Forward-Looking Statements Certain statements in this communication may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s expectations; beliefs; plans; strategies; business or financial prospects or outlook; future shareholder value; expected growth and value creation; profitability; investments; cost reductions and efficiencies; content offerings; priorities or performance; and other statements that are not historical in nature. These statements are made on the basis of the Company’s views and assumptions regarding future events and business performance and plans as of the time the statements are made. The Company does not undertake any obligation to update these statements unless required by applicable laws or regulations, and you should not place undue reliance on forward-looking statements. Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including restructuring or strategic initiatives or other business decisions, as well as from developments beyond the Company’s control, including: the occurrence of subsequent events; further deterioration in domestic or global economic conditions or failure of conditions to improve as anticipated, including heightened inflation, capital market volatility, interest rate and currency rate fluctuations and economic slowdown or recession; deterioration in or pressures from competitive conditions, including competition to create or acquire content; consumer preferences and acceptance of our content and offerings, pricing model and price increases, and corresponding subscriber additions and churn, and the market for advertising and sales on our direct-to-consumer services and linear networks; health concerns and their impact on our businesses; international, political or military developments; regulatory or legal developments; technological developments; labor markets and activities, including work stoppages; adverse weather conditions or natural disasters; and availability of content. Such developments may further affect entertainment, travel and leisure businesses generally and may, among other things, affect (or further affect, as applicable): our operations, business plans or profitability, including direct-to-consumer profitability; our expected benefits of the composition of the Board; demand for our products and services; the performance of the Company’s content; our ability to create or obtain desirable content at or under the value we assign the content; the advertising market for programming; income tax expense; and performance of some or all Company businesses either directly or through their impact on those who distribute our products. Additional factors are set forth in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023, including under the captions “Risk Factors”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business”, and subsequent filings with the Securities and Exchange Commission (the “SEC”), including, among others, quarterly reports on Form 10-Q. Additional Information and Where to Find It Disney has filed with the SEC a definitive proxy statement on Schedule 14A, containing a form of WHITE proxy card, with respect to its solicitation of proxies for Disney’s 2024 Annual Meeting of Shareholders. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED BY DISNEY AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT ANY SOLICITATION. Investors and security holders may obtain copies of these documents and other documents filed with the SEC by Disney free of charge through the website maintained by the SEC at www.sec.gov. Copies of the documents filed by Disney are also available free of charge by accessing Disney’s website at www.disney.com/investors. Participants Disney, its directors and executive officers and other members of management and employees will be participants in the solicitation of proxies with respect to a solicitation by Disney. Information about Disney’s executive officers and directors is available in Disney’s definitive proxy statement for its 2024 Annual Meeting, which was filed with the SEC on February 1, 2024. To the extent holdings by our directors and executive officers of Disney securities reported in the proxy statement for the 2024 Annual Meeting have changed, such changes have been or will be reflected on Statements of Change in Ownership on Forms 3, 4 or 5 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at www.sec.gov.
Vote Disney HOW TO VOTE OUR BOARD COMPANY NEWS EXPERT ANALYSIS CONTACTS LEGAL NOTICES The Walt Disney Company Earns 20 Oscar® Nominations Nominations for the 96th Oscars® were announced today, with films from across The Walt Disney Company combining to earn 20 Academy Award® nominations. Congratulations to the teams at Walt Disney Studios, including 20th Century Studios, Lucasfilm Ltd., Marvel Studios, Pixar Animation Studios, and Searchlight Pictures, as well as Disney Branded Television, Disney+, Hulu, and National Geographic Documentary Films. Academy members from each of the 18 branches vote to determine the nominees in their respective categories—actors nominate actors, film editors nominate film editors, etc. In the Animated Feature Film, International Feature Film, and Live Action Short Film categories, nominees are selected by a vote of multi-branch screening committees, but all voting members are eligible to select the Best Picture nominees. As previously announced, Jimmy Kimmel will return to host the show for the fourth time. Raj Kapoor will serve as showrunner and executive producer, with Molly McNearney and Katy Mullan serving as executive producers. Hamish Hamilton will direct the telecast for the fourth time. The Oscars ceremony will be held at the Dolby® Theatre at Ovation Hollywood. It will be televised live on ABC and in more than 200 territories worldwide. The Oscars will air live on Sunday, March 10, at 7 p.m. ET/4 p.m. PT, following a 30-minute pre-show on ABC. The Oscars will also be rebroadcast in the Pacific Time zone in primetime following the live presentation. Following The Oscars, ABC will air an original episode of the hit Emmy® Award-winning comedy Abbott Elementary. Here is a complete list of The Walt Disney Company’s nominations:
Poor Things | Searchlight Pictures 11 Nominations Best Picture – Ed Guiney, Andrew Lowe, Yorgos Lanthimos, and Emma Stone (Producers) Best Directing – Yorgos Lanthimos Best Actress in a Leading Role – Emma Stone Best Actor in a Supporting Role – Mark Ruffalo Best Costume Design – Holly Waddington Best Makeup and Hairstyling – Nadia Stacey, Mark Coulier, and Josh Weston Best Music (Original Score) – Jerskin Fendrix Best Writing (Adapted Screenplay) – Screenplay by Tony McNamara Best Cinematography – Robbie Ryan Best Film Editing – Yorgos Mavropsaridis Best Production Design – James Price and Shona Heath (Production Design), Zsuzsa Mihalek (Set Decoration)
The Creator | 20th Century Studios 2 Nominations Best Sound – Ian Voigt, Erik Aadahl, Ethan Van der Ryn, Tom Ozanich, and Dean Zupancic Best Visual Effects – Jay Cooper, Ian Comley, Andrew Roberts, and Neil Corbould Bobi Wine: The People’s President | National Geographic Documentary Films 1 Nomination Best Documentary Feature Film – Moses Bwayo, Christopher Sharp, and John Battsek
Elemental | Pixar Animation Studios 1 Nomination Best Animated Feature Film – Peter Sohn and Denise Ream Flamin’ Hot | Searchlight Pictures, Hulu, and Disney+ 1 Nomination Best Music (Original Song) – “The Fire Inside,” Music and Lyric by Diane Warren
Guardians of the Galaxy Vol. 3 | Marvel Studios 1 Nomination Best Visual Effects – Stephane Ceretti, Alexis Wajsbrot, Guy Williams, and Theo Bialek Indiana Jones and the Dial of Destiny | Lucasfilm Ltd. 1 Nomination Best Music (Original Score) – John Williams
The Last Repair Shop | Searchlight Pictures 1 Nomination Best Documentary Short Film – Ben Proudfoot and Kris Bowers Nǎi Nai & Wài Pó | Disney Branded Television and Disney+ 1 Nomination Best Documentary Short Film – Sean Wang and Sam Davis
