{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6db-74a0f9f25c29", "slug": "f5c008b9a0d4", "title": "The Walt Disney Company (DIS)", "subtitle": "Nelson Peltz · 2023-01", "author": "Nelson Peltz", "date": "2023-01-12 00:00:00", "pageCount": 35, "kind": "activist-deck", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "The Walt Disney Company", "targetTicker": "DIS", "document": { "id": "019dd923-622b-71dc-a6db-74a0f9f25c29", "slug": "f5c008b9a0d4", "title": "The Walt Disney Company (DIS)", "rawTitle": "Trian Disney TMT Trian Disney Presentation Jan 2023", "authorId": "06_Trian_Partners", "authorName": "Nelson Peltz", "authorDisplay": "Nelson Peltz", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2023-01-Trian-Disney-TMT-Trian-Disney-Presentation-Jan-2023.pdf", "sourceUrl": "https://trianpartners.com/wp-content/uploads/Trian-Disney-TMT-Trian-Disney-Presentation-Jan-2023.pdf", "sourceDate": "2023-01-12 00:00:00", "presentationDate": "2023-01-12 00:00:00", "ingestedAt": "2026-04-22 16:48:55+00", "status": "ready", "pageCount": 35, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "The Walt Disney Company", "targetTicker": "DIS", "metadata": { "local_root": "/tmp/legacy-images/f5c008b9a0d4", "activist_firm": "Trian Partners", "origin_corpus": "contrarian", "extraction_seconds": 190.93711519241333 } }, "coverage": { "pageCount": 35, "pagesIndexed": 35, "pagesWithImages": 35, "pagesWithMetadata": 35, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 237, "chartCount": 27, "metricSlides": 0, "toolMatches": 11, "documentToolMatches": 3, "frameworkMatches": 29, "arcMatches": 1, "beatMatches": 3, "loopMatches": 0, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "599dcd75-e55e-418b-8d9a-94989b33d1f1", "evidence": "The document follows a clear problem-agitate-solution arc, highlighting Disney's underperformance, the need for change, and Trian's proposed solutions", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:13.744123+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 5, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 5, "name": "Problem", "beatId": "2bc62555-dcfa-471e-9475-d895b5c4be69", "matchId": "599dcd75-e55e-418b-8d9a-94989b33d1f1", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "Disney is trading at an 8-year low", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. 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The prescription isn't a paragraph;\n it's a trajectory the reader can point at.\n- It **pre-empts the status-quo defence**. Management usually argues \"we\n have a plan\". Your chart shows what their plan looks like vs. yours.\n- It **satisfies both the Architect** (math adds up) **and the Storyteller**\n (emotional delta between two futures).", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Before-After-Bridge", "slug": "before-after-bridge", "status": "active", "bestFor": null, "canonId": "019dd956-8604-7188-883f-42370288ad05", "version": 1, "bodyDocId": null, "description": "Narrative structure: Paint the before, show the after, explain the bridge", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "6b04e8bd-7939-4d8d-aa43-f55154adf32b", "evidence": "This slide is titled 'Simplification Dramatically Improved Performance' and presents a before-and-after comparison of P&G's financial performance.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:52:18.386238+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Waterfall chart", "slug": "waterfall-chart", "status": "active", "bestFor": null, "canonId": "e2799da3-725f-44a9-a093-570f1f388e64", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "7ea29787-d650-4b06-9a81-e84383e793d2", "evidence": "Waterfall chart showing Disney ex-DPEP EBIT bridge from FY18 to FY22", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 03:26:58.795995+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Before/after framing", "slug": "before-after-framing", "status": "active", "bestFor": "For turnaround / reform proposals", "canonId": "019dd9e1-528b-72ec-a563-e5dcb9410f67", "version": 1, "bodyDocId": "019dd9a1-80bf-72e9-980b-ccd1c0cd3488", "description": "You visualise two futures side by side: the trajectory the target is on\ntoday, and the trajectory under your proposed intervention. 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The prescription isn't a paragraph;\n it's a trajectory the reader can point at.\n- It **pre-empts the status-quo defence**. Management usually argues \"we\n have a plan\". Your chart shows what their plan looks like vs. yours.