Disney Paid Shareholder ValueAct Millions in Fees as Part of a Prior Relationship

Activist investor Blackwells said Monday that Disney’s board had not disclosed that shareholder ValueAct Capital had a financial relationship with the entertainment company, raising questions about the board’s information sharing amid a multi-party proxy fight. Mason Morfit and his $12 billion investment firm ValueAct were heralded as “constructive” shareholders by Disney CEO Bob Iger in January, when the company secured ValueAct’s backing…

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