In an effort to gain support for their cause, Trian Fund Management, led by activist investor Nelson Peltz, is set to release a comprehensive white paper detailing their case for adding Peltz and former Disney CFO Jay Rasulo to Disney's board. The document, described as dense, will be published in the next couple of weeks and aims to persuade shareholders to elect the duo.

To build momentum leading up to the white paper release, Trian plans to utilize various platforms to disseminate their message. They intend to post content on X, formerly known as Twitter, and augment their website, RestoreTheMagic.com. Peltz revealed these plans during a recent CNBC interview, following his appearance on "Squawk on the Street."

To further their cause, Trian will be meeting with proxy solicitors Glass Lewis and ISS in February. Following these meetings, the firm will engage in shareholder lobbying activities from March up until Disney's annual shareholder meeting, anticipated to occur in April.

A preliminary proxy statement filed by Trian on Thursday hinted at some of the key arguments Peltz intends to make to win over Disney shareholders. One of the focal points is achieving profit margins of 15% to 20% for Disney's streaming business by 2027. As of now, the streaming division is operating at a loss, projected to break even later this year. Trian also seeks increased transparency from Disney regarding its various businesses.

Another concern raised by Trian is the launch of a direct-to-consumer ESPN service, which is slated for either later this year or 2025. Trian demands specific short-term profitability targets to ensure the viability of this new venture.

Peltz emphasized the need for accountability, asserting that it is paramount for Disney's future success. The final proxy materials, including the date of the annual meeting, will be released by Disney after the February 7 earnings report.

Trian's push to shake up the Disney board stems from their belief that it is too closely aligned with CEO Bob Iger. Peltz pointed out that Iger has renewed his contract five times, prolonging his retirement. Although Iger plans to step down in 2026, Peltz contends that fresh voices are needed on the board to challenge long-standing CEOs.

Amidst the battle for board seats, Peltz acknowledged that he and Rasulo will be just two voices among many. However, he remains optimistic that their presence will serve as a catalyst for change within the Disney board. Drawing an analogy, Peltz likened their potential impact to that of Batman and Robin, suggesting that good arguments can quickly turn around a board.

The outcome of this contest will heavily hinge on the opinions of large investors and index funds, who often cast their votes late in the process based on recommendations from proxy advisory services Glass Lewis and ISS. As both Trian and Disney await these crucial endorsements, it remains to be seen if Peltz and Rasulo will secure seats on the board and effectively influence Disney's strategic direction.

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