In a recent development, Nelson Peltz, through his investment firm Trian Fund Management, has launched an attack on the management of Walt Disney Co. Peltz criticized Disney's plans to introduce a new sports streaming service and invest in Epic Games Inc., describing them as haphazard moves that lack a well-considered corporate strategy.

Trian Fund Management, which holds approximately $3.5 billion in Disney stock, expressed its concerns in a letter addressed to Disney investors. The letter referred to the new initiatives as "frenetic" and "confused," suggesting that they were not a suitable substitute for a carefully devised corporate strategy.

Peltz's firm further accused Disney of attempting to divert shareholders' attention with what they deemed as a fanciful tale, especially in light of the upcoming proxy contest. Trian emphasized that frantic activity is not enough to compensate long-standing shareholders who have endured meager returns for an extended period.

Last week, Disney announced its collaboration with ESPN, Fox Corp., and Warner Bros. Discovery Inc. to launch a sports-focused streaming service. This platform aims to showcase major college and professional games typically seen only on traditional television. Additionally, Disney disclosed its $1.5 billion investment in Epic Games, enabling the popular game developer, known for Fortnite, to employ Disney properties such as Star Wars, Marvel, and Avatar in the gaming realm.

Following Disney's better-than-expected earnings report for its fiscal first quarter, Disney's shares experienced a surge in value. However, representatives for Disney have not yet responded to Peltz's criticism.

In response to their concerns, Trian has nominated Nelson Peltz and former Disney Chief Financial Officer Jay Rasulo for seats on the entertainment giant's board. However, Disney has urged shareholders to reject Trian's nomination slate.

As the struggle for board seats and strategic direction continues, Disney will need to address the mounting criticism and engage in discussions with its investors to ensure a clear and effective corporate strategy moving forward.