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A group of Disney investors are demanding access to the company’s records, claiming that the entertainment giant’s late-night host Jimmy Kimmel’s suspension treatment reflects political pressure rather than shareholder benefits.
In a letter sent to CEO Bob Iger on Wednesday, the lawyer representing the American Federation of Teachers, AFL-CIO Federation, Trade Union Federation, and reporters with no borders said, “Jimmy Kimmel Live!”
The investor group argues that the decision was driven by threats from federal regulators and broadcasting affiliates rather than business calculations that would benefit shareholders.
“Disney stocks have dropped significantly in response to a sudden halt that appears to be in response to a political threat,” investors wrote in a letter first reported by Semafor.
Disney stocks fell 3.3% until last Monday, the day after Kimmel was suspended. Kimmel was drawn from the sky after a September 15th monologue working on politicizing the assassination of conservative activist Charlie Kirk. The host returned to ABC on Tuesday, but affiliates representing about a quarter of US households, including Nexstar and Sinclair stations, did not carry the program.
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Investors are seeking an analysis of the financial impact of board minutes, internal communications, affiliate contracts, and suspensions.
“There is a credible basis for the board and executives to suspect that they may have breached their fiduciary duties of loyalty, care and integrity by placing inappropriate political or affiliate considerations beyond the best interests of the company and its shareholders,” the investor said in the letter.
One of the lawyers who represents investors is Roberta Kaplan, best known for his delinquent loss case against Donald Trump.
“Free speech is the key to our survival as the American bedrock and the world’s oldest democracy,” Kaplan said in a statement to CNBC. “The government cannot and should not threaten to punish anyone just because they don’t like what they have to say. And while the large media companies were on the forefront, they should not succumb to unconstitutional threats or threats either.”
– CNBC’s Danmangan contributed the report.