Vote Disney HOW TO VOTE OUR BOARD COMPANY NEWS EXPERT ANALYSIS CONTACTS LEGAL NOTICES The Walt Disney Company Nominates 12 Directors For Election At Upcoming Annual Meeting Of Shareholders BURBANK, Calif., January 16, 2024— The Walt Disney Company (NYSE: DIS) Board of Directors disclosed its recommended slate of 12 nominees for election at the 2024 Annual Meeting of Shareholders in preliminary proxy materials filed today with the Securities and Exchange Commission. The Board has unanimously recommended that shareholders vote for Mary T. Barra, Safra A. Catz, Amy L. Chang, D. Jeremy Darroch, Carolyn N. Everson, Michael B.G. Froman, James P. Gorman, Robert A. Iger, Maria Elena Lagomasino, Calvin R. McDonald, Mark G. Parker, and Derica W. Rice. The director candidates possess significant expertise in implementing strategic priorities while growing shareholder value across a spectrum of varied businesses, and have the skill sets, experiences and professional backgrounds representing a diversity of perspectives and characteristics that are particularly relevant to Disney’s business and strategic objectives. Parker, who serves as Chairman of the Disney Board, is Executive Chairman of NIKE, Inc. and its former Chairman, President and Chief Executive Officer; Iger, Disney’s Chief Executive Officer, formerly also served as Chairman; Barra is Chair and Chief Executive Officer of General Motors Co.; Catz is Chief Executive Officer of Oracle Corp. and its former President; Chang is a former senior executive at Cisco Systems, Inc. and Google and a current director of Procter & Gamble Co.; Everson is a former senior executive at Instacart, Meta Platforms, Inc. and Microsoft Corp. and a current director of The Coca-Cola Co. and Under Armour Inc.; Froman is President of the Council on Foreign Relations and former Vice Chairman and President, Strategic Growth at Mastercard Inc.; Lagomasino is Chief Executive Officer and Managing Partner of WE Family Offices and a former senior executive at JP Morgan Private Bank and Chase Manhattan Bank and a current director of The Coca-Cola Co.; McDonald is Chief Executive Officer of lululemon athletica inc.; and Rice is a former senior executive at CVS Health Corp. and Eli Lilly and Co. and a current director of The Carlyle Group Inc., Bristol-Myers Squibb Co., and Target Corp. The Board has been continually refreshed, with a focus on directors whose industry experience is additive to the company’s strategic priorities. This includes the recent additions of Darroch, former Executive Chairman and Group Chief Executive Officer of Sky; and Gorman, Executive Chairman and former Chairman and Chief Executive Officer of Morgan Stanley, both of whom will be standing for election at the annual meeting. The average tenure of the current Board is six years, with seven out of twelve serving less than six years, and the Board is led by an independent chairman. The nominees reflect Disney’s ongoing commitment to a strong Board focused on the long-term performance of the company, strategic growth initiatives, the succession planning process, and increasing shareholder value. The Board does not endorse the nominations of Nelson Peltz and James Rasulo put forth by Trian Fund Management, L.P. and its affiliates, led by Nelson Peltz and supported by former Disney executive Isaac Perlmutter (collectively, the “Trian Group”). The Board recommends that shareholders do not vote for the Trian Group nominees, and that they reject a related proposal from the Trian Group to amend the Company Bylaws. Separately, the Board does not endorse the nominations of Craig Hatkoff, Jessica Schell and Leah Solivan put forth for election as directors by Blackwells Onshore I LLC, Blackwells Capital LLC and Jason Aintabi (collectively, the “Blackwells Group”), and recommends that shareholders not vote for the Blackwells Group nominees. The Board also recommends shareholders reject a related proposal from the Blackwells Group. For more information on the Board’s recommendations that shareholders vote in favor of Disney’s nominees and against the Trian Group’s nominees and the Blackwells Group’s nominees, please refer to Disney’s preliminary proxy statement filed with the Securities and Exchange Commission today.
Forward-Looking Statements Certain statements in this communication may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Board’s areas of focus and the Company’s expectations, beliefs, plans, strategies, business or financial prospects or outlook, future shareholder value, priorities or performance; and other statements that are not historical in nature. These statements are made on the basis of the Company’s views and assumptions regarding future events and business performance and plans as of the time the statements are made. The Company does not undertake any obligation to update these statements unless required by applicable laws or regulations, and you should not place undue reliance on forward-looking statements. Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including restructuring or strategic initiatives or other business decisions, as well as from developments beyond the Company’s control, including: the occurrence of subsequent events; further deterioration in domestic or global economic conditions or failure of conditions to improve as anticipated, including heightened inflation, capital market volatility, interest rate and currency rate fluctuations and economic slowdown or recession; deterioration in or pressures from competitive conditions, including competition to create or acquire content; consumer preferences and acceptance of our content and offerings, pricing model and price increases, and corresponding subscriber additions and churn, and the market for advertising and sales on our direct-to-consumer services and linear networks; health concerns and their impact on our businesses; international, political or military developments; regulatory or legal developments; technological developments; labor markets and activities, including work stoppages; adverse weather conditions or natural disasters; and availability of content. Such developments may further affect entertainment, travel and leisure businesses generally and may, among other things, affect (or further affect, as applicable): our operations, business plans or profitability, including direct-to-consumer profitability; our expected benefits of the composition of the Board; demand for our products and services; the performance of the Company’s content; our ability to create or obtain desirable content at or under the value we assign the content; the advertising market for programming; income tax expense; and performance of some or all Company businesses either directly or through their impact on those who distribute our products. Additional factors are set forth in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023, including under the captions “Risk Factors”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business”, and subsequent filings with the Securities and Exchange Commission (the “SEC”), including, among others, quarterly reports on Form 10-Q Additional Information and Where to Find It Disney has filed with the SEC a preliminary proxy statement on Schedule 14A, containing a form of WHITE proxy card, with respect to its solicitation of proxies for Disney’s 2024 Annual Meeting of Shareholders. The proxy statement is in preliminary form and Disney intends to file and mail a definitive proxy statement to shareholders of Disney. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED BY DISNEY AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT ANY SOLICITATION. Investors and security holders may obtain copies of these documents and other documents filed with the SEC by Disney free of charge through the website maintained by the SEC at www.sec.gov. Copies of the documents filed by Disney are also available free of charge by accessing Disney’s website at www.thewaltdisneycompany.com. Participants Disney, its directors and executive officers and other members of management and employees will be participants in the solicitation of proxies with respect to a solicitation by Disney. Information about Disney’s executive officers and directors is available in Disney’s preliminary proxy statement for its 2024 Annual Meeting, which was filed with the SEC on January 16, 2024, and will be included in Disney’s definitive proxy statement, once available. To the extent holdings by our directors and executive officers of Disney securities reported in the proxy statement for the 2024 Annual Meeting have changed, such changes have been or will be reflected on Statements of Change in Ownership on Forms 3, 4 or 5 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at www.sec.gov. Contacts: David Jefferson Corporate Communications (818) 560-4832 david.j.jefferson@disney.com Mike Long Corporate Communications (818) 560-4588 mike.p.long@disney.com Steve Lipin Gladstone Place Partners (212) 230-5930 slipin@gladstoneplace.com
Vote Disney HOW TO VOTE OUR BOARD COMPANY NEWS EXPERT ANALYSIS CONTACTS LEGAL NOTICES Disney Entertainment Wins 37 Primetime Emmy Awards Disney Entertainment proudly announces 37 Primetime Emmy® Awards across its content brands, studios, and platforms, including ABC, Disney Branded Television, Disney+, Disney Television Studios (20th Television Animation, 20th Television, and ABC Signature), FX, FX Productions, Hulu, National Geographic, Onyx Collective, and The Walt Disney Studios (20th Century Studios, Lucasfilm Ltd., and Marvel Studios). The content brands and studios breakdown is as follows: 20th Century Studios: 1 ABC: 4 Disney Branded Television: 3 Disney Television Studios: 5 FX: 16 Hulu Originals: 2 Lucasfilm Ltd.: 2 Marvel Studios: 1 National Geographic: 1 Onyx Collective: 1 The streaming platforms breakdown is as follows: Hulu: 22 Disney+: 11
