Disney’s Successful Proxy Contest With Trian Fund
February 14, 2023
On February 9, 2023, The Walt Disney Company (“Disney”) issued a statement in response to Nelson Peltz’s announcement that Trian Fund is no longer pursuing a proxy contest at Disney. Cravath represented Disney in connection with this matter.
The Cravath team is led by partners Faiza J. Saeed, George F. Schoen and Daniel J. Cerqueira and includes associates Joseph A. Marshall and Ahra Cho on corporate and activist defense matters; partners John W. White, Michael L. Arnold and Kimberley S. Drexler and associate Zekariah P. McNeal on corporate governance matters; partner Jonathan J. Katz, senior attorney Sarah W. Colangelo and associates Anna Mikaelyan and Bianca Hsing on executive compensation and benefits matters; and partners David J. Kappos and Sasha Rosenthal‑Larrea and associate Christopher P. Davis on intellectual property matters. Natan Sebhat also worked on corporate and activist defense matters.
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J.D., 1991, Harvard Law Schoolmagna cum laude
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B.A., 1987, University of California, Berkeleywith Highest Distinction, Phi Beta Kappa
- New York
- California (Inactive)
- District of Columbia (Inactive)
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J.D., 1998, University of Chicago Law Schoolwith Honors
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B.A., 1994, Cornell University
- New York
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J.D., 2013, Harvard Law Schoolmagna cum laude
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B.A., 2010, Cornell UniversityPhi Beta Kappa
- New York
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J.D., 1973, New York University School of LawOrder of the Coif, cum laude
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B.S., 1970, University of Virginiawith Honors
- New York
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J.D., 2013, Columbia Law SchoolHarlan Fiske Stone Scholar
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B.A., 2010, University of ChicagoGeneral Honors
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J.D., 1997, Yale Law SchoolCoker Fellow
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B.A., 1993, University of VirginiaHighest Distinction, Echols Scholar, Phi Beta Kappa
- New York
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LL.M., 2013, New York University School of Law
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J.D., 2007, Benjamin N. Cardozo School of LawOrder of the Coif, Dean's Distinguished Scholar, summa cum laude
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B.S., 2003, Cornell University
- New York
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J.D., 1990, University of California, Berkeley, School of Law
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B.S., 1983, University of California, Davissumma cum laude
- New York
- California
- District of Columbia
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J.D., 2010, Columbia Law SchoolHarlan Fiske Stone Scholar
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A.B., 2007, Brown University
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J.D., 2014, Georgetown University Law CenterOrder of the Coif, magna cum laude
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B.A., 2007, Duke UniversityPhi Beta Kappa, summa cum laude
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Disney’s Combination of its Hulu + Live TV Business with Fubo
On January 6, 2025, The Walt Disney Company (“Disney”) and FuboTV Inc. (“Fubo) announced that they have entered into a definitive agreement for Disney to combine its Hulu + Live TV business with Fubo, forming a combined virtual MVPD company of which Disney will become the majority owner.
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Disney’s Successful Proxy Contest Against Trian and Blackwells
On April 3, 2024, The Walt Disney Company (“Disney”) announced that, based on the tabulation of its proxy solicitor, it appears that Disney’s full slate of 12 directors has been elected by a substantial margin over the nominees of Trian and Blackwells at Disney’s 2024 Annual Meeting of Shareholders. Cravath is representing Disney in connection with this matter.
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ESPN’s Agreement with PENN Entertainment to Launch ESPN BET
On August 8, 2023, ESPN announced an agreement with PENN Entertainment (“PENN”) to launch ESPN BET, a branded sportsbook for fans in the United States. PENN Entertainment will rebrand its current sportsbook and relaunch as ESPN BET, effective this Fall in the 16 legalized betting states where PENN Entertainment is licensed. The rebrand includes the mobile app, website, and mobile website. In connection with the transaction, PENN Entertainment has agreed to grant ESPN warrants to purchase approximately 31.8 million PENN common shares that will vest ratably over 10 years, with the potential for ESPN to receive additional bonus warrants to purchase up to an additional approximately 6.4 million PENN common shares. ESPN is 80 percent owned by ABC, Inc., an indirect subsidiary of The Walt Disney Company. Cravath is representing The Walt Disney Company (“Disney”) in connection with the transaction.
