Kimmel and Disney’s political expedience, Exxon bought its vote, and algorithmic autocracy
Story of the Week (DR):
Disney Pulls Jimmy Kimmel’s Show After Kirk Remarks
Republicans Leverage Charlie Kirk’s Death to Declare War on Free Speech
Charlie Kirk assassination reignites debate over Section 230 protections for social media companies
"Section 230 needs to be repealed. If you're mad at social media companies that radicalize our nation, you should be mad," Sen. Lindsey Graham, R-S.C., said Sunday on NBC's "Meet the Press." "I have a bill that will allow you to sue these people. They're immune from lawsuits."
Nexstar And Sinclair, Two Largest Station Groups, Wield Influence In ABC Decision To Pull Jimmy Kimmel In Light Of His Charlie Kirk Comments
A $6.2 billion deal looms over Jimmy Kimmel's suspension
Nexstar, the largest station group in the country, is a leading champion in the broadcast industry for the FCC to relax media ownership limits and has a major merger before the Trump administration, its proposed $6.2B acquisition of Tegna, creating a mega-company with 265 stations in 44 states and the District of Columbia, representing 80% of U.S. TV households.
Nexstar needs the agency to ease rules that currently limit the percentage a broadcaster can reach to 39% of the nation’s television households.
Sinclair also is seeking deregulation, and in its statement, it praised Carr. “We appreciate FCC Chairman Carr’s remarks today and this incident highlights the critical need for the FCC to take immediate regulatory action to address control held over local broadcasters by the big national networks,” Sinclair said.
Nexstar: founder/Chair/CEO Perry Sook
Sinclair: the Smith family: currently nepobaby David Smith; board is 44% Smith
What to know about Brendan Carr, the FCC chairman who went after Jimmy Kimmel
In response to an opinion column in The Washington Post by Mark Zuckerberg, the chief executive of Facebook, outlining his ideas for removing harmful content, Carr criticized Zuckerberg's call for government regulation as a violation of the First Amendment.
He later praised Zuckerberg's "instincts" to show Trump's posts that amplified COVID-19 misinformation unaltered.
Carr supported Trump's "Executive Order on Preventing Online Censorship" targeting Section 230 of the Communications Decency Act.
Trump filed a $15 billion defamation lawsuit against The New York Times and 4 of its journalists
Trump's NYT Lawsuit Dismissed by Republican-Appointed Judge
A federal judge on Friday dismissed Donald Trump's $15 billion defamation lawsuit against The New York Times. U.S. District Judge Steven Merryday: a lawsuit is not "a protected platform to rage against an adversary."
Comcast CEO criticizes ex-MSNBC contributor's remarks about Charlie Kirk in memo to staff
Allies of President Donald Trump are poised to get their hands on TikTok’s U.S. operations.
Entrepreneur Larry Ellison, worth approximately $350 billion, and Marc Andreessen, a venture capitalist with a $2 billion net worth, have been pals with the president for years.
Ellison’s software giant Oracle, Andreessen’s venture capital firm Andreessen Horowitz, and private equity firm Silver Lake are among a group of U.S. businesses said to be nearing a deal to take over the American operations of the short-form video app, according to a report from The Wall Street Journal.
Nestlé Chairman to Step Down After Abrupt CEO Firing
Nestlé investors demand chair Paul Bulcke resign over CEO churn
“I have full trust in Nestlé s new leadership and firmly believe this great company is well positioned for the future,” Bulcke said. “This is the right moment for me to step aside and accelerate the planned transition, allowing Pablo and Philipp to advance Nestlé’s strategy and guide the company with a fresh perspective.”
Board member (2018-) Pablo Isa new chair
The company appointed Dick Boer as lead independent director and vice chairman of the board of directors as of Oct. 1, while Marie-Gabrielle Ineichen-Fleisch was appointed vice chair of the board.
A new ally against excessive CEO Pay: Pope Leo
Pope Leo appears to be particularly baffled by the Tesla pay package that could turn Elon Musk into the world’s first trillionaire: “What does that mean and what’s that about? If that is the only thing that has value anymore, then we’re in big trouble.”
Dave Ramsey Says 'We're Not All Equal. It Doesn't Work That Way' — The Rich Aren't Evil, It's Just Math and Jealousy Fueling the Stigma
Rashida Tlaib and Bernie Sanders introduce the Tax Excessive CEO Pay Act. Proponents of the bill argue that it will incentivize large corporations to narrow their internal pay disparities by either increasing wages for their lowest-paid employees or reducing executive compensation packages Key Provisions of the Act:
Tax Trigger: The new tax would apply to companies with a CEO-to-median-worker pay ratio of 50-to-1 or greater.
