In recent months, Disney has found itself under attack from billionaire Nelson Peltz's Trian Fund Management. He wishes to make a number of sweeping changes to the company by inserting himself and former Disney CFO Jay Rasulo into the board of directors.
They have a fair bit of support behind them (including controversial former Marvel Entertainment Chairman Ike Perlmutter) but in Disney's corner are everyone from George Lucas to Walt Disney's grandchildren and ex-Disney CEO Michael Eisner.
Shareholders have been casting their votes and an official decision is expected later today. In the meantime, Bloomberg is reporting that with more than 60% of votes counted, it's looking highly likely that Disney will emerge triumphant by blocking Peltz.
Peltz's sole aim appears to be increasing Disney's profits, even if it's to the detriment of the company's theme parks and movie offerings. Blackwells Capital, another hedge looking to nominate three board director candidates, is also thought to have failed.
Current Disney CEO Bob Iger is in the midst of trying to turn Disney's fortunes around, with a big focus on the film and TV decisions after Bob Chapek's most disastrous time in that role.
Peltz, meanwhile, has confessed to knowing nothing about the movie business but, with Perlmutter in his ear, recently suggested he'd consider firing Marvel Studios President Kevin Feige, the executive who turned the MCU into a $30 billion franchise.
"People go to watch a movie or a show to be entertained," he said. "They don’t go to get a message. Why do I have to have a Marvel that’s all women? Not that I have anything against women, but why do I have to do that? Why can’t I have Marvels that are both? Why do I need an all-Black cast?"
"They say we know nothing about the movie business - we don’t claim we do - but I don’t think they do, with five big losers in a row. They’ve lost first place in animation, they’ve lost first place in features. Maybe it’s time to change management in those divisions."
Disney shares have gained nearly 50% in recent months as the company continues making big investments, including an ESPN streaming service and a stake in Fortnite creator Epic Games.
On the movie front, we've seen a big effort to return to franchises which can deliver guaranteed hits. For Marvel Studios, that's meant cutting back on pricey streaming content and less time spent focusing on sequels.