\n- It **satisfies both the Architect** (math adds up) **and the Storyteller**\n (emotional delta between two futures).", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Waterfall chart", "slug": "waterfall-chart", "status": "active", "bestFor": null, "canonId": "e2799da3-725f-44a9-a093-570f1f388e64", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "a40a64ea-ec73-4e26-af58-f76b729b2b66", "evidence": "The slide features a chart that appears to be a waterfall chart, showing the change in Disney's net financial leverage.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 03:27:00.823903+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Slide recipe: the peer-gap chart", "slug": "peer-gap-chart-recipe", "status": "active", "bestFor": null, "canonId": "019df269-2b04-75bc-ad85-e0179264bdd7", "version": 1, "bodyDocId": "019df269-2ae1-771d-9cd1-193a2e25f21c", "description": "The single most-copied slide in activism. 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21:04:57.319+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "frameworkName": "before-after-framing" }, { "matchId": "d6a77215-f2fb-4c01-a720-22204e2f007c", "evidence": "Mentions optimizing capital allocation decisions to improve return on invested capital", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:04:57.911+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "capital-allocation-framework" }, { "matchId": "b021584a-608f-4101-80b9-d4ba18577b26", "evidence": "The slide frames P&G's internal structure and culture as the 'villain' or problem to be solved by the activist.", "framework": null, "confidence": 0.7, "extraction": { "at": "2026-05-02 21:04:58.529+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": 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Deck is unusual among activist campaigns in explicitly declining to call for CEO removal ('NOT trying to create additional instability by replacing Bob Iger') — instead framing the ask as a single collaborative board seat. Heavy use of P&G 2017 case study as playbook evidence (pp. 9-11). Strong CEO-quote-contradiction on p. 27 (Susan Arnold's June 2022 'full confidence' in Chapek vs. his firing five months later) and Jim Cramer 'balance sheet from hell' pull-quote on p. 21. Sum-of-parts not used — argument is governance/operations-first rather than valuation-first. Stake size not disclosed in the deck itself (disclosed elsewhere as ~$900mm). Campaign was withdrawn in early February 2023 after Iger announced $5.5bn cost cuts and a restructuring, which Trian claimed as a win.", "kpisCited": [ { "detail": "$7.08 in FY2018 to $3.53 in FY2022, a 50% decline", "metric": "Adjusted EPS" }, { "detail": "Disney 107% vs. proxy peers 478% — a 371 percentage-point gap", "metric": "Total Shareholder Return (10Y)" }, { "detail": "26.5x paid for traditional media assets vs. 11.9x comparable media precedents", "metric": "Fox acquisition EV/EBITDA" }, { "detail": "$162bn in M&A, capex, and content — approximately equal to Disney's entire market cap", "metric": "Cumulative capital deployed FY2019-22" }, { "detail": "30.2% in FY2018 to 16.4% in FY2022 (-1,377 bps)", "metric": "Adj. EBITDA margin" }, { "detail": "$9.8bn in FY2018 to $1.1bn in FY2022 (-89%)", "metric": "Free cash flow" }, { "detail": "0.9x in FY2018 to 2.7x in FY2022 after peaking at 4.2x", "metric": "Net leverage" }, { "detail": "$1.76 in FY2019 to $0.00 in FY2021-22, ending a 57-year streak", "metric": "Dividend per share" }, { "detail": "$11bn FY2017-22, projected to reach ~$15bn by FY2024", "metric": "Cumulative DTC segment losses" }, { "detail": "(21.9%) at Disney FY2022 vs. 18.2% at Netflix LTM Sept-22 — ~4,000bps gap", "metric": "DTC operating margin" }, { "detail": "$216mm despite poor TSR; original package would have paid up to $423mm", "metric": "Bob Iger total compensation FY17-21" }, { "detail": "25.4% in FY2019 to 26.8% in FY2022, with Parks share of Disney operating income rising from 30% to 44%", "metric": "Domestic Parks operating margin" }, { "detail": "Revenue 5% below consensus; operating income 13% below consensus", "metric": "FY2023E guidance shortfall" }, { "detail": "Raised ~3x (60-90mm to 230-260mm) with content spend ~4x while profitability year unchanged", "metric": "Disney+ subscriber target" } ], "closingAsk": "Support Trian's proposal to add Nelson Peltz to Disney's Board at the 2023 Annual Meeting to restore capital-allocation discipline, governance, and operational rigor.", "extraction": { "at": "2026-04-22 16:48:55+00", "model": "unknown-legacy", "runId": null, "seconds": 190.93712, "promptVersion": null }, "scqaReward": "Closing the 10-year 371% TSR gap to proxy peers through restored EPS trajectory, reinstated dividend, narrowed ~$11bn (projected $15bn) cumulative streaming losses, and Netflix-comparable DTC margins (18% vs. Disney's -22%) implies material upside from today's 8-year-low price.", "thesisTypes": [ "governance_board", "capital_return", "operational_turnaround", "cost_cutting", "strategic_pivot" ], "top3Reasons": [ "Disney overpaid 26.5x EBITDA for Fox's traditional media (vs. 11.9x comps), creating $50bn of goodwill", "Streaming has lost $11bn cumulatively with worse unit economics than Netflix despite superior IP", "Broken governance: board fired Chapek 5 months after extending him, killed the 57-year dividend, halved EPS since 2018" ], "scqaSituation": "Disney is the world's most advantaged consumer entertainment company — unrivaled global scale, irreplaceable brands, inimitable Parks, and a franchise flywheel — yet shares trade at an 8-year low after underperforming peers and the S&P 500 across 1, 3, 5, and 10-year windows.", "thesisSummary": "Trian argues that Disney — the 'most advantaged consumer entertainment company in the world' — has squandered unrivaled IP under a board that approved a $52bn overpayment for Fox at 26.5x EBITDA (vs. 11.9x comps), nearly bid another $100bn for Sky, eliminated a 57-year dividend, and oversaw a CEO succession so broken it fired Chapek five months after extending him and re-hired Iger over a weekend. Adjusted EPS has been halved since FY2018 despite $162bn of cumulative capex, M&A, and content spend — roughly Disney's entire current market cap. Streaming has cumulatively lost $11bn with no Netflix-like unit economics while domestic Parks 'over-earn' to subsidize DTC. Trian explicitly does not seek to replace Iger but demands one qualified board seat for Nelson Peltz to restore capital-allocation discipline, proper succession, compensation rigor, and operational cost control.", "primaryDemands": [ "Elect Nelson Peltz to Disney's Board at the 2023 Annual Meeting", "Restore capital-allocation discipline after $162bn of value-dilutive M&A, capex, and content spend", "Fix the broken CEO succession process", "Reinstate the dividend eliminated in 2020 after a 57-year streak", "Align executive compensation with performance", "Impose cost discipline and deliver credible streaming unit economics", "Stop over-earning in domestic Parks to subsidize DTC losses" ], "scqaResolution": "Trian is NOT trying to replace Iger, but demands one qualified board seat for Nelson Peltz to drive capital-allocation discipline, credible CEO succession, cost restraint, and a streaming strategy with real unit economics rather than subsidies from over-earning Parks.", "thesisOneLiner": "Disney's world-class IP is being squandered by a board that overpaid $52bn for Fox, bungled CEO succession, and is bleeding streaming losses — add Nelson Peltz to restore discipline.", "precedentsCited": [ "P&G 2017 proxy contest (de-matrix reorganization, EBIT margin 20% to 24%)", "Heinz 2006 proxy contest", "DuPont 2015 proxy contest", "Trian board tenures delivering ~900bps annual TSR outperformance vs. S&P 500" ], "scqaComplication": "A $162bn post-2018 spree (Fox at 26.5x EBITDA, Sky bid, content, capex) halved adjusted EPS and killed the 57-year dividend, while the board repeatedly extended Iger, appointed and abruptly fired Chapek, and approved 'over-the-top' executive pay.", "narrativeInterest": 4, "notableSlidePages": [ 4, 13, 16, 19, 27, 32 ], "peerCompaniesCited": [ "Netflix", "Alphabet", "Amazon", "Apple", "AT&T", "Comcast", "Warner Bros. 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While Nelson Peltz is a former director of The Procter & Gamble Company, none of the information contained in this presentation or otherwise provided to you is derived from non-public information of such company. Trian does not endorse third-party estimates or research, which are used in this presentation solely for illustrative purposes. Note: \"SBU\" defined as Strategic Business Unit. (1) P&G sells to more than 180 countries according to P&G's 2017 Annual Report on Form 10-K. 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However, management's views of Trian and Nelson Peltz changed dramatically after we began to work with them to enhance shareholder value", "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 21:05:03.543+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bb4ab4f5-1f4b-4f46-9af0-74e9887b5cd7", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"The company is at a key inflection point and we cannot afford to let the Board and management be diverted from our progress and plan by creating a dysfunctional and destabilizing environment.\" — Heinz, June 2006; \"Trian has chosen this path [a proxy contest] with the potential to disrupt our Company at a key stage of execution against our plan\" — DuPont Press Release, Jan 2015; \"[P&G] is in the best position to continue building a better Company without adding Mr. Peltz to the Board...Now is the time to focus on accelerating results, and prevent anything from derailing the work that is delivering improvement.