anyone listening?
- Thread starter BRERALEX
- Start date
Oh, well. I just report what Disney says. Still, Disney Channel was the #2 cable network last year, and no executive in their right mind is going to try to change what's going on there. And as Anne Sweeney pointed out today, ABC Family is going to be Disney's new adult-targeted family channel, for those that are too old for Disney Channel's kid-targeted family focus. It's a perfect complement, and very appropriate for the Disney company.
WDSearcher
DIS Veteran
- Joined
- Aug 20, 2002
Speculation where? That Eisner originally approved the merger? Where did THAT come from???
Zurg
<font color=red>Eivl <font color=navy>Emperor<br><
- Joined
- Jul 30, 2002
The Street.com
Disney (DIS:NYSE - news - research) shareholders did just as dissident ex-director Stanley Gold predicted.
The company said Wednesday afternoon that 43% of votes cast in its annual director election withheld support for embattled CEO Michael Eisner. Gold, who with family member Roy Disney is battling to force Eisner's removal, predicted earlier Wednesday that more than 40% of Disney shareholders voting in the proxy would oppose the chief's retention.
Presiding director George Mitchell saw 24% of votes withhold support for his re-election, while directors John Bryson and Judith Estrin both received no votes in the 22% range.
While all four directors were re-elected, the dissidents said the high proportion of no votes amounted to a vote of no confidence for Eisner.
ESPN's George Bodenheimer, cornered by TheStreet.com following the release of preliminary results, had no comment on the vote. A Disney spokeswoman said the company had no immediate comment. Disney shares slipped 9 cents to $26.67.
"That concludes this meeting, which is now adjourned," Eisner said in closing out the five-and-a-half-hour shareholder gathering. "Thank you for your patience."
Disney (DIS:NYSE - news - research) shareholders did just as dissident ex-director Stanley Gold predicted.
The company said Wednesday afternoon that 43% of votes cast in its annual director election withheld support for embattled CEO Michael Eisner. Gold, who with family member Roy Disney is battling to force Eisner's removal, predicted earlier Wednesday that more than 40% of Disney shareholders voting in the proxy would oppose the chief's retention.
Presiding director George Mitchell saw 24% of votes withhold support for his re-election, while directors John Bryson and Judith Estrin both received no votes in the 22% range.
While all four directors were re-elected, the dissidents said the high proportion of no votes amounted to a vote of no confidence for Eisner.
ESPN's George Bodenheimer, cornered by TheStreet.com following the release of preliminary results, had no comment on the vote. A Disney spokeswoman said the company had no immediate comment. Disney shares slipped 9 cents to $26.67.
"That concludes this meeting, which is now adjourned," Eisner said in closing out the five-and-a-half-hour shareholder gathering. "Thank you for your patience."
Zurg
<font color=red>Eivl <font color=navy>Emperor<br><
- Joined
- Jul 30, 2002
Shareholders vote against Eisner
43% withhold support for Disney Chairman
By Jon Friedman & Russ Britt, CBS.MarketWatch.com
Last Update: 3:49 PM ET March 3, 2004
"The shareholders have spoken," said Angela Kohler, global media analyst with Federated Investors in Pittsburgh. "The number is large. This really puts pressure on the board to do something."
Kohler said that the possibility of removing one or both of Eisner's job titles is "something that the board is going to have to discuss."
The voting results are preliminary, with 43 percent of the votes cast so far going against Eisner. But those votes already represent 38 percent of Disney shares, so the final tally will likely be between 38 percent and 43 percent -- far worse than any other executive has fared in a shareholder revolt.
Shareholders seemed subdued, a departure from the upbeat atmosphere seen at past Disney annual meetings.
"This says the board really needs to give the shareholder vote some thought," said Rob Cork, a shareholder from Springfield, Va.
Added: David Lavender, standing next to his wife Janis after the meeting: "I don't think he's ever going to leave until he is ready to leave."
The meeting lived up to its billing and quickly became a battle between Eisner and two disgruntled former Disney board members, Roy Disney and Stanley Gold, who want to remove Eisner from the company.
Eisner has had his share of setbacks. In only the past few months, he's had to fight off a hostile takeover bid by Comcast (CMCSK: news, chart, profile) (CMCSA: news, chart, profile) and defend himself against criticism after Pixar Animation Studios (PIXR: news, chart, profile) abruptly terminated negotiations to extend its contract with Disney (DIS: news, chart, profile).
Disney stockholders were distressed by the breakdown of the Pixar talks. Pixar had provided some of Disney's most successful movies in the past several years, including "Finding Nemo" last summer and the blockbuster "Toy Story" series.
