Stanley Gold and Roy Disney will be on CNBC today
- Thread starter hopemax
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jimmytammy
<font color=purple>Swivel, it's a hard habit to br
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Thanks for this info. I caught the tale end of it. I think what I had gathered from what I saw that Roy Disney said was they had asked Eisner to not do certain things he was doing in just the past few weeks. He must have skirted a question that one interviewer had asked. She then asked the same question to Stanley Gold, the question was are you and Mr Disney going to pursue the ousting of Eisner. His answer was yes, they will contact some large and small shareholders to get approval.
Bottom line, Eisner brought Disney to what it is between 84 and now. Does he need to go, a definite yes. Roy Disney regardless of age needs to remain to keep the company focused on what his father and uncle set out to do. Without a Disney, the interest will go places it shouldnt go.
Bottom line, Eisner brought Disney to what it is between 84 and now. Does he need to go, a definite yes. Roy Disney regardless of age needs to remain to keep the company focused on what his father and uncle set out to do. Without a Disney, the interest will go places it shouldnt go.
wdw4us2
<font color=blue>Not only a DIS Vet, but a 33 year
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I taped the interview. It was nice to hear Roy and Stanley restating things that some of us have been saying for years on The DIS.
I was also thrilled when they said they are looking for support from Disney Shareholders who have a lot or a few shares - where do I sign up to support their cause?!
I was also thrilled when they said they are looking for support from Disney Shareholders who have a lot or a few shares - where do I sign up to support their cause?!
hopemax
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So since I'm a geek, I transcribed the CNBC interview.
**********
RON INSANA: And were joined now by Roy Disney, former board member and former vice-chairman of the company. And Stanley Gold, who is an advisor to Mr. Disney and also board member who just resigned this afternoon. Gentleman, thank you very much for being with us. Mr. Disney, if I may, start with you. What exactly would like to see happen at the company, in response to your departure from the board?
ROY DISNEY: Well, in the long run, of course, as my letter says, it seems to me the best thing for the company, in the long run is for Michael to leave and for new management, younger management, more enthusiastic, more creative management to come in. I think there is an enormous upside in the company that has not been realized over the last six or seven or eight years. And if you owned that same $1000 worth of stock seven years ago, as a matter of fact, youd still have $1,000. So nothing much has happened in that amount of time, and its my belief its time for new blood.
SUE HERERA: Mr. Gold, what about those, including the analyst that was quoted in Jerry Cobbs report and also Tom Wolzien of Bernstein research who says that, Mr. Eisner has turned around the ship, albeit slowly, perhaps. But the stock has gained strength, that ABC is having a good season, and that it takes time to turn things around and that Mr. Eisner has done a decent job of doing that.
STANLEY GOLD: Yeah, I would say that hes had seven years to turn it around and hes not done it satisfactorily. There is no question that there hasnt been a little bit of a bounce in the stock price. But I dont think were interested in quarter-to-quarter, or sometimes year to year. The Disney family has always been concerned about what the company will look five or ten years down the road. And I think were skimping on maintence, were skipping on costs, and trying to eek out a little gain. I dont think its sustainable, and in the end of the day what weve really lacked in this company is creativity and leadership. And thats what Roy and I have tried to set forward. That together with a board that doesnt account, doesnt ask anyone to be accountable in terms of their performance.
INSANA: Mr. Disney, there are some people who suggest that you have been somewhat miffed by the notion that members of the board who are 72 years or older must retire on a mandatory basis. From what I have heard, this applies to all board members, not just non-management board members. And that in fact, you and Mr. Murphy and Mr. Watson were all informed two weeks ago that the mandatory board retirement would be put in place and be voted on today. What about that?
DISNEY: Well, thats true. There is something in the bylaws about that. I never actually felt that it was anything more than an arbitrary rule put in there to keep the board turned over. As others will tell you, it is my name on the door; its my uncles name and my Dads name as well. And I feel that I continue contribute to the company in a lot of ways that arent very measurable. And I was rather taken by surprise that others seemed to think I wasnt.
