(Bloomberg) -- After steering Walt Disney Co. through one of its worst slumps in history, Chief Executive Officer Bob Iger looked poised to coast through a fight for board seats with billionaire activist Nelson Peltz.

Iger had won the support of proxy adviser Glass Lewis & Co., JPMorgan Chase & Co. CEO Jamie Dimon and large shareholders such as George Lucas, Laurene Powell Jobs and members of the Disney family.

Now it’s looking more like a fight than a walk in the theme park. On Thursday, proxy adviser Institutional Shareholder Services threw its support to Peltz, the founder of Trian Fund Management LP, which controls some $3.5 billion worth of Disney stock. The activist also marshaled backing from current and former directors of Procter & Gamble Co., Mondelez International Inc. and Janus Henderson Group Plc, where he previously had board roles.

“Some of us, like you, were skeptical about Nelson and were initially opposed to the notion of having him on our boards,” the supporters wrote in a letter released by Trian. “However, after having worked with Nelson, we know that our concerns were misplaced.”

The support gives Peltz a better shot at winning a board seat at Disney’s April 3 annual meeting. In addition to himself, he has nominated former Disney finance chief Jay Rasulo, a 30-year company veteran who left in 2015.

For investors, the vote is a chance to to endorse or indict Iger’s second stint as Disney’s leader by electing the company-backed slate of board members or handing seats to either billionaire Peltz or Blackwells Capital, an activist that owns a much smaller Disney stake worth about $18 million.

In February, Disney delivered better than expected financial results and promised its streaming business would see a profit in the coming months. Disney shares, while down more than 40% from their all-time high in 2021, hit a 52-week high recently at around $117.

In an emailed statement Thursday, Disney Chairman Mark Parker responded to the support Peltz has garnered.

“We strongly believe that ISS reached the wrong conclusion in its recent report when it comes to adding Nelson Peltz to the board,” he wrote.

Both sides have sought to rally shareholders. Disney bought ads on financial news websites, including Bloomberg.com, and on popular Hollywood podcasts. It even created a video featuring the cartoon duck Ludwig Von Drake, part of an effort to reach small investors less familiar with the proxy voting process.

Trian, meanwhile, has been promoting its RestoreTheMagic.com website and offering up online interviews with Peltz and Rasulo.

Blackwells Capital has released its suggestions for the company’s management, including potentially spinning off its resort properties into a real estate investment trust. Disney declined to comment on those specific suggestions, but has urged investors to not support Blackwells’ three board nominees. Glass Lewis and ISS both recommended that shareholders vote against appointing Blackwells’ nominees. 

Ahead of the shareholder vote, here’s a tally of Iger’s performance and plans compared with Peltz’s grievances and proposals as outlined in Trian’s 133-page white paper:

©2024 Bloomberg L.P.