\" — David Taylor, P&G CEO August 1, 2017; \"I said to another CEO...who had called me and inquired about Nelson, that if I were to form the board today, Nelson would be one of the first Directors I'd ask to serve because he is an insightful, communicative, enthusiastic, energetic and available Director.\" — Bill Johnson, Heinz CEO, March 2008; \"I have the highest regard for Nelson Peltz and Ed Garden. 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"subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:04:58.699+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d603869-acbe-44cc-8620-20edaefbf973", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EPS: 50%", "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": "2026-04-23 02:34:54+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5b2-ff38523fde13", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.15 }, "kind": "paragraph", "text": "While Disney's growth investments and M&A have contributed to total revenue growth of 41% between FY 2018-22, EPS has declined 50% over the same period", "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 21:04:58.699+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f338d68b-bbe7-4dc7-95e2-d501e8ad3856", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.85 }, "kind": "source-note", "text": "Source: SEC filings, FactSet. Note: (1) M&A Invested Capital calculated as the $71bn equity purchase price of Fox less $0.6bn of acquired net cash...", "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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Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 19, "type": "setup", "title": "The slide uses a bridge format to isolate the 'Fox Traditional Media' assets and derive the 26.5x multiple.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "dense", "densityScore": 67, "componentCount": 6, "textChars": 2555, "nDataPoints": 18, "notes": "The slide uses a bridge format to isolate the 'Fox Traditional Media' assets and derive the 26.5x multiple.", "elementsJson": [ "headline_text", "bullet_list", "valuation_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:05:00.726+00", "seconds": 4.291, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-74a0f9f25c29/19", "deck": "/decks/019dd923-622b-71dc-a6db-74a0f9f25c29", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-74a0f9f25c29#slide-19", "deckJson": "/decks/019dd923-622b-71dc-a6db-74a0f9f25c29.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Disney appears to have paid 26.5x 2018A EBITDA for Fox’s traditional media assets (excl. Hulu) whereas comparable media transactions were completed at 11.9x LTM EBITDA(1)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:34:54+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5b2-dcf46724d9cc", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.8, "x": 0.1, "y": 0.15 }, "kind": "list", "text": "Disney appears to have paid 26.5x 2018A EBITDA for Fox's traditional media assets (excl. Hulu) whereas comparable media transactions were completed at 11.9x LTM EBITDA(1)\nThe Fox deal created a massive incremental goodwill balance of ~$50bn\nDisney had to rely on an ultra-aggressive $2bn synergy assumption, which would imply a doubling of Fox's EBITDA, to justify the deal\nWhile difficult to quantify, we believe that Fox's earnings power has deteriorated post-deal, implying an even higher multiple paid than the 26.5x paid at closing (see following pages)", "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 21:05:00.726+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e93c0ae8-1525-4391-969c-fadd8ede740c", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EV / EBITDA Multiple: 26.5x", "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": "2026-04-23 02:34:54+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5b2-e3490aa26e0f", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.78 }, "kind": "source-note", "text": "(1) Represents median of un-edited precent transactions analysis on an Enterprise Value / LTM EBITDA basis used by one of Fox's Board advisors (Centerview) in the rendering of their fairness opinion found in Disney's Form S-4 filed 6/28/18. (2) From Disney press release and investor call transcript dated 6/20/18. (3) Represents the net of $19.2bn debt assumed and $19.8bn cash acquired in the 21st Century Fox acquisition, post-Sky stake sale (The Walt Disney Co. Form 8-K filed 3/20/19). (4) Includes book value of investments in Endemol Shine ($188mm) and DraftKings ($95mm) as of 6/30/18 (Form 8-K filed by The Walt Disney Co. dated 