly came out on top was Murdoch. Unless I’m misunderstanding you and you think Comcast didn’t want Fox?

Lilofan12 days ago

Not too shabby Iger and his wife bought the Angel soccer team for $250M.

monothingie12 days ago

You're incorrectly assuming that the Fox/Disney was not serious about pursuing the remainder of Sky. "Another source told CNBC that Comcast executives thought there was a decent chance Fox was simply bluffing and didn’t actually want Sky at all. But bidding £15.67 per share suggested Disney did, in fact, want Sky. Otherwise it would have bid much lower in Round 3, the source said." Fox/Disney wanted Sky. Yes they raised the price, but that's what a bidding war does. Unlike the Disney acquisition bidding war over Fox, Dis actually benefited from Comcast’s overpayment. Comcast has also already written down 8.6B, which is technically an admittance of having overpaid. Only the Indian sub arm of the Fox acquisition has yielded an impairment thus far for Dis and that was only 1.5B. I won’t lie that Brian Robert’s successfully intervened with probably a steal Iger had negotiated. Not probably, I know it was worth more than 54B since they’ve divested 35+ and Hulu is worth at least 8.9… but Roberts was the far bigger loser in the matter thus far… Hindsight and such makes it very easy to look back and tell people what they should have done almost a decade earlier.

Nevermore52512 days ago

Yeah the content spend for D+ is much better with what their current revenue is. They still have high SG&A costs for streaming.

BrianLo12 days ago

This is also incorrect. Sky’s value was bid up 14.75B by a back and forth between Fox, Comcast and Disney. The Fox acquisition was technically 18.9B bid up. The original Sky agreement was for Fox to acquire the remainder of the shares at £10.75 per share. When all was said and done Comcast had bid up to £17.72; and was buying the whole thing, it wasn’t already sitting on Fox’s portion since it lost the other bidding war. Unlike the Disney acquisition bidding war over Fox, Dis actually benefited from Comcast’s overpayment. Comcast has also already written down 8.6B, which is technically an admittance of having overpaid. Only the Indian sub arm of the Fox acquisition has yielded an impairment thus far for Dis and that was only 1.5B. I won’t lie that Brian Robert’s successfully intervened with probably a steal Iger had negotiated. Not probably, I know it was worth more than 52.4B since they’ve divested 35+ and Hulu is worth at least 8.9… but Roberts was the far bigger loser in the matter thus far…

flynnibus12 days ago

More significantly- they are delivering on the promised turnarounds - like reduced d+ spending and the return of the dividend. I assume the d+ margin is on track too (didn’t see news yet)

Nevermore52512 days ago

Last 4 Quarters of profit for the company overall was the best since 2018, so makes sense the dividend would see a bump for shareholders.

BrianLo12 days ago

I know this is a little old, but you didn’t get a response. These are the major divestures; Sky - 15 Fox Sports 10.6 YES - 3.5 Endemol - 2.2 Star - 3B Spinoff + 1.5B impairment These are the ones I can’t find numbers on; True(X), Fox Next, TeleColombia, FoxSports Mexico, A&E Europe, Argentinian FoxSports Penguins number may have been a tad generous in the assumption, but yours is too low. It’s at least 35B and change.

DCBaker12 days ago

https://forums.wdwmagic.com/threads/the-walt-disney-company-declares-cash-dividend-of-1-00-per-share.985207/

HauntedPirate21 days ago

Allegedly this money is earmarked for the futbol club he and Willow bought.

Magic Crush Drop22 days ago

Not being subtle at all.

Doberge22 days ago

The interview with Good Morning America where Bob is asked if he's more Pua or Hei Hei and he answers, "I'm not sure... I'm more Maui, right? Demigod." 😏

Robbiem22 days ago

He really is turning into the corporate villain from a 70s Disney movie, he needs to meet some children trying to save their home to teach him how to enjoy life. Maybe they give him Herbie as his corporate car?

Lilofan22 days ago

Looks like his annual salary yearly bonus and his social security check he was earning wasn’t enough.