Billionaire Nelson Peltz’s Trian Fund Management has sold its entire stake in Walt Disney after a boardroom battle with the media giant, according to a CNBC report. Disney’s fifth-biggest shareholder with a 1.77 percent stake as of March 31, the hedge fund sold the stake at close to $120 per share, with this the billionaire made about $1 billion.
Last month, Peltz and Blackwells Capital together launched a campaign against the shareholders, 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.
Disney shareholders had then backed CEO Bob Iger and other company directors, and the CEO received the backing of 94 percent of voting shareholders. Peltz was supported by 31 percent, only.
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