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Trian ends proxy fight with Disney

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Photo illustration of Nelson Peltz and Bob Iger with an explosion made of abstract shapes between them.

(left) Nelson Peltz, (right) Bob Iger. Photo illustration: Gabriella Turrisi/Axios. Photos: Patrick T. Fallon/Bloomberg via Getty Images, Amanda Edwards/Getty Images

Trian Partners has ended its proxy battle against Disney, the activist hedge fund's co-founder Nelson Peltz said on Thursday.

Why it matters: Peltz had been angling for a board seat ever since buying more than $800 million worth of Disney shares last year.

  • Peltz had targeted boardmember Michael Froman.
  • "We wish the very best to Bob, his management team, the board. We will be watching, we will be rooting. The proxy fight is over," Peltz said during a surprise call into CNBC Thursday, just after the network had interviewed Iger.

The big picture: Trian's move to abandon its proxy fight comes one day after Iger announced a new corporate restructuring and cost-cutting measures, as well as promised a return to the annual dividend for shareholders.

  • “Now Disney plans to do everything we wanted them to do,” Peltz said.

Yes, but: Iger threw some cold water on the Hulu sale, not giving any indication that he was ready to make a move.

  • Peltz has said that Disney should buy out Comcast's stake in Hulu as soon as possible.
  • Disney is on the hook to purchase Comcast's 33% stake in Hulu by next year for at least $9 billion.
  • When asked by CNBC about Hulu, Iger said "everything is on the table" in regards to whether or not they'll buy or sell the stake.

Editor's note: The story has been updated with additional quotes and information.

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