(Bloomberg) -- Billionaire activist Nelson Peltz has formalized his pitch to Walt Disney Co. investors to back his bid for a revamp of oversight and strategy at the media and entertainment giant.

After months of public sparring with Disney, Peltz’s Trian Fund Management on Thursday sent a long-awaited letter to other shareholders, in which it outlined its plans for improving performance at the Burbank, California-based company.

In the letter, seen by Bloomberg News, Trian said Disney investors had collectively seen almost $200 billion wiped off the value of their holdings in less than three years, in part because of a poorly-managed streaming business and insufficient development of flagship theme parks.

“Disney’s recent creative efforts have disappointed its once-loyal customer base and have caused losses for shareholders,” Trian wrote in the letter. Trian holds about $3 billion in Disney stock. Shares in Disney are down about 11% over the past 12 months, giving the company a market value of roughly $178 billion.

Disney’s board responded in a statement and a letter to shareholders Thursday, telling investors that it and the company’s management have the right strategy to drive profitable growth and value creation. The board added that Peltz “brings no media experience and has presented no strategic ideas for Disney.”

Bloomberg News reported this week that Peltz wants Disney, led by Chief Executive Officer Bob Iger, to chase profitability in streaming by bundling its ESPN+ online service with a larger player interested in sports, such as Netflix Inc.

Parks, Cruises

In Thursday’s letter, Trian also questioned Disney’s plan to invest $60 billion in its parks and cruise lines over the next 10 years. “Disney has failed to answer how it plans to compete with Universal’s new attractions, why it has not kept pace with development, how and where this money will be spent, or what returns shareholders can expect to earn on this massive investment.” 

In what’s shaping up to be one of the biggest battles of the upcoming US proxy season, Trian is trying to get Peltz and Jay Rasulo, a former chief financial officer at Disney, elected to the company’s board at its next annual general meeting set for April 3. Trian is urging investors not to reelect existing directors Maria Elena Lagomasino and Michael Froman.

Trian said in its letter that Peltz and Rasulo would, among other things, initiate a board-led review of creative processes at Disney, formulate a plan for the streaming business, align pay and performance of senior leadership and come up with a succession process.

In its own filing Thursday, Disney said its succession planning committee met six times last year, as well as with an executive search firm, to review both internal and external candidates to succeed Iger.

Disney’s board is asking shareholders to vote for its slate of 12 candidates and reject those put forward by Trian, as well as those by another investor, Blackwells Capital. The board said that Rasulo’s perspective is stale, saying he left Disney in 2015 and hasn’t held any executive positions in the industry since then.

“We believe that the election of any of these individuals would impede leadership’s ongoing execution of Disney’s strategic realignment and the board’s efforts to create value for shareholders for the reasons set forth below,” the board said in the letter.

Proxy Battle

Blackwells, which has a smaller investment in Disney, is separately seeking votes for its three director nominees, Jessica Schell, Craig Hatkoff and Leah Solivan. 

Disney has rejected both the slates of Trian and Blackwells and has instead appointed Morgan Stanley Chairman James Gorman and Jeremy Darroch, a former executive at media company Sky, as new directors on. The company-backed slate includes current board members, General Motors Co. CEO Mary Barra and Oracle Corp. CEO Safra Catz.

Iger has taken other steps to help Disney stave off pressure from Peltz. In January, Disney agreed to consult on strategy with ValueAct Capital Management, another activist investor, which has pledged to support the company’s board.

--With assistance from Christopher Palmeri and Thomas Buckley.

(Updates with Disney’s response starting in fifth paragraph.)

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