Disney activist investor urges company to create CTO role, says company suffers from AI mediocrity

Yahoo Finance2024-02-26

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546 views|6 months ago

💫 Short Summary

Activist investors Blackwells Capital and Nelson Peltz are pressuring Disney to hire a Chief Technology Officer and prioritize AI strategy. They propose splitting off the hotel and parks business. Disney defends its current structure, emphasizing synergies. The shareholder meeting on April 3rd will decide the proxy battle's outcome.

✨ Highlights

📊 Transcript

✦

Activist investors Blackwells Capital and Nelson Peltz urge Disney to appoint a Chief Technology Officer and focus on AI strategy.

02:01

The investors criticize Disney for its lack of technological advancement and suggest breaking up the company by spinning off its hotel and parks business.

Disney defends its synergy between business components and encourages shareholders to support the current board.

The outcome of the ongoing proxy battle will be determined at the shareholder meeting on April 3rd.

00:00the proxy battle continuing between

00:01Disney and activist investors the latest

00:03round in the fight Blackwells Capital

00:06urging the entertainment giant to create

00:07the role of Chief technology officer

00:10Yahoo finances Alexander Canal is here

00:12with the detail CT I guess I didn't

00:15realize Disney didn't I thought

00:16everybody had a CTO at this point yeah

00:18and and you know and and this is the

00:20latest development in this proxy battle

00:23with Disney Blackwells along with Nelson

00:25pelts two activists that are going for

00:27more board seats at the company and now

00:29black is laying out some of the changes

00:31or more changes I should say that it

00:33wants to see at the company and it says

00:35from a technological standpoint Disney

00:37is lacking in five areas including

00:39fragmentation unhurried Innovation

00:42missing native technology stack spatial

00:45Computing and AI mediocrity yes

00:48Blackwell saying quote Disney must

00:50produce an artificial intelligence

00:51strategy and share elements of that

00:53strategy with its shareholders

00:56Blackwell's also suggested that Chief

00:58technology officer to focus on

01:00technology transformation I do want to

01:01say that Disney has been researching new

01:03technologies they did establish that AI

01:05task force last last year to really

01:08study how artificial intelligence could

01:10be implemented across the company which

01:12is something that Blackwells did not

01:14acknowledge so it just sounds like this

01:16activist doesn't think Disney is doing

01:18enough in comparison to the other tech

01:20companies out there to really utilize AI

01:23uh this is also a hedge fund and

01:25activist that has made other suggestions

01:27saying that Disney should potentially

01:29break up

01:30saying that it's uh hotel and Parks

01:32business should be potentially spun out

01:34into a separate Real Estate Investment

01:36Trust and these are all things that

01:38Disney has really pushed back on saying

01:40this shows how black Wells just doesn't

01:42understand our business because we

01:44Thrive off of the Synergy between all of

01:46the different components of our business

01:48so Disney you know for its part has been

01:50in constant communication with its

01:51shareholders and really urging them to

01:53stick with the current board that any of

01:55these other board nominees from these

01:57activists it's going to throw off the

01:59progress or overall but we'll see the

02:01shareholder meeting is April 3rd so we

02:02don't have to wait too much longer to

02:04figure out how this all ends that's a

02:06lot of drama thank you Ally much

02:08appreciate it

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