Disney’s Bob Iger announces ‘Coco’ sequel at shareholder meeting
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The Walt Disney Co. took a victory lap at its annual shareholders meeting Thursday, promoting its theatrical and series successes released this past year while touting investments in its parks division and announcing a sequel to the 2017 animated Pixar hit “Coco.”
The upbeat tone of the online meeting was a far cry from last year’s tension-filled gathering, which was dominated by an ultimately unsuccessful bid from billionaire activist investor Nelson Peltz to join the board and shift the company’s course.
Throughout Thursday’s meeting, Disney sought to highlight its creativity and its wide investment across many types of entertainment.
As Disney’s annual shareholders meeting approaches, investors and analysts explain what they want to see from the company.
The meeting began with a sizzle reel highlighting the Burbank media and entertainment company’s many businesses, including “Frozen,” Marvel Studios’ “Captain America: Brave New World,” FX and Hulu’s series “Shōgun,” Disney’s parks and cruise line, “ABC World News Tonight” with David Muir and ESPN footage of the WNBA.
“From the renewed creative momentum at our studios, to the bold direction of our streaming and sports strategies, to the focused investments we’re making in our experiences business, how we are expertly leveraging technology in all that we do, I hope you are inspired and energized by the limitless possibilities before us,” company Chief Executive Bob Iger said at the meeting.
Shareholders voted overwhelmingly to approve the 10 members of the board of directors who stood for election.
They also voted to approve the company’s executive compensation proposal, which largely ties pay to achievement of the company’s financial performance goals.
Three shareholder proposals were rejected — a requirement that Disney publish a report on how it would shield employee retirement plan investments from the effects of climate change; a bid to cease the company’s participation in the Human Rights Campaign’s corporate equality index that measures workplace inclusivity for LGBTQ+ workers; and a reexamination of the company’s advertising policies to ensure it stays politically neutral.
Disney is coming off a strong year for its studio business, with hit films “Inside Out 2,” “Deadpool & Wolverine” and “Moana 2” each grossing more than $1 billion globally. Disney movies grossed $5.5 billion overall in worldwide box office in 2024.
The company also reached profitability for the first time in its streaming businesses, which include Disney+, Hulu and ESPN+.
But Disney’s experiences division, which includes its theme parks, cruise line and merchandise, ended 2024 with more muted growth due to inflation, expansion costs for the cruise line and softer results at its international parks.
The House of Mouse has recently tried to stay out of political culture wars, particularly as the Trump administration has targeted corporate diversity, equity and inclusion efforts.
There was no explicit discussion of Disney’s DEI efforts during the Thursday meeting. The company focused on upcoming projects, including an extended scene from its upcoming live-action film “Lilo & Stitch,” a clip from a new FX series called “Alien: Earth” and the announcement of the “Coco” sequel, which Iger said was still in “initial stages.”
Iger also teased the upcoming ESPN flagship streaming product and gave updates on additions to the company’s parks segment, which he said had “more projects underway around the world than at any time in our history.”
At Florida theme parks, those include a new “Cars” themed area and villains-themed land in the Orlando Walt Disney World’s Magic Kingdom, a “Monsters, Inc.” themed area in Hollywood Studios and a tropical Americas land in Animal Kingdom that will feature “Indiana Jones” and “Encanto” attractions.
At Anaheim’s Disney California Adventure, he noted plans for an expanded Avengers Campus, a new “Coco”-themed ride and an “Avatar”-inspired area that were previously announced at fan convention D23 last year. Iger said the new projects in Florida and California would bring “thousands of new jobs” to the two states.
In response to a shareholder question about increasing capacity and maintaining affordability at the parks — a key question for analysts, investors and fans prior to the meeting — Iger pointed to “several options for families looking to spend less,” including Disneyland’s lowest-priced ticket, which costs the same as it did before the pandemic. He also said the company has tripled the number of days that type of ticket was available.
One hot topic not broached was the company’s plans for Iger’s successor. Though Disney has signaled it won’t name the next Disney chief until early 2026, investors and analysts have said they are eager for more details about how the search is progressing.
Disney Entertainment Co-Chair Dana Walden, fellow Entertainment Co-Chair Alan Bergman, parks, products and experiences Chair Josh D’Amaro and ESPN boss James Pitaro are all seen as potential internal successors.
