Activist investor Nelson Peltz will reportedly sell his stake in Disney

Nearly two months after losing an epic corporate battle to join The Walt Disney Company’s board of directors, Nelson Peltz is no longer an investor in the entertainment company.

Mr. Peltz, the billionaire who heads the hedge fund Trian Fund Management, controlled about $3.5 billion in Disney stock, most of which was owned by Ike Perlmutter, the former head of Marvel Entertainment. Mr. Peltz has now sold his stake in those shares, said a person familiar with the investment, who requested anonymity to discuss confidential matters.

A Disney spokesperson did not immediately respond to a request for comment.

By selling his shares, Mr. Peltz appears to be removing a thorn in Disney’s side. Peltz, an activist investor, began criticizing Disney’s management under CEO Robert Iger early last year, citing the company’s streaming strategy, lagging stock prices and succession planning. He pulled out after Disney announced billions in cost cuts, sending its stock skyrocketing. But he resurfaced in December, pledging to seek two seats on the board.

This battle came to a head in April when shareholders voted strongly in favor of the company’s current board of directors. The board contest was one of the most expensive in history: Trian spent about $25 million in its efforts to attract investors, while Disney priced its defense at as much as $40 million, according to securities filings.

However, Mr. Peltz will not go home empty-handed. Disney shares have risen about 15 percent in the past year, and closed on Wednesday at about $101. Mr. Peltz sold his Disney shares at $120 a share, the person familiar with the investment said.