Nelson Peltz’s Trian Partners has just released a white paper detailing more of their plans to shake up the Walt Disney Company if they succeed in getting their board nominations.

For months now, activist investor Nelson Peltz has made his dissatisfaction with the Walt Disney Company well-known. The billionaire, who briefly expressed hope for the company when Disney CEO Bob Iger returned to the helm, has since backpedaled and called for major changes to Disney and, in particular, Disney’s board.

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Trian Partners Releases White Paper Detailing Plans to Shake Up Disney

In a 130-page whitepaper Trian Partners released as they gear up to take on Disney’s board, they are “accusing Disney’s current board of directors of being ‘the root cause of Disney’s underperformance’ in recent years.”

As The Hollywood Reporter shared, while much of the paper blames the board for Disney’s current struggles and also reiterates many of the arguments Mr. Peltz has already made, the whitepaper also outlines some changes Jay Rasulo and Nelson Peltz would make if appointed to Disney’s board.

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“We believe that it is unlikely that Disney can realize its full potential if it refuses to sufficiently right-size expenses in legacy businesses that are growth challenged,” Trian wrote in the paper. Specifically, Trian wants Disney to “right-size” its studio business and its linear TV networks.

Additionally, Trian would like Disney to consolidate Disney+ with Hulu completely and further explore bundles with other media companies. Trian also wants Disney to “scale back ESPN’s DTC plans and focus on maximizing the value of ESPN+ and the existing linear business.”

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Disney CEO Bob Iger has made his stance on these challenges clear. Even Walt Disney’s and Roy O. Disney’s grandchildren (including controversial heiress Abigail Disney) have written letters in support of Mr. Iger and his board seat battle.

April 3 will certainly be an interesting day when all of these battles come to a head.

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