Disney Stockholders Seem Pleased with House of Mouse

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Walt Disney Co. was poised to face heat over its recent stock setbacks at the annual shareholders meeting in Chicago on Thursday. There is lingering concern about how Disney-owned networks such as ESPN were grappling with rapid changes in the television industry.

However, shareholders appeared to be encouraged by a fiscal first quarter marked by record net income, the success of “Star Wars: The Force Awakens,” grossing more than $2 billion worldwide and the forthcoming weekend film studio release, “Zootopia,” projected to be one of the strongest openings ever for a Disney animated film.

The Wall Street Journal reported late Thursday that the Burbank company’s shareholders voted overwhelmingly in favor of the media giant’s directors and the managers’ recommendations at the annual meeting. They supported a nonbinding resolution supporting Disney’s executive compensation with 85 percent support.

Shareholder-introduced resolutions to change the board’s voting rules and require more transparency on corporate lobbying were voted down, with 35 percent and 27 percent support, respectively. Disney’s board opposed both resolutions.

Chairman and Chief Executive Robert Iger also said during the meeting that Disney is starting work on two cruise ships that are scheduled to debut in 2021 and 2023, adding to its current fleet of four.

The company’s last two cruise ships cost nearly $1 billion each to build. That business has been performing well, reaching its best-ever performance for the media giant’s first quarter, which ended Jan. 2, because of higher ticket prices and onboard spending.

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