Disney Hits Back At Dissident Ex-Directors

11 February 2004

Walt Disney Company has struck back in its war of words with two former directors.

The media mammoth has sent a letter to shareholders advising them to ignore attacks on the company's management by Roy Disney -- nephew of Walt -- and Stanley Gold, both of whom quit the board late last year [WAMN: 15-Dec-03].

The dissident duo are unhappy with the company's recent performance and hold longstanding chairman/ceo Michael Eisner responsible. They recently sent a letter to investors attacking Disney's "cultural decay" [WAMN: 10-Feb-04].

However, the media group insists it is undergoing a "real turnaround" and "achieving very positive results". In its message to shareholders, the company claims the rebels "totally ignore the impressive performance record of Michael Eisner", citing forecasts of 30% profits growth this year and the 43% increase in Disney's stock price across 2003.

As part of its counter-offensive, Disney also launched an ad campaign in some of the big US newspapers describing itself as "the world's leading entertainment brand".

Data sourced from: Financial Times; additional content by WARC staff