HERERA: Mr. Disney, will you continue to try and push Mr. Eisner out? If so, how will you do that, given the fact that the stock is fairly widely held and there is no large institutional shareholder per say. How do you plan to pursue the actions that you have begun?
DISNEY: Well, I think its awfully early in the process to answer that question. - -
HERERA: But you have been calling for Mr. Eisners resignation for some time and the two of you obviously have not seen eye to eye for some time. So this is not necessarily a new fight, is it?
DISNEY: Its not a new fight, but its been carried on behind the walls of the boardroom until now. And it finally, sort of, came to us that there was no sense in trying to convince a board that was firmly entrenched in the other camp that there were better ways to run the company. We felt we could do better from the outside and be able to talk a little more freely.
INSANA: Mr. Gold, some have suggested that where you folks have been critical of Disney, with respect to the acquisition of ABC, the acquisition of the Family channel. Both of you voted in favor of those acquisitions. And in fact, you were a strong proponent of the purchase of the Family channel. Are you in any way upset that the acquisition didnt work out as planned? What is your position on that?
GOLD: Lets take those one at a time. The ABC Family, I did vote for it I had some reluctance when Michael agreed to pay 700 to a billion dollars more money, for it than some on the board thought ought to be paid. But I voted for it, because I was shown a set of pro formas, and a programming schedule that showed we were gonna have a 20-22% growth in revenues and profits from this acquisition. It has not come to pass. I think the CFO is on record as predicting a 20% compounded growth from the ABC Family. And in the end, not only are were not going up but were loosing money in this thing. And so forget whether the acquisition was good or bad, the real accountability is we cant make any money on it. No one is accountable. In fact, in the year in which it became apparent that we overpaid a billion dollars, that we couldnt actually program it, that the pro formas were inaccurate. Instead of holding the people who did this accountable, we turn around and give everybody major bonuses. I dont understand a company that, or a board, I should say that permits the senior management like Michael and the people who did this to be rewarded for what is clearly a failure.
HERERA: Mr. Disney, a lot of people on the street, and a lot of people in the entertainment world are wondering whether or not Disney will once again cement its relationship with Pixar. Seen widely, as one of the main contributor to the success in your movies, and also in your animation and the future of Disney animation. What can you tell us about the negotiations that are going on at Pixar and whether or not that relationship will be continued.
DISNEY: Well, obviously from the outside looking in I cant tell you anything. --
HERERA: Well, but you were on the inside.
DISNEY: I was on the inside and couldnt tell you anything then either. In fact, I was about to go up to see my friend John Lasseter in Emoryville, a few weeks ago, and was asked not to go there, by Michael, because he didnt want Disney executives and Pixar executives to be rubbing shoulders, so to speak. So I was asked, not so politely, to stay out of that.
INSANA: Mr. Disney, with respect to your point of view on, lets say,two-dimensional animation, which has been the hallmark of the Disney company for many, many years versus 3-D. Where do you stand on that? There are some people that believe that you want to see the older style of animation kept in place when the real money is being made in Pixar like deals and newer forms of animation.
DISNEY: Where I stand, is where I always stood, which is in favor of really good stories as opposed to not so good stories. And Im not at all concerned about how theyre made. I think its an artistic choice not any other kind of choice.
HERERA: Mr. Gold, if I could ask you the same question that I tried to get Mr. Disney to answer, which is, will either you or Mr. Disney pursue the ouster and the resignation of Michael Eisner?
GOLD: Yeah, let me see if I can answer that. I think were going to spend some time, now that we are unshackled from the board resolution that were not allowed to talk to either shareholders or the press, trying to talk to both large and small shareholders. Were going to try to educate some of the shareholders about how the company is run, what its prospects are, what its real potential is, and how that is being unrealized by the current management. And it would be our hope, in fact, to put pressure on the board to bring a new management in place. I think thats a pretty direct answer to your question.
INSANA: Gentlemen, than you very much for joining us, we appreciate it. Roy Disney, former board member and former vice chairman of the Walt Disney Company and Stanley Gold, advisor, and also a former board member. Thank you very much.
