(Bloomberg) -- ValueAct Capital Management sparked a rally in Walt Disney Co. shares after becoming the second activist investor to amass a stake in the media and entertainment giant.

Billionaire Nelson Peltz had previously acquired a $2.66 billion position in Disney, and is expected to seek several board seats.

Disney shares climbed 3% Wednesday on speculation that yet another activist investor might accelerate shareholder friendly moves at the Burbank, California-based company. While ValueAct’s intentions aren’t known, it’s not working in concert with Peltz’s Trian Fund Management LP, according to people with knowledge of the matter. What’s more, the firms could end up at odds, depending on their aims, especially if both separately seek board representation.

Disney Chief Executive Officer Bob Iger has at least a cordial relationship with ValueAct CEO Mason Morfit, who is married to actress Jordana Brewster. Known for her role in the Fast & Furious films, Brewster has owned a home near Iger in the tony Brentwood neighborhood of Los Angeles.

Iger and Morfit have gone on hikes together, according to the people, while Morfit and Brewster attended a screening of the Disney film Flamin’ Hot in Los Angeles last summer.

In the past, ValueAct has scored board seats at Adobe Inc. and Salesforce Inc. Morfit also served on Microsoft Corp.’s board from 2014 to 2017.

Peltz originally sought board representation at Disney a year ago, citing runaway spending, a poor CEO succession process and overpayment for 21st Century Fox’s entertainment assets. He dropped that plan in February after Iger announced a major cost-cutting initiative and promised to restore the company’s dividend.

Jeffrey Ubben, a ValueAct co-founder no longer with the firm, sat on the Fox board and left as it was seeking approval for the Disney sale.

With Disney’s stock underperforming, Peltz is once again considering a proxy fight. He’s working with former Marvel Entertainment Chairman Isaac Perlmutter, another large shareholder.

Earlier this month, after Peltz’s renewed interest in board seats was reported, Iger increased Disney’s annual cost-cutting target to $7.5 billion from $5.5 billion.

Disney recently tapped PepsiCo Inc.’s Hugh Johnston to serve as the company’s new chief financial officer. Johnston was a key player in fending off Trian 10 years ago when Peltz began pushing Pepsi to either merge with a rival or split into two businesses.

(Updates with recent hiring of new CFO in final paragraph. A previous version corrected timing of Microsoft reference in sixth paragraph.)

©2023 Bloomberg L.P.