In the ongoing proxy battle between Trian Partners and Disney, the investment firm has unveiled its detailed proposals to shake up the entertainment giant if its founder, Nelson Peltz, and nominee Jay Rasulo secure seats on Disney's corporate board at the April 3 annual meeting.

Trian's plans, outlined in a 130-page whitepaper, scrutinize Disney's current board of directors, holding them responsible for the recent underperformance of the company. While reiterating previously made claims, the whitepaper also offers suggestions and strategies for Disney's future direction.

One of the key recommendations put forth by Trian is to "right-size" Disney's studio business and its linear TV networks. The investment firm argues that in order to unleash Disney's full potential, substantial cost reductions must be implemented in these legacy businesses that face growth challenges. Trian suggests exploring options such as spinning out or finding strategic partners for Disney's linear TV networks. Such a move could improve the company's balance sheet and offer greater autonomy to management and employees.

Trian further advocates for the consolidation of Disney+ and Hulu, emphasizing that Hulu should not be relegated to a tile within Disney+. Additionally, the investment firm suggests exploring opportunities to bundle with other media companies and evaluating the viability of Hulu With Live TV. Trian expresses skepticism about the standalone streaming viability of ESPN and advises a scaling back of its direct-to-consumer plans. Instead, the focus should be on maximizing the value of ESPN+ and the existing linear business.

While Trian Partners presents its proposals, another activist investor, Jason Aintabi's Blackwells, has offered its own set of suggestions, including spinning out Disney's real estate holdings into a Real Estate Investment Trust and leveraging artificial intelligence to create characters and expand the company's parks business.

Disney has responded to the proxy fight by employing educational efforts led by Professor Ludwig Von Drake, Donald Duck's uncle, to inform shareholders about the impending vote. CEO Bob Iger also took the opportunity during the February earnings call to announce new projects, including a sequel to the animated hit Moana and a $1.5 billion deal with Epic Games.

In a show of support for Iger, letters from the grandchildren of Walt Disney and Roy O. Disney have been written, vouching for his continued presence on the board.

As the battle for board seats intensifies, Disney's future direction hangs in the balance, with shareholders eagerly awaiting the outcome of the April 3 meeting and the implementation of any proposed changes.