**********
RON INSANA: And were joined now by Roy Disney, former board member and former vice-chairman of the company. And Stanley Gold, who is an advisor to Mr. Disney and also board member who just resigned this afternoon. Gentleman, thank you very much for being with us. Mr. Disney, if I may, start with you. What exactly would like to see happen at the company, in response to your departure from the board?
ROY DISNEY: Well, in the long run, of course, as my letter says, it seems to me the best thing for the company, in the long run is for Michael to leave and for new management, younger management, more enthusiastic, more creative management to come in. I think there is an enormous upside in the company that has not been realized over the last six or seven or eight years. And if you owned that same $1000 worth of stock seven years ago, as a matter of fact, youd still have $1,000. So nothing much has happened in that amount of time, and its my belief its time for new blood.
SUE HERERA: Mr. Gold, what about those, including the analyst that was quoted in Jerry Cobbs report and also Tom Wolzien of Bernstein research who says that, Mr. Eisner has turned around the ship, albeit slowly, perhaps. But the stock has gained strength, that ABC is having a good season, and that it takes time to turn things around and that Mr. Eisner has done a decent job of doing that.
STANLEY GOLD: Yeah, I would say that hes had seven years to turn it around and hes not done it satisfactorily. There is no question that there hasnt been a little bit of a bounce in the stock price. But I dont think were interested in quarter-to-quarter, or sometimes year to year. The Disney family has always been concerned about what the company will look five or ten years down the road. And I think were skimping on maintence, were skipping on costs, and trying to eek out a little gain. I dont think its sustainable, and in the end of the day what weve really lacked in this company is creativity and leadership. And thats what Roy and I have tried to set forward. That together with a board that doesnt account, doesnt ask anyone to be accountable in terms of their performance.
INSANA: Mr. Disney, there are some people who suggest that you have been somewhat miffed by the notion that members of the board who are 72 years or older must retire on a mandatory basis. From what I have heard, this applies to all board members, not just non-management board members. And that in fact, you and Mr. Murphy and Mr. Watson were all informed two weeks ago that the mandatory board retirement would be put in place and be voted on today. What about that?
DISNEY: Well, thats true. There is something in the bylaws about that. I never actually felt that it was anything more than an arbitrary rule put in there to keep the board turned over. As others will tell you, it is my name on the door; its my uncles name and my Dads name as well. And I feel that I continue contribute to the company in a lot of ways that arent very measurable. And I was rather taken by surprise that others seemed to think I wasnt.
HERERA: Mr. Disney, will you continue to try and push Mr. Eisner out? If so, how will you do that, given the fact that the stock is fairly widely held and there is no large institutional shareholder per say. How do you plan to pursue the actions that you have begun?
DISNEY: Well, I think its awfully early in the process to answer that question. - -
HERERA: But you have been calling for Mr. Eisners resignation for some time and the two of you obviously have not seen eye to eye for some time. So this is not necessarily a new fight, is it?
DISNEY: Its not a new fight, but its been carried on behind the walls of the boardroom until now. And it finally, sort of, came to us that there was no sense in trying to convince a board that was firmly entrenched in the other camp that there were better ways to run the company. We felt we could do better from the outside and be able to talk a little more freely.
INSANA: Mr. Gold, some have suggested that where you folks have been critical of Disney, with respect to the acquisition of ABC, the acquisition of the Family channel. Both of you voted in favor of those acquisitions. And in fact, you were a strong proponent of the purchase of the Family channel. Are you in any way upset that the acquisition didnt work out as planned? What is your position on that?
GOLD: Lets take those one at a time. The ABC Family, I did vote for it I had some reluctance when Michael agreed to pay 700 to a billion dollars more money, for it than some on the board thought ought to be paid. But I voted for it, because I was shown a set of pro formas, and a programming schedule that showed we were gonna have a 20-22% growth in revenues and profits from this acquisition. It has not come to pass. I think the CFO is on record as predicting a 20% compounded growth from the ABC Family. And in the end, not only are were not going up but were loosing money in this thing. And so forget whether the acquisition was good or bad, the real accountability is we cant make any money on it. No one is accountable. In fact, in the year in which it became apparent that we overpaid a billion dollars, that we couldnt actually program it, that the pro formas were inaccurate. Instead of holding the people who did this accountable, we turn around and give everybody major bonuses. I dont understand a company that, or a board, I should say that permits the senior management like Michael and the people who did this to be rewarded for what is clearly a failure.
