Nearly two months after Nelson Peltz lost an epic corporate battle to join the board of the Walt Disney Company, he is no longer an investor in the entertainment company.
Mr. Peltz, the billionaire head of hedge fund Trian Fund Management, controlled about $3.5 billion worth of Disney shares, the vast majority of which belonged to Ike Perlmutter, a former Marvel Entertainment executive. Mr. Peltz has now sold his stake in those shares, a person familiar with the investment said, requesting anonymity to discuss confidential matters.
A Disney spokesperson did not immediately respond to a request for comment.
By selling his shares, Mr. Peltz appears to be removing a thorn in Disney’s side. Mr. Peltz, an activist investor, began criticizing Disney management under Robert A. Iger, the chief executive, early last year, citing the company’s streaming strategy, lagging stock price and succession planning. He withdrew after Disney announced billions of dollars in cost cuts that sent its stock price soaring. But in December he resurfaced and promised to campaign for two seats on the board.
This battle came to a head in April when shareholders overwhelmingly voted in favor of the company’s current board. The board contest was one of the costliest in history: Trian spent about $25 million to woo investors, while Disney set a price tag of up to $40 million for its defense, according to securities filings.
However, Mr. Peltz is not going home empty-handed. Disney shares have risen about 15 percent over the past year, closing at about $101 on Wednesday. Mr. Peltz sold his Disney stock for $120 a share, the person familiar with the investment said.
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2024-05-30 00:28:11
www.nytimes.com
