FILE PHOTO: A vehicle drives through the main gate at The Walt Disney Studios the day after the Writers Guild of America (WGA) announced it reached a preliminary labor agreement with major studios in Burbank, California, U.S., September 25, 2023. REUTERS/Mario Anzuoni/File Photo
(Reuters) -Nelson Peltz's Trian Fund Management has increased its stake in Disney and the activist investor is expected to request multiple board seats, including for himself, the Wall Street Journal reported on Sunday.
Trian is now one of Disney's largest investors with a stake worth upward of $2.5 billion after boosting its stake to more than 30 million shares, from roughly 6.4 million shares at the end of the second quarter, the WSJ reported.
Trian thinks Disney shares are significantly undervalued and that the company needs a more focused board, the report said, citing people familiar with the matter.
The window for shareholder nominations runs from Dec. 5 through Jan. 4, according to Disney's proxy materials cited by the newspaper.
In February, Peltz ended his quest for a board seat at Disney after Chief Executive Bob Iger laid out plans to cut 7,000 jobs as part of an effort to save $5.5 billion in costs and make the company's streaming business profitable.
Disney and Trian did not immediately respond to a Reuters' request for comment.
(Reporting by Urvi Dugar in Bengaluru; Editing by Krishna Chandra Eluri and Savio D'Souza)