FX received 16 awards, the most for any of the company’s brands or studios and the most for FX in five consecutive years. FX won its first-ever Emmy for Outstanding Comedy Series for The Bear, which premieres and streams exclusively on Hulu, and collected wins for its performers Jeremy Allen White (Outstanding Lead Actor in a Comedy Series), Ebon Moss-Bachrach (Outstanding Supporting Actor in a Comedy Series), and Ayo Edebiri (Outstanding Supporting Actress in a Comedy Series), in addition to creator Christopher Storer winning for Outstanding Writing for a Comedy Series and Outstanding Directing for a Comedy Series. The Walt Disney Studios received four awards: one for Prey, marking 20th Century Studios’ first-ever Emmy Award; one for Lucasfilm Ltd.’s The Mandalorian; one for Lucasfilm Ltd.’s Star Wars: Visions; and one for Marvel Studios’ Ms. Marvel. Quinta Brunson of ABC and 20th Television’s Abbott Elementary won Outstanding Lead Actress for a Comedy Series. Disney Branded Television won three awards. With three wins for Disney Branded Television’s Elton John Live: Farewell From Dodger Stadium, Sir Elton John tonight reached EGOT status, becoming the 19th person to receive an Emmy, Grammy®, Oscar®, and Tony® award. He was named a Disney Legend in 2006. 20th Television Animation’s The Simpsons, the longest-running scripted primetime television series of all time, has received 100 Emmy nominations and 37 wins, including this year’s Outstanding Animated Program. National Geographic won Exceptional Merit in Documentary Filmmaking for The Territory. This year marks Onyx Collective’s first-ever Emmy Award in its first year of eligibility, with The 1619 Project winning Outstanding Documentary or Nonfiction Series. Congratulations to this year’s winners: The Bear (FX/Hulu) 10 Wins Outstanding Comedy Series Outstanding Directing for a Comedy Series – Christopher Storer Outstanding Writing for a Comedy Series – Christopher Storer Outstanding Lead Actor in a Comedy Series – Jeremy Allen White Outstanding Supporting Actor in a Comedy Series – Ebon Moss-Bachrach Outstanding Supporting Actress in a Comedy Series – Ayo Edebiri Outstanding Casting for a Comedy Series Outstanding Picture Editing for a Single-Camera Comedy Series Outstanding Sound Editing for a Comedy or Drama Series (Half-Hour) and Animation (“Review”) Outstanding Sound Mixing for a Comedy or Drama Series (Half-Hour) and Animation
Welcome to Wrexham (FX) 5 Wins Outstanding Unstructured Reality Program Outstanding Cinematography for a Reality Program Outstanding Directing for a Reality Program – “Wide World of Wales” Outstanding Picture Editing for an Unstructured Reality Program Outstanding Sound Mixing for a Reality Program (Single or Multi-Camera) Dancing with the Stars (Disney+) 3 Wins Outstanding Choreography for Variety or Reality Programming – Derek Hough Outstanding Lighting Design/Lighting Direction for a Variety Series Outstanding Technical Direction and Camerawork for a Series
Elton John Live: Farewell from Dodger Stadium (Disney+/Disney Branded Television) 3 Wins Outstanding Variety Special (Live) Outstanding Sound Mixing for a Variety Series or Special Outstanding Technical Direction and Camerawork for a Special Beauty and The Beast: A 30th Celebration (ABC) 2 Wins Outstanding Costumes for Variety, Nonfiction, or Reality Programming Outstanding Makeup for a Variety, Nonfiction, or Reality Program (Non-Prosthetic)
The Simpsons (20th Television Animation) 2 Wins Outstanding Animated Program Outstanding Individual Achievement in Animation (Character Animation) The 1619 Project (Hulu/Onyx Collective) 1 Win Outstanding Documentary or Nonfiction Series
Abbott Elementary (ABC/20th Television) 1 Win Outstanding Lead Actress in a Comedy Series – Quinta Brunson Atlanta (FX/FX Productions) 1 Win Outstanding Cinematography for a Series (Half-Hour) (“Andrew Wyeth. Alfred’s World”)
Five Days at Memorial (ABC Signature) 1 Win Outstanding Special Visual Effects in a Single Episode (“Day Two”) The Great (Hulu) 1 Win Outstanding Period Costumes for a Series
Jeopardy! (ABC) 1 Win Outstanding Game Show The Mandalorian (Disney+/Lucasfilm Ltd.) 1 Win Outstanding Stunt Performance (“Chapter 24: The Return”)
Ms. Marvel (Disney+/Marvel Studios) 1 Win Outstanding Motion Design Only Murders in the Building (Hulu/20th Television) 1 Win Outstanding Production Design for a Narrative Program (Half-Hour) (“Sparring Partners,” “I Know Who Did It”)
Prey (Hulu/20th Century Studios) 1 Win Outstanding Sound Editing for a Limited or Anthology Series, Movie, or Special Star Wars: Visions (Disney+/Lucasfilm Ltd.) 1 Win Outstanding Individual Achievement in Animation (Production Design) The Territory (National Geographic) 1 Win Exceptional Merit in Documentary Filmmaking
Vote Disney HOW TO VOTE OUR BOARD COMPANY NEWS EXPERT ANALYSIS CONTACTS LEGAL NOTICES New Star Wars Film starring The Mandalorian and Grogu is Heading to Theaters The Mandalorian and his little green friend Grogu—the stars of the hit Disney+ Star Wars series The Mandalorian—have taken many adventures in the galaxy far, far away. Now, they’re heading somewhere completely different: the big screen. A new theatrical film directed by Jon Favreau—the creator of The Mandalorian—and produced by Favreau, Kathleen Kennedy—the President of Lucasfilm—and Dave Filoni is set to go into production this year starring the galactic pair. “I have loved telling stories set in the rich world that George Lucas created,” Favreau said. “The prospect of bringing the Mandalorian and his apprentice Grogu to the big screen is extremely exciting.” Kennedy added that “Jon Favreau and Dave Filoni have ushered into Star Wars two new and beloved characters and this new story is a perfect fit for the big screen.” The new film will lead Lucasfilm’s ongoing feature-development slate including projects helmed by Sharmeen Obaid-Chinoy, James Mangold and Filoni, among those in the works. Filoni is also currently developing the second season of the popular Disney+ series, Ahsoka.
Vote Disney HOW TO VOTE OUR BOARD COMPANY NEWS EXPERT ANALYSIS CONTACTS LEGAL NOTICES ESPN Delivers Record Viewership Across College Football Playoff and New Year’s Six CFP National Championship Presented by AT&T Scores 25 Million Viewers Most-Watched College Football Playoff in Six Years New Year’s Six Scores Best Audience Since 2019 Non-NY6 Bowls Deliver 2.4 Million Average Viewers, On Par with Previous Years ESPN’s premier presentation of the College Football Playoff and New Year’s Six reached multi-year viewership highs and record audience numbers across ESPN platforms. ESPN platforms’ full slate of college football bowls this season averaged 4.6 million viewers across 40 total games, up 5% year-over-year. The complete seven-game College Football Playoff and New Year’s Six averaged 15.1 million viewers, the best in five years and fifth highest in the 10-year history of the College Football Playoff, up 12% year-over-year. National Championship Notches Multi-Year Highs The College Football Playoff National Championship Presented by AT&T scored 25 million viewers, with the Michigan/Washington showdown recording the best audience since the 2020 CFP National Championship (Clemson/LSU in Year 6). Viewership of Monday night’s matchup was up 45% year-over-year and 11% above 2022. The Wolverines’ first national title in nearly three decades ranks as a top 15 cable telecast all-time and the fourth-best non-NFL sports telecast since 2018. The title matchup peaked with 28 million viewers from 9-9:15 p.m. ET. The top five local markets for ESPN’s signature MegaCast presentation on ESPN, ESPN2 and ESPNU were as follows: Detroit (28.4), Seattle-Tacoma (22.1), Birmingham (20.4), Columbus (20.4) and Greenville-Spartanburg-Asheville (19.2). College Football Playoff Most-Watched Since 2018 The three-game College Football Playoff was the most-watched in six years (since Year 4) and third best of the CFP era, delivering 23.6 million viewers and 15% year-over-year audience growth across the trio of games. The CFP Semifinals drew their best audience in six years and third-highest of the CFP era, propelling ESPN to its fourth most-watched day in history. Nearly 10 million viewers watched across both ESPN and ESPN2 in the average minute throughout New Year’s Day. The two-game semifinal average was up 4% year-over-year, with the games attracting their highest share of viewing on record. The Rose Bowl Game Presented by Prudential and the Allstate Sugar Bowl reached nearly 50 million viewers, and 36% of total viewers and 52% of P18-49 viewers who were watching TV during the games were tuned in to the Semifinals, a record high share for the semifinals in the 10 years of the CFP era. New Year’s Six Scores Best Audience Since 2019 The 2023-24 New Year’s Six averaged 13.5 million viewers, its best audience in five years and fifth highest in the 10-year history of the CFP. Viewership was up 5% over the 2022-23 edition and among P18-49 viewers, the six games delivered 4.4 million viewers, up 3% year-over-year.