3/27/19); excludes Hulu (shown below). (5) TFCF 2018A EBITDA from Disney Form 8-K filed 8/23/19. (6) Purchase price of $10.6bn divided by RSN LTM EBITDA of $1.7bn (Sinclair Broadcasting Group, Inc. press release dated 5/3/19). (7) Total RSN EBITDA (including YES, Fox Sports Mexico & Brazil) of $2.0bn as of 9/30/18 (Disney Form 8-K filed 8/23/19) less $1.7bn of Sinclair RSN EBITDA. Note we assume Fox Sports Mexico & Brazil do not generate substantial EBITDA and we do not factor in their potential purchase prices into this analysis given lack of disclosure on asset-level EBITDA or potential purchase prices. (8) Hulu repurchased AT&T's 10.0% stake in April 2019 for $1.43bn, implying total Hulu valuation of $14.3bn. TFCF held a 30% stake at the time of its acquisition by Disney.", "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. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:00.726+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3a96a00a-e903-44d7-b341-61fcf91f3557", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.8, "x": 0.1, "y": 0.38 }, "kind": "table", "text": "Fox Equity Purchase Price ($38/share)(2) $71.3\n(+) Acquired Net Debt / (Cash)(3) ($0.6)\n(-) Equity Investments(4) ($0.3)\nAdj. Fox EV $70.4 $4.0(5) 17.6x\n(-) RSN sale ($10.6) ($1.7) 6.2x(6)\n(-) Yes Network ($3.5) ($0.3)(7) 10.4x\nRemaining Fox EV $56.3 $2.0\n(-) Hulu Stake(8) ($4.3)\nFox Traditional Media EV (Film/TV) $52.1 $2.0 26.5x", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:00.726+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9e8ced96-c3ed-48dc-b856-d1ed1dbbf2d3", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.1, "y": 0.09 }, "kind": "title", "text": "Disney Materially Overpaid For The Fox Assets", "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 21:05:00.726+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b056a82a-8d53-45c5-8443-aff0cc4fb374", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 24, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 13, "name": "Agitate", "beatId": "273e8817-3609-4499-b52a-ff27d2e6c116", "matchId": "599dcd75-e55e-418b-8d9a-94989b33d1f1", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "Disney's underperformance, disappointing financials, and failed acquisitions", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. 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and actual performance.", "elementsJson": [ "headline_text", "bullet_list", "waterfall_chart", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:05:06.078+00", "seconds": 9.602, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-74a0f9f25c29/20", "deck": "/decks/019dd923-622b-71dc-a6db-74a0f9f25c29", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-74a0f9f25c29#slide-20", "deckJson": "/decks/019dd923-622b-71dc-a6db-74a0f9f25c29.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.15, "x": 0.74, "y": 0.37 }, "kind": "callout", "text": "How does Disney explain ~$6bn of missing EBIT?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:06.078+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e8e40de1-9b36-4729-9edf-399d09db7bd4", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.8, "x": 0.1, "y": 0.35 }, "kind": "chart", "text": "Waterfall chart showing Disney ex-DPEP EBIT bridge from FY18 to FY22", "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": "Waterfall bridge / value bridge", "slug": "waterfall-bridge", "status": "active", "canonId": "019de52d-0055-7469-ba67-a7f7a327dec1", "version": 1, "description": null }, "framework": null }, "subkind": "waterfall-bridge", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:06.078+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "78a54974-00b2-448b-be8d-460d7b6f5701", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.16 }, "kind": "list", "text": "Disney’s 2022 operating profit, excluding Parks, Experiences and Products (“ex-DPEP”) of $3.1bn is 74% below the pro forma operating profit of $11.8bn at the time of the acquisition in 2018\nEven excluding streaming losses, Disney’s ex-DPEP operating profit appears to be $6bn lower today than the pro forma operating profit at the time of the acquisition\nThis begs the question, is there a large Fox write-down on the horizon?", "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 21:05:06.078+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d1012e96-9066-454f-9601-16ccbe5cd89c", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "operating profit: 74%", "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": "2026-04-23 02:34:54+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5b2-b27d6c0e81af", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.08, "y": 0.88 }, "kind": "source-note", "text": "Source: