Key Points

  • - Walt Disney stock remains steady as investors await the outcome of the proxy battle with Trian Partners.
  • - Major shareholders signal support for Disney's CEO Bob Iger, while Trian gains support from other investors.
  • - Disney's board directors secure enough votes to maintain a lead over Trian's challengers.
  • - The official outcome will be revealed at Disney's annual shareholder meeting, with the potential for shareholders to shift their support.
  • - Despite the setback, Trian may still claim a financial victory as Disney's shares have surged since Peltz announced his intention to pursue board seats.

Shares of Walt Disney remained relatively unchanged in premarket trading on Wednesday as investors awaited the outcome of the proxy battle between the media and theme-park giant's leadership and Nelson Peltz's Trian Partners.

Disney stock, which has seen a 36% surge this year through Tuesday's close, stayed steady in early trading. Chief Executive Bob Iger is determined to fend off Trian's attempt to secure two seats on the company's board.

The Outcome

According to reports, several major shareholders have signaled their intention to support Iger and Disney. Conversely, Trian has garnered support from Neuberger Berman, the California Public Employees’ Retirement System, and other investors.

The outcome of this highly publicized board dispute will be disclosed at Disney’s annual shareholder meeting on Wednesday. However, the situation remains fluid, as some shareholders may change their stance at the last minute.

Walt Disney has managed to repel a challenge to its board posed by Nelson Peltz’s hedge fund, Trian Fund Management.

Disney's board directors secured enough votes to maintain a comfortable lead over Trian’s two challengers, Peltz and former Disney CFO Jay Rasulo.

Another hedge fund, Blackwells Capital, also failed in its attempt to nominate three board director candidates at Disney.

While the official outcome will be revealed at Disney’s annual shareholder meeting, some sources suggest the situation remains uncertain, with the potential for shareholders to shift their support.

Despite the setback, Trian may still claim a financial victory at Disney, as the company's shares have surged nearly 50% since early October, when Peltz announced his intention to pursue board seats.

In recent months, Disney has made several strategic moves to regain investor confidence, including a significant investment in “Fortnite” creator Epic Games and plans to launch an ESPN streaming service in 2025. The company has also refreshed its board with the addition of two new members.

Trian and Blackwells argued that Disney needed new leadership in the boardroom due to its flawed succession planning, loss of creative momentum, and failure to effectively leverage new technologies.

Bob Iger, who was brought out of retirement in 2022 to lead Disney for a second time, is focused on revitalizing the company’s creative franchises, making its streaming business profitable, and seeking partnerships to shape ESPN’s digital future.



About Walt Disney Co


  • Ticker DIS
  • Exchange NYSE
  • Sector Communication Services
  • Industry Entertainment
  • Shares Outstandng 1,823,059,968
  • Market Cap $205B
  • Description
  • The Walt Disney Company, together with its subsidiaries, operates as an entertainment company worldwide. It operates through two segments, Disney Media and Entertainment Distribution; and Disney Parks, Experiences and Products. The company engages in the film and episodic television content production and distribution activities, as well as oper...
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