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A Preview of a Busy Week
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There is no doubt that the next few days will be very interesting for all of us that care about The Walt Disney Company, and I don't mean because Hidalgo has its world premiere in Hollywood and According to Jim is on The Disney Cruise Line. With Roy and Stanley's rally on Tuesday to the shareholder meeting and the post-meeting board meeting on Wednesday, no matter what happens, Disney will never be the same. Various state pension funds have announced that they are withholding their votes for Michael Eisner and the two largest proxy voting services recommended withholding votes with hopes that the role of Chairman and CEO will be separated. In addition, the large mutual fund company T. Rowe Price has announced that they are withholding their votes as well. Meanwhile Disney has tried to showcase its future by highlighting the performance of The Lion King 1 ½ on DVD and its production deal with Walden Media to release The Lion, the Witch, and the Wardrobe. The Walt Disney Company also has been pointing out that Fortune Magazine has just named Disney as ‘America's Most Admired Entertainment Company." Disney's Board of Directors also has promised to grow earning by 30% this year and to have double-digit compound earnings growth through 2007.
To gain attention Disney took out two full page ads in major newspapers. The first one showed Mickey and said Disney is "The World's Leading Family Brand". The second ad had financial highlights and showcased Pirates of the Caribbean: The Curse of the Black Pearl, ESPN, and the recently purchased Muppets. This media campaign comes as a lawsuit, pursued by Roy Disney, forced the company to release documents about Michael Ovitz that did not paint Mr. Eisner in a positive light. Both sides have released letters to shareholders discussing their views and have pointed out others that agree with them. While Michael Eisner can not be voted out of office as long as he receives one vote, the amount of votes being withheld could be viewed as a vote of no confidence. Roy and Stanley have said that they are hoping that they get 15-20 percent to withhold votes. The Walt Disney Company has even admitted that as many as 35% of votes might be withheld. Under proposed SEC guidelines, if 35% of votes are withheld, dissenters can propose an alternate slate at next year's meeting. Although it is likely that if that many votes are withheld, the board or Mr. Eisner would take action that would make the vote unnecessary. It will also be interesting to see how Comcast, who made a bid to acquire Disney a couple of weeks ago, reacts to the events of the next few days.
As Disney fans, we know you care a great deal about the future of The Walt Disney Company, and the next few days will have a profound impact on the next few years. Right now, March 3rd is known by Disney historians as the day Indiana Jones and the Temple of the Forbidden Eye opened at Disneyland in 1995. After this week, it may be known for something much bigger.
Schedule of Events
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Discuss It!
-- Posted March 1, 2004
-- Story by Benji Breitbart
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Laughing Place Podcast
The LPP crew celebrate Disneyland's birthday this week with discussion of the return of the Castle walk-through and their Disneyland favorites. They also discuss the sale of the Busch theme parks, the High School Musical 3 trailer, news from E3 plus the Captain's challenge, FanBoy's Disney Myths, 50 words or less on Journey to the Center of the Earth and more.
Disney Fine Art at
The LaughingPlace Store
The LaughingPlace Store now carries a selection of Disney Fine Art from ACME Archives and Sanders CC Gallery