ValueAct Capital Raked in $95 Million in Fees Managing Disney Pension Fund Assets, Blackwells Capital Says

The firm had no longer managed money for Disney when it built a stake in the entertainment giant last year, according to an individual familiar with the matter

BEVERLY HILLS, CALIFORNIA – JANUARY 07: (L-R) ValueAct Capital co-CEO Mason Morfit and actress Jordana Brewster attend the 81st Annual Golden Globe Awards at The Beverly Hilton on January 07, 2024 in Beverly Hills, California. (Photo by Amy Sussman/Getty Images)

Blackwells Capital is taking aim at Disney’s financial relationship with ValueAct Capital in a new letter to shareholders.

The firm is accusing the entertainment giant of failing to disclose that the activist investor and its affiliates have taken in a cumulative $95 million in fees since 2013 for managing over $350 million of Disney’s pension fund assets.

In a white paper, Blackwells cited filings from the Department of Labor that showed ValueAct was managing $355 million in Disney pension funds in 2022. It noted that filings for 2023 and 2024 were not available, but that it suspects ValueAct continues to manage Disney’s pension fund assets.

Lucas Manfredi

Lucas Manfredi joined TheWrap in November 2022 after four years at Fox Business. He can be reached at lucas.manfredi@thewrap.com.

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