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Enough votes had been cast as of Tuesday evening to put Disney's
board directors safely ahead of Trian's two challengers, Peltz
and former Disney chief financial officer Jay Rasulo, the
sources said.
Blackwells Capital, another hedge fund that nominated three
board director candidates at Disney, was also unsuccessful in
its attempt, the sources said.
The result of this year's most high-profile board fight will be
announced at Disney's annual shareholder meeting on Wednesday,
and the sources cautioned that there was always a possibility
that some shareholders may change their vote. They requested
anonymity ahead of an official announcement.
Spokespeople for Disney did not immediately respond to a request
for comment. Trian and Blackwells had no comment.
Trian may still be able to claim a financial win at Disney,
given that the company's shares have gained nearly 50% since
early October when Peltz said he was planning a fresh push for
seats.
Over the last few months, Disney unveiled a string of changes as
it sought to win back investors' confidence, including a splashy
investment in "Fortnite" maker Epic Games and plans to launch an
ESPN streaming service in 2025. It also refreshed its board with
two new members.
Trian and Blackwells argued new blood was needed in the board
room because Disney bungled its succession planing, lost its
creative spark and failed to properly harness new technology.
Bob Iger, who was recruited out of retirement in 2022 to run
Disney a second time, is trying to reinvigorate the company's
creative franchises, make its streaming business profitable and
find partners to help build ESPN's digital future.
(Reporting by Svea Herbst-Bayliss in New York and Greg
Roumeliotis in New York)
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