(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.