Investor Nelson Peltz Sells Disney Stake After Proxy Battle Loss

Activist investor Nelson Peltz has sold his entire Disney stake, according to a source familiar with the matter, Alexandra Canal reported for Yahoo Finance.

Peltz's hedge fund, Trian Fund Management, had owned $3 billion of common stock in Disney (including shares owned by former Marvel Entertainment chairman Ike Perlmutter). I Photo: Business Wire

Peltz sold his position at a price of around $120 a share, which yielded a return of about $1 billion, the source said.

The development, first reported by CNBC, comes after Disney successfully fended off Peltz in his quest to secure board seats at the company, officially ending a highly contested proxy battle that plagued the entertainment giant for months.

Peltz had been fighting to secure board seats for himself and former Disney CFO Jay Rasulo but was ultimately unsuccessful.

At the company's annual shareholder meeting in early April, Disney said the current board would remain intact following a stockholder vote that gave the company's slate a win "by a substantial margin."

Peltz's hedge fund, Trian Fund Management, had owned $3 billion of common stock in Disney (including shares owned by former Marvel Entertainment chairman Ike Perlmutter).