Trian unveils Disney plan as proxy fight nears vote

Zoom in: Among Trian's plans, as detailed in the white paper, are:

• "Right-size" the studio business and linear TV networks.
• Either spin out or find a strategic partner for its non-sports linear TV networks. One example Train gave was to create a joint venture.
• Explore bundling its streaming services with other media companies, like Netflix.
• Scale back its plans to launch a full ESPN direct-to-consumer service and instead focus more on its existing ESPN+ service.
• Fully merge Hulu and Disney+ into one service and "evaluate" the long-term viability of Hulu's live TV service.

Catch up quick: Trian is looking to replace directors Michael Froman and Maria Elena Lagomasino with Trian co-founder Nelson Peltz and Jay Rasulo, Disney's former CFO and one-time potential Bob Iger successor.

What's next: Disney's shareholder meeting is on April 3, and around two weeks prior, proxy advisers will issue their recommendation of whether to support one, both, or none of Trian's nominees.