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Nelson Peltz, an activist investor in The Walt Disney Co. (DIS), has been fighting for months to reorganize the company's board of directors. Today, investors will find out if he wins.

The results of a shareholder vote to choose board members are expected to be announced at the entertainment giant's annual shareholders meeting on Wednesday. Voting will formally end on the day of the meeting, but sources told Reuters that enough votes had been cast by Tuesday evening for Disney to safely defeat Peltz.

Organic investors Vanguard, BlackRock and State Street are Disney's three largest shareholders. According to the Wall Street Journal, BlackRock has voted in favor of the company's current board of directors. Reuters reports that Vanguard has also voted in favor of the current board, and State Street's position is unclear.

Yahoo Finance confirmed that T. Rowe Price, which has a small stake in Disney, is also backing the company." A spokeswoman for the investment firm said in an e-mail, "We are confident that management has a viable plan to address the important issues facing the company.

It's a critical time for Disney as the company tries to steer consumers away from traditional cable packages and toward mostly unprofitable streaming services. The company also faces a succession problem, with the current name of chief executive Bob Iger set to expire at the end of 2026.

Paltz, who was recently endorsed by influential proxy advisory firm Institutional Shareholder Services (ISS), is seeking a board seat for himself and former Disney CFO Jay Rasulo. Paltz's hedge fund, Trian Fund Management, holds $3 billion in Disney common stock, including a stake held by former Miracle Entertainment chairman Ike Perlmutter.

Paltz aims to replace two existing board members: former MasterCard executives Michael Froman and Maria Elena Lagomasino.

Disney was backed by high-profile agency Glass Lewis, which defended Frohman and Lagomarsino in a statement to Yahoo Finance, calling the pair "highly regarded and respected members of the board."

The company said it had made "significant progress" in turning the business around. Some of the changes include the introduction of an ad-supported tier to its streaming service Disney+, in addition to higher prices for streaming services and theme parks, and a crackdown on password sharing.

Investors have responded positively to these changes, sending Disney's stock price up about 35% this year.

The Annual Meeting of Shareholders will be held today at 10:00 p.m. EST. In the meantime, please click here for the information you need to know.