In Disney Proxy Vote, Watch for the Plot Twist: Beth Kowitt

One of the most riveting pieces of entertainment coming out of Walt Disney Co. these days is its nail-biter of a proxy battle against activist investor Nelson Peltz’s Trian Partners LP.

Peltz would argue that that’s actually one of the many reasons that the media giant needs a shake up: After a string of box office flops, a streaming business that has yet to turn a profit and a bungled CEO succession, he says shareholders should add him and Trian’s other candidate, former Disney CFO Jay Rasulo, to the board.

Disney, meanwhile, has spent tens of millions — enough to make this the ...