Wednesday's atmosphere inside the convention hall was tense. Eisner, sounding hoarse at times, was greeted with a smattering of applause while his foes, Disney and Gold, each received a standing ovation when they made remarks.
Eisner's most pressing problem has been the unexpectedly strong grassroots campaign for his ouster spearheaded by Gold and Disney, nephew of the legendary Walt Disney. Roy Disney was forced off the company's board late last year, and Gold quickly followed in a show of solidarity.
While some shareholders want Eisner to vacate the chairman position, Disney and Gold have been even more outspoken. They have insisted that the company remove Eisner as chairman and CEO.
Against this backdrop, the centerpiece of the annual meeting was a shareholder vote widely seen as a proxy for the degree of support that Eisner retains to continue on at the top at Disney. Gold had predicted during the meeting that 40 percent of shareholders would register "withhold" votes against Eisner.
It wasn't clear how the shareholders would vote. Many stockholders said before the meeting that they were waiting to hear both sides of the issues before casting their ballots.
But outside the hall, several said that they had concluded it was time for a change at Disney.
For instance, Ashwin Sheth, a longtime shareholder from Harrison, N.J., waited until just before the deadline to submit his ballot. "If what they say is true, the company has to learn to listen," Sheth said, referring to Disney and Gold.
Mary Dougherty, a shareholder from Newton Square, Pa., said she had grown disillusioned with Eisner and the other board members. "The stock has not performed very well," she said. "Under the circumstances, there should be some kind of change."
Dougherty said she respected what Eisner had to say -- but disagreed with the essence of his remarks.
Shares of Disney, a Dow Jones Industrials Average component, dropped 9 cents to $26.67 in afternoon trading.
Barbed words
Gold, in his farewell as a board member, blasted Eisner and the board, saying: "Roy Disney and I have been on a mission ...to save our company."
"Things will be different after today," said Gold. He added that his and Roy Disney's public fight against Eisner has "not been a pleasant experience for either of us."
His voice dripping with sarcasm, Gold said that Eisner "never had a bad year," as he blamed the Disney board for not holding Eisner accountable for Disney's problems.
"You can't fool all of the people all of the time," said Roy Disney when he addressed the shareholders. "We need to install a new management team."
Despite the pressure he was under, Eisner tried to charm the potentially hostile audience with self-deprecating quips. When a shrill shareholder spoke for a lengthy period, Eisner said haplessly: "I thought Stanley was difficult!"
43% withhold support for Disney Chairman
By Jon Friedman & Russ Britt, CBS.MarketWatch.com
Last Update: 3:49 PM ET March 3, 2004
"The shareholders have spoken," said Angela Kohler, global media analyst with Federated Investors in Pittsburgh. "The number is large. This really puts pressure on the board to do something."
Kohler said that the possibility of removing one or both of Eisner's job titles is "something that the board is going to have to discuss."
The voting results are preliminary, with 43 percent of the votes cast so far going against Eisner. But those votes already represent 38 percent of Disney shares, so the final tally will likely be between 38 percent and 43 percent -- far worse than any other executive has fared in a shareholder revolt.
Shareholders seemed subdued, a departure from the upbeat atmosphere seen at past Disney annual meetings.
"This says the board really needs to give the shareholder vote some thought," said Rob Cork, a shareholder from Springfield, Va.
Added: David Lavender, standing next to his wife Janis after the meeting: "I don't think he's ever going to leave until he is ready to leave."
The meeting lived up to its billing and quickly became a battle between Eisner and two disgruntled former Disney board members, Roy Disney and Stanley Gold, who want to remove Eisner from the company.
Eisner has had his share of setbacks. In only the past few months, he's had to fight off a hostile takeover bid by Comcast (CMCSK: news, chart, profile) (CMCSA: news, chart, profile) and defend himself against criticism after Pixar Animation Studios (PIXR: news, chart, profile) abruptly terminated negotiations to extend its contract with Disney (DIS: news, chart, profile).
Disney stockholders were distressed by the breakdown of the Pixar talks. Pixar had provided some of Disney's most successful movies in the past several years, including "Finding Nemo" last summer and the blockbuster "Toy Story" series.
Wednesday's atmosphere inside the convention hall was tense. Eisner, sounding hoarse at times, was greeted with a smattering of applause while his foes, Disney and Gold, each received a standing ovation when they made remarks.
Eisner's most pressing problem has been the unexpectedly strong grassroots campaign for his ouster spearheaded by Gold and Disney, nephew of the legendary Walt Disney. Roy Disney was forced off the company's board late last year, and Gold quickly followed in a show of solidarity.
While some shareholders want Eisner to vacate the chairman position, Disney and Gold have been even more outspoken. They have insisted that the company remove Eisner as chairman and CEO.
