(Bloomberg) -- Blackwells Capital, an activist investor seeking three board seats at Walt Disney Co., called on the entertainment giant to consider spinning off its famed theme-park properties and splitting into three companies.

The investment firm believes Disney’s real estate, centering on its park and hotel operations in Florida, is worth $77.5 billion, or 44% of the company’s market value, according to a research paper the firm released Tuesday.

Blackwells also said Disney should consider breaking up into three companies focused on sports, entertainment and resorts. Such a move could boost the share price by 68%, the firm said. Among the three directors Blackwells is proposing is Craig Hatkoff, a board member of SL Green Realty Corp., a New York-based real estate investment trust.

The group holds 157,131 shares of Disney stock, according to a filing Tuesday. That’s a tiny fraction of the total and far less than Nelson Peltz’s Trian Fund Management, which is seeking to elect two directors and force changes at the company.

Blackwells’ proposal is the most radical yet from the two activist investors. Peltz has proposed putting himself and Disney’s former chief financial officer Jay Rasulo on the board. He has suggested Disney could achieve profitability in streaming by bundling its ESPN+ online service with a larger player interested in sports, such as Netflix Inc.

Disney declined to comment. The company reports financial results on Wednesday after markets close.

Blackwells also suggested that Disney focus more on entertainment opportunities in augmented reality/virtual reality.

Disney was up 1.4% to $98 at 12:48 p.m. in New York.

--With assistance from Thomas Buckley.

(Updates shares, adds Disney declined to comment.)

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