{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6db-780377abfbe8", "slug": "d954d7f4a9c3", "title": "The Walt Disney Company (DIS)", "subtitle": "Nelson Peltz · 2024-03", "author": "Nelson Peltz", "date": "2024-03-01 00:00:00", "pageCount": 133, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "The Walt Disney Company", "targetTicker": "DIS", "document": { "id": "019dd923-622b-71dc-a6db-780377abfbe8", "slug": "d954d7f4a9c3", "title": "The Walt Disney Company (DIS)", "rawTitle": "Disney Trian White Paper 2024", "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": "2024-03-Disney-Trian-White-Paper-2024.pdf", "sourceUrl": "https://restorethemagic.com/wp-content/uploads/2024/03/Disney-Trian-White-Paper-2024.pdf", "sourceDate": "2024-03-15 00:00:00", "presentationDate": "2024-03-01 00:00:00", "ingestedAt": "2026-04-22 16:52:18+00", "status": "ready", "pageCount": 133, "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "The Walt Disney Company", "targetTicker": "DIS", "metadata": { "local_root": "/tmp/legacy-images/d954d7f4a9c3", "activist_firm": "Trian Partners", "origin_corpus": "contrarian", "extraction_seconds": 218.46594786643982 } }, "coverage": { "pageCount": 133, "pagesIndexed": 133, "pagesWithImages": 133, "pagesWithMetadata": 133, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 938, "chartCount": 67, "metricSlides": 0, "toolMatches": 24, "documentToolMatches": 6, "frameworkMatches": 110, "arcMatches": 1, "beatMatches": 3, "loopMatches": 3, "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": "4a08410a-24d0-4b8e-8634-d804e5ebd6c9", "evidence": "The deck follows a clear problem-agitate-solution arc, presenting Disney's underperformance as a problem, agitating it by highlighting the board's failures, and offering a solution by nominating Trian Partners' candidates", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:55:16.782207+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 7, "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": 4, "name": "Problem Identification", "beatId": "b1103266-b100-4b02-8bb0-3fab55eea0eb", "matchId": "4a08410a-24d0-4b8e-8634-d804e5ebd6c9", "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": "The deck identifies Disney's underperformance as a problem", "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. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 20, "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": 8, "name": "Agitation", "beatId": "e5d11962-ca65-47bc-ba1f-45a45377a33c", "matchId": "4a08410a-24d0-4b8e-8634-d804e5ebd6c9", "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": "The deck agitates the problem by highlighting the board's failures and lack of oversight", "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. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 133, "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": 23, "name": "Solution", "beatId": "b87ea76d-47cf-41db-891f-d9874d31fb66", "matchId": "4a08410a-24d0-4b8e-8634-d804e5ebd6c9", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "The deck offers a solution by nominating Trian Partners' candidates and outlining their plans for change", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 20, "from": 8, "loop": { "name": "01_logic_chain", "slug": "01-logic-chain", "status": "active", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "canonId": "019dd956-6638-7457-8650-9b0b42e59fb3", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)", "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion", "familyLabel": null, "categoryName": "Logical Reasoning", "categorySlug": "logical-reasoning" }, "matchId": "6aec2512-dadb-4e75-a69b-b174a85a5c00", "evidence": "The deck presents a logical chain of events linking the board's failures to Disney's underperformance", "position": 0, "objective": "To show that Disney's underperformance is due to poor board oversight", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:55:16.915153+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 40, "from": 30, "loop": { "name": "10_iceberg", "slug": "10-iceberg", "status": "active", "bestFor": "Consulting, complex problem solving, organizational change", "canonId": "019dd956-69f4-738c-852a-643798da0899", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause", "description": "Reveal that the visible problem is merely a symptom of a deeper root cause", "familyLabel": null, "categoryName": "Analysis", "categorySlug": "analysis" }, "matchId": "702ab6a9-c4a5-4cf6-b2ae-4dcd0e7207bc", "evidence": "The deck uses the iceberg metaphor to highlight the underlying issues with Disney's strategy and performance", "position": 1, "objective": "To reveal the underlying issues with Disney's strategy and performance", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:55:16.948532+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 60, "from": 45, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "205fbd9e-db4e-44ef-b55d-b098f67c1547", "evidence": "The deck highlights the consequences of not taking action to address Disney's underperformance", "position": 2, "objective": "To show the consequences of not taking action to address Disney's underperformance", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:55:16.981272+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "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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An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "cedcd57a-e33b-4fa6-8626-77de79f92a12", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.936794+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Call to action", "slug": "call-to-action", "status": "active", "bestFor": null, "canonId": "019dd9e1-4bbb-702a-9ead-82daf188bb7c", "version": 1, "bodyDocId": null, "description": "Explicit prescription of what the audience should do next.