Walt Disney Co. won the support of a key shareholder in its fight with activist investor Nelson Peltz over the direction of the company, and is confronting a third shareholder jockeying for influence.

The entertainment giant said it reached a deal with ValueAct under which the activist would back the company’s board nominees at the coming 2024 shareholder meeting and Disney would share information and meet with the investor. Disney’s pact with ValueAct could help inoculate it from the pressure of Peltz’s demands for board seats in a contentious proxy season.