Nelson Peltz Sells Disney Stake After Losing Proxy Battle
Billionaire activist investor Nelson Peltz has sold his stake in The Walt Disney Co., nearly two months after losing a bruising and expensive proxy battle with the entertainment giant.
CNBC reported Wednesday, that Peltz, the founding partner of hedge fund Trian Partners, had disposed of his entire stake in Disney for $120 a share, worth $1 billion.
In January, Peltz, who through Trian and various other partners such as former chairman of Marvel Entertainment Ike Perlmutter controlled $3.5 billion of Disney stock, officially launched a proxy fight with Disney to win a seat on the company’s board. The investor was sharply critical of the management of the company, particularly over the costs associated with the streaming business, as well as the direction Disney was heading under CEO Bob Iger.
Peltz ultimately failed in his attempts to be selected for the company’s slate of board nominees in April. Peltz’s exit will be seen as a victory for Iger after the proxy fight became a battle for the soul of the company and cost both Disney and Trian tens of millions.
