Bob Iger is still king of the castle at Disney. The company has seemingly fought off a shareholder challenge by hedge funds hoping to install their preferred board candidates. But enough investors seem to think Disney still has the magic to generate returns. Looks like it could be a fairytale ending after all.

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Disney defeats a shareholder challenge over its board

Disney appears to have fought off an attempt to replace its board members with other candidates. Reuters reports the company has survived a challenge by Nelson Peltz’s hedge fund Trian Fund Management, citing people familiar with the matter. Blackwells Capital was also unsuccessful in its attempt, although the votes are anonymous so the result won’t be official until it’s announced at Disney’s annual shareholder meeting today.

Trian and Blackwells argued new blood was needed in the boardroom because Disney botched its succession planning, lost its creative spark, and failed to properly harness new technology. Disney has unveiled a series of changes over the last few months to win back investor confidence, including an investment in Fortnite maker Epic Games and plans to launch an ESPN streaming service.

Trian may still be able to claim a win, given Disney’s shares are up nearly 50% since October when Peltz said he was planning a push for board seats.

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