Skip to main content

Market Overview

Activist Investor Nelson Peltz Sells Entire Disney Stake For $1B After Losing Proxy Battle (UPDATED)

Share:
Activist Investor Nelson Peltz Sells Entire Disney Stake For $1B After Losing Proxy Battle UPDATED

Editor’s Note: The article has been updated with a response from Trian Partners.

Activist investor Nelson Peltz has divested his entire stake in Disney (NYSE:DIS) at approximately $120 each, netting around $1 billion.

What Happened: The sale follows a recent proxy battle loss for Peltz’s Trian Partners in early April, where Disney shareholders re-elected the company’s full board slate. Peltz had aimed to join the board alongside former Disney CFO Jay Rasulo, CNBC reported on Wednesday.

Peltz has been critical of Disney’s governance, particularly its streaming strategy and CEO succession plan. In October, he increased his stake to about 30 million shares and reignited his proxy campaign.

See Also: Altcoins ‘Entering Textbook Markup’ As Crypto Analyst Predicts Major Rally

Disney has yet to respond to the queries sent by Benzinga while a spokesperson from Trian Partners declined to comment.

Why It Matters: The proxy battle between Peltz and Disney has been a significant event in the corporate world. In early April, Peltz’s Trian Partners lost the proxy fight, which led to a $300 million payday for Peltz but was seen by experts as “a grand waste of time.”

Disney CEO Bob Iger commented that Peltz “didn’t bring any new ideas” to the table following the proxy fight win.

Peltz’s divestment comes on the heels of the exit of a senior Disney executive Lisa Valentino, who was responsible for Disney’s Advertising Sales.

Price Action: Disney stock closed 1.52% lower at $100.88 on Wednesday, according to Benzinga Pro. Its shares have risen about 11% this year, slightly outperforming the S&P 500.

Read Next: Here’s How Much MAGA Coin Has Jumped Since The Ex-President Said, ‘If You’re In Favor Of Crypto, You Better Vote For Trump’

Image via Shutterstock

This story was generated using Benzinga Neuro and edited by Pooja Rajkumari

 

Related Articles (DIS)

View Comments and Join the Discussion!

Posted-In: activist investor Disney proxy battle Divestment Nelson Peltz Pooja Rajkumari Stories That MatterMarkets General

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com