Nelson Peltz adds to Disney stake following share sale - Bloomberg News
Adds Trian Partners response in paragraph 4 and 5
May 15 (Reuters) -Nelson Peltz, the activist investor who launched and then gave up aproxy fight earlier this year at Walt Disney Co DIS.N, has recently added to his stake in the company, Bloomberg News reported on Monday.
Peltz-owned Trian Fund Managementhas 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.
Reporting by Urvi Dugar in Bengaluru; Additional Reporting by Jyoti Narayan; Editing by Subhranshu Sahu and Sonia Cheema
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