HERERA: Mr. Disney, a lot of people on the street, and a lot of people in the entertainment world are wondering whether or not Disney will once again cement its relationship with Pixar. Seen widely, as one of the main contributor to the success in your movies, and also in your animation and the future of Disney animation. What can you tell us about the negotiations that are going on at Pixar and whether or not that relationship will be continued.
DISNEY: Well, obviously from the outside looking in I cant tell you anything. --
HERERA: Well, but you were on the inside.
DISNEY: I was on the inside and couldnt tell you anything then either. In fact, I was about to go up to see my friend John Lasseter in Emoryville, a few weeks ago, and was asked not to go there, by Michael, because he didnt want Disney executives and Pixar executives to be rubbing shoulders, so to speak. So I was asked, not so politely, to stay out of that.
INSANA: Mr. Disney, with respect to your point of view on, lets say,two-dimensional animation, which has been the hallmark of the Disney company for many, many years versus 3-D. Where do you stand on that? There are some people that believe that you want to see the older style of animation kept in place when the real money is being made in Pixar like deals and newer forms of animation.
DISNEY: Where I stand, is where I always stood, which is in favor of really good stories as opposed to not so good stories. And Im not at all concerned about how theyre made. I think its an artistic choice not any other kind of choice.
HERERA: Mr. Gold, if I could ask you the same question that I tried to get Mr. Disney to answer, which is, will either you or Mr. Disney pursue the ouster and the resignation of Michael Eisner?
GOLD: Yeah, let me see if I can answer that. I think were going to spend some time, now that we are unshackled from the board resolution that were not allowed to talk to either shareholders or the press, trying to talk to both large and small shareholders. Were going to try to educate some of the shareholders about how the company is run, what its prospects are, what its real potential is, and how that is being unrealized by the current management. And it would be our hope, in fact, to put pressure on the board to bring a new management in place. I think thats a pretty direct answer to your question.
INSANA: Gentlemen, than you very much for joining us, we appreciate it. Roy Disney, former board member and former vice chairman of the Walt Disney Company and Stanley Gold, advisor, and also a former board member. Thank you very much.
J. Thornhill
Watermouse Captain
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Hopemax,
You're no geek, you're a hero! I thought I'd missed it, but when I got home from work, there it was, word for word!
Many thanks,
J.-
You're no geek, you're a hero! I thought I'd missed it, but when I got home from work, there it was, word for word!
Many thanks,
J.-
TiggerFreak
Never goes gankin on the Internizzle
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Thank You Hope!
HB2K
I Spit Hot Fire!
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There's too many threads here! I wish we could just consolidate them...but at any rate...
This passage indicates that this problem is going to be a MAJOR problem. Disney & Gould are going to fight this out...in public. That is going to have SERIOUS ramifications for the company....
And this passage in particular will be used by the BTMRR victim's lawyer...and it would not shock me to see Mr. Gould called to testify should there ever be a trial..
jimmytammy
<font color=purple>Swivel, it's a hard habit to br
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Im not so sure they intend for it to get ugly although it seems to be leading that way. At any rate, if they can get the Disney magi backc that formally was, I say go for it.
As a shareholder, my Disney stock has been nothing spectacular. I would like to see some improvement in that area. I think that Roy and Gold both recognize that the past has slipped away from the company, and thats OK, knowing they have to continue to turn a profit. But for Disney Co. to do that, these guys know that they have to see what got the Co. to be succesful to start with. That reverts way back to Walt and Roy Sr.
Eisner helped to take Disney to bigger places. The true Disney public, the ones who put the $$s into the business want that magic thats gone, back. If this arguement were being made to shareholders only, not a Disney fan, they will think my comments are crazy. What Magic? they say.