Graduated Tax Rates: The penalty begins with a 0.5 percentage point tax increase for companies with a pay ratio between 50 and 100-to-1.
Progressive Structure: The tax rate increase climbs with the pay ratio:
1.0 percentage point for ratios between 100 and 200-to-1.
2.0 percentage points for ratios between 200 and 300-to-1.
3.0 percentage points for ratios between 300 and 400-to-1.
4.0 percentage points for ratios between 400 and 500-to-1.
5.0 percentage points for ratios exceeding 500-to-1.
Broad Application: The act is intended to apply to both publicly and privately held companies with annual revenues of $100 million or more.
Exxon to offer auto-voting to counter shareholder activism. Here’s how it works:
Opt-In Program: The auto-voting feature is a voluntary, opt-in program for retail investors.
Automatic Voting: Once enrolled, an investor's shares will be automatically voted in accordance with the board's recommendations on all proposals at shareholder meetings.
Flexibility for Investors: Despite the automated nature, investors will still receive all proxy materials and retain the right to manually override the automatic vote on any specific proposal. They can also opt out of the program at any time, free of charge.
Exxon's Stated Rationale:
Leveling the Playing Field: Exxon argues that this program is a matter of fairness, designed to give retail investors the same ease of voting that institutional investors have. They contend that individual investors often lack the time and resources to research and vote on complex proxy proposals.
Addressing Low Turnout: The company has highlighted that while retail investors hold a significant portion of its shares (nearly 40%), their voting turnout is low (only about a quarter of them vote).
Countering Activist Agendas: Exxon has explicitly stated that activist groups have exploited this low retail voter participation to advance their own agendas, which the company claims are often political and detrimental to long-term shareholder value.
Texas AG probes proxy advisers Glass Lewis, ISS amid ESG backlash By Reuters
Exxon Urges Europe to Repeal Rules to Make Companies Track Climate Pollution
Goodliest of the Week (MM/DR):
DR: Tyson is ditching corn syrup
It also plans to axe sucralose, BHA/BHT, and titanium dioxide from its food by the end of 2025
53 percent of just over 5,000 US adults polled in June think that AI will "worsen people’s ability to think creatively."
Fifty percent say AI will deteriorate our ability to form meaningful relationships, while only five percent believe the reverse.
MM: Northeast US states form health alliance in response to federal vaccine limits MM
Assholiest of the Week (MM):
Which capitalist is the bigger asshole
Bob Iger
Iger yanked Kimmel after pressure from affiliate owners looking to curry FCC favor in a $6bn merger
There are comparisons being made to when Iger cancelled Roseanne:
From blowhard Iger apologist Jeff Sonnenfeld: “Iger has been a fearless, equal opportunity offender in defending Disney’s corporate character, whether from intrusions by the left or by the right. He was criticized harshly from many on the political right when in 2018, he cancelled Rosanne, then ABC’s #1 show, when its star imploded with a cruel racial tirade about President Obama’s former top advisor, Valerie Jarrett.”
Sonnenfeld ignores the content of what was said obviously, since he has to make a point to kiss Iger’s ass - Kimmel said MAGA didn’t want the shooter to be MAGA, Barr said a black woman was from Planet of the Apes… so, very the same?
This isn’t about brand protection, this is about economics - and Iger the dealmaker just made a trade: short-term political expediency for cash as he tries to unload ABC
Also 2023, massive deals between Disney and Nexstar
Nexstar’s ABC agreements expire December 2026
14% of Nexstar stations are ABC affiliates - Tegna would add 7%
Disney already was cancelled by the right for having movies that were too woke, now they just Target-ed themselves right in the groin
ASSHOLE ACTION ITEM:
Disney’s next AGM is likely March 2026 - buy Disney stock with the intention of voting out every starfucky director
Bonus option: buy shares of Coca-Cola, GM, Under Armour, P&G, Reckitt Benckiser, Bristol Myers, Target, Carlyle, and Lululemon to vote the same directors out of ALL their board positions - make shit decisions in one place, you’ll make them everywhere
Disney’s Mel Lagomasino on Coca-Cola with Carolyn Everson (twofer!), Mary Barra at GM, Everson also at Under Armour, Amy Chang at P&G, Jeremy Darroch at Reckitt Benckiser, Derica Rice at Bristol Myers, Target (anti DEI AND anti free speech!), Carlyle, Cal McDonald at Lululemon
Vote out Sonnenfeld - on the board of Lennar Corporation - vote him out for kicks since he’s so deferential to CEOs, how on earth can he hold one accountable? Is he the voice of shareholders or CEOs?