Vote Disney HOW TO VOTE OUR BOARD COMPANY NEWS EXPERT ANALYSIS CONTACTS LEGAL NOTICES ESPN Delivers Record Viewership Across College Football Playoff and New Year’s Six CFP National Championship Presented by AT&T Scores 25 Million Viewers Most-Watched College Football Playoff in Six Years New Year’s Six Scores Best Audience Since 2019 Non-NY6 Bowls Deliver 2.4 Million Average Viewers, On Par with Previous Years ESPN’s premier presentation of the College Football Playoff and New Year’s Six reached multi-year viewership highs and record audience numbers across ESPN platforms. ESPN platforms’ full slate of college football bowls this season averaged 4.6 million viewers across 40 total games, up 5% year-over-year. The complete seven-game College Football Playoff and New Year’s Six averaged 15.1 million viewers, the best in five years and fifth highest in the 10-year history of the College Football Playoff, up 12% year-over-year. National Championship Notches Multi-Year Highs The College Football Playoff National Championship Presented by AT&T scored 25 million viewers, with the Michigan/Washington showdown recording the best audience since the 2020 CFP National Championship (Clemson/LSU in Year 6). Viewership of Monday night’s matchup was up 45% year-over-year and 11% above 2022. The Wolverines’ first national title in nearly three decades ranks as a top 15 cable telecast all-time and the fourth-best non-NFL sports telecast since 2018. The title matchup peaked with 28 million viewers from 9-9:15 p.m. ET. The top five local markets for ESPN’s signature MegaCast presentation on ESPN, ESPN2 and ESPNU were as follows: Detroit (28.4), Seattle-Tacoma (22.1), Birmingham (20.4), Columbus (20.4) and Greenville-Spartanburg-Asheville (19.2). College Football Playoff Most-Watched Since 2018 The three-game College Football Playoff was the most-watched in six years (since Year 4) and third best of the CFP era, delivering 23.6 million viewers and 15% year-over-year audience growth across the trio of games. The CFP Semifinals drew their best audience in six years and third-highest of the CFP era, propelling ESPN to its fourth most-watched day in history. Nearly 10 million viewers watched across both ESPN and ESPN2 in the average minute throughout New Year’s Day. The two-game semifinal average was up 4% year-over-year, with the games attracting their highest share of viewing on record. The Rose Bowl Game Presented by Prudential and the Allstate Sugar Bowl reached nearly 50 million viewers, and 36% of total viewers and 52% of P18-49 viewers who were watching TV during the games were tuned in to the Semifinals, a record high share for the semifinals in the 10 years of the CFP era. New Year’s Six Scores Best Audience Since 2019 The 2023-24 New Year’s Six averaged 13.5 million viewers, its best audience in five years and fifth highest in the 10-year history of the CFP. Viewership was up 5% over the 2022-23 edition and among P18-49 viewers, the six games delivered 4.4 million viewers, up 3% year-over-year.
College Football Playoff Semifinal at the Rose Bowl Game Presented by Prudential: 27.7M Most-watched Semifinal since Year 1 and third best of CFP era Top non-NFL sports telecast since 2018 and a top 10 telecast in cable history Up 28% from early Semifinal last year (TCU/Michigan) College Football Playoff Semifinal at the Allstate Sugar Bowl: 18.7M Fourth best Sugar Bowl since 2004 Capital One Orange Bowl: 10.4M Best non-Semifinal Orange Bowl since 2017 Up 2% from Penn State/Utah in similar window last year Most-streamed college football game ever on ESPN+ Goodyear Cotton Bowl Classic: 9.7M Best standalone primetime NY6 game since 2016 Up 12% from Tennessee/Clemson in similar window last year 2nd most-streamed college football game ever on ESPN+ Chick-fil-A Peach Bowl: 7.8M 3rd most-streamed college football game ever on ESPN+ Vrbo Fiesta Bowl: 4.7M Up +12% from Tulane/USC in similar window last year Non-New Year’s Six Bowls Bring Viewers In ESPN’s Bowl Season presentation scored 2.4 million viewers across 33 games. 28 matchups surpassed one million viewers, with 19 drawing 2 million viewers and nine topping 3 million viewers. 11 games reached multi-year highs, with the following becoming the most-watched non-NY6 bowl games of the season: Citrus Bowl: 6.8M Best since 2019-20 ReliaQuest Bowl: 4.6M Best since 2017-18 ESPN2’s most-watched sports event since 2018 Pop-Tarts Bowl: 4.3M Valero Alamo Bowl: 3.9M Duke’s Mayo Bowl: 3.8M Best since 2016-17 Digital Touts All-Time Traffic ESPN.com experienced Semifinal surges of its own during the CFP. There were 4.6 million unique visitors to college football content on ESPN.com on New Year’s Day, with Alabama and Michigan squaring off in the Rose Bowl Game becoming the top college football Gamecast of the year. FCS Playoffs Post Overall Viewership Gains The 2024 FCS Championship between Montana and South Dakota State averaged just over one million viewers on ABC, on par with last year’s audience. The FCS Playoffs averaged 845,000 viewers across ESPN linear platforms, up 3% year-over-year, driven by the quarterfinals and featuring the round’s second-best game on record as Villanova and eventual champion South Dakota State delivered 1.8 million viewers. The FCS Championship on ESPN+ tripled its audience over the 2023 championship and now ranks as the most-watched FCS game ever on ESPN+.
Vote Disney HOW TO VOTE OUR BOARD COMPANY NEWS EXPERT ANALYSIS CONTACTS LEGAL NOTICES The Walt Disney Company And ValueAct Capital Enter Into Information-Sharing Arrangement To Facilitate Strategic Consultation During Company’s Transformation Investment Firm Will Support the Disney Board’s Slate of Director Nominees at 2024 Annual Meeting BURBANK and SAN FRANCISCO, Calif., January 3, 2024—The Walt Disney Company (NYSE: DIS) and ValueAct Capital Management, L.P. have entered into a confidentiality agreement that enables the company to provide information to the investment firm and consult with ValueAct on strategic matters, including through meetings with the Disney Board and management. ValueAct has extensive experience investing in media and technology companies navigating significant business transformations, including Spotify, The New York Times, 21st Century Fox, Nintendo, Microsoft, Adobe and Salesforce. “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 Robert A. Iger, Disney’s Chief Executive Officer. “Disney is the world’s leading entertainment company. It has the best intellectual property, sports brand and parks & experiences assets in the industry. As legacy technologies transition to digital platforms, we believe Disney can lead the media industry forward. We could not be more excited to partner with Bob and the Board to help create long-term sustainable shareholder value,” said Mason Morfit, ValueAct Capital Co-CEO and Chief Investment Officer. ValueAct has confirmed it will support the Disney Board of Directors’ recommended slate of nominees for election to the Board at the 2024 Annual Meeting.
