Bob Iger, CEO of The Walt Disney Company, speaks during the grand opening ceremony for the Zootopia-themed attraction at Shanghai Disney Resort at Shanghai Disney Resort on December 19, 2023 in Shanghai, China.
China Optical Group | Getty Images
Disney The largest shareholder, an index fund manager, plans to back the management of Nelson Peltz's Trian Partners in a board vote on Wednesday, Bloomberg News reported Tuesday, citing unnamed people familiar with the matter.
Institutional shareholders have until Wednesday to change their vote. Vanguard owns 7.8% of Disney shares. Black stoneThe company, Disney's second-largest shareholder with a 4.2% stake, is also backing the current board and CEO Bob Iger, the Wall Street Journal reported Monday.
It would be a major blow to Peltz's ambitions to join Disney's board if both Blackrock and Vanguard continue to back the media company's nominees. That would leave only State Street and Geod Capital Management, the company's third and fourth largest shareholders, unknown.
Through an agreement with former Marvel CEO Ike Perlmutter, Trian controls 1.8% of Disney shares, making it the fifth-largest shareholder. Individual investors have until 11:59 PM ET on Tuesday to submit their vote by phone or online.
Trian has received support from other smaller shareholders, including Neuberger Berman and CalPERS. For its part, Disney summoned some of the most prominent names in the corporate and media world, including… C. B. Morgan Chase CEO Jamie Dimon and Star Wars creator George Lucas.
Disney's shareholder meeting begins Wednesday at 1 p.m. ET.
Vanguard declined to comment to CNBC.
Read the full Bloomberg report here.
