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Disney triumphs in shareholder vote against Trian Fund

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  • Staff Report 

Walt Disney Co. emerged victorious in a pivotal shareholder vote, successfully fending off a board challenge from Nelson Peltz’s Trian Fund Management. With a significant number of votes tallied by Tuesday evening, Disney’s current board directors surpassed the challenge posed by Peltz and Jay Rasulo, a former Disney CFO. Another hedge fund, Blackwells Capital, which had nominated three directors to Disney’s board, also did not secure enough support.

Finger Lakes Partners (Billboard)

The showdown, marked as this year’s most notable board dispute, will have its official results announced at Disney’s annual shareholder meeting. Despite the early vote count favoring Disney, sources reminded that shareholder decisions could still change. These developments unfold as both Trian and Blackwells abstain from commenting on the vote’s outcome.

In the backdrop of this boardroom battle, Disney shares have seen nearly a 50% increase since Peltz announced his intentions for board seats in October. Amidst efforts to bolster investor confidence, Disney announced strategic initiatives, including an investment in Epic Games and plans for an ESPN streaming service set to launch in 2025, alongside the addition of new board members.

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