Activist investor Trian Fund Management has taken aim at Comcast (NASDAQ:CMCSA), building a stake based (at least) on the prospect that the cableco is undervalued, the WSJ reports.

And that makes the near-$200B one of the biggest ever targeted by an activist.

Trian built up a holding of about 20M shares - a stake of about $870M, or about 0.4% of the company. And it says it's recently begun conversations with management, though the WSJ notes Trian's focus in the discussions isn't yet clear (while adding that Trian sits on the "less aggressive" side of activists).

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