Lets let Roy have a chance to bring it back once more I say. Ive never been a Eisner basher. He deserves credit where credit is due. But what has he done lately. Line his pockets, period.
As a shareholder, my Disney stock has been nothing spectacular. I would like to see some improvement in that area. I think that Roy and Gold both recognize that the past has slipped away from the company, and thats OK, knowing they have to continue to turn a profit. But for Disney Co. to do that, these guys know that they have to see what got the Co. to be succesful to start with. That reverts way back to Walt and Roy Sr.
Eisner helped to take Disney to bigger places. The true Disney public, the ones who put the $$s into the business want that magic thats gone, back. If this arguement were being made to shareholders only, not a Disney fan, they will think my comments are crazy. What Magic? they say.
Lets let Roy have a chance to bring it back once more I say. Ive never been a Eisner basher. He deserves credit where credit is due. But what has he done lately. Line his pockets, period.
disneyatheart
Mouseketeer
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- Messages
- 138
Yes, you can count on my vote too! I read Eisners book -however, afterwards I regreted buying it and making him a profit. The tone and message in his book conveyed his egotistical, narrow minded leadership style!
We need to keep a Disney on board if we want WDW to maintain its reputation and its greatest strength: customer service and personal attention to others.
Best of luck to Roy! Sending LOTS & LOTS of pixie dust his way
We need to keep a Disney on board if we want WDW to maintain its reputation and its greatest strength: customer service and personal attention to others.
Best of luck to Roy! Sending LOTS & LOTS of pixie dust his way
You should not be surprised that they grilled Roy and Stanley. They ultimately work for GE, which is about as "old-school corporate" as you can get. It wouldn't look good for them to embrace some renegades looking for the glory days of innovation, creativity, and flair. They are supposed to embrace the totally corporate style of Eisner and prefer that.
Here's a bit of contact information from the Shamrock Holdings site.
Stanley Gold - sgold@shamrock.com
Shamrock Holdings
4444 Lakeside Drive
Burbank, CA 91505
United States of America
(818) 845-4444
Fax (818) 559-7320
Stanley Gold - sgold@shamrock.com
Shamrock Holdings
4444 Lakeside Drive
Burbank, CA 91505
United States of America
(818) 845-4444
Fax (818) 559-7320
raidermatt
Be water, my friend.
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- Sep 26, 2000
- Messages
- 6,856
Well, its been an interesting few days...
On CNBC's Squakbox this morning, the internet poll of the day was is Disney's stock a buy, sell or hold. The results were 48% sell, and roughly 26% each for buy and hold.
Non-scientific of course, and all that really matters is what the stock actually does (down 2.8% today, overall Dow down .5%). But still interesting.
The four commentators has a brief discussion about it, saying that the stock was up this year, but there were some issues clouding things, like the cable channels, ABC, and ESPN. (Issues with ESPN involved the continuing increase in sports programming costs)
One commentator (Joe Kernan) commented that "it used to be you couldn't find a gum wrapper in the place (WDW)... I wonder what its like now." Another replied that he was going to WDW in a month and would personally report back on any maintenance issues.
Obviously not experts on the parks, but its clear the comments and letters from Gold and Disney have them taking a closer look.
On CNBC's Squakbox this morning, the internet poll of the day was is Disney's stock a buy, sell or hold. The results were 48% sell, and roughly 26% each for buy and hold.
Non-scientific of course, and all that really matters is what the stock actually does (down 2.8% today, overall Dow down .5%). But still interesting.
The four commentators has a brief discussion about it, saying that the stock was up this year, but there were some issues clouding things, like the cable channels, ABC, and ESPN. (Issues with ESPN involved the continuing increase in sports programming costs)
One commentator (Joe Kernan) commented that "it used to be you couldn't find a gum wrapper in the place (WDW)... I wonder what its like now." Another replied that he was going to WDW in a month and would personally report back on any maintenance issues.
Obviously not experts on the parks, but its clear the comments and letters from Gold and Disney have them taking a closer look.
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