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "32e9d14b-fd4a-41a8-84ae-8147bc6bd22c", "evidence": "This year's Annual Meeting represents a critical opportunity for shareholders to vote to strengthen Disney’s future.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:52:29.595417+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Problem Statement Canvas", "slug": "problem-statement-canvas", "status": "active", "bestFor": null, "canonId": "019dd956-839d-744b-ad11-9bf3e3642a18", "version": 1, "bodyDocId": null, "description": "Structured definition of the problem: What? 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Scale?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Architect", "layer": "slide", "agents": [ "Architect" ], "matchId": "e68fd47a-2358-4fab-b688-2785511e6782", "evidence": "list/bullet: But instead, Disney lost its way over the past decade: Disney fell from its envied #1 place at the box office and in animation, belatedly entered the streaming business, and acquired additional linear TV net", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:52:29.555278+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "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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"activistThesis": { "tone": "mixed", "notes": "Signature Trian proxy-fight white paper for the 2024 Disney annual meeting under the 'Restore the Magic' brand (RestoreTheMagic.com). Custom hand-drawn 'Restore the Magic' wordmark used throughout, with a consistent navy/red/blue institutional palette. Rhetorical highlights: 'FAIL' rubber-stamp report card (p.17), the 2,333 red-square 'losing trading days' infographic (p.13), peer-gap bar chart showing 7% Disney media margins vs. 22-24% for Netflix/WBD (p.10), before/after Heinz/DuPont/P&G CEO testimonials (p.27). Stake disclosed only in dollar terms ('Trian Group beneficially owns over $3bn of stock'), not as a percentage — left null per instructions. Author attributed to Nelson Peltz as Trian's CEO and the campaign's public face, though the document is signed corporately. No formal sum-of-parts valuation despite segment breakdown; the valuation argument is Netflix-comparable margin re-rating.", "kpisCited": [ { "detail": "-168% vs. S&P 500 and -401% vs. media proxy peers through 10/06/23", "metric": "10-year relative TSR" }, { "detail": "Disney 7% vs. Paramount 8%, NBCU 9%, Netflix 22%, WBD 24% (CY2023)", "metric": "Media EBITDA margin" }, { "detail": "$15.7bn FY18 -> $12.9bn FY23 (-18%)", "metric": "Segment operating income" }, { "detail": "$9.8bn FY18 -> $4.9bn FY23 (-50%); conversion 17% -> 6%", "metric": "Free cash flow" }, { "detail": "$7.08 FY18 -> $3.76 FY23 (-47%)", "metric": "Adjusted EPS" }, { "detail": "$1.68 FY18 -> $0.30 FY23 (-82%)", "metric": "Dividend per share" }, { "detail": "0.9x FY18 -> 1.9x FY23 (+110%)", "metric": "Net leverage" }, { "detail": "~$14bn to date", "metric": "DTC cumulative operating losses" }, { "detail": "~$200bn in M&A, CapEx and content — nearly the current market cap", "metric": "Capital deployed since FY18" }, { "detail": "$71bn; ~$8bn of impairments on international assets (~15% of net deal value)", "metric": "Fox acquisition cost" }, { "detail": "$1bn paid; bonuses exceeded 100% of target in 10 of 11 years", "metric": "NEO compensation FY13-FY23" }, { "detail": "5.7% actual, 5.6% target, vs. ~9% estimated WACC", "metric": "FY23 ROIC" }, { "detail": "2,333 of 2,519 (93%) last-decade trading days left Disney buyers underwater", "metric": "Trading days underwater" }, { "detail": "$6.61 -> $5.48 (-17%) since cost-savings announcement", "metric": "FY25E EPS consensus revision" }, { "detail": "4% (2016) -> 21% (2023) -> 24% guided (2024) at $30-38bn revenue", "metric": "Netflix streaming EBIT margin" } ], "closingAsk": "Vote the BLUE proxy card FOR Nelson Peltz and Jay Rasulo and WITHHOLD on Disney nominees Michael B.G. Froman and Maria Elena Lagomasino (and all three Blackwells nominees).", "extraction": { "at": "2026-04-22 16:52:18+00", "model": "unknown-legacy", "runId": null, "seconds": 218.46594, "promptVersion": null }, "scqaReward": "Closing peer margin gaps and restoring governance discipline could deliver Netflix-like 15-20% DTC margins on $33bn+ streaming revenue by 2027, unlocking tens of billions in equity value for shareholders.", "thesisTypes": [ "governance_board", "management_change", "operational_turnaround", "strategic_pivot", "multiple_rerating" ], "top3Reasons": [ "Disney's 10-year TSR is -168% vs. S&P 500 and -401% vs. media proxy peers", "Board failed on Fox M&A, DTC strategy, and succession — execs paid $1bn since FY13", "Peltz and Rasulo unlock Netflix-like 15-20% DTC margins and disciplined capital allocation" ], "scqaSituation": "Disney is the most advantaged diversified media company — ~$200bn market cap, $89bn revenue, iconic IP, and ~70% of EBIT from Parks & Experiences — with a commercial flywheel peers cannot