# EDGAR Filing Document

**Accession Number:** 0001744489
**File Stem:** 0000902664-23-001287
**Filing Date:** 2023-2
**Character Count:** 7899
**Document Hash:** 68837a62844e60f76de228a6c1d1356e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000902664-23-001287.hdr.sgml**: 20230208

**ACCESSION NUMBER**: 0000902664-23-001287

**CONFORMED SUBMISSION TYPE**: DFAN14A

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230208

**DATE AS OF CHANGE**: 20230208

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Walt Disney Co
- **CENTRAL INDEX KEY:** 0001744489
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
- **IRS NUMBER:** 830940635
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** DFAN14A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38842
- **FILM NUMBER:** 23600132

**BUSINESS ADDRESS:**
- **STREET 1:** 500 SOUTH BUENA VISTA STREET
- **CITY:** BURBANK
- **STATE:** CA
- **ZIP:** 91521
- **BUSINESS PHONE:** (818) 560-1000

**MAIL ADDRESS:**
- **STREET 1:** 500 SOUTH BUENA VISTA STREET
- **CITY:** BURBANK
- **STATE:** CA
- **ZIP:** 91521

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TWDC Holdco 613 Corp.
- **DATE OF NAME CHANGE:** 20180702

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TWDC Holdco 613 Corp
- **DATE OF NAME CHANGE:** 20180622
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TRIAN FUND MANAGEMENT, L.P.
- **CENTRAL INDEX KEY:** 0001345471
- **IRS NUMBER:** 203454182
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** DFAN14A

**BUSINESS ADDRESS:**
- **STREET 1:** 280 PARK AVENUE
- **STREET 2:** 41ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-451-3000

**MAIL ADDRESS:**
- **STREET 1:** 280 PARK AVENUE
- **STREET 2:** 41ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Trian Fund Management, L.P.
- **DATE OF NAME CHANGE:** 20051128

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a)

of the Securities Exchange Act of 1934

Filed by the Registrant □

Filed by a Party other than the Registrant 🗹

Check the appropriate box:

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| | |
|:---|:---|
| &nbsp;&nbsp;□ | &nbsp;&nbsp;Preliminary Proxy Statement |
| &nbsp;&nbsp;□ | &nbsp;&nbsp;Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
| &nbsp;&nbsp;□ | &nbsp;&nbsp;Definitive Proxy Statement |
| &nbsp;&nbsp;🗹 | &nbsp;&nbsp;Definitive Additional Materials |
| &nbsp;&nbsp;□ | &nbsp;&nbsp;Soliciting Material Under Rule 14a-12 |

---

**The Walt Disney Company**

(Name of Registrant as Specified in Its Charter)

**Trian Fund Management, L.P.**

**Trian Fund Management GP, LLC**

**Trian Partners, L.P.**

**Trian Partners Parallel Fund I, L.P.**

**Trian Partners Master Fund, L.P.**

**Trian Partners Fund (Sub)-G, L.P.**

**Trian Partners Strategic Investment Fund-A, L.P.**

**Trian Partners Strategic Investment Fund-N, L.P.**

**Trian Partners Strategic Fund-G II, L.P.**

**Trian Partners Strategic Fund-G III, L.P.**

**Trian Partners Strategic Fund-K, L.P.**

**Trian Partners Co-Investment Opportunities Fund, Ltd.**

**Nelson Peltz**

**Peter W. May**

**Edward P. Garden**

**Matthew Peltz**

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check all boxes that apply):

🗹 No fee required. <br>□ Fee paid previously with preliminary materials.

□ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a6(i)(1) and 0-11.

On February 8, 2023, Trian Fund Management, L.P., a Delaware limited partnership ("Trian"), issued the following letter to shareholders (the "Letter") related to The Walt Disney Company (the "Company"). From time to time, Trian or its fellow participants in the proxy solicitation may publish the Letter, or portions thereof, on its Twitter, LinkedIn, Facebook, Instagram and YouTube pages and various other social media channels relating to the Company, as well as its website, www.RestoretheMagic.com, and they may otherwise disseminate the Letter from time to time.

