Disney’s shareholder Perlmutter sells his stake after proxy fight loss, WSJ reports

(Reuters) – Isaac Perlmutter, one of the largest investors in Walt Disney (NYSE:), has sold his entire stake in the media company after losing the proxy fight, the Wall Street Journal reported on Tuesday.

A former Disney executive, Perlmutter sold his shares between early April and mid-July at an average price of just under $115 – but if Disney’s share price declines to a range of $65 to $75, he plans to repurchase much of his old stake, the report said.

Perlmutter supported activist shareholder Nelson Peltz’s unsuccessful bid last year to obtain a seat on Disney’s corporate board.

He sold his entire position of 25.6 million shares after Disney’s board vote, the report added, based on the communications with his investment adviser.

Perlmutter became a major shareholder in the entertainment giant in 2009, when he sold Marvel Entertainment to Disney for more than $4 billion.

Disney and Perlmutter did not immediately respond to Reuters’ requests for comment.

In an interview, Perlmutter said he does not have confidence in Disney’s management and expects the entertainment giant’s share price and financial performance to decline further.