BOSTON (Reuters) – Tegna (TGNA.N) shareholders re-elected all 12 directors to the U.S. regional TV station operator’s board, handing a decisive victory to management and ending a months-long proxy contest with hedge fund Standard General, which had sought to replace four board members.

Preliminary vote counts showed that all 12 directors were re-elected, the company said in a statement on Thursday.

The outcome is a blow to Standard General, Tegna’s largest shareholder with a 12% stake, after it argued that change at the board was needed to ensure the company fully explores a sale as well as more acquisitions in its industry.

Standard General’s founder, Soohyung Kim, had been seeking a board seat for himself and three others.

Tegna had criticized Kim’s prior business decisions and board service. Thursday’s outcome allows Tegna to hold onto its current board as it grapples with the fallout from the deadly coronavirus outbreak.

During Tegna’s annual meeting, held virtually, Kim said he respects the will of all shareholders and said that he wants to company to succeed and promised to remain engaged with the company.

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