Bob Iger's brings reinforcements ahead of Disney's Proxy Battle

ValueAct Capital, an investment firm associated with Disney's board, released its whitepaper on Thursday, coinciding with the CEO's attempt to thwart an activist effort.

High-profile activist companies Trian Partners, managed by Nelson Peltz, and Blackwells Capital, led by Jason Aintabi, have presented their own thesis for Disney's future and committed support for CEO Bob Iger and the Disney board as Disney continues its proxy war with these two activist investors.

Co-CEO Mason Morfit's ValueAct Capital published a whitepaper on Thursday that detailed its own strategic concepts for Disney and provided justification for the investment in Iger and Disney leadership. ValueAct first endorsed Disney in January, but shareholders' decisions over which slate of director nominees to back will be decided in the coming weeks.

Disney has already committed to making a sizable investment in its parks and experiences division, according to the Value Act, and the company's approach there should still yield significant growth. ValueAct pointed out that only Netflix makes money from streaming, but Disney benefits from broadcast reach and a reputation for being creatively friendly.

It mentioned its role as an investor in The New York Times and made the case that Disney could provide a bundling experience akin to this, citing the introduction of a sports streaming bundle with Fox and Warner Bros. Discovery most recently, as well as the merger of Hulu into Disney+.