Peltz’s Trian sells out Disney stake after board fight

Billionaire Nelson Peltz’s Trian Fund Management has sold its entire stake in Walt Disney, 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-biggest shareholder with a 1.77% stake as of March 31, according to LSEG data. It sold the stake at close to $120 per share, CNBC reported, adding that Peltz made about $1 billion.

Trian declined to comment on the report, while Disney did not immediately respond to a Reuters request for comment.