Business Insider Highlights CS Commentary on Tactics in Elliott-Southwest Proxy Fight

Traditionally, activist investors have communicated directly with investors, because most companies have 10 to 20 major shareholders who decide their elections, said Scott Bisang, a founding partner of financial communications firm Collected Strategies.

But companies like Southwest and Disney,w hich saw similar activist interest last year, have a lot of individual investors.

"You can't call every retail shareholder, and sending direct mail to every holder multiple times is expensive," Bisang said.

A podcast allows the activist to completely control the content, compared to a media outlet shaping an interview. Shareholders may subscribe to the podcast and get notifications directly, which could create a recurring benefit if they watch more than one episode. If lots of people subscribe, the activist could collect data and retarget ads to investors through other channels, Bisang said.

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