Clown World Keeps Hold of Disney
At about 9:00 AM Eastern someone at Disney broke the law.
A leak from a source that was clearly viewed as reliable by the business press, claimed that Disney had enough votes to hold off giving Nelson Peltz a seat on the Walt Disney Company board of directors. The only reason to do this was to support the Iger slate. This is a felony offense.
The SEC has always come down very hard on leaks like this in the past but I have my doubts it will be looked into this time. Disney has become very comfortable with the idea that the law doesn’t apply to them. After all, quite few executives at that company got their start as Democrat politicians.
From the Wall Street Journal:
“Shareholders threw their support behind Iger, with the CEO securing 94% of votes cast, while Disney director Maria Elena Lagomasino, whose seat Trian contested, won 63%, according to people familiar. Peltz won 31% of votes cast.
Retail investors—which represent more than a third of Disney shareholders—were particularly helpful. Some 75% of retail investors who cast votes backed the company’s slate. (Note: Retail investors are the private investors, the so called Mom and Pop investors. Although these include people like George Lucas, Ike Perlmutter, and Michael Eisener.)
The outcome of the vote leaves control of the boardroom firmly in the hands of Iger-friendly directors—all but one of whom were appointed on his watch—as the company looks to follow through on a number of major goals, from turning a profit on streaming to reinvigorating a studio business that has lost some of its magic.”
Clown World had too much riding on this one. They can’t chance losing Disney.
Despite disastrous performances in every division except Hulu, ESPN and the cruise line, Disney’s Board of Directors will have no changes.
As expected, Black Rock and Vanguard supported Bob Iger’s pet BOD.
State Street (the third largest shareholder) interestingly enough withheld their support for Lagomasino (the seat Peltz wanted) and Chairman of the Board Mark Parker.
Mark Parker was (and more or less still is) the boss of Nike. I did not see that one coming.
Something that needs to be understood about current year Disney is that unlike 2005 when a shareholder revolt tossed Michael Eisner out on his ear, actual financial performance doesn’t matter anymore. “Stakeholder Capitalism” has changed everything.
Prior to Klaus Schwab’s redefinition, a “stakeholder” was another term for share owner. Schwab has changed that to mean people who don’t own any stock in any given company at all, they’ve just decided they care about it and want it used to further political ends. Basically the term “Stakeholder Capitalism” is neither. It’s a lie created by some of the most evil people on Earth to fool fools who are disinclined to look closely at something if it has an official-sounding name.
The best possible result of this shareholder vote would have still left Bob Iger as CEO of Disney. That would have stayed the same. The only thing that Nelson Peltz’s presence on the board would done was add transparency to how the Disney board does business. That was the only thing that would have happened. And it was unthinkable to Clown World. The Disney Board of Directors could not do business like they want to business with any kind of transparency.
Disney can’t possibly be saved except by a series of black swan events. I’m not being black-pilled, this is the reality of the situation.
No company, no matter how venerable lasts forever. Disney has lost the sweetheart deal of Reedy Creek. The crushing burden of debt from the purchase of Fox will never be lifted and next year Universal Studios will crush Disney World. Disney is no longer the brand families trust, that is never coming back. The only people who still believe in Mickey the Great and Terrible are clueless Boomers and the kind of parents who are coaching their boys to declare themselves as trans for the status of it. Obviously, this is only good for one generation.
I’ll go into this more in my history of the decline and fall of the Devil Mouse, which I will get done before the end of this month if it kills me.
Okay, I’m done here.
UPDATE: Disney stock plummets.
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