SEC filings. Note: (1) Includes Corporate. (2) Excludes $580mm equity in the loss of investees from Hulu. (3) Consolidated Hulu earnings based on the Unaudited Pro Forma Condensed Combined Statements of Income of The Walt Disney Company found in Disney's Form 8-K filed on 08/29/19.", "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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null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:05:00.044+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "694340a0-ab88-4ae3-abf6-d0ecc5c0f3b5", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Net Debt / EBITDA: 4.2x", "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": 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"seconds": null, "promptVersion": null }, "componentId": "d107bf72-c80b-42e3-b407-599fda51ac99", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "That balance sheet is the balance sheet from hell...doing nothing about it, except for spending more than they have. — Jim Cramer, Nov 17, 2022 – Cramer’s Investing Club", "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": "2026-04-23 02:34:54+00", "model": 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This bid represented a 46% premium to Disney’s original offer and a 104% premium to the Unaffected Sky share price - another example of poor M&A judgement", "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 21:05:03.014+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4412cffa-5f14-4662-b300-ab799e7c91fc", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Enterprise Value: £34bn", "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": "2026-04-23 02:34:55+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5b3-7e7e985db521", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.1, "y": 0.75 }, "kind": "quote", "text": "We never understood why this lower growth, lower return (and lower multiple) business with undeniable long-term structural risks would enhance Disney's asset mix or contribute to Disney's DTC transformation.", "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 21:05:03.014+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d197f3a7-7dfb-4be7-970c-27769e7099a7", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“We never understood why this lower growth, lower return (and lower multiple) business with undeniable long-term structural risks would enhance Disney’s asset mix or contribute to Disney’s DTC transformation. By allowing Comcast to prevail in the Sky bidding war, Disney avoided paying a massive premium for a business which is primarily a European DBS distributor” — Todd Juenger, Bernstein, September 24, 2018", "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": "2026-04-23 02:34:55+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5b3-791b91454790", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.9 }, "kind": "source-note", "text": "Source: SEC filings, Company filings, FactSet, Wall Street Research.", "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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financial impact of a hypothetical deal.", "elementsJson": [ "headline_text", "bullet_list", "comparison_table", "bar_chart_vertical", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:05:01.021+00", "seconds": 4.146, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-74a0f9f25c29/23", "deck": "/decks/019dd923-622b-71dc-a6db-74a0f9f25c29", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-74a0f9f25c29#slide-23", "deckJson": "/decks/019dd923-622b-71dc-a6db-74a0f9f25c29.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We estimate pro forma net leverage would be at ~5x today, reflecting Disney’s lower run-rate EBITDA compared to FY 2018", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:34:54+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5b3-31be1921a402", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.4, "x": 0.5, "y": 0.33 }, "kind": "chart", "text": "Disney Net Leverage chart showing progression from 0.9x (Standalone) to 3.7x (Disney + Fox & Sky) to 5.1x (Pro forma FY 2022).", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative 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Prior to 2020, Disney had paid a dividend for 57 straight years. No timetable.", "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 21:04:59.832+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ebcc6979-e9eb-4095-b66f-2a8dd585f0c3", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Annual Dividend per Share: $0.00", "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": "2026-04-23 02:34:55+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5b3-b87e3cde8932", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.08, "y": 