According to a report from Reuters, sources familiar with the situation say Disney has accumulated enough votes to fend off a challenge from Nelson Peltz of Trian Fund Management in an ongoing battle over seats on the Disney Board of Directors. Official results are expected to be announced at today’s Annual Shareholders Meeting, set for 1 pm ET.
Blackwells Capital, another hedge fund that proposed three board director candidates at Disney, also failed in its attempt, the sources added. Enough votes have been cast to put Disney’s nominees ahead of Trian and Blackwells’ nominees, and although votes are still open, the outcome is unlikely to change.
Disney representatives did not immediately respond to a request for comment, while Trian and Blackwells declined to comment. Despite this setback, Trian may still claim a financial victory over Disney, considering the company’s shares have surged nearly 50% since early October when Peltz announced a renewed effort for board seats.
In recent months, Disney has made various changes to regain investors’ trust, including a significant investment in “Fortnite” creator Epic Games and plans to introduce an ESPN streaming service by 2025. Additionally, it has refreshed its board with the addition of two new members.
