The battle for control of the leadership of Walt Disney Co. (DIS) has heated up.

The entertainment giant on Wednesday announced decisions by two investment firms that will sup🌳port the efforts of Chief Executive (CEO) Bob Iger, who faces scrutiny by an activist inv💝estor.

The company said it has entered into a confidentiality agreement with ValueAct Capital Management L.P. that enables Disney to “provide information to the investment firm and consult with ValueAct on strategic matters, including through meetings with the Disney Board and management.” It added that ValueAct has committed to backing the slate of candidates for the board proposed by Disney at the 2024 澳洲幸运5官方开奖结果体彩网:shareholders meeting later in the year.

ValueAct Co-CEO and Chief Financial Officer (CFO) Mason Morfit said in a press release Wednesday that ValueAct “could not be more excited to partner with Bob and the Board to help create long-term sus🌳tainable shareholder value.”

Blackwells Capital LLC has given notice of its intent to nominate three individuals for election to the board, Disney said. The company's 澳洲幸运5官方开奖结果体彩网:Governance and Nominating Committee would review the nominees and make recommendations, Disney said. However, Blackwꩲells has supported Iger in the past.

The moves came as activist investor 澳洲幸运5官方开奖结果体彩网:Nelson Peltz and his Trian Fund Management have been pressuring Iger to make significant changes to Disney since he returned for a second stint as CEO in November 2022.

Peltz wants to join the board and wants to bring former Disney CFO Jay Rasulo along with him. He argued last month that Disney's earnings and stock have underperformed and that the board has “failed to fulfill its essential responsibilities—overseeing the development of an effective strategy, planning for orderly succession, aligning 澳洲幸运5官方开奖结果体彩网:executive pay with performance, and ensuring accountability for operational execution.”

Shares of Walt Disney were mostly 🌊flat midday Wednesday.