This Sunday we begin to celebrate Chinese New Year. We will be saying goodbye to the year of the tiger and welcome to the year of the rabbit. Which is fitting, because this year we will also be saying goodbye to meat and hello to lettuce, as inflation makes groceries unaffordable.

The lowdown

• 🍿 Netflix co-founder and co-CEO Reed Hastings steps down.

• 🧟‍♂️ New FTX CEO John Ray III says he is exploring the possibility of restarting the company.

• 🏦 German lender Commerzbank sues EY for $200 million of losses sustained through Wirecard fraud.

Featured Stories

A Disney brawl to rival Mufasa versus Scar

Earlier this month, Nelson Peltz’s activist investment firm Trian Fund Management launched a proxy war in an attempt to add Mr Peltz to Disney’s Board. It is becoming a fierce battle.

To sway shareholders, Trian released a 35-page thesis titled ‘Restore the Magic’ that argues Disney has lost its way. The three main issues raised are around capital allocation, including Bob Iger’s purchase of 21st Century Fox, corporate governance issues and a flawed DTC strategy. Apparently Mr Peltz is the man to fix these issues.

Disney returned fire this week releasing a presentation to shareholders which argues that Trian is wrong and Mr Peltz has no skills useful to Disney.

The battle being waged is for more than just a board seat; Bob Iger is defending his legacy as Disney CEO. Disney’s presentation highlights the successful acquisitions of Pixar, Marvel and Lucasfilm – no one is arguing these weren’t genius. But what about 21st Century Fox? Disney’s response: “Would Trian have preferred that a competitor own it?” asked one slide.

The content we're consuming today

• The Economist: Disney’s troubles show how technology has changed the business of culture ($).

• CNBC: For the first time in a long time, CFOs can say no to some tech spending.

• The New Yorker: The Getty Family’s Trust Issues ($).

Off-balance sheet items

• Now that you have been back at work a couple of weeks, you are no doubt thinking about when you can take some time off. The NY Times has put together a list of 52 places to go in 2023 ($).

The bottom line