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"Alphabet, Amazon, Apple, and Meta are large-cap tech companies but generate a small portion of their total revenue from media-related assets\nComcast, with only 35% of its total revenues from media-related assets, has a very different business mix and business challenges than Disney\nNetflix is a “digital native” company with no exposure to legacy media assets", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:25:06.527+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, 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"kind": "paragraph", "text": "Other companies cited in the proxy for compensation-planning purposes have key differences in business attributes that make them less relevant as performance peers", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:25:06.527+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f11e782c-641d-4e1f-b79c-2d6529da1484", "parentComponentId": null }, { "bbox": { "x": 0.03, "y": 0.91 }, "kind": "source-note", "text": "Source: FactSet as of 02/29/24. 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"chart", "text": "AVERAGE RETURN OF CAPITAL DURING IGER'S CEO TENURE ($BN)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:25:01.336+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b64a0b9b-d462-4bf2-b32a-1d9b163086e1", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.94, "x": 0.03, "y": 0.15 }, "kind": "list", "text": "Disney has long maintained a disciplined and balanced approach to capital allocation\nAs a result of the global pandemic, which we estimate caused billions in losses to cash from operations, we suspended our dividend in Spring 2020\nGiven our strong balance sheet, commitment to cost cutting, and continued growth and improvement across our businesses, we are trending to exceed our FY24 free cash flow guidance of ~$8bn, a >60% year over year increase that approaches levels we last achieved pre-pandemic\nAs a result, we have re-initiated our capital return program to shareholders\nPaid a cash dividend of $0.30 / share in January 2024, and the Board authorized an additional dividend of $0.45 / share (50% increase over prior dividend) to be paid in July 2024\nAnnounced a $3bn share repurchase target for FY24", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", 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Increased CEO's performance-based RSUs (\"PBUs\") to comprise 60% of overall long-term incentive (LTI) grant value for FY23, up from 50% for FY22. Starting in FY22, increased PBUs to comprise 50% of overall LTI grant value for all other NEOs (other than Interim CFO), up from 30% in FY21. 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Trian has sold over 2.3mm shares since Dec 2022. Isaac Perlmutter owns the vast majority of shares that Trian claims to own.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:25:04.068+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3534b8a9-eb2f-4e68-8990-b7eee7d7bb5f", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.25, "x": 0.05, "y": 0.35 }, "kind": "metric", "text": "$1.6mm EACH", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:25:04.068+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b4dcface-ebc2-4e84-9864-a5b1dfa7d8f0", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Share ownership value: $1.6mm", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-27 03:17:17+00", "model": "or:google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-6677-7460-8543-b5184c4ba743", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.3, "x": 0.65, "y": 0.62 }, "kind": "quote", "text": "\"[Trian] sold stock from the third quarter to the fourth quarter ... It's odd to see a company and/or an investment manager sell stock during a proxy fight ... It is rare following these things to see that.\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:25:04.068+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a0601045-099a-4f95-acf2-91f71ad471ae", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“[Trian] sold stock from the third quarter to the fourth quarter ... It's odd to see a company and/or an investment manager sell stock during a proxy fight ... it is rare following these things to see that. Unless they have redemptions that they had to sell some stock for.” —CNBC", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-27 03:17:17+00", "model": "or:google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-6677-7460-8543-b06c61b6af19", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.94, "x": 0.03, "y": 0.91 }, "kind": "source-note", "text": "Source: Company filings and public filings; 1 Excludes Directors Darroch, Gorman, and Everson... 2 S&P 500 Outside Director Compensation Analysis Insights... 3 Trian definitive proxy statement... 4 CNBC, Squawk on the Street, 02/15/24", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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0.35 }, "kind": "title", "text": "NELSON PELTZ, IKE PERLMUTTER, AND JAY RASULO ARE NOT WHAT DISNEY NEEDS RIGHT NOW", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 17:25:02.795+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ac5e6fe-0ae6-4775-a67f-98aa3491a66a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 39, "type": "setup", "function": "summarize", "rawType": 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