Against this backdrop, the centerpiece of the annual meeting was a shareholder vote widely seen as a proxy for the degree of support that Eisner retains to continue on at the top at Disney. Gold had predicted during the meeting that 40 percent of shareholders would register "withhold" votes against Eisner.
It wasn't clear how the shareholders would vote. Many stockholders said before the meeting that they were waiting to hear both sides of the issues before casting their ballots.
But outside the hall, several said that they had concluded it was time for a change at Disney.
For instance, Ashwin Sheth, a longtime shareholder from Harrison, N.J., waited until just before the deadline to submit his ballot. "If what they say is true, the company has to learn to listen," Sheth said, referring to Disney and Gold.
Mary Dougherty, a shareholder from Newton Square, Pa., said she had grown disillusioned with Eisner and the other board members. "The stock has not performed very well," she said. "Under the circumstances, there should be some kind of change."
Dougherty said she respected what Eisner had to say -- but disagreed with the essence of his remarks.
Shares of Disney, a Dow Jones Industrials Average component, dropped 9 cents to $26.67 in afternoon trading.
Barbed words
Gold, in his farewell as a board member, blasted Eisner and the board, saying: "Roy Disney and I have been on a mission ...to save our company."
"Things will be different after today," said Gold. He added that his and Roy Disney's public fight against Eisner has "not been a pleasant experience for either of us."
His voice dripping with sarcasm, Gold said that Eisner "never had a bad year," as he blamed the Disney board for not holding Eisner accountable for Disney's problems.
"You can't fool all of the people all of the time," said Roy Disney when he addressed the shareholders. "We need to install a new management team."
Despite the pressure he was under, Eisner tried to charm the potentially hostile audience with self-deprecating quips. When a shrill shareholder spoke for a lengthy period, Eisner said haplessly: "I thought Stanley was difficult!"
WDWHound
DIS Veteran
- Joined
- Feb 21, 2000
The idea has been everywhere. It is known that Eisner was in talks with Comcast before Comcast made their move, but he want too much money or a gaurantee to remain in charge, so they bypassed him. Check out jimhillmedia.com or do a search on some busness sites for more info.Originally posted by WDSearcher
Speculation where? That Eisner originally approved the merger? Where did THAT come from???
OHIO VIKING
Earning My Ears
- Joined
- Dec 31, 2002
I've been reading this thread with interest and I have a question . How many shares does Eisner have and is he able to vote them any way he wants to, or are there any SEC regulations about that? Just curious if that would make much difference on the percents. Thanks
DisneyKidds
<font color=green>The TF thanks DisneyKidds for mo
- Joined
- Mar 30, 2001
You can be assured that ME votes are alreay included in that 1,007,715,682 for............so no, even with his substantial shares he couldn't prevent this. Of course all this is is a vote of no confidence. By virtue of the vote tally he has been reelected as Chairman. Now it is up to ME or the Board to take action if they deem it necessary. No CEO has survived more than a 28% no confidence vote. Eisner should be gone.............but who knows it that will actually happen.
Stockholders recieved the annual report, which includes how much stock Eisner and the Board own, and how much they have options for in the next 6 months. I dont remember the actual numbers, but Eisner owns just over 1% stock, the board as a whole collectively owns just over 2%.
They can vote however they like with thier shares.
vacationwoman
DIS Veteran
- Joined
- Feb 11, 2001
RD and SG were hoping for a 20% vote againist ME and the vote was just made public. A whopping 43% of the shareholders voted againist ME.
I hope the board pays attention to that fact.
I hope the board pays attention to that fact.
OHIO VIKING
Earning My Ears
- Joined
- Dec 31, 2002
Thanks for the quick replys. I was just wondering if his shares were so much that when you calculate percentages his vote for himself would show a much stronger support for his continued "leadership" in the company than was actually appropriate, as evidenced by the large no vote. You've helped me put his input into perspective.
Jim Hill is hardly balanced, neither is AV or any of the other rumours sources that have been talking about Cable giants over the past year, but I have to say it is a bit more then coincidence that they've been rumouring about Comcast for months and then low and behold, Comcast makes an attempt. IT lends more credence to their reports.
It's not as if balanced Buisness sources have been provided 100% accurate info on corporations over the past few years anyway.
It's not as if balanced Buisness sources have been provided 100% accurate info on corporations over the past few years anyway.
WDSearcher
DIS Veteran
- Joined
- Aug 20, 2002
I did search business sites. Couldn't find any info regarding Eisner and Comcast that predated the initial phone offer that Eisner declined, except in speculation or "unnamed source" comments. And Jim Hill isn't exactly someone I'd trust to have solid info. Thanks.
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