Shares of The Walt Disney Company (DIS) were up 2.2% after activist investor Dan Loeb  his investment firm, Third Point, has taken a “significant stake” in the entertainment giant in recent weeks, and he called for changes in the company.

Loeb sent a letter to CEO Bob Chapek announcing the stake, ไand suggested Disney spin off ESPN to shareholders, arguing that both operations would be better off with a split.

In addition, Loeb explained he wanted a shakeup of the board, noting “we believe there are gaps in talen🏅t and experience as a group that must be addressed.”

Hulu to Disney+

He also recommജended the company cut costs, cont𓆏inue suspension of cash dividends instituted when theme parks were closed because of the pandemic, and buy Comcast’s () minority stake in Hulu and integrate it into the Disney+ streaming service.

The news helped add to rece🐲nt gains of Disney shares following the company’s strong quarterly  last week. The stock has now traded higher for four consecutive sessions and at its highest level sinc🀅e April.