The Walt Disney Company
DIS,
and activist investor ValueAct Capital Management L.P. said Wednesday they have entered an information-sharing agreement while the entertainment giant undergoes a transformation. The agreement will allow Disney to consult with the investment firm on strategic matter, including via meetings with the board and management. ValueAct will support the board’s recommended slate of nominees for election to the board at the 2024 annual meeting, the companies said in a joint statement. The news comes as Disney seeks to stave off another activist investor, Nelson Peltz’s Trian Fund Management, which has amassed nearly 33 million shares of Disney stock and has been agitating for change, including adding Peltz and former Walt Disney Co. Chief Financial Officer Jay Rasulo to the board. “ValueAct Capital has a track record of collaboration and cooperation with the companies it invests in, and its Co-CEO Mason Morfit has been very constructive in the conversations we’ve had over the past year. We welcome their input as long-term shareholders,” said Disney CEO Bob Iger in a statement. Disney’s stock has gained 2% in the last 12 months, while the S&P 500
SPX,
has gained 24%.
