Billionaire Peltz’s Trian sells off entire Disney stake following board dispute | Global News

Billionaire Nelson Peltz’s Trian Fund Management has made headlines by selling its entire stake in Walt Disney after a heated boardroom battle with the media giant. According to CNBC news, the hedge fund was Disney’s fifth-largest shareholder with a 1.77 per cent stake as of March 31, selling it at close to $120 per share and making about $1 billion in the process.

The battle between Peltz and Disney shareholders came to a head last month when shareholders backed CEO Bob Iger and other company directors, rejecting Peltz and Blackwells Capital’s calls for change. Peltz and Blackwells were seeking five seats on the board, criticizing Disney for its CEO succession planning, creative stagnation, and failure to adapt to new technology.

Despite receiving only 31 percent of shareholder support, Peltz expressed disappointment with the outcome but acknowledged that Disney’s share price had risen since the campaign began. Disney shareholders showed overwhelming support for Iger, with 94 percent backing the current leadership.

Trian Fund Management’s decision to sell its stake in Disney marks the end of a tumultuous chapter in the media giant’s history. While Peltz may have lost this battle, his impact on Disney’s future direction cannot be understated. Disney’s response to this development remains to be seen as the company continues to navigate the ever-changing landscape of the entertainment industry.