Investing
Nelson Peltz adds to Disney stake following share sale – Bloomberg News
© 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) -Nelson Peltz, the activist investor who launched and then gave up 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.
Peltz-owned Trian Fund Management 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 the matter.
The fund started the year with 9.4 million Disney shares, before cutting its stake by 34% by March-end, the report said.
“On Feb. 8, 2023, Disney committed to strategic and operating improvements that generally aligned with the initiatives we had previously discussed with the company.” Trian Partners said in an emailed response.
“We believe these initiatives can create value and are monitoring management’s execution closely.”
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 did not immediately respond to Reuters’ requests for comment.
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