The proxy battle between Disney (DIS) and activist investor and Trian Fund Management CEO Nelson Peltz heats up as Petlz continues his campaign to join Disney's board, while now encouraging shareholders to oust two other board members.

Yahoo Finance Media Reporter Alexandra Canal explains Peltz's latest criticisms against Disney ahead of the entertainment company's April 3 shareholder meeting.

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Editor's note: This article was written by Luke Carberry Mogan.

Video Transcript

BRAD SMITH: Disney's proxy battle with activist investor Nelson Peltz heating up. Peltz, now, revealing two current board members that he's seeking to replace, as investors gear up for the media giant's annual shareholder meeting. That's coming April 3.

Let's get to "Yahoo Finance's" Alexandra Canal, who's been tracking all of this. My goodness. This has been unfolding in front of our eyes, Allie.

ALEXANDRA CANAL: Yeah. Lots of developments in this proxy battle now. Try and fund they launched a definitive proxy statement. They released that on Thursday. Once again, encouraging shareholders to nominate Nelson Peltz and former Disney CFO Jay Rasulo to the company's board.

And as you alluded to, within that statement, Peltz also named two current board members that he wants to see get the boot. Those two members are Mastercard executive Michael Foreman, along with Mel Lagomasino.

Now, Mel has been an executive at companies from Coca-Cola to JP Morgan. But Peltz arguing that both of those current board members do not possess the necessary skills to take Disney to the next level, considering all the issues that the company faces today.

He also called out Lagomasino for heading up the compensation committee that's doled out over $800 million in payouts to executives, while the stock price has suffered. And we know that's been a big sticking point for Nelson Peltz.

Now separatelym he also sent a letter to shareholders, once again, criticizing Disney's direct-to-consumer strategy, along with its theme parks and lack of creative efforts, especially at the box office. He said Trian would initiate a board-led review of Disney's creative processes and come up with more aligned plans, when it comes to direct-to-consumer executive pay and succession.

Now, all this comes as Blackwell's Capital also launched a separate proxy fight. So come that shareholder meeting April 3, Disney shareholders will be faced with three separate nominations. Now, Disney's came out with a statement yesterday saying, we only support and endorse our board picks.

But guys, this is shaping up like a little reality show, board battle. It's going to be some drama, April 3. I'm excited.

SEANA SMITH: There's been a heck of a lot of drama ever since Iger. Really, even before. I guess once Iger left the first time around, there has been a lot of drama surrounding Disney.