Perry Sook
The buyer! Nexstar looking to acquire Tegna for $6bn, which would consolidate 80% of US households local news stations
Nexstar has to make nice with Brendan Carr, chair of the FCC (I miss Lina Kahn… sigh) - and Carr is purely political, so here was how they bent the knee:
“Nexstar’s owned and partner television stations affiliated with the ABC Television Network will preempt Jimmy Kimmel Live! for the foreseeable future beginning with tonight’s show. Nexstar strongly objects to recent comments made by Mr. Kimmel concerning the killing of Charlie Kirk and will replace the show with other programming in its ABC-affiliated markets.”
Again, if you read Kimmel’s actual comment, he’s saying that MAGA doesn’t want the shooter to be MAGA… he actually didn’t say ANYTHING ELSE about the shooting itself
Sonnenfeld: “Kimmel’s suggestion that “the MAGA gang (is) desperately trying to characterize this kid who murdered Charlie Kirk as anything other than one of them” doesn’t square with the facts which are known at this point. Regardless, these comments are blatantly insensitive as political violence should never be tolerated or exploited as comedic entertainment, no matter who perpetrated it.”
Except Kimmel didn’t joke about political violence, he joked about the fact that MAGA is super hoping it wasn’t their political violence.
Perry Sook’s political donations have been almost entirely to Republican candidates over the last decade (except for National Association of Broadcasters) - and it’s paid off
Sook owns just under 6% of Nexstar stock, with Vanguard and Blackrock clocking in at a combined 21.8% - meaning about 28% of votes are guaranteed to go with management
Meaning this was all a pretense to consolidate broadcaster ownership - and Sook is one of the winners of the consolidation
Now Carr has a reason he can vote for Nexstar purchase, Iger gets out of more ABC
ASSHOLE ACTION ITEM
It’s basically too late to vote against Nexstar’s board - their meeting was in June 2025, the merger will be approved by then
You could maybe buy shares and vote against the merger
Alternatively, buy Yelp (Tony Wells), Denny’s (Bernadette Aulestia), and Urban One (Geoffrey Armstrong) to vote out board elsewhere
David Deniston Smith
CEO of Sinclair, owner of 20% of ABC affiliates - the most currently, but post merger would be second
Nepo baby Smith, who, with the rest of his brothers and family, own 82% of voting power, are Trump and GOP toadies
Another mediocre conservative blowhard CEO who spent the last two decades kissing the ass of every republican he can find
He was one of Turning Point USAs biggest donors through his foundation, and issued the following statement: they would “not lift the suspension of ‘Jimmy Kimmel Live!’ on our stations until formal discussions are held with ABC regarding the network’s commitment to professionalism and accountability,” calling on Kimmel to make a direct apology to the Kirk family, and for the network to make a “meaningful donation” to them and Turning Point USA.
In the 00s, Sinclair let a paid Bush administration propagandist deliver reporting on their local news stations
In Trump 1.0, Sinclair forced local news broadcasters to read off a script about how mainstream media was fake news
In the 90s, Smith was caught getting a blowjob from a prostitute
ASSHOLE ACTION ITEM
Sinclair’s board is dual class dictatorship, but you CAN vote out Ben Carson on the DR Horton and Covenant Logistics boards - yes, that Ben Carson
Headliniest of the Week
DR: Elon Musk Fires 500 Staff at xAI, Puts College Kid in Charge of Training Grok
MM: If You Don’t Know Who the Underperforming Director Is, It Might Be You!
Are the CEO, chair or committee leads soliciting my input off-cycle?
Does the CEO and select members of the executive team think of me as a trusted advisor and am I able to constructively coach behind the scenes?
If the answers to all of these questions are “No,” it could be a sign that you are not performing to the level expected by your company’s management.
YOU DON’T REPORT TO MANAGEMENT
Who Won the Week?
DR: I guess they just win every week: Trumpy and creepy billionaires profiting over an app used primarily by 18-34 year olds (70%): Oracle’s Larry Elison, Andreessen Horowitz’s Marc Andreessen.
MM: Gillette, the razor company: Pete Hegseth goes to war against military beards, stresses ‘grooming standards which underpin the warrior ethos’
Predictions
DR: FCC Chair Brendan Carr cancels himself when he digs up reports when he cast himself as a First Amendment purist, denouncing efforts by Democrats and Republicans to lean on TV providers and social media platforms as “censorship” and a “chilling transgression of free speech.”ure on media a ‘chilling transgression of free speech.’”
MM: I wrote this on Bluesky two days ago: “The next step for Brendan Carr and the FCC is to repeal Section 230 - after which they can sue social media companies for any anti-conservative posts. Then the silencing is complete until dissent is done via snail mail.” Today, I was right: Charlie Kirk assassination reignites debate over Section 230 protections for social media companies. We’re in an era of algorithmic autocracy - Microsoft changed LinkedIn’s algorithm earlier this year and there
