Entertainment
Disney's heirs snub activist investors and throw their support behind Bob Iger
The proxy fight between activist investors and the Walt Disney Co.’s current board is heating up as the heirs of Walt and Roy Disney, who founded the company in 1923, have publicly announced their support for Bob Iger.
In a pair of letters released to shareholders on Thursday, nine of the founders’ grandchildren — including Abigail Disney and Roy Disney — have forcefully rejected the campaign currently being waged by Trian Partners CEO Nelson Peltz and others.
Calling them “hedge-fund-backed opportunists,” the heirs have raised concerns, saying, “They are are not interested in preserving the Disney magic, but stripping it to the bone to make a quick profit for themselves.”
In a statement, a spokesperson for Trian Partners said, “We love Disney and recognize building on its rich history of delighting loyal fans is essential to its future success. Trian invests in great companies like Disney and helps them grow and thrive for the long term — and we have the track record to prove it at companies like P&G, Heinz and Mondelez.”
Peltz, 81, is attempting to gain two board seats, one for himself and another for Jay Rasulo, a former Disney chief financial officer, and to implement a raft of proposed changes.
In their letters, the Disney heirs characterize the proxy fight as a pitched battle for not simply the future of the company but its soul.
“Disney stories are filled with heroes and villains. We know who the villains are in this story, and we know they cannot be entrusted with protecting this company’s rich legacy or guiding its bright future,” said one letter to Disney shareholders, viewed by The Times.
“We’re old enough to remember the bitter episode four decades ago when another corporate raider, Saul Steinberg — who, as it so happens, was good friends with one of the current activists, Nelson Peltz — launched a hostile takeover attempt of Disney and threatened to break apart the company. He was defeated, much as these activists must be defeated today,” the letter said.
A longtime activist investor who has successfully waged proxy battles with Heinz and Procter & Gamble, Peltz launched his first proxy campaign against Disney in January 2023, after an unsuccessful attempt to gain a board seat the previous year. The company’s share price was languishing and by September, it hit an eight-year low, falling below $80. Trian owned about 9.4 million shares worth some $900 million; that number later swelled to 32 million shares valued at $3.6 billion when former Marvel Entertainment Chairman Isaac “Ike’’ Perlmutter joined forces with Peltz, entrusting his Disney shares to Trian.
(Perlmutter was dismissed from his role at Marvel last March as part of a larger restructuring. Disney has claimed that the former Marvel executive has a personal agenda against Iger.)
Peltz has been unsparing in his criticism, calling out Disney’s “over-the-top” compensation practices, failure to implement a succession plan (in July, the board extended Iger’s contract for two more years until 2026) and weak corporate governance.
He highlighted “self-inflicted” wounds such as the $71.3-billion acquisition of 21st Century Fox in 2019, a string of box-office bombs and the entertainment giant’s money-losing streaming business.
Last February Peltz withdrew his demands when Disney announced plans to eliminate 7,000 jobs, slash $5.5 billion from its budget and restore dividends.
He renewed his efforts to shake up the boardroom after the company’s share price continued to stall.
Earlier this month Walt Disney Co. reported stronger-than-expected earnings that, along with several headline-making announcements, sent Disney’s shares soaring, achieving the stock’s best day on Wall Street in three years.
In a second letter, four of the children of Walt’s eldest daughter, Diane Disney Miller, wrote, “Bob Iger has grown this company in a modern world, and he continues to maintain a balance of creativity and profit. It is still a company based on the desire to entertain and explore. There have been challenging times, but this current management has adjusted and grown through those challenges.”
According to a source familiar with the matter, Trian had offered to meet with Shamrock Holdings, the investment fund associated with the Disney family, but they declined.
The proxy fight will come to a conclusion at Disney’s annual shareholder meeting in April.
Entertainment
Spotify digs in on podcasts with new Hollywood studios
Just down the street from Roc Nation, SiriusXM and Sony Music, Spotify is joining Hollywood’s Sycamore media district with a brand-new podcast studio facility.
The new, invitation-only space will be the company’s second studio location in Los Angeles and will cater mostly to video podcasts.
When Spotify moved into its campus in the Arts District in 2021, podcasting was primarily an audio experience, and the DTLA studios reflected that. But as the listening format began to evolve into a visual one, Roman Wasenmüller, Spotify’s vice president of podcast and video, said the company needed to revamp and expand its facilities to meet the growing demand.
