Nelson Peltz adds to Disney stake following share sale in Q1 – Bloomberg News
2023.05.15 20:52
© Reuters. FILE PHOTO: Nelson Peltz founding partner of Trian Fund Management LP. speak at the WSJD Live conference in Laguna Beach, California October 25, 2016. REUTERS/Mike Blake
(Reuters) – Trian Fund Management’s Nelson Peltz, the activist investor who launched and then abandoned a proxy fight earlier this year at Walt Disney (NYSE:) Co, has recently added to his stake in the company, Bloomberg News reported on Monday.
Trian has purchased roughly 500,000 more shares since the end of March, giving it a total of 6.4 million, the report said, citing a person familiar with Peltz’s holdings.
The fund started the year with 9.4 million Disney shares, before cutting its stake by 34% by the end of March, according to the report.
Billionaire Peltz ended his quest for a board seat at Walt Disney after Chief Executive Bob Iger laid out plans for cutting 7,000 jobs as part of an effort to save $5.5 billion in costs and make the company’s streaming business profitable.
Walt Disney and Trian Fund Management did not immediately respond to Reuters’ requests for comment.
