Mar 4, 2024 - Business

Trian unveils Disney plan as proxy fight nears vote

Photo illustration of Nelson Peltz and Bob Iger and abstract shapes.

Photo illustration: Gabriella Turrisi/Axios. Photos: Marco Bello/Bloomberg via Getty Images, Michael M. Santiago/Getty Images

Trian Partners unveiled its plans and complete case for changes at Disney as the proxy fight enters its final weeks.

Why it matters: The 133-page report is the clearest look yet at what Trian plans to push inside the board if the activist investor's nominees are voted in.

Zoom in: Among Trian's plans, as detailed in the white paper, are:

  • "Right-size" the studio business and linear TV networks.
  • Either spin out or find a strategic partner for its non-sports linear TV networks. One example Train gave was to create a joint venture.
  • Explore bundling its streaming services with other media companies, like Netflix.
  • Scale back its plans to launch a full ESPN direct-to-consumer service and instead focus more on its existing ESPN+ service.
  • Fully merge Hulu and Disney+ into one service and "evaluate" the long-term viability of Hulu's live TV service.

Catch up quick: Trian is looking to replace directors Michael Froman and Maria Elena Lagomasino with Trian co-founder Nelson Peltz and Jay Rasulo, Disney's former CFO and one-time potential Bob Iger successor.

What's next: Disney's shareholder meeting is on April 3, and around two weeks prior, proxy advisers will issue their recommendation of whether to support one, both, or none of Trian's nominees.

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