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STORY: Walt Disney shareholders have backed Chief Executive Bob Iger and other company directors, defeating a campaign by activist investors who argued the entertainment giant has underperformed in the streaming-television era.

Wednesday's (April 3) vote to re-elect all 12 of Disney's current board members ended the year's most expensive and closely watched board room fight.

It was launched by billionaire Nelson Peltz and Blackwells Capital, who were seeking five seats between them on Disney's board.

With that battle over, Disney's hunt for a successor to Iger kicks into high gear.

The board has extended his retirement five times, and his new date is by the end of 2026.

Members sought to reassure shareholders ahead of Wednesday's vote that they now take the matter seriously and are vetting candidates.

Iger, meanwhile, has a window to execute a recovery, analysts say, by making the streaming television unit profitable and launching an app for Disney's flagship ESPN sports network.

Iger said with the, quote, "distracting proxy contest" now behind Disney, it would focus on growth and value creation as well as creative excellence.

Peltz's and Blackwells' bids were separate and competing.

But both argued the $225 billion media company has bungled its CEO succession plans, lost its creative spark and failed to properly harness new technology.