(Reuters) – The board of billionaire Nelson Peltz’s Trian Fund Management has sold all of its shares in Walt Disney (NYSE:) after a boardroom battle with the media giant, CNBC News reported on Wednesday, citing a person familiar with the matter.
The hedge fund was Disney’s fifth-largest shareholder with a 1.77% stake as of March 31, according to LSEG data. She sold the shares for nearly $120 a share, CNBC reported, adding that Peltz earned about $1 billion.
Trian declined to comment on the report, and Disney did not immediately respond to Reuters’ request for comment.
Last month, Disney shareholders backed CEO Bob Iger and other company executives after a multimillion-dollar battle launched by Peltz and Blackwells Capital.
Their campaigns were separate, competing efforts, but they both wanted change at Disney.
Peltz, the CEO of Trian Fund Management, and Blackwells were seeking five board seats between them, arguing that the media company botched its CEO succession plan, lost its imaginative spark and failed to properly leverage recent technologies.
Iger received the support of 94% of voting shareholders. Peltz was supported by 31%. Trian said he was “disappointed” with the result, but noted that Disney’s stock price has increased since the campaign began.
