July 23 (Reuters) - Isaac Perlmutter, one of the largest

investors in Walt Disney ( DIS ), has sold his entire stake in

the media company after losing the proxy fight, the Wall Street

Journal reported on Tuesday.

A former Disney executive, Perlmutter sold his shares

between early April and mid-July at an average price of just

under $115 - but if Disney's ( DIS ) share price declines to a range of

$65 to $75, he plans to repurchase much of his old stake, the

report said.

Perlmutter supported activist shareholder Nelson Peltz's

unsuccessful bid last year to obtain a seat on Disney's ( DIS )

corporate board.

He sold his entire position of 25.6 million shares after

Disney's ( DIS ) board vote, the report added, based on the

communications with his investment adviser.

Perlmutter became a major shareholder in the entertainment

giant in 2009, when he sold Marvel Entertainment to Disney for

more than $4 billion.

Disney and Perlmutter did not immediately respond to

Reuters' requests for comment.

In an interview, Perlmutter said he does not have confidence

in Disney's ( DIS ) management and expects the entertainment giant's

share price and financial performance to decline further.