The Arts District studios will remain open and focus on audio content while the new Hollywood location will provide a “video-first environment.” The nearly 11,000-square-foot space includes five different studio areas that can accommodate a variety of setups, including cozier interview settings and vast recording spaces for big groups. And unlike other rentable studios around L.A., the space will be staffed by Spotify employees, who can help produce the show.
“It was just clear to us that we need more facilities than we had before, but also at the same time, we just need to figure out what the right setup would be so that we can succeed in this new world of podcasting,” said Wasenmüller.
The Hollywood location will partially function as a homebase for the Ringer, an L.A.-based media brand focused on sports and pop culture. The company was founded by sportswriter Bill Simmons and was bought by Spotify in 2020.
Recently, Spotify announced that several of the Ringer’s video podcasts will start streaming on Netflix in early 2026. Shows like “The Rewatchables,” “Ringer-Verse” and “The Hottest Take” will soon be recorded at the new outpost.
These studios won’t be exclusive to the Ringer. Wasenmüller said the space provides the opportunity for creators of all kinds to host interviews and guests while they are in Los Angeles.
Traveling while podcasting has always been a challenge for Chris Williamson, the host of the self-improvement and philosophy podcast “Modern Wisdom.” The 37-year-old recalls struggling alongside his producer to make filming possible in various Airbnbs and warehouses.
“There’s been a number of times where I’m passing through L.A. and I’ve desperately needed a spot to record with someone. This new space would have been perfect. I would have made a lot of use of it,” said Williamson. “It’s just another indication that [Spotify is] putting their money where the priorities are. If I’m in town, I imagine that I’ll be dropping into [the studios] regularly.”
Williamson is a member of the Spotify Partner Program, which is also seeing a sizable expansion, as the platform continues to invest in the podcasting industry. The monetization program was launched last year, and it allows creators to directly monetize their content on the streaming platform with ads and revenue from video podcasts. Spaces like the new Spotify Sycamore Studios are also available exclusively to members of the Spotify Partner Program. Since its introduction, monthly podcast consumption on the platform has nearly doubled.
As a member of the program since it began, Williamson said he’s seen a significant increase in revenue, adding that he was able to make more than seven figures in 2025, with an average of six figures monthly.
“It was like a human centipede where Spotify paid us to put more video on Spotify, which meant that we got bigger on Spotify and that meant they paid us more money,” said Williamson. “It was this sort of self-reinforcing circuit, and it helped.”
Over the last five years, the company estimates that its investments in the podcast industry have generated more than $10 billion in revenue. There are nearly 7 million podcast titles available for streaming, with some of the company’s most popular shows including Amy Poehler’s “Good Hang” and “The Joe Rogan Experience.” Though Spotify has continued to invest in podcasts, it has not been immune to volatility in the business. The company’s podcast division has previously undergone restructuring, including layoffs, cutting back shows and dissolving previously purchased production companies like Gimlet.
Founded in 2006, Spotify has become the world’s most popular audio streaming subscription service with over 713 million users. The streamer, based in Sweden, is available in more than 180 markets and has a library of over 100 million tracks and 350,000 audiobooks. Spotify shares closed at $571 on Tuesday, down 3.7%.
“Podcasts are now absolutely in main culture. When we started in podcasting, it was a very niche medium,” said Wasenmüller. “But now you look at where it is [today] and podcasting is a main medium across all big platforms like Netflix and YouTube. Even the [Golden] Globes are having a podcast category for the first time. There’s something big happening. To a certain extent, it’s the future of entertainment.”
Movie Reviews
Stream It Or Skip It: ‘The Home’ on Starz, a paranoid thriller where Pete Davidson gets trapped in a creepy retirement home
The Home (now streaming on Starz) pits Pete Davidson against the residents of a creepy retirement community, and it isn’t exactly a Millennials-vs.-Boomers clash for the ages. “Best generation, my f—in’ dick,” our headliner mutters under his breath at one point, and that’s an accurate representation of this quasi-horror movie’s level of articulation. Filmmaker James DeMonaco (director of the first three The Purge movies, writer of all of them) takes a halfway decent idea and turns it into an uninspired, vaguely brownish-colored movie version of the stew you make out of all the leftovers in the fridge, and that you can’t revive with just a little more salt.
