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 an𓆉nouncing the stake, and 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 talent and experience as a gr⛦oup that must be addressed.”

Hulu to Disney+

He also recommended the company cut costs, continue suspension of cash dividends i⛦nstituted 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 recent gains of Disney shares following the company’s strong quarterly  last week. The stock has now traded higher for 𓄧four con🔴secutive sessions and at its highest level since April.