Billionaire Nelson Peltz’s Trian Fund Management has sold its entire stake in media giant Walt Disney following a boardroom battle with the company. CNBC News reported. He said Wednesday, citing people familiar with the matter.
The hedge fund held a 1.77% stake as of March 31, making it Disney’s fifth-largest shareholder, according to data from LSEG. CNBC reported that the hedge fund sold the shares for about $120 a share, netting Peltz about $1 billion.
The company’s shares closed at $100.88 per share on Wednesday. Trian declined to comment, and Disney did not immediately respond to a request for comment.
In April, Disney shareholders backed Chief Executive Bob Iger and other directors after a multimillion-dollar fight between billionaire Peltz and Blackwells Capital. The Peltz and Blackwells campaigns were separate, competing efforts, but both wanted to change Disney.
Trian Fund Management CEO Peltz and the Blackwells were vying for five seats on the board, arguing that the media company had failed to plan for CEO succession, stunted creativity and failed to properly leverage new technology.
Mr. Iger received the support of 94 percent of shareholders eligible to vote; Mr. Peltz received 31 percent. Trian said it was “disappointed” with the outcome but noted that Disney’s stock price has risen since it began its campaign.
