Activist investor Nelson Peltz and his firm are seeking more than two seats on Disney's board, according to a person familiar with the matter, setting the stage for a proxy fight. "Mr. Peltz, in partnership with Isaac Perlmutter, a former Disney executive, intends to take its case to shareholders. Mr. Perlmutter owns 78% of the shares that Mr. Peltz claims beneficial ownership of, or more than 25 million of the 33 million shares," Disney said in a statement. Disney shares are up about 6% this year, far underperforming the S&P 500. Peltz had earlier pushed for a seat on Disney's board after Trian took an approximately $800 million stake in Disney.

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Persons: Nelson Peltz, Peltz, Disney, Trian, Morgan Stanley, James Gorman, Jeremy Darroch, Francis deSouza, Sir Jeremy Darroch, Ike Perlmutter, Bob Iger, Perlmutter, Isaac Perlmutter, Robert A, Iger, – CNBC's Alex Sherman Organizations: Trian Fund Management, Future Investment Initiative, Summit, Disney, Sky, Peltz, Disney's, CNBC Locations: Miami , Florida