Forward-Looking Statements Certain statements in this communication may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s plans, strategies, business or financial prospects or outlook; future shareholder value, business position, restructuring or transformation; and other statements that are not historical in nature. These statements are made on the basis of the Company’s views and assumptions regarding future events and business performance and plans as of the time the statements are made. The Company does not undertake any obligation to update these statements unless required by applicable laws or regulations, and you should not place undue reliance on forward-looking statements. Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including restructuring or strategic initiatives or other business decisions, as well as from developments beyond the Company’s control, including: the occurrence of subsequent events; further deterioration in domestic or global economic conditions or failure of conditions to improve as anticipated; deterioration in or pressures from competitive conditions; health concerns and their impact on our businesses and productions; international, political or military developments; regulatory or legal developments; technological developments; labor markets and activities, including work stoppages; adverse weather conditions or natural disasters; and availability of content. Such developments may further affect entertainment, travel and leisure businesses generally and may, among other things, affect (or further affect, as applicable): our operations, business plans or profitability, including direct-to-consumer profitability; our expected benefits of the composition of the Board; demand for our products and services; the performance of the Company’s content; our ability to create or obtain desirable content at or under the value we assign the content; the advertising market for programming; income tax expense; and performance of some or all Company businesses either directly or through their impact on those who distribute our products. Additional factors are set forth in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023, including under the captions “Risk Factors”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business”, and subsequent filings with the Securities and Exchange Commission, including, among others, quarterly reports on Form 10-Q. Additional Information and Where to Find It The Company intends to file with the SEC a proxy statement on Schedule 14A, containing a form of WHITE proxy card, with respect to its solicitation of proxies for the 2024 Annual Meeting of Shareholders. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED BY THE COMPANY AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ANY SOLICITATION. Investors and security holders may obtain copies of these documents and other documents filed with the SEC by the Company free of charge through the website maintained by the SEC at www.sec.gov. Copies of the documents filed by the Company are also available free of charge by accessing the Company’s website at www.thewaltdisneycompany.com. Participants Disney, its directors and executive officers and other members of management and employees will be participants in the solicitation of proxies with respect to a solicitation by Disney. Information about Disney’s executive officers and directors is available in Disney’s Annual Report on Form 10-K for the year ended September 30, 2023, which was filed with the SEC on November 21, 2023, and in its proxy statement for the 2023 Annual Meeting of Shareholders, which was filed with the SEC on February 13, 2023, and in its Current Reports on Form 8-K filed with the SEC on March 13, 2023, April 20, 2023, June 15, 2023, July 12, 2023, November 6, 2023, November 29, 2023 and December 22, 2023. To the extent holdings by our directors and executive officers of Disney securities reported in the proxy statement for the 2023 Annual Meeting or in such Form 8-K have changed, such changes have been or will be reflected on Statements of Change in Ownership on Forms 3, 4 or 5 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at www.sec.gov. Contacts: David Jefferson Corporate Communications (818) 560-4832 david.j.jefferson@disney.com Mike Long Corporate Communications (818) 560-4588 mike.p.long@disney.com Steve Lipin Gladstone Place Partners (212) 230-5930 slipin@gladstoneplace.com ValueAct Contact: media@valueact.com
Vote Disney HOW TO VOTE OUR BOARD COMPANY NEWS EXPERT ANALYSIS CONTACTS LEGAL NOTICES Statement from The Walt Disney Company on Blackwells BURBANK, Calif., January 3, 2024—The Walt Disney Company (NYSE: DIS) confirmed today that Blackwells Capital LLC, together with its affiliates (collectively, “Blackwells”), has provided notice of its intent to nominate three individuals for election to the Company’s Board of Directors at the 2024 Annual Meeting of Shareholders. Disney has an experienced, diverse, and highly qualified Board that is focused on the long-term performance of the company, strategic growth initiatives including the ongoing transformation of its businesses, the succession planning process, and increasing shareholder value. The Governance and Nominating Committee, which evaluates director nominations, will review the proposed Blackwells nominees and provide a recommendation to the Board as part of its governance process. The Company expects to file preliminary materials with respect to the 2024 Annual Meeting of Shareholders with the Securities and Exchange Commission (“SEC”), which will include the Board’s recommended slate of director nominees. Disney shareholders are not required to take any action at this time. Forward-Looking Statements Certain statements in this communication may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s expectations, plans, strategies, business or financial prospects or outlook; future shareholder value, business position, restructuring or transformation; and other statements that are not historical in nature. These statements are made on the basis of the Company’s views and assumptions regarding future events and business performance and plans as of the time the statements are made. The Company does not undertake any obligation to update these statements unless required by applicable laws or regulations, and you should not place undue reliance on forward-looking statements. Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including restructuring or strategic initiatives or other business decisions, as well as from developments beyond the Company’s control, including: the occurrence of subsequent events; further deterioration in domestic or global economic conditions or failure of conditions to improve as anticipated; deterioration in or pressures from competitive conditions; health concerns and their impact on our businesses and productions; international, political or military developments; regulatory or legal developments; technological developments; labor markets and activities, including work stoppages; adverse weather conditions or natural disasters; and availability of content. Such developments may further affect entertainment, travel and leisure businesses generally and may, among other things, affect (or further affect, as applicable): our operations, business plans or profitability, including direct-to-consumer profitability; our expected benefits of the composition of the Board; demand for our products and services; the performance of the Company’s content; our ability to create or obtain desirable content at or under the value we assign the content; the advertising market for programming; income tax expense; and performance of some or all Company businesses either directly or through their impact on those who distribute our products. Additional factors are set forth in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023, including under the captions “Risk Factors”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business”, and subsequent filings with the Securities and Exchange Commission, including, among others, quarterly reports on Form 10-Q.
Additional Information and Where to Find It The Company intends to file with the SEC a proxy statement on Schedule 14A, containing a form of WHITE proxy card, with respect to its solicitation of proxies for the 2024 Annual Meeting of Shareholders. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED BY THE COMPANY AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ANY SOLICITATION. Investors and security holders may obtain copies of these documents and other documents filed with the SEC by the Company free of charge through the website maintained by the SEC at www.sec.gov. Copies of the documents filed by the Company are also available free of charge by accessing the Company’s website at www.thewaltdisneycompany.com. Participants Disney, its directors and executive officers and other members of management and employees will be participants in the solicitation of proxies with respect to a solicitation by Disney. Information about Disney’s executive officers and directors is available in Disney’s Annual Report on Form 10-K for the year ended September 30, 2023, which was filed with the SEC on November 21, 2023, and in its proxy statement for the 2023 Annual Meeting of Shareholders, which was filed with the SEC on February 13, 2023, and in its Current Reports on Form 8-K filed with the SEC on March 13, 2023, April 20, 2023, June 15, 2023, July 12, 2023, November 6, 2023, November 29, 2023 and December 22, 2023. To the extent holdings by our directors and executive officers of Disney securities reported in the proxy statement for the 2023 Annual Meeting or in such Form 8-K have changed, such changes have been or will be reflected on Statements of Change in Ownership on Forms 3, 4 or 5 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at www.sec.gov. Contacts: David Jefferson Corporate Communications (818) 560-4832 david.j.jefferson@disney.com Mike Long Corporate Communications (818) 560-4588 mike.p.long@disney.com Steve Lipin Gladstone Place Partners (212) 230-5930 slipin@gladstoneplace.com
Vote Disney HOW TO VOTE OUR BOARD COMPANY NEWS EXPERT ANALYSIS CONTACTS LEGAL NOTICES Zootopia Roars to Life: Here’s What You Need to Know Zootopia—the much anticipated new land based on the Academy Award®-winning Walt Disney Animation Studios film—is open, and we’re here to help you cut through the wilderness of information. The 2016 film is one of Disney’s biggest hits bringing in more than $1 billion at the global box office. It’s also one of the studio’s most revered classics winning the Academy Award for Best Animated Feature Film. Now that story roars to life in an innovative and magical way that only Disney’s Experiences can pull off. “For 100 years, The Walt Disney Company has been entertaining, thrilling, and inspiring audiences and fans through exceptional storytelling that transcends generations and geographies,” said Bob Iger, CEO of The Walt Disney Company. “Our popular Zootopia film continues to delight fans across the globe, especially in China, and we’re excited to give guests at Shanghai Disney Resort the chance to interact with the stories and characters they love in innovative new ways when they visit this spectacular new land.” Here’s what you need to know about Zootopia: What is Zootopia? The new Zootopia experience—which brings to life the colorful and wild world of the animated film—immerses visitors with the sights and sounds of the Walt Disney Animation Studios’ movie. The world’s first Zootopia-themed land introduces guests to the Mammalian Metropolis while also bringing the beloved animal residents of the film to life. This includes popular locales such as Mane Street, which is lined with storefronts, the many billboards of Savannah Central, and some of the other familiar spots such as Zootopia Central Station. The colorful land presents guests with plenty of details and an authentic Zootopia experience.
Where is Zootopia? Zootopia is located at Shanghai Disney Resort. The land’s location plays an important role in Zootopia’s storytelling since Shanghai Disney’s guiding principle of “Authentically Disney, Distinctly Chinese” is a major part of the land’s feel and creation. “The beloved Disney Animation film Zootopia has fostered a strong connection with its audience since its debut. We are thrilled to have the opportunity to bring that very connection to life right here in Shanghai with this one-of-a-kind themed land,” said Joe Schott, President and General Manager of Shanghai Disney Resort. When is Zootopia opening? Zootopia officially opened on December 20.
