An activist battle against leading media company Walt Disney Co ( DIS ) has been in the works for over a year and has escalated in recent months.

Here's an update on the battle against Disney and key items an activist battle thinks could help the media giant.

What Happened: Activist investor Nelson Peltz of Trian Fund Management is in the middle of an activist battle against Disney, with nominations of himself and another candidate announced in December.

On Monday, Trian outlined its priorities for Disney and how it could help the company and shareholders "restore the magic."

"Disney is the most advantaged consumer entertainment company in the world and should have had a ‘winning hand' in today's evolving consumer entertainment landscape. But instead, Disney lost its way over the past decade," Trian said in a 133-page presentation.

Trian said Disney lost its dominance at the box office and with animation, entered the streaming market late and made several ill-timed acquisitions.

"Consequently, financial performance has deteriorated, with nearly every relevant metric worse in FY 2023 than five years ago."

The presentation highlights an underperformance by Disney stock compared to the S&P 500 and media peers.

"We believe the root cause of Disney's underperformance is poor oversight from a Board that lacks focus, alignment and accountability."

Trian said its two board of directors nominees would work alongside Disney executives to turn the company around.

Among the priorities laid out by Trian are refining the Disney Parks strategy, developing a clear direct-to-consumer strategy, improving accountability and improving the company's cost structure.

Trian believes it can help Disney's DTC segment hit margins of 15% to 20%, similar to streaming giant Netflix, by 2027. The activist investor group also plans to formulate a clear digital strategy for Disney's leading ESPN ( DIS ) sports brand.

Trian's nominated directors will also help work on Disney's succession plan for a new CEO to replace Bob Iger, whose retirement is scheduled for 2026.

The activist investor fund is also pushing for Disney to spin off or find partners for its legacy linear television network that faces growth limitations.

Related Link: Nelson Peltz Calls Out Bob Iger, Disney Board For Underperformance ‘On Every Measure’

Why It's Important: The activist battle against Disney came as shares of the media company were struggling and hit nine-year lows. Now, shares of Disney have rebounded and trade at new 52-week highs, which could alleviate some of the pressure on the media company.

In the presentation, Trian highlights past activist history at companies such as Unilever, Mondelez, Procter & Gamble, PepsiCo, Wendy's and more that have resulted in strong shareholder returns.

Trian also said it focuses on a long-term horizon with an average of six years on the boards of companies it is pushing to change.

Benzinga shared recently that grandchildren of Disney co-founders Walt Disney ( DIS ) and Roy Disney are backing Disney and CEO Bob Iger in the activist battle.

While Disney faces a battle with Trian Fund Management, the company is also facing off against activist firm Blackwells Capital.

Blackwells Capital said in a February whitepaper that Disney should consider spinning off its real estate holdings into a real estate investment trust and said Disney should invest more in the virtual reality and augmented reality spaces.

"The Board must be more focused on this once-in-a-lifetime shift in consumer behavior and interaction," Blackwells Capital said, as shared by The Hollywood Reporter.

Disney's annual meeting will be held on April 3 and given the multiple activist battles it faces, it could be one of the most watched annual meetings in company history.

DIS Price Action: Disney shares trade at $112.87 at market close Tuesday versus a 52-week trading range of $78.73 to $115.19.

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