---

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> ![](image_001.jpg)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> ![](image_002.jpg) |
| &nbsp;&nbsp; <br> Dear Fellow Walt Disney Company Shareholder,<br>Trian Fund Management, L.P., whose investment funds collectively own approximately 9.4 million common shares of The Walt Disney Company (NYSE: DIS) valued at approximately $1 billion, has filed a definitive proxy statement with the Securities and Exchange Commission for the election of Nelson Peltz, its Chief Executive Officer and Founding Partner, to Disney's Board of Directors at the 2023 Annual Meeting of Shareholders. <br>We are proud owners, like you, of one of the greatest media and entertainment companies of all time: The Walt Disney Company.<br>Disney magic has captivated global audiences for nearly 100 years with a unique blend of storytelling, innovation, imagination, fantasy and suspense. <br>**We love Disney. But we believe all is not well at The Walt Disney Company. Shareholders have suffered a lot as a result:** | &nbsp;&nbsp; <br> Dear Fellow Walt Disney Company Shareholder,<br>Trian Fund Management, L.P., whose investment funds collectively own approximately 9.4 million common shares of The Walt Disney Company (NYSE: DIS) valued at approximately $1 billion, has filed a definitive proxy statement with the Securities and Exchange Commission for the election of Nelson Peltz, its Chief Executive Officer and Founding Partner, to Disney's Board of Directors at the 2023 Annual Meeting of Shareholders. <br>We are proud owners, like you, of one of the greatest media and entertainment companies of all time: The Walt Disney Company.<br>Disney magic has captivated global audiences for nearly 100 years with a unique blend of storytelling, innovation, imagination, fantasy and suspense. <br>**We love Disney. But we believe all is not well at The Walt Disney Company. Shareholders have suffered a lot as a result:** |

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· With Disney's **stock plunging 44% in 2022**, **shareholders have collectively lost over $120 billion of market value<sup>1</sup>** **<sup></sup>** 

· **Earnings per share have declined an astounding 50% since 2018** because costs have ballooned even as Disney has generated 41% more in revenue<sup>2</sup> <sup></sup>

· Disney's strategy has caused debt to skyrocket and cash flow to plummet, leading to the **continued elimination of the dividend paid for 57 straight years** 

&nbsp;&nbsp;**TOGETHER, LET'S RESTORE THE MAGIC AT DISNEY BY VOTING "<u>FOR" NELSON PELTZ</u> AND "<u>WITHHOLDING" ON MICHAEL B.G. FROMAN</u> ON TRIAN'S <u>BLUE PROXY CARD</u>**

&nbsp;&nbsp; Detailed voting instructions for both Trian's **BLUE** card and Disney's WHITE card can be found at Learn How to Vote at RestoreTheMagic.com. <br>Trian's definitive proxy statement can be reviewed at the following link: <br> Proxy Statement<br>**TO VOTE**: You can easily enter your voting instructions by clicking on the following link and following the on-screen instructions. THIS LINK WILL AUTOMATICALLY REGISTER YOUR UNIQUE CONTROL NUMBER TO VOTE:<br>Voting Link<br>If you have any questions or need additional help voting your card, contact Trian's proxy solicitor **Okapi Partners LLC at +1 (877) 629-6357, +1 (212) 297-0720 or via email at** **info@okapipartners.com**<br>

<sup>1</sup>Source: FactSet as of 12/31/22. Note: Reflects the change in market capitalization measured from 12/31/21 through 12/31/22.

<sup>2</sup>Source: SEC filings. Note: FY 2018 revenue of $59.4bn and Adj. Earnings per Share of $7.08; FY 2022 revenue of $83.7bn and Adj. Earnings per Share of $3.53.

&nbsp;&nbsp; Okapi Partners LLC, 1212 Avenue of the Americas, 17th FL, New York, New York 10036, 212-297-0720<br> Unsubscribe Manage preferences<br>