What attractions are in Zootopia? The major attraction is Zootopia: Hot Pursuit. The new family-friendly Hot Pursuit is not just innovative thanks to a trackless ride system, but also puts guests right in the middle of the action alongside Officers Judy Hopps and Nick Wilde. The attraction—which is set after the timeline of the film—invites guests to become rookie police officers as they help Judy and Nick track down criminals after a jailbreak. There are also places to taste Zootopian cuisine such as Jumbeaux’s Café, the famous elephant-run ice cream shop. If you’re in the mood for some shopping, there’s Fashions by Fru Fru. Oh, and if you want to take in even more entertainment then there’s Disney Zootopia Comes Alive—a new atmosphere show that allows guests to catch a glimpse of some of their favorite Zootopia characters. “Over years of development, diverse minds, and talent around the globe from more than 140 disciplines worked tirelessly to create a unique ‘mammalian’ experience for our guests, immersing them in this metropolis’ vibrant animal world,” Schott added. “We are extremely proud of what they’ve created, and confident that everyone will be amazed from their very first step into Zootopia.”
Statement from The Walt Disney Company on Trian (December 14) BURBANK, Calif., December 14, 2023 – The Walt Disney Company (NYSE: DIS) confirmed today that Trian Fund Management, L.P., alongside certain affiliates, including Trian’s previously disclosed partnership with Isaac Perlmutter pursuant to which it obtained beneficial ownership of Mr. Perlmutter’s Disney shares (collectively, “Trian”), has provided notice of its intent to nominate two individuals for election to the Company’s Board of Directors at the 2024 Annual Meeting of Shareholders. Disney has an experienced, diverse, and highly qualified Board that is focused on the long-term performance of the Company, strategic growth initiatives including the ongoing transformation of its businesses, the succession planning process, and increasing shareholder value. The Governance and Nominating Committee, which evaluates director nominations, will review the proposed Trian nominees and provide a recommendation to the Board as part of its governance process. The Company expects to file preliminary materials with respect to the 2024 Annual Meeting of Shareholders with the Securities and Exchange Commission (“SEC”), which will include the Board’s recommended slate of director nominees. Disney shareholders are not required to take any action at this time.
Forward-Looking Statements Certain statements in this communication may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s expectations, beliefs, plans, and continuation of commitments and focus; our business or financial prospects, trends or outlook; business plans or opportunities; future performance and growth; organizational structure and leadership decisions; strategies and strategic priorities and opportunities; and other statements that are not historical in nature. These statements are made on the basis of the Company’s views and assumptions regarding future events and business performance and plans as of the time the statements are made. The Company does not undertake any obligation to update these statements unless required by applicable laws or regulations, and you should not place undue reliance on forward-looking statements. Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including restructuring or strategic initiatives or other business decisions, as well as from developments beyond the Company’s control, including: the occurrence of subsequent events; further deterioration in domestic or global economic conditions or failure of conditions to improve as anticipated; deterioration in or pressures from competitive conditions; health concerns and their impact on our businesses and productions; international, political or military developments; regulatory or legal developments; technological developments; labor markets and activities, including work stoppages; adverse weather conditions or natural disasters; and availability of content. Such developments may further affect entertainment, travel and leisure businesses generally and may, among other things, affect (or further affect, as applicable): our operations, business plans or profitability, including direct-to-consumer profitability; our expected benefits of the composition of the Board; demand for our products and services; the performance of the Company’s content; our ability to create or obtain desirable content at or under the value we assign the content; the advertising market for programming; income tax expense; and performance of some or all Company businesses either directly or through their impact on those who distribute our products. Additional factors are set forth in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023, including under the captions “Risk Factors”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business”, and subsequent filings with the Securities and Exchange Commission, including, among others, quarterly reports on Form 10-Q. Additional Information and Where to Find it The Company intends to file with the SEC a proxy statement on Schedule 14A, containing a form of WHITE proxy card, with respect to its solicitation of proxies for the 2024 Annual Meeting of Shareholders. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED BY THE COMPANY AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ANY SOLICITATION. Investors and security holders may obtain copies of these documents and other documents filed with the SEC by the Company free of charge through the website maintained by the SEC at www.sec.gov. Copies of the documents filed by the Company are also available free of charge by accessing the Company’s website at www.thewaltdisneycompany.com. Participants Disney, its directors and executive officers and other members of management and employees will be participants in the solicitation of proxies with respect to a solicitation by Disney. Information about Disney’s executive officers and directors is available in Disney’s Annual Report on Form 10-K for the year ended September 30, 2023, which was filed with the SEC on November 21, 2023, and in its proxy statement for the 2023 Annual Meeting of Shareholders, which was filed with the SEC on February 13, 2023, and in its Current Reports on Form 8-K filed with the SEC on March 13, 2023, April 20, 2023, June 15, 2023, July 12, 2023, November 6, 2023 and November 29, 2023. To the extent holdings by our directors and executive officers of Disney securities reported in the proxy statement for the 2023 Annual Meeting or in such Form 8-K have changed, such changes have been or will be reflected on Statements of Change in Ownership on Forms 3, 4 or 5 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at www.sec.gov. Contacts: Mike Long Corporate Communication (818) 560-4588 mike.p.long@disney.com
Hulu on Disney+ Beta Launch: What You Need to Know Are you a fan of Loki on Disney+ and The Bear on Hulu? Well, soon, you’ll be able to watch two of the most popular series on streaming without having to leave one app for another. Hulu on Disney+ rolls out its beta version to Bundle subscribers today before officially launching in the spring. It’s an exciting next step for Disney and its streaming endeavors. To find out more, we spoke with Joe Earley—Disney Entertainment’s President of Direct-to-Consumer—about the roll out, what Hulu on Disney+ will look like and what’s next for Disney streaming. Here’s everything you need to know: What is Hulu on Disney+? Starting today, when Bundle subscribers open their Disney+ app, they will see a Hulu tile appear alongside the Disney, Pixar, Marvel, Star Wars, and National Geographic tiles. Clicking on the Hulu tile will take subscribers to a Hulu Hub, where they’ll be able to choose from thousands of movies and series from Hulu’s library for playback via Disney+. They will have access to extensive Hulu content, including award-winning Originals, next day TV, and a huge library, right there, inside Disney+ without the friction of navigating from one app to another. Why is this being called the “beta” phase? When will the official launch happen? What Bundle subscribers will see today is a limited beta version, with the official launch slated for March 2024. “It’s an exciting next step for Direct-to-Consumer, but it’s important that people have managed expectations about what the experience is going to be,” Earley said. The beta version is intended to help Disney better understand the consumer’s needs and wants when it comes to Hulu on Disney+ before it officially launches in the spring. It will also give parents time to set up controls that make sure everyone in their household is watching what’s appropriate for them.
But wait, will Hulu’s series and films that are more geared toward adults conflict with the more family-friendly Disney+ brand? No, according to Earley, who explained that the company has already seen great success outside of the United States where Disney’s classic and general entertainment titles exist in one app. He underscored that one of the company’s top priorities is ensuring Disney+ remains a safe space for families. And that the two-step launch approach will allow Bundle subscribers with a Disney+ subscription to explore Hulu content and give Disney+ subscribers time to adjust parental controls and establish profiles for the entire family, if they don’t already exist. “There are a few reasons why we think this is going to be an exciting new experience for our subscribers,” Earley said. “Even before the launch of Disney+, research was very clear that consumers want ‘kid time,’ ‘we time,’ and ‘me time.’ I want incredible stuff for my kids, I want to watch things as a family, and then I want to put the kids to bed and watch things that are more adult in nature.” What does Disney want to accomplish with Hulu on Disney+? Earley hopes that this integration continues Disney’s commitment to putting subscribers first and creating a seamless viewing experience for all. He also hopes it will drive deeper engagement and discoverability by having more content available in one place. “It’s an unbelievable value in terms of the price point for the Bundle, to get all this content in one place,” he said. “Beyond unlocking that experience for our existing Bundle subscribers, our hope is to inspire Disney+ and Hulu standalone subscribers to upgrade to the Bundle as well, once they see everything that can be accessed.”