replicate.", "thesisSummary": "Disney, despite owning the most valuable IP in media and generating ~70% of EBIT from Parks, has underperformed every benchmark: 10-year TSR is -168% vs. the S&P and -401% vs. media peers, and FY23 segment operating income, EPS, and free cash flow are all materially below FY18 despite $200bn deployed in M&A and content since. Trian argues the root cause is a board lacking focus, alignment, and accountability: the $71bn Fox deal diluted shareholders and raised linear exposure at the worst time; streaming has lost $14bn with margins ~900bps below peers; executives were paid $1bn since FY13 while ROIC targets sit below Disney's cost of capital. Trian nominates Nelson Peltz and Jay Rasulo to replace Froman and Lagomasino to drive a 15-20% DTC margin by 2027, a rigorous CEO succession, aligned pay, and a standing Finance & Strategy committee.", "primaryDemands": [ "Elect Nelson Peltz and Jay Rasulo to the board; withhold votes on Michael Froman and Maria Elena Lagomasino", "Run a rigorous external CEO succession process ahead of Iger's 2026 retirement", "Align executive compensation with performance (rigorous FCF/ROIC targets, streaming margin KPI)", "Form a Board-level Finance & Strategy Committee", "Commit publicly to a 15-20% DTC operating margin by 2027 (Netflix-like)", "Explore strategic partnerships for non-core linear assets and articulate a digital ESPN strategy", "Issue a long-term free cash flow growth target and tangible return targets on $60bn Parks CapEx" ], "scqaResolution": "Vote the BLUE card FOR Peltz and Rasulo (withhold on Froman and Lagomasino); form a Finance & Strategy Committee; run a rigorous external CEO succession; commit to a 15-20% DTC operating margin by 2027.", "thesisOneLiner": "Disney lost its way under a distracted, unaccountable board; replacing two directors with Peltz and Rasulo restores focus on DTC margins, CEO succession, and capital discipline.", "precedentsCited": [ "Heinz proxy contest (2006)", "DuPont proxy contest (2015)", "P&G proxy contest (2017)", "Trian-led CEO successions at Wendy's, Unilever, Janus Henderson, P&G, Sysco, GE, nVent, Mondelez, BNY Mellon", "Netflix streaming margin expansion (4% in 2016 to 24% in 2024E) as DTC benchmark" ], "scqaComplication": "Segment OI, EPS and FCF have deteriorated since FY18; 10-year TSR is -168% vs. S&P and -401% vs. media peers; DTC has lost $14bn; the $71bn Fox deal destroyed value — driven by a board that lacks focus, alignment and accountability.", "narrativeInterest": 5, "notableSlidePages": [ 4, 10, 13, 17, 99, 129 ], "peerCompaniesCited": [ "Netflix", "Warner Bros. 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However, it has woefully underperformed: Over last 5 years, segment operating income, EPS and FCF have declined by 18%, 47%, and 50%... Disney's overall media margins lag key peers by ~900bps... Disney has lost $14bn in DTC... Poor ROIC... 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Lack of Alignment: Limited stock ownership undermines Board-shareholder alignment. Lack of Accountability: Complacency in the face of underperformance breeds underachievement.", "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 21:04:38.425+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1c5e57a8-2f5e-4b97-9e2b-9110c3a6e1f6", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.32, "x": 0.35, "y": 0.45 }, "kind": "list", "text": "Ineffective Strategy Oversight; Value-Destructive M&A and Capital Allocation; Conformist Culture & Lack of Accountability; Repeated Succession Planning Failures; Misaligned Executive Compensation; Poor Shareholder Engagement", "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 21:04:38.425+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "728cd900-655a-4a21-9d70-71f4306f622a", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Total Shareholder Return (TSR): -168%", "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": "2026-04-22 23:42:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f40-73bb-a61a-e82280d9d7e1", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.94, "x": 0.03, "y": 0.2 }, "kind": "paragraph", "text": "We believe the root cause of Disney's underperformance is a Board that suffers from a culture that impedes oversight and lacks accountability. The Directors, despite having seemingly impressive resumes and individual accolades, in our view, lack focus, alignment and accountability – causing the Board to fail at fulfilling its primary responsibilities.", "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 21:04:38.425+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e1df0f7c-4d74-4fbc-b82f-cf4f5e7a7a36", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.03, "y": 0.92 }, "kind": "source-note", "text": "Source: FactSet as of 10/06/23. 