Elliott Management Corp., the American activist fund, is on a tear in Europe.

Capping a series of big investments in the continent over the past two years, Elliott this week launched a proxy fight at Telecom Italia, the one-time state-owned telecommunications giant.

Elliott has disclosed a 3% holding and nominated a slate of directors to replace six current board members, including the company’s chairman. It wants the carrier to simplify its shareholder structure, start paying a dividend and sell or spin off two of its businesses.

Elliott has also inserted itself in the chess match playing out between 21st Century Fox Inc., Walt Disney Co. and Comcast Corp. over British TV giant Sky PLC. Rupert Murdoch’s Fox is trying to consolidate ownership of Sky. Disney has separately agreed to buy a big chunk of Fox assets, including Sky. Comcast joined the fray in February, promising a higher price for Sky in its preliminary offer.

Amid all that deal making, Elliott quietly swooped in, building about a 2.5% stake in Sky. It joined a group of hedge funds who have flooded in amid signs a bidding war was emerging. Elliott hasn’t commented on the stake, but in the past has used such investments to agitate for a higher price from suitors.