Will Disney+ and Hulu still be available as standalone apps? Yes. This is not a replacement for standalone Hulu or Disney+ – both will still be available as separate offerings. Hulu + Live TV and Premium add ons will still only be available within the Hulu app, along with the full Hulu SVOD content library. What does this mean for Disney’s streaming strategy overall? For Earley, the focuses for Disney’s streaming business are reaching and maintaining profitability, which CEO Bob Iger has said is one of the key four pillars of building at Disney, as well as turning streaming into a very healthy margin business. “The road to get there requires that we optimize what we have now in terms of content, marketing and user experience, and then monetize it in the best way possible,” he said. He also noted that continuing to innovate is important for the platforms to stay competitive. “One of the things that Hulu on Disney+ is going to achieve is it’s going to increase engagement, which reduces churn,” Earley added. “When someone goes into Disney+ they have this enormous other world to access and I think that people are going to discover content they never even realized was on Hulu.” What else should consumers know about the Hulu on Disney+ beta roll out? “I hope consumers realize that one Bundle subscription — which is competitively priced — can unlock the incredible original content, the blockbuster films that come from all our studios, and a 100 years’ worth of stories from Disney+,” Earley said. “Not to mention the amazing titles that come from Hulu Originals, FX, 20th Century Studios, Searchlight, and all of our amazing partners.”
The Walt Disney Company Declares Cash Dividend of $0.30 Per Share The Walt Disney Company (NYSE: DIS) Board of Directors today announced a cash dividend of $0.30 per share in respect of the second half of fiscal year 2023, payable January 10, 2024 to shareholders of record at the close of business on December 11, 2023. “This has been a year of important progress for The Walt Disney Company, defined by a strategic restructuring and a renewed focus on long-term growth,” said Mark Parker, Chairman of the Board. “As Disney moves forward with its key strategic objectives, we are pleased to declare a dividend for our shareholders while we continue to invest in the company’s future and prioritize meaningful value creation.” About The Walt Disney Company The Walt Disney Company, together with its subsidiaries and affiliates, is a leading diversified international family entertainment and media enterprise that includes three business segments: Entertainment, Sports and Experiences. Disney is a Dow 30 company and had annual revenue of $88.9 billion in its Fiscal Year 2023.
Forward-Looking Statements Certain statements in this communication may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s expectations, plans, priorities, focus and other statements that are not historical in nature. These statements are made on the basis of the Company’s views and assumptions regarding future events and business performance as of the time the statements are made. The Company does not undertake any obligation to update these statements. Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including restructuring or strategic initiatives or other business decisions, as well as from developments beyond the Company’s control, including: the occurrence of subsequent events; further deterioration in domestic or global economic conditions or failure of conditions to improve as anticipated; deterioration or pressures from competitive conditions, including competition to create or acquire content, competition for talent and competition for advertising revenue; consumer preferences and acceptance of our content, offerings, pricing model and price increases, and corresponding subscriber additions and churn, and the market for advertising sales on our direct-to-consumer services and linear networks; health concerns and their impact on our businesses and productions; international, political or military developments; regulatory or legal developments; technological developments; labor markets and activities, including work stoppages; adverse weather conditions or natural disasters; and availability of content. Such developments may further affect entertainment, travel and leisure businesses generally and may, among other things, affect (or further affect, as applicable): our operations, business plans or profitability, including direct-to-consumer profitability; demand for our products and services; the performance of the Company’s content; our ability to create or obtain desirable content at or under the value we assign the content; the advertising market for programming; income tax expense; and performance of some or all Company businesses either directly or through their impact on those who distribute our products. Additional factors are set forth in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023 under the captions “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Business,” and subsequent filings with the Securities and Exchange Commission, including, among others, quarterly reports on Form 10-Q. The terms “Company,” “we,” and “our” are used above to refer collectively to the parent company and the subsidiaries through which our various businesses are actually conducted.
Statement from The Walt Disney Company on Trian (November 30) BURBANK, Calif., November 30, 2023 – The Walt Disney Company (NYSE: DIS) issued the following statement today in response to the statement released by Nelson Peltz, founding partner of Trian, relating to Disney and its Board of Directors: The Walt Disney Company has a proven track record of delivering long-term value to our shareholders and is in the midst of a significant transformation to reinforce our position as the world’s preeminent entertainment company. Over the past twelve months, we restructured the company to restore creativity to the center of all our businesses as we significantly reduce costs and drive efficiencies, and we are on track to achieve about $7.5 billion in cost savings – $2 billion more than our original target. Disney is moving from a period of fixing to a new era of building, as the entire media sector navigates the crosscurrents of the competitive landscape for streaming. We are executing on four key building opportunities that will be central to our success: achieving significant and sustained profitability in our streaming business; building ESPN into the preeminent digital sports platform; improving the output and economics of our film studios; and turbocharging growth in our Experiences business. Our extraordinary portfolio of businesses, brands and assets—and the key synergies between them—are the foundation to developing the popular franchises that will continue to drive our strategic success. With one of the strongest balance sheets in the media sector, Disney expects free cash flow to approach pre-COVID levels in fiscal 2024, and the Board and management are steadfast in our commitment to ensuring The Walt Disney Company’s long-term success for the benefit of all our shareholders. Disney also continues to refresh its Board of Directors, including the appointments of James P. Gorman, Chairman and Chief Executive Officer of Morgan Stanley, and Sir Jeremy Darroch, a veteran media executive and former Group Chief Executive of Sky, as new directors, as the result of a lengthy and comprehensive search that began in April of this year. Their appointments reflect Disney’s commitment to a strong board focused on the long-term performance of the company, strategic growth initiatives, the succession planning process, and increasing shareholder value. As also announced yesterday, Disney board member Francis A. deSouza has decided not to stand for reelection at the annual meeting.
Mr. Peltz, in partnership with Isaac Perlmutter, a former Disney executive, intends to take its case to shareholders. Mr. Perlmutter owns 78% of the shares that Mr. Peltz claims beneficial ownership of, or more than 25 million of the 33 million shares. This dynamic is relevant to assessing Mr. Peltz and any other nominees he may put forth as directors, as Mr. Perlmutter was terminated from his employment by Disney earlier this year and has voiced his longstanding personal agenda against Disney’s CEO, Robert A. Iger, which may be different than that of all other shareholders. The Disney Board will recommend to shareholders its slate of director nominees in the company’s proxy statement to be filed with the Securities and Exchange Commission and distributed to all shareholders eligible to vote at the annual meeting. Disney shareholders are not required to take any action at this time. Forward-Looking Statements Certain statements in this communication may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s expectations, beliefs, plans, and continuation of commitments and focus; expected growth and drivers of performance or growth; our business or financial prospects, trends or outlook; business plans or opportunities; future performance and growth; organizational structure and leadership decisions; plans or expectations for direct-to-consumer profitability, product acceptance and enhancements and subscription offerings; consumer behavior or demand; cost reductions and efficiencies; strategies and strategic priorities and opportunities; value of our intellectual property, content offerings, businesses and assets, including franchises and brands; future free cash flow; and other statements that are not historical in nature. These statements are made on the basis of management’s views and assumptions regarding future events and business performance as of the time the statements are made. Management does not undertake any obligation to update these statements. Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including restructuring or strategic initiatives or other business decisions, as well as from developments beyond the Company’s control, including: the occurrence of subsequent events; further deterioration in domestic or global economic conditions or failure of conditions to improve as anticipated; deterioration or pressures from competitive conditions, including competition to create or acquire content, competition for talent and competition for advertising revenue; consumer preferences and acceptance of our content, offerings, pricing model and price increases, and corresponding subscriber additions and churn, and the market for advertising sales on our direct-to-consumer services and linear networks; health concerns and their impact on our businesses and productions; international, political or military developments; regulatory or legal developments; technological developments; labor markets and activities, including work stoppages; adverse weather conditions or natural disasters; and availability of content. Such developments may further affect entertainment, travel and leisure businesses generally and may, among other things, affect (or further affect, as applicable): our operations, business plans or profitability, including direct-to-consumer profitability; our expected benefits of the composition of the Board; demand for our products and services; the performance of the Company’s content; our ability to create or obtain desirable content at or under the value we assign the content; the advertising market for programming; income tax expense; and performance of some or all Company businesses either directly or through their impact on those who distribute our products. Additional factors are set forth in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023 under the captions “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Business,” and subsequent filings with the Securities and Exchange Commission, including, among others, quarterly reports on Form 10-Q. Contacts: David Jefferson Corporate Communications David.J.Jefferson@disney.com 818-560-4832 Mike Long Corporate Communications Mike.P.Long@disney.com 818-560-4588
The Walt Disney Company Board Appoints Morgan Stanley’s James P. Gorman and Veteran Media Executive Sir Jeremy Darroch as New Directors The Walt Disney Company (NYSE: DIS) Board of Directors has appointed James P. Gorman, Chairman and Chief Executive Officer of Morgan Stanley, and Jeremy Darroch, a veteran media executive and former Group Chief Executive of Sky, as new directors. Darroch’s appointment is effective January 9, 2024, and Gorman’s is effective February 5, 2024. The selection of Gorman, a deeply respected leader at one of the world’s preeminent global financial institutions, and Darroch, an accomplished chief executive and financial leader with significant experience in the international media and consumer products sectors, follows a lengthy and comprehensive search that began in April 2023. Their appointments reflect Disney’s commitment to a strong board focused on the long-term performance of the company, strategic growth initiatives, the succession planning process, and increasing shareholder value. “James and Jeremy are both widely respected leaders in their industries, and their expertise will complement the talents and experience of the Disney board as we continue to focus on delivering for consumers and shareholders alike,” said Mark G. Parker, Chairman of the Board, The Walt Disney Company. “In the 14 years that James has been CEO of Morgan Stanley, he has overseen a strategic transformation of the institution and delivered significant shareholder value, and was integral to Morgan Stanley’s well-managed succession process over the past year,” Parker said. “Jeremy brings extensive leadership in the international media business, and during his tenure at Sky, he led Sky’s successful transition from a linear satellite broadcaster to one of Europe’s largest multi-platform TV providers.”
