(Bloomberg) -- Nelson Peltz has published his manifesto for change at Walt Disney Co., as the activist prepares to face off against the entertainment giant at an investor meeting next month.In a 133-page white paper entitled released on Monday, Peltz's Trian Fund Management LP cemented its demands for an overhaul of Disney's board and a recasting of its business strategy. Peltz contends Disney should find a partner for its traditional TV channels, similar to the joint venture it has for its A&E networks. Such a move would lessen Disney's exposure to that shrinking business, while giving employees there “more control over their destiny.”Trian is trying to get Peltz and Jay Rasulo, a former chief financial officer at Disney, elected to the company's board at its annual general meeting on April 3. The firm also wants to, among other things, put in place a succession process for CEO Bob Iger, initiate a review of studio operations and culture and formulate a digital strategy for Disney's ESPN sports asset.A group put together by Trian holds roughly $3.5 billion in Disney stock.“We believe Disney has lost its way in the past decade, making strategic and operational missteps that have resulted in deteriorating financial performance and poor absolute and relative stock returns, costing shareholders billions,” Trian said in a statement. Shares in Disney were up 1.6% at the close in New York on Monday, giving the company a market value of about $209 billion. A representative for Disney didn't immediately provide comment. Disney's board is asking shareholders to vote for its slate of 12 candidates at next month's shareholder meeting and reject those put forward by Trian, as well as those being nominated by another investor, Blackwells Capital.In February, Disney's ESPN, Fox Corp. and Warner Bros. Discovery Inc. announced they're joining forces to launch a sports-focused streaming service that will feature major college and pro games usually seen only on traditional TV. Disney also revealed it will invest $1.5 billion in Epic Games, a deal that will allow the Fortnite maker to use Disney properties like , Marvel and in the gaming world.Peltz rebuffed the plans soon after, calling them “frenetic” and “confused” and saying they were no “substitute for a well-considered corporate strategy.”(Updates with recommendation for traditional channels in third paragraph.)More stories like this are available on bloomberg.com©2024 Bloomberg L.P.