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Walt Disney Co. (DIS) activist investor Nelson Peltz has fought for months for a restructuring of the company’s board. Today investors will know if he has won.

The results of a shareholder vote to select board members are expected to be announced at the entertainment giant’s annual shareholder meeting on Wednesday. Voting has officially closed, but sources told Reuters that enough votes had been cast as of Tuesday night for Disney to safely defeat Peltz.

Institutional investors Vanguard, BlackRock and State Street are Disney’s three largest shareholders. According to The Wall Street Journal, BlackRock voted in favor of the company’s current board of directors. Reuters reported that Vanguard also voted to back the existing board. The position of State Street is still unknown.

Yahoo Finance confirmed that T. Rowe Price, which has a smaller position in Disney, has also backed the company. “We are comfortable that management has a workable plan to address the important issues facing the company,” a spokesperson for the investment firm said in an email.

It’s a critical moment for Disney as the company tries to navigate consumers’ shift from traditional cable packages to mostly unprofitable streaming services. The company also faces succession questions, with CEO Bob Iger’s contract set to expire at the end of 2026.

Peltz, who recently gained support from influential proxy advisory firm Institutional Shareholder Services (ISS), is seeking board seats for himself and former Disney CFO Jay Rasulo. Peltz’s hedge fund, Trian Fund Management, owns $3 billion in Disney common stock, including shares owned by former Marvel Entertainment chairman Ike Perlmutter.

Peltz Aims to Replace Two Current Board Members: Former Mastercard Executive Michael Froman and Maria Elena Lagomasino.

Disney, which received backing from high-profile proxy firm Glass Lewis, defended both Froman and Lagomasino, describing the duo as “highly valued and committed board members” in a statement to Yahoo Finance.

The company has said it is done. “significant progress” to turn your business around. Some changes have included implementing an ad-supported tier for its Disney+ streaming service, as well as price increases on its streaming services and theme parks and a crackdown on password sharing.

Investors have reacted positively to the changes, sending Disney shares up about 35% this year.

The shareholder meeting will be held at 10am PT/1pm ET this afternoon. In the meantime, catch up on what you need to know here.

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