(Reuters) -Billionaire Nelson Peltz’s Trian Fund Administration has bought its total stake in Walt Disney (NYSE:) after a boardroom battle with the media big, CNBC information reported on Wednesday, citing an individual acquainted with the matter.
The hedge fund was Disney’s fifth-biggest shareholder with a 1.77% stake as of March 31, in accordance with LSEG knowledge. It bought the stake at near $120 per share, CNBC reported, including that Peltz made about $1 billion.
Trian declined to touch upon the report, whereas Disney didn’t instantly reply to a Reuters request for remark.
Disney shareholders had final month backed CEO Bob Iger and different firm administrators after a multimillion-dollar, mud-slinging battle launched by Peltz and Blackwells Capital.
Their campaigns had been separate, competing efforts, however each wished change at Disney.
Peltz, CEO of Trian Fund Administration, and Blackwells had been looking for 5 seats between them on the board, arguing that the media firm has botched its CEO succession planning, misplaced its artistic spark and did not correctly harness new expertise.
Iger acquired the backing of 94% of voting shareholders. Peltz was supported by 31%. Trian had stated it was “disillusioned” with the result, however famous that Disney’s share worth had risen because it launched its marketing campaign.
