6 min read · Jan 31, 2024
The Walt Disney Company, commonly known as Disney, is one of the largest media and entertainment conglomerates in the world. With iconic brands like Mickey Mouse, Marvel, Star Wars, and Pixar under its umbrella, Disney’s influence spans film, television, streaming platforms, theme parks, merchandise, and more.
But who actually owns and controls this sprawling entertainment empire in 2024? The ownership structure of Disney is complex, with influence divided between major institutional investors, top executives, and the founding Disney family.
Disney was founded on October 16, 1923 by brothers Walt and Roy Disney. In its early days, Disney was a small animation studio focused on cartoon shorts. Over decades of expansion into film, TV, theme parks, and other ventures, Disney grew into a massive global corporation.
As the company grew, its ownership structure evolved as well. In 1984, nearly 30 years after Walt Disney’s death, shareholders Sid Bass and Roy E. Disney (Walt’s nephew) installed new CEO Michael Eisner and President Frank Wells, with the Bass and Disney families retaining a large minority share of the company.
Eisner led an aggressive expansion of Disney’s assets over the next two decades. Major moves included the acquisition of Capital Cities/ABC in 1996, gaining Disney ownership over the ABC television network and ESPN. Disney also partnered with Pixar Animation Studios during this period, producing massive hits like Toy Story.
In 2005, Robert Iger succeeded Michael Eisner as Disney’s CEO. Under Iger, Disney continued expanding, including major acquisitions of Marvel Entertainment in 2009 and Lucasfilm in 2012.
Most recently in 2019, Disney acquired 21st Century Fox, further bolstering its content library and intellectual property. However, Disney has hit recent challenges including leadership turmoil, streaming losses, and activist investor pressure — raising questions around Disney’s future leadership and direction.
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As of January 2024, here is the breakdown of Disney’s ownership:
- 62.23% institutional investors — Massive investment firms like Vanguard, BlackRock, and State Street own over 60% of Disney shares, giving them substantial influence over the company.
- 0.89% Disney insiders — Top Disney executives own less than 1% of total shares. CEO Bob Iger owns only 0.01% of the company.
- 36.88% retail investors — Over one third of Disney shares are held by individual “retail” investors with relatively small stakes.
While no single entity owns a majority control of Disney, institutional investors collectively wield tremendous power through their voting shares. Activist investor Trian Partners currently owns 1.8% of Disney stock, allowing them to pressure Disney’s leadership.
Meanwhile, the founding Disney family owns only a tiny fraction of the company after nearly a century of dilution. Roy E. Disney’s Shamrock Holdings fund owned a 1.2% stake as recently as 2021, but other Disney heirs lack major share blocks.
Here are summaries of the major institutional investors, insiders, and retail shareholders that collectively control the fate of Disney in 2024:
Vanguard Group — The investment giant owns 8.19% of Disney shares worth over $14 billion, making it the largest single institutional owner. With its substantial voting power, Vanguard has influence over major decisions at Disney.
BlackRock — Asset manager BlackRock owns over 6% of Disney stock, with its $11 billion position representing the second largest institutional investor behind Vanguard.
State Street Corp — The Boston-based financial services company owns nearly 4% of Disney. State Street’s $7 billion stake gives it sway as a top-three institutional investor.
T. Rowe Price — With 3.4% ownership and $5.8 billion worth of Disney shares, the Baltimore investment firm T. Rowe Price ranks among the most influential institutional owners.
Geode Capital Management — This Boston-based firm owns 1.85% of Disney, with its $3.2 billion position placing it among Disney’s ten largest institutional shareholders.
Robert Iger — Returning CEO Bob Iger holds just 0.01% of Disney shares, worth approximately $20 million. This small stake grants Iger little direct influence over Disney through share ownership.
Christine McCarthy — Disney’s Chief Financial Officer owns around 0.08% of shares, now worth roughly $80 million. While larger than Iger’s stake, this still only translates to limited influence.
Susan Arnold — As Disney’s board chair, Arnold owns 0.06% of Disney stock. But her $60 million stake does little to impact control over the entertainment giant.
Alan Braverman — Disney’s Senior Executive Vice President and General Counsel owns around 0.05% of the company’s shares, currently valued at approximately $50 million.
Josh D’Amaro — Chairman of Disney’s parks division, D’Amaro owns just 0.01% of Disney stock. His minimal $10 million stake reflects limited ownership influence.
Michael Eisner — Disney’s CEO from 1984 to 2005 owns around 0.36% of Disney shares, now worth nearly $350 million. While larger than current insider stakes, Eisner’s ownership still only translates to moderate influence.
The Vanguard S&P 500 ETF — This Vanguard fund owns 0.39% of Disney stock, with its $380 million position reflecting the investment giant’s substantial retail investor base.
Trian Fund Management — Nelson Peltz’s activist hedge fund Trian owns 1.8% of Disney shares worth $3 billion. This stake fuels Trian’s activist agenda, like its board member nominations for Disney’s 2024 annual meeting.
While major institutional shareholders collectively control Disney’s fate, individual investors actually own over one third of the company’s stock. But no coordinating force unites retail investors — leaving major fund companies like Vanguard, BlackRock, and Trian to dominate Disney’s ownership landscape.
Disney faces immense pressure in 2024 from activist investor Trian Partners and its founder Nelson Peltz. With a nearly $3 billion stake in Disney, Trian is pushing for board representation and strategy changes to boost Disney’s stock price after years of underperformance.
Trian’s public attacks helped lead to the return of former CEO Bob Iger in late 2022. But even with Iger back in charge, Trian continues lobbying for additional board seats — nominating Peltz and former Disney executive Jay Rasulo to join Disney’s 12-person board before the company’s 2024 annual shareholder meeting.
Meanwhile, Disney’s own board has nominated two new directors to join its recommended slate — including former Sky CEO Jeremy Darroch and ex-Morgan Stanley CEO James Gorman. These dueling board member nominations set the stage for a high-stakes showdown at Disney’s 2024 shareholder meeting.
Iger and Disney’s board hope institutional investors will support their hand-picked slate. But Trian only needs to convince a small portion of Disney shareholders to gain board seats for Peltz and Rasulo. With Disney’s stock languishing, big investors like Vanguard may bow to activist pressure for additional boardroom change.
The proxy fight between Trian and Disney will likely climax around Disney’s 2024 annual meeting in March. Soon after, investors will learn whether Disney’s board stays intact, or whether Peltz and Rasulo join a reshaped board — marking a major activist victory.
Disney’s future strategic direction hangs in the balance. If Peltz gains a board seat, expect significant entertainment, streaming, and leadership changes in the months ahead. But if Disney convinces shareholders to trust Iger’s latest revival plan, the company may weather the storm with leadership continuity.
Within the halls of power in Burbank and major financial centers like New York and Boston, decisions are being made that will shape Disney’s trajectory for years to come. Shareholders will soon render their verdict — and Disney’s next chapter will begin to take form.