“Disney stands apart, both in its creative excellence and its deep connection with consumers,” said Gorman. “It is an incredible opportunity to join this accomplished board of directors, and to lend my experience and perspective as the company implements its strategic vision to build for the future.” “I am thrilled to join the board of directors of one of the most beloved brands in the world at such a pivotal moment for the company,” said Darroch. “I look forward to working closely with my fellow board members to advise Disney’s executive leadership on the implementation of their strategic priorities designed to drive sustained growth and create long-term shareholder value.” Gorman and Darroch will be included in the company’s slate of director nominees in the proxy statement for Disney’s 2024 Annual Meeting of Shareholders. Disney board member Francis A. deSouza has decided not to stand for reelection at the annual meeting, as he pursues new opportunities in the technology sector that will require his full attention. “I’m immensely proud to have had the opportunity to serve such an important and cherished institution alongside this group of esteemed board members,” deSouza said. “I have enormous admiration and affection for the company and its leaders and Cast Members, and I look forward to cheering on every future success as a lifelong Disney fan as I step down to pursue my next career endeavors.” “We are grateful to Francis for his years of service on the Disney board, and understand his desire not to stand for reelection in the spring as he pursues his next venture,” said Parker. “He has provided invaluable guidance during his tenure, and we wish him the very best.” Disney’s directors bring significant expertise in implementing strategic priorities while growing shareholder value across a spectrum of varied businesses. Along with Parker, Executive Chairman of NIKE, Inc., and deSouza, former President and Chief Executive Officer of Illumina, Inc., Disney’s board includes Mary T. Barra, Chair and Chief Executive Officer of General Motors Co.; Safra A. Catz, Chief Executive Officer of Oracle Corp.; Amy L. Chang, former senior executive at Cisco and Google and a current director of Procter & Gamble; Carolyn N. Everson, former senior executive at Instacart, Meta and Microsoft and a current director of The Coca-Cola Co. and Under Armour Inc.; Michael B.G. Froman, President of the Council on Foreign Relations and former Vice Chairman and President, Strategic Growth at Mastercard Inc.; Robert A. Iger, Chief Executive Officer, The Walt Disney Company; Maria Elena Lagomasino, Chief Executive Officer and Managing Partner of WE Family Offices and a former senior executive at JP Morgan Private Bank and Chase Manhattan Bank; Calvin R. McDonald, Chief Executive Officer of lululemon athletica inc.; and Derica W. Rice, a former senior executive at CVS Health and Eli Lilly and a current director of The Carlyle Group Inc., Bristol-Myers Squibb Co., and Target Corp. The addition of Gorman and Darroch will temporarily increase Disney’s board to 13 members.
James P. Gorman Background James Gorman became Chief Executive Officer of Morgan Stanley in January 2010 and Chairman in January 2012, and he will assume the role of Executive Chairman on January 1, 2024. He joined the firm in February 2006 and was named Co-President in December 2007. Before joining Morgan Stanley, Gorman held executive positions at Merrill Lynch. As CEO and Chairman of Morgan Stanley, Gorman has an established record driving strategic transformation of a global financial institution with a long-term sustainable business model. Gorman has successfully executed innovative technological strategies leading the acquisition and integration of online trading platform E-Trade, and will provide key perspectives as Disney leverages technology to advance its strategy. Through his roles at Morgan Stanley, Merrill Lynch, and as former President of the Federal Advisory Council to the U.S. Federal Reserve Board, Gorman also brings deep finance management, investment and fiduciary expertise evaluating businesses. Gorman earned a bachelor’s degree and law degree from the University of Melbourne and an M.B.A. from Columbia University.
Sir Jeremy Darroch Background Jeremy Darroch is the former Executive Chairman and Group Chief Executive of Sky. He joined Sky as Chief Financial Officer in 2004 and was promoted to Group Chief Executive in 2007, and served as Executive Chairman in 2021. As Group Chief Executive of Sky, Darroch led the company’s tremendous growth and transformation from a linear satellite broadcaster into one of Europe’s largest multi-platform TV providers. His experience will lend valuable insights to Disney’s board and management in navigating the strategic expansion of DTC offerings and changing media and entertainment landscapes, as well as perspectives on creative content investment and brand evolution. As the former CFO of Sky, Darroch also has extensive expertise in finance, accounting and risk management. He is a director and the pending Chairman of Reckitt Benckiser Group plc. Darroch was knighted by King Charles III in June. He holds a bachelor’s degree in economics from the University of Hull.
About The Walt Disney Company The Walt Disney Company, together with its subsidiaries and affiliates, is a leading diversified international family entertainment and media enterprise that includes three business segments: Entertainment, Sports and Experiences. Disney is a Dow 30 company and had annual revenue of $88.9 billion in its Fiscal Year 2023. Forward-Looking Statements Certain statements in this communication may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s expectations, beliefs, plans, and continuation of commitments and focus and other statements that are not historical in nature. These statements are made on the basis of management’s views and assumptions regarding future events and business performance as of the time the statements are made. Management does not undertake any obligation to update these statements. Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including restructuring or strategic initiatives or other business decisions, as well as from developments beyond the Company’s control, including: the occurrence of subsequent events; further deterioration in domestic or global economic conditions or failure of conditions to improve as anticipated; deterioration or pressures from competitive conditions, including competition to create or acquire content, competition for talent and competition for advertising revenue; consumer preferences and acceptance of our content, offerings, pricing model and price increases, and corresponding subscriber additions and churn, and the market for advertising sales on our direct-to-consumer services and linear networks; health concerns and their impact on our businesses and productions; international, political or military developments; regulatory or legal developments; technological developments; labor markets and activities, including work stoppages; adverse weather conditions or natural disasters; and availability of content. Such developments may further affect entertainment, travel and leisure businesses generally and may, among other things, affect (or further affect, as applicable): our operations, business plans or profitability, including direct-to-consumer profitability; our expected benefits of the composition of the Board; demand for our products and services; the performance of the Company’s content; our ability to create or obtain desirable content at or under the value we assign the content; the advertising market for programming; income tax expense; and performance of some or all Company businesses either directly or through their impact on those who distribute our products. Additional factors are set forth in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023 under the captions “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Business,” and subsequent filings with the Securities and Exchange Commission, including, among others, quarterly reports on Form 10-Q.
