Billionaire Nelson Peltz’s Trian Fund Management has sold its entire stake in Walt Disney after a boardroom battle with the media giant, CNBC News reported on Wednesday, citing a person familiar with the matter.
The hedge fund was Disney’s fifth-biggest shareholder with a 1.77% stake as of March 31, according to LSEG data. It sold the stake at close to $120 per share, CNBC reported, adding that Peltz made about $1 billion.
The stock closed at $100.88 per share on Wednesday. Trian declined to comment and Disney did not immediately respond to requests for comment.
In April, Disney shareholders backed Chief Executive Bob Iger and other company directors after a multimillion-dollar, mud-slinging battle launched by billionaire Peltz and Blackwells Capital. Peltz’s and Blackwells’ campaigns were separate, competing efforts but both wanted change at Disney.
Peltz, CEO of Trian Fund Management, and Blackwells were seeking five seats between them on the board, arguing that the media company has botched its CEO succession planning, lost its creative spark and failed to properly harness new technology.
Iger received the backing of 94% of voting shareholders. Peltz was supported by 31%. Trian had said it was “disappointed” with the outcome, but noted that Disney’s share price had risen since it launched its campaign.