Ike Perlmutter has sold his entire stake in Disney after he and activist Nelson Peltz lost a proxy fight. 

Perlmutter, the former Marvel chairman, had banded with Peltz to try to win two seats on Disney's board of directors. Peltz launched his activist campaign in January and nominated himself and Rasulo to be board members of Disney. Perlmutter had pledged his shares to Peltz as part of the proxy battle. 

After campaigning on both sides, Disney won the shareholders vote in April, with Peltz only securing about 30 percent of the vote he sought for his board seat and Rasulo losing his vote by a margin of five to one.