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"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 21:04:40.721+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a0373fa4-6e86-42cc-9583-fbbd12e5635f", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.42 }, "kind": "list", "text": "Seemingly never even considered a meeting or call with Jay Rasulo, even though none of the non-management Directors worked with Jay", "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 21:04:40.721+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a1c431a7-5001-4fe1-b142-7587c97dab97", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.3 }, "kind": "list", "text": "Disney's Board showed no interest in meeting or inviting Nelson Peltz to interview with the Board or Governance and Nominating Committee, which has almost never been the case in prior Trian engagements", "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 21:04:40.721+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "db53e86d-f831-450a-82d5-154832f4ddab", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "proxy solicitation costs: $40mm", "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, 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Disney): (i) Heinz in 2006; (ii) DuPont in 2015; and (iii) P&G in 2017. In all three proxy contests, we heard substantially the same rhetoric from the companies and their advisors prior to the proxy contest. 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 21:04:39.535+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "10f8be34-7554-4bba-8cab-4ec641993cfa", "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, Jun 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, Aug 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, Mar 2008; \"I have the highest regard for Nelson Peltz... Since becoming CEO of DuPont, I have talked many times with the Trian team and appreciate their insights on strategy and operations, as well as the collaborative and productive manner in which they have engaged with us.\" — Ed Breen, DuPont CEO, July 2017; \"From day one, Nelson has been a focused, collaborative member of P&G’s Board. Working in concert, Nelson and the Board have constructively provided perspective and expertise to help me and P&G’s senior leaders navigate a challenging external environment and maintain long-term competitive advantage for the benefit of many stakeholders. I’m grateful for his service and the collaborative partnership we’ve developed over the past few years...\" — David Taylor, P&G CEO, Aug 2021", "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": "2026-04-22 23:42:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e3a-873332ab7614", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.92 }, "kind": "source-note", "text": "Source: SEC filings and press releases. 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Note: \"Media Industry (Proxy) Peers\" represents \"Media Industry Peers\" as defined in Disney's 2024 Definitive Proxy Statement and consists of Alphabet, Amazon, Apple, Comcast, Meta, Netflix, Paramount, and Warner Bros. Discovery. Peer results adjusted to align with Disney's September fiscal year end. For this analysis, we calculated Return on Invested Capital for each peer based on the same methodology Disney outlines in its 2024 Definitive Proxy Statement.", "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 }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e3b-370a25286c8d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.04, "y": 0.14 }, "kind": "paragraph", "text": "Disney has lost over $14 billion dollars in streaming to date.", "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 21:04:41.907+00", "model": 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In terms of how we get there, it's really in many ways the way that we've gotten from where we were, to the point we're at right now... that's probably the way we're going to operate the business.\"", "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": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:04:41.907+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "138bf5a0-e439-4eee-8398-22d05a097a61", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"...the goal has always been to build what I would characterize as a good business... In terms of how we get there, it's really in many ways the way that we've gotten from where we were, to the point we're at right now... that's probably the way we're going to operate the business.\" — Hugh F. Johnston, Disney CFO, February 2024", "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": "2026-04-22 23:42:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e3b-32f93ad0765d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.14, "y": 0.95 }, "kind": "source-note", "text": "Source: SEC filings, Company transcripts. Note: Direct-to-Consumer segment losses include ESPN+ based on Disney's reporting prior to its FQ4'23 segment reporting changes.", "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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Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 42, "type": "setup", "title": "Uses a combination of a data table and a grouped bar chart to illustrate the efficiency gap.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 90, "componentCount": 10, "textChars": 1771, "nDataPoints": 12, "notes": "Uses a combination of a data table and a grouped bar chart to illustrate the efficiency gap.", "elementsJson": [ "headline_text", "subtitle_text", "comparison_table", "bar_chart_grouped", "callout_box", "quote_block", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:04:42.95+00", "seconds": 4.32, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-780377abfbe8/42", "deck": "/decks/019dd923-622b-71dc-a6db-780377abfbe8", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-780377abfbe8#slide-42", "deckJson": "/decks/019dd923-622b-71dc-a6db-780377abfbe8.