<SEC-DOCUMENT>0000950157-24-000010.txt : 20240103
<SEC-HEADER>0000950157-24-000010.hdr.sgml : 20240103
<ACCEPTANCE-DATETIME>20240103080901
ACCESSION NUMBER:		0000950157-24-000010
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240103
DATE AS OF CHANGE:		20240103

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Walt Disney Co
		CENTRAL INDEX KEY:			0001744489
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				830940635
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0928

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38842
		FILM NUMBER:		24504398

	BUSINESS ADDRESS:	
		STREET 1:		500 SOUTH BUENA VISTA STREET
		CITY:			BURBANK
		STATE:			CA
		ZIP:			91521
		BUSINESS PHONE:		(818) 560-1000

	MAIL ADDRESS:	
		STREET 1:		500 SOUTH BUENA VISTA STREET
		CITY:			BURBANK
		STATE:			CA
		ZIP:			91521

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TWDC Holdco 613 Corp.
		DATE OF NAME CHANGE:	20180702

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TWDC Holdco 613 Corp
		DATE OF NAME CHANGE:	20180622
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>defa14a.htm
<DESCRIPTION>SCHEDULE 14A
<TEXT>
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      <div style="text-align: center; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; font-size: 11pt; font-weight: bold;">Washington, D.C. 20549</div>
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      <div style="text-align: center; font-size: 18pt; font-weight: bold;">SCHEDULE 14A</div>
      <div style="text-align: center; font-weight: bold;">Proxy Statement Pursuant to Section 14(a) of the</div>
      <div style="text-align: center; font-weight: bold;">Securities Exchange Act of 1934</div>
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      <div>Filed by the Registrant &#9746;</div>
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      <div>Filed by a Party other than the Registrant &#9744;</div>
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      <div>Check the appropriate box:</div>
      <div>&#160;</div>
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              <div style="color: #000000;">&#9744;</div>
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              <div style="color: #000000;">Preliminary Proxy Statement</div>
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              <div style="color: #000000;"><font style="font-weight: bold;">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</font>&#160;</div>
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              <div style="color: #000000;">&#9744;</div>
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              <div style="color: #000000;">Definitive Proxy Statement</div>
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              <div style="color: #000000;">&#9744;</div>
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              <div style="color: #000000;">Definitive Additional Materials</div>
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              <div style="color: #000000;">Soliciting Material under &#167;240.14a-12&#160;</div>
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      <div style="text-align: center; font-size: 24pt; font-weight: bold;">The Walt Disney Company</div>
      <div style="text-align: center; font-weight: bold;">(Name of Registrant as Specified In Its Charter)</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</div>
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      <div>Payment of Filing Fee (Check all boxes that apply):</div>
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              <div style="color: #000000;">No fee required</div>
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              <div style="color: #000000;">Fee paid previously with preliminary materials</div>
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              <div style="color: #000000;">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11&#160;</div>
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        <div><br>
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        <div style="font-style: italic;">On January 3, 2024, The Walt Disney Company issued the following press release:</div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div style="text-align: center; font-weight: bold;">THE WALT DISNEY COMPANY AND VALUEACT CAPITAL ENTER INTO INFORMATION-SHARING ARRANGEMENT TO FACILITATE</div>
        <div style="text-align: center; font-weight: bold;"> STRATEGIC CONSULTATION DURING COMPANY&#8217;S TRANSFORMATION</div>
        <div><br>
        </div>
        <div style="text-align: center; font-weight: bold;">Investment Firm Will Support the Disney Board&#8217;s Slate of Director Nominees at 2024 Annual Meeting</div>
        <div><br>
        </div>
        <div>BURBANK and SAN FRANCISCO, Calif., January 3, 2024&#8212;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.</div>
        <div> <br>
        </div>
        <div>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.</div>
        <div> <br>
        </div>
        <div>&#8220;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&#8217;ve had over the past year. We welcome their input as
          long-term shareholders,&#8221; said Robert A. Iger, Disney&#8217;s Chief Executive Officer.</div>
        <div> <br>
        </div>
        <div>&#8220;Disney is the world&#8217;s leading entertainment company. It has the best intellectual property, sports brand and parks &amp; 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,&#8221; said Mason Morfit, ValueAct Capital Co-CEO and Chief Investment Officer.</div>
        <div> <br>
        </div>
        <div>ValueAct has confirmed it will support the Disney Board of Directors&#8217; recommended slate of nominees for election to the Board at the 2024 Annual Meeting.</div>
        <div><br>
        </div>
        <div style="font-weight: bold;">Forward-Looking Statements</div>
        <div><br>
        </div>
        <div>Certain statements in this communication may constitute &#8220;forward-looking statements&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company&#8217;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&#8217;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.</div>
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        <div>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&#8217;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;&#160;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&#8217;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.</div>
        <div><br>
        </div>
        <div>Additional factors are set forth in the Company&#8217;s Annual Report on Form 10-K for the year ended September&#160;30, 2023, including under the captions &#8220;Risk Factors&#8221;, &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of
          Operations&#8221; and &#8220;Business&#8221;, and subsequent filings with the Securities and Exchange Commission, including, among others, quarterly reports on Form 10-Q.</div>
        <div><br>
        </div>
        <div style="font-weight: bold;">Additional Information and Where to Find It</div>
        <div><br>
        </div>
        <div>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&#8217;s website at www.thewaltdisneycompany.com.</div>
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        <div style="font-weight: bold;">Participants</div>
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        </div>
        <div>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&#8217;s executive officers and
          directors is available in Disney&#8217;s Annual Report on Form 10-K for the year ended September 30, 2023, which was filed with the SEC on November&#160;21, 2023, and in its proxy statement for the 2023 Annual Meeting of Shareholders, which was filed with
          the SEC on February&#160;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&#8217;s website at www.sec.gov.</div>
        <div><br>
        </div>
        <div><font style="font-weight: bold;">Contacts</font>:</div>
        <div><br>
        </div>
        <div>David Jefferson</div>
        <div>Corporate Communications</div>
        <div>(818) 560-4832</div>
        <div>david.j.jefferson@disney.com</div>
        <div><br>
        </div>
        <div>Mike Long</div>
        <div>Corporate Communications</div>
        <div>(818) 560-4588</div>
        <div>mike.p.long@disney.com</div>
        <div><br>
        </div>
        <div>Steve Lipin</div>
        <div>Gladstone Place Partners</div>
        <div>(212) 230-5930</div>
        <div>slipin@gladstoneplace.com</div>
        <div><br>
        </div>
        <div style="font-weight: bold;">ValueAct Contact:</div>
        <div><br>
        </div>
        <div>media@valueact.com</div>
        <div><br>
        </div>
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