0.89 }, "kind": "source-note", "text": "Source: SEC filings, FactSet. Note: (1) Represents annualized FY 2015 dividend, normalized to reflect the impact of Disney's transition to a semi-annual dividend from an annual dividend.", "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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"019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:34:56+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5b4-0430434ab8ee", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.8, "x": 0.1, "y": 0.45 }, "kind": "paragraph", "text": "Even more puzzling, if streaming was to be Disney’s central focus, why was Bob Chapek ever made CEO to begin with?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", 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"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 21:05:01.176+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c1bee50a-2f3a-4419-b159-ddb7b5ef4cb9", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.8, "x": 0.1, "y": 0.63 }, "kind": "quote", "text": "Disney was dealt a tough hand by the pandemic, yet with Bob [Chapek] at the helm, our businesses—from parks to streaming—not only weathered the storm, but emerged in a position of strength. In this important time of growth and transformation, the Board is committed to keeping Disney on the successful path it is on today, and Bob’s leadership is key to achieving that goal. 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In this important time of growth and transformation, the Board is committed to keeping Disney on the successful path it is on today, and Bob’s leadership is key to achieving that goal. 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Iger’s compensation would have been even higher had shareholders not voted against the pay package that he received in December 2017 as a “reward” for the Fox deal.", "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 21:05:00.456+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd9cb5b1-ea51-462b-81e6-cf6964ef91e1", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Total Compensation: $216mm", "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": "2026-04-23 02:34:56+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5b4-68547c34f76d", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.85 }, "kind": "source-note", "text": "Source: SEC filings, FactSet. 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"textChars": 559, "nDataPoints": 14, "notes": "The chart uses a waterfall-style accumulation to show the growth of losses over time, highlighting the gap between historical performance and management's break-even guidance.", "elementsJson": [ "headline_text", "bullet_list", "bar_chart_stacked", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:05:00.963+00", "seconds": 2.691, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-74a0f9f25c29/31", "deck": "/decks/019dd923-622b-71dc-a6db-74a0f9f25c29", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-74a0f9f25c29#slide-31", "deckJson": "/decks/019dd923-622b-71dc-a6db-74a0f9f25c29.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Cumulative Streaming Losses Have Grown to $11bn and are Expected to Reach ~$15bn", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:34:56+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5b4-37a401b3e4bc", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.8, "x": 0.1, "y": 0.25 }, "kind": "chart", "text": "Disney Cumulative DTC Segment Losses ($bn)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": 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The recurring issues and complaints related to Disney “Cast Member” wages while the Parks business experiences rapid margin expansion further our concerns it is over-earning.", "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 21:05:02.454+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e16efb76-474f-4b09-9a9d-46f13255e71c", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Operating Margin: 26.8%", "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": "2026-04-23 02:34:57+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5b4-e956a435b15d", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“nearly 40% vs. fiscal 2019” — Disney Management (FY 2022 earnings call)", "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": "2026-04-23 02:34:57+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5b4-e7607174af50", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.9 }, "kind": "source-note", "text": "Source: SEC filings and transcripts, Bloomberg, New York Post. 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