Disney wins proxy battle with Tryon with more than half of votes – WSJ

Walt Disney Company (New York Stock Exchange:DISThe WSJ reported Monday that the company won a proxy contest for a seat on the board over activist Tryon, who received more than a majority of votes.

BlackRock, which is Disney’s second largest shareholder with a 4.2% stake, is also listed as an investor. According to the entertainment giant WSJ reporting, This was reported by a person familiar with the matter.

Money manager T. Rowe Price also spoke at Monda.I’m planning to vote for Disney. He holds about 9.3 million Disney shares, or about 0.5% of the total.

“T. Rowe Price is reassured that management has a viable plan to address the key issues facing the company,” the fund manager said in a report by Bloomberg. said in a statement.

The news comes as Disney (DIS) holders are scheduled to vote on a proxy fight between Trion’s Nelson Peltz and Walt Disney CEO Bob Iger at Wednesday’s annual meeting. It was announced inside. There is no guarantee that Disney (DIS) will remain ahead of the vote, as investors are still voting and could change their votes through the annual meeting, the Journal said.

Mr. Tryon’s campaign officially launches in early 2024, garnering support from key stakeholders including the influential proxy advisory firm Institutional Shareholder Services, which supported Nelson Peltz’s candidacy. However, former Disney CFO Jay Laszlo does not support it. The agency Glass Lewis is backing Disney director candidates.

Activist investor Blackwells Capital also named three directors to Disney’s board of directors.

Reuters reported on Friday that the California Public Employees Retirement System (CalPERS) announced it had voted to select candidates for Trion’s board of directors. CalPERS, the largest public pension system in the United States, owns 6.65 million shares of Disney (DIS) stock as of the end of 2023.