May 30, 2024 - Business

Nelson Peltz sells Disney stake after losing proxy battle: report

Sara Fischer

Photo illustration of Nelson Peltz and Bob Iger and abstract shapes. — Nelson Peltz and Bob Iger. Photo illustration: Gabriella Turrisi/Axios. Photos: Marco Bello/Bloomberg via Getty Images, Michael M. Santiago/Getty Images

Activist investor Nelson Peltz has sold his entire stake in Disney, two months after losing a bitter proxy battle to the entertainment giant.

Why it matters: Disney can breath a sigh of relief that Peltz, the shareholder that agitated twice in two years, has exited the stock.

Catchup quick: In April, Peltz failed to claim seats on Disney's board for himself and former Disney chief financial officer Jay Rasulo, rendering him powerless in any of Disney's strategy and decision-making.

Details: Peltz sold his stake at around $120 per share in early April, CNBC reported, making around $1 billion on the position.

Peltz's firm, Trian Partners, owned 32 million Disney shares worth $4 billion as of March 30, according to the hedge fund's latest 13F filing. Trian combined its stake in the company with former Marvel Entertainment chairman Ike Perlmutter in the build-up to its second proxy battle.
Disney shareholders voted overwhelmingly in favor of the company's nominated directors, handing Trian a defeat, and giving Disney CEO Bob Iger a much-needed win.
Disney did not immediately respond to a request for comment on Peltz's stake sale. Trian declined to comment.

The big picture: Disney continues to assure investors that it's on target to make its streaming arm profitable by its fourth fiscal quarter.

Peltz had been a vocal critic of Disney's streaming strategy, arguing against its plan to launch a direct-to-consumer sports network.

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Nelson Peltz sells Disney stake after losing proxy battle: report

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