Activist Investor Nelson Peltz Seeks Board Seats at Disney (1)

Activist investor Nelson Peltz is seeking several board seats at Walt Disney Co. after boosting his stake in the entertainment conglomerate, people with knowledge of the matter said.

Peltz’s Trian Fund Managementincreased its Disney holding in recent months to more than 30 million shares, one of the people said. The stake is currently worth at least $2.5 billion based on Friday’s closing price and would make Trian one of Disney’s biggest investors, data compiled by Bloomberg show.

Trian sees Disney stock as undervalued and believes it needs more accountability on its board, the person said, asking not to be ...