Walt Disney appeared to pull ahead of activist investors in the battle for board seats and the future of the global entertainment conglomerate, with more...
A screen shows the trading info for The Walt Disney Company company on the floor of the NYSE in New YorkNEW YORK - Walt Disney appeared to pull ahead of activist investors in the battle for board seats and the future of the global entertainment conglomerate, with more than half of all shares voted before the company's annual meeting on Wednesday.
Disney wants shareholders to elect all 12 of its current directors while the two hedge funds, Trian and Blackwells, are pushing for their own seats. Blackwells Capital portfolio manager, Jason Aintabi, who is pushing for three board seats, is pressing investors to vote for anyone but Peltz, people familiar with his calls said. He is also urging the company to come up with a plan for artificial intelligence and consider splitting off its theme park and hotel assets into a real estate investment trust.
The company's annual meeting, which will be held virtually, is scheduled for 1 pm Eastern time on Wednesday. Vanguard owns 8.2% of Disney's outstanding shares with BlackRock and State Street each owning roughly 4%.
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