Peltz has criticized the company for overspending on its acquisition of 21st Century Fox, muddling succession planning and said Disney needs to cut costs and turn a profit at its Disney+ streaming service.

Over the past year, Disney has endured pressure from Third Point's Daniel Loeb to refresh its board in the face of uncertainty around profitability of its streaming business and has also seen surprise return of veteran Bob Iger from retirement as chief executive.

Days after Disney's underwhelming third-quarter earnings, Trian's Peltz bought more Disney stock, a source familiar with the matter told Reuters last year.

The fund currently owns roughly $900 million worth of Disney stock, which equates to about 0.5% stake, under the disclosure threshold of 5%.

(Reporting by Akash Sriram in Bengaluru; Editing by Shinjini Ganguli)