The Walt Disney Co has received comments from the United States Securities and Exchange Commission (SEC) regarding its Definitive Additional Soliciting Materials filed on March 13, 2024. The SEC's correspondence, dated March 15, 2024, addressed to Daniel Cerqueira of Cravath, Swaine & Moore LLP, outlines specific concerns about the materials presented by Disney. The SEC has requested that Disney provide a clear distinction between statements of opinion and factual assertions, along with the supporting evidence for several claims made in a slide presentation. These claims include criticism of Trian’s whitepaper for lacking substance, assertions about Peltz’s understanding of Disney and the media industry, and the alignment of Peltz’s agenda with shareholder interests. Additionally, the SEC has asked for a factual foundation...Show More

The Walt Disney Co has received comments from the United States Securities and Exchange Commission (SEC) regarding its Definitive Additional Soliciting Materials filed on March 13, 2024. The SEC's correspondence, dated March 15, 2024, addressed to Daniel Cerqueira of Cravath, Swaine & Moore LLP, outlines specific concerns about the materials presented by Disney. The SEC has requested that Disney provide a clear distinction between statements of opinion and factual assertions, along with the supporting evidence for several claims made in a slide presentation. These claims include criticism of Trian’s whitepaper for lacking substance, assertions about Peltz’s understanding of Disney and the media industry, and the alignment of Peltz’s agenda with shareholder interests. Additionally, the SEC has asked for a factual foundation for statements made about the alleged partial plagiarism of Trian’s whitepaper and accusations against the 'Trian Trio.' The SEC has reminded Disney of its responsibility for the accuracy and adequacy of its disclosures and has requested a response to their comments. Daniel Duchovny at the SEC is the point of contact for any further questions.