Activist Investor Nelson Peltz Is Said to Sell His Disney Stake

Nearly two months after losing an epic corporate battle to get on the board of the Walt Disney Company, Nelson Peltz is no longer an investor in the entertainment company.

Mr. Peltz, the billionaire head of the hedge fund Trian Fund Management, controlled about $3.5 billion in Disney stock, a vast majority of it owned by Ike Perlmutter, a former chairman of Marvel Entertainment. Mr. Peltz has now sold his portion of those shares, a person familiar with the investment said, requesting anonymity to discuss confidential matters.

A spokesman for Disney did not immediately return a request for comment.

By selling his shares, Mr. Peltz is seemingly removing a thorn in Disney’s side. Mr. Peltz, an activist investor, began criticizing Disney’s management under Robert A. Iger, the chief executive, early last year, pointing to the company’s streaming strategy, lagging stock price and succession planning. He pulled back after Disney announced billions in cost reductions that sent its stock skyrocketing. But he re-emerged in December, pledging to push for two board seats.

That battle came to a head in April when shareholders voted strongly in favor of the company’s current board of directors. The boardroom contest was one of the costliest in history: Trian spent about $25 million in its effort to woo investors, while Disney priced its defense at up to $40 million, according to securities filings.

Mr. Peltz is not going home empty-handed, though. Disney’s stock has risen about 15 percent in the past year, closing on Wednesday at about $101. Mr. Peltz sold his Disney stock at $120 a share, the person familiar with this investment said.