THE HOME: STREAM IT OR SKIP IT?
The Gist: Hurricane Greta is about to slam into this community, and this movie would love you to come to the conclusion that it’s the result of the collective might of boomers’ farts after they ate too many Wagyu tenderloins basted in the metaphorical gravies wrung from the pores of younger generations. Maybe that’s why Max (Davidson) is so skinny, but it’s definitely why he’s so P.O.’d. He breaks into a building and expresses his angst via some elaborate graffiti art that gets him arrested – again. His foster father finagles a deal for him to avoid jail time by performing community service at the Green Meadows Retirement Home and that doesn’t seem too bad since he’ll be a janitor and not a nurse on diaper duty. And at this point it’s established that Max has some trauma stemming from his foster brother’s suicide, the type of trauma that’s requisite to pile atop any and all protagonists of crappo horror movies at this point in the 21st century.
It’s worth noting that Green Meadows is a halfway-decent retirement community – not as posh as the one in The Thursday Murder Club, and not as repugnant as you might expect for a low-rung horror flick. BUT. There’s always a BUT. He arrives at the home and looks up and sees peering out a window the face of a gaunt old man with eyes that ain’t quite right. I’m sure it’s nothing! Management gives him the nickel tour, and gives him the first rule of The Friday the 13th Murder Club: DON’T GO ON THE FOURTH FLOOR. And yes, that’s also the second rule of The Friday the 13th Murder Club. Max will stay in a room at the home so he can be available 24/7 in case the job requires a 2 a.m. mop-up, and also so he can have lucid dreams that may or may not actually be dreams about weird shit happening around these here parts.
But everything goes fine and Max quietly manages his trauma and nothing incredibly gross and/or violent happens and he lives happily ever after the end. No! Actually, he catches a glimpse of old people in bizarre masks having miserable sex, and hears horrible screams of agony coming from, yes, the fourth floor. Max seems to be getting along OK, and even makes a couple of friends, like Lou (John Glover), who summons Max to clean up a big mess of feces when it’s actually a little welcome party for the new super. Ha! Max also has conversations about Real Stuff with Norma (Mary Beth Peil), both sharing the pain of the people they’ve lost. Eventually the fourth floor misery noises get to be too much and Max picks the lock and investigates, and it’s full of wheelchair-bound elderlies in states of drooling, semi-comatose madness. After Max gets his hand slapped for violating the first/second rule, that’s when the bullshit ramps up. Let’s just say this bullshit has some Satanic vibes, and poor Norma doesn’t deserve what happens to her, although Max seems ready to do something about all this.
What Movies Will It Remind You Of? The Home is sub-Blumhouse drivel nominally referencing things like Rosemary’s Baby, Eyes Wide Shut, and One Flew Over the Cuckoo’s Nest in order to make it seem smarter than it is. Other recent scary movies set in nursing homes: The Manor, The Rule of Jenny Pen.
Performance Worth Watching: A moment of praise for the makeup and practical effects people, who provide The Home with more memorable elements than any of the cast performances.
Sex And Skin: A bit. Nothing extensive. But definitely unpleasant.
Our Take: In The Home, DeMarco tries a little bit of everything: flashbacks, dream-sequence fakeouts, jump scares, body horror, surveillance-tech POVs, occult gobbledygook, creepy sex, conspiracies, climate change dread, generational divide, paranoia, deepfake-ish dark-web weirdness… it goes on, and none of it is particularly compelling or original. It’s most effective in its grisly imagery, with a couple of memorable deaths that might tickle the cockles of horror connoisseurs, and DeMarco’s generous deployment of pus and eyeball gloop shows a variation on the usual bodily fluids that’s, well, I don’t know if “satisfying” is the right word, but at least we’re not drenched in the same ol’ blood and barf. Small victories, I guess.
Most will take issue with the casting of Davidson, who in the majority of his roles to date has yet to show the intensity that anchoring a thriller like The Home demands. He puts in some diligent effort in the role of the guy who routinely goes what the eff is going on around here?, and his work is a cut above merely cashing a paycheck, which isn’t to say he’s necessarily good. Miscast, maybe. The victim of half-assed writing, more likely, this being a paranoid creepout that never gets under our skin, with attempts at cheeky comedy that fizzle out and social commentary that dead-ends into obviousness. Having Davidson piss and moan about “F—ing boomers” ain’t enough.
