By Former Marvel chairman and Marvel Entertainment CEO Ike Perlmutter is done with Disney with The Wall Street Journal (via THR) indicating he has sold his entire stake in the company for almost $3 billion.
Perlmutter and activist Nelson Peltz lost a proxy fight earlier this year to try to win two seats on Disney’s board of directors. Peltz launched his campaign in January and Perlmutter had pledged his shares to Peltz as part of the proxy battle.
Peltz only secured around 30% of the vote he sought for his board seat with the other seat lost on a margin of five to one.
The new report indicates Perlmutter, who was among the largest individual shareholders in the company, sold his stake of around 25.6 million shares in Disney sometime in the past three months. Peltz also reportedly disposed of his entire stake in Disney (worth $1 billion) back in May.
Perlmutter sold Marvel to Disney in 2009 for $4 billion. He had gained control of the superhero company in the late 1990s and expanded its merchandising business by licensing properties like X-Men and Spider-Man to movie studios.
His involvement with Marvel diminished over the years since the sale, and he has not been involved with Marvel movies since 2015. He lost oversight on Marvel television shows in 2019, and left his position at Marvel Entertainment in March last year after the division was folded into larger Disney business units as a cost-cutting measure.
Source The Wall Street Journal, THR
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