(Bloomberg) -- Nelson Peltz has launched a fresh attack against the management of Walt Disney Co., saying plans to launch a new sports streaming service and invest in Epic Games Inc. are like throwing spaghetti against a wall. 

In a letter to Disney investors on Wednesday, Peltz’s Trian Fund Management described the moves, announced last week, as “frenetic” and “confused” and said they were no “substitute for a well-considered corporate strategy.”

Peltz’s Trian Fund Management, which is pushing for changes to Disney’s board and strategy, holds about $3.6 billion in the company’s stock. That’s after the company cut its stake by 1.6% during the fourth quarter, according to a filing Wednesday.

“With the stock waning and Disney facing another proxy contest, Disney appears to again be trying to distract shareholders with what we see as a fanciful tale,” Trian wrote in its letter. “But frenetic activity, in the face of a proxy contest, is not a substitute for a well-considered corporate strategy. Nor is throwing spaghetti at the wall going to feed shareholders who have been starved of returns for so long.”

Disney’s ESPN, Fox Corp. and Warner Bros. Discovery Inc. announced they’ll join forces to launch a sports-focused streaming service that will feature major college and pro games usually seen only on traditional TV. Separately, Disney said it will invest $1.5 billion in Epic Games, a deal that will allow the Fortnite maker to use Disney properties like Star Wars, Marvel and Avatar in the gaming world. 

Shares in Disney jumped last week after it reported better-than-expected earnings for its fiscal first quarter. The shares rose 1% to $111.56 Wednesday, giving the company a market value of almost $205 billion.

A representative for Disney didn’t immediately respond for a comment.

Trian has nominated Peltz and former Disney Chief Financial Officer Jay Rasulo for seats on the entertainment giant’s board. Disney has told shareholders to reject Trian’s slate.

(Updates with Trian filing in third paragraph.)

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