Peltz's move is seen as a serious challenge to Iger and pits one of the most popular executives in Hollywood against the activist investor known for his work at consumer firms. The billionaire investor told CNBC last week that Disney should buy the remaining stake in Hulu it does not already own or exit the streaming business. Disney has an agreement to acquire Comcast Corp's one-third interest in the Hulu streaming service as soon as January 2024. Disney also needs to boost capital expenditure at its parks business, where it probably raised ticket prices "too hard," he said then. DISNEY HITS BACK In its filing Tuesday, Disney said it was already working to improve profitability at the Disney+ streaming business that Iger helped launch in 2019 and was rolling out broader cost-cutting measures. The company defended the acquisitions it made under the since-returned CEO Iger, including for Pixar, Marvel and Lucasfilm. It said they were transformative and enhanced the company's value.