The plot works its way through its hodgepodge of this ‘n’ that plot mechanisms to get to a conclusion that’ underwhelming and over the top at the same time; the initial bit of exhilaration quickly dissipates and we’re left with the sense that the movie just hasn’t been good or diligent enough in its storytelling and character development to earn this catharsis. It’s just spectacle for its own gory sake. This mediocrity might just inspire Davidson to retire from horror movies.
Our Call: Hate to say it, but 1.7 decent kills does not a horror movie make. SKIP IT.
John Serba is a freelance film critic from Grand Rapids, Michigan. Werner Herzog hugged him once.
Entertainment
House committee report questions distribution of FireAid’s $100 million for L.A. wildfire relief
The House Judiciary Committee on Tuesday released a report after its own investigation into FireAid, the charity founded by Clippers executives that raised $100 million for wildfire relief efforts in Los Angeles last January.
The investigation — led by Rep. Kevin Kiley (R-Rocklin) under committee chair Jim Jordan (R-Ohio) — began in August when Kiley “sent a letter to FireAid requesting a detailed breakdown of all non-profits that received money from FireAid.” Kiley expressed concern that the money had gone toward local nonprofits rather than as more direct aid to affected residents.
FireAid promptly released a comprehensive document detailing its fundraising and grant dispersals. After reaching out to every named nonprofit in the document, The Times reported that the groups who successfully applied for grants were quickly given money to spend in their areas of expertise, as outlined in FireAid’s public mission statements. A review conducted by an outside law firm confirmed the same.
The new Republican-led committee report is skeptical of the nonprofit work done under FireAid’s auspices — but cites relatively few examples of groups deviating from FireAid’s stated goals.
Representatives for FireAid did not immediately respond to request for comment on the report.
Out of hundreds of nonprofits given millions in FireAid funds, “In total, the Committee found six organizations that allocated FireAid grants towards labor, salaries, or other related costs,” the report said.
The committee singled out several local nonprofits, focused on relief and development for minorities and marginalized groups, for criticism. It named several long-established organizations like the NAACP Pasadena, My Tribe Rise, Black Music Action Coalition, CA Native Vote Project and Community Organized Relief Efforts (CORE), whose activities related to fire relief they found “unclear,” without providing specific claims of misusing FireAid funds.
The report — while heavily citing Fox News, Breitbart and New York Post stories — claims that “FireAid prioritized and awarded grants to illegal aliens.” Yet its lone example for this is a grant that went to CORE, citing its mission for aiding crisis response within “underserved communities,” one of which is “undocumented migrants” facing “high risk of housing instability, economic hardship, exploitation, and homelessness.”
The report said that $500,000 was used by the California Charter Schools Assn., Neighborhood Legal Services of Los Angeles County, Los Angeles Regional Food Bank, LA Disaster Relief Navigator, Community Clinic Assn. of Los Angeles County and LA Conservation Corps “towards labor, salaries, or other related costs,” which the committee said went against FireAid’s stated goals.
Yet the examples they cite as suspicious include NLSLA using its FireAid grant to pay salaries to attorneys providing free legal aid to fire victims, the Community Clinic of Los Angeles “expanding training in mental health and trauma care” through grants to smaller local health centers, and the L.A. Regional Food bank allocating its funds to “mobilize resources to fight hunger.”
The report singled out one group, Altadena Talks Foundation, from Team Rubicon relief worker Toni Raines. Altadena Talks Foundation received a $100,00 grant from FireAid, yet the report said Altadena Talks’ work on a local news podcast, among other efforts, “remains unclear” as it relates to fire relief.
The report’s claims that “instead of helping fire victims, donations made to FireAid helped to fund causes and projects completely unrelated to fire recovery, including voter participation for Native Americans, illegal aliens, podcast shows, and fungus planting” sound incendiary. Yet the evidence it cites generally shows a range of established local nonprofits addressing community-specific concerns in a fast-moving disaster, with some small amounts of money possibly going toward salaries or overhead, or groups whose missions the committee viewed skeptically.
FireAid still plans to distribute an additional round of $25 million in grants this year.
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