Bob Iger may prevail in Disney’s boardroom showdown, but the battle could be a humbling experience

The battle for the future of Disney is about to reach its epic conclusion.

Editor’s Note: A version of this article first appeared in the “Reliable Sources” newsletter. Sign up for the daily digest chronicling the evolving media landscape here. The battle for the future of Disney is about to reach its epic conclusion. After waging a relentless months-long proxy war on the Magic Kingdom’s current leadership, Nelson Peltz and his Trian Fund Management will learn on Wednesday whether they have succeeded in making chief executive Bob Iger and the Disney board bleed. If Peltz emerges successful and secures a board seat for himself and Jay Rasulo, a Disney veteran who previously served as the company’s chief financial officer, it will deal a seismic blow to Iger and the agenda he has outlined to steer the entertainment conglomerate into the future. With only two seats, Peltz and Rasulo would not have the raw power to outvote the Iger-supporting board, but they could certainly serve as a check on leadership, able to make significant noise and create headaches if they disagree with the strategic vision of the company. But if Peltz falls short, Iger and the Disney board will have dodged a dangerous mouse trap and walked away from the brutal brawl with a vote of confidence from investors, having managed to defeat a prominent billionaire corporate raider who poured immense resources into an attempt to force a change in direction. Which is all to say, the stakes are awfully high for Disney.