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.48, "x": 0.04, "y": 0.072 }, "kind": "callout", "text": "Disney's DTC EBIT margins are 2,200bps lower than Netflix at the same scale. Netflix earned ~$5 billion more profit than Disney on effectively the same revenue base", "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 21:04:42.95+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "49b1e3f6-f3cf-40b7-8a97-55fbca7a8692", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Disney's DTC EBIT margins are 2,200bps lower than Netflix at the same scale", "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": "2026-04-22 23:42:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e3b-c5c325fc71cb", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.44, "x": 0.52, "y": 0.25 }, "kind": "chart", "text": "Cost structure comparison as % of revenue.", "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": "Grouped bar chart", "slug": "bar-grouped", "status": "active", "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1", "version": 1, "description": null }, "framework": null }, "subkind": "bar-grouped", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:04:42.95+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "376e773d-a4a6-45b7-bfbd-d6af532a7255", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "operating margin: 2,200bps", "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": "2026-04-22 23:42:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e3b-cdba3ef33c3b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.92, "x": 0.04, "y": 0.14 }, "kind": "paragraph", "text": "We compare Disney's Direct-to-Consumer (DTC) business today to Netflix in 2019, when they had roughly the same revenue scale. In our view, Disney's inefficiency to Netflix is surprising given Disney's access to a larger library of premium, owned IP.", "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 21:04:42.95+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "66177531-1f33-4c71-8fe2-05db55532acc", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.44, "x": 0.52, "y": 0.72 }, "kind": "quote", "text": "Big picture, Disney's cost base is $4.8 billion larger than Netflix at similar revenue levels which given Disney's library, brand equity ability to window content and ownership of significant Media Networks to help promote their DTC platforms doesn't make sense at face value.", "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": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:04:42.95+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a75b1231-777e-4e90-acfe-1e1fb207f7da", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Big picture, Disney's cost base is $4.8 billion larger than Netflix at similar revenue levels which given Disney's library, brand equity ability to window content and ownership of significant Media Networks to help promote their DTC platforms doesn't make sense at face value.” — MoffettNathanson, January 2024", "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": "2026-04-22 23:42:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e3b-ca59db1b3c8c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.04, "y": 0.95 }, "kind": "source-note", "text": "Source: SEC filings, Wall Street Equity Research. Note: (1) Disney Direct-to-Consumer Operating Profit and Margin adjusted to include an estimated allocation of corporate and unallocated shared expense based on pro rata revenue contribution to Disney's consolidated CY 2023 revenue; estimated allocation of corporate and unallocated shared expense included in Disney's 'SG&A & Other'; 'Operating Profit' figures are rounded and may not sum to the total of the unrounded figures.", "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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So my thought was at the time that I would essentially be public with that thought process.\" – Robert A. 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It is hard to imagine a fully engaged Board would allow the announcement of term-sheet deals without defined returns, goals, or sufficient notification to key partners.", "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 21:04:48.07+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bfe09874-f662-4589-bf30-6cbb1188038e", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.78 }, "kind": "quote", "text": "“[M]anagement by press release” — meaning that if I say something with great conviction to the outside world, it tends to resonate powerfully inside our company.”", "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": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:04:48.07+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "521ccde9-85ab-4194-a466-d979d8631eb1", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"I think it's early days to speculate on [the economics of Epic], the product isn't even built yet... in terms of pricing and all of those things it's just too early for us to really talk about but I do expect its going to be a very profitable business for us\" — Hugh Johnston, Disney CFO, February 2024; \"An effort to notify the leagues wasn't made until Tuesday before a planned announcement. Many learned of it when The Wall Street Journal broke the news...The leagues... are eager to be fully debriefed and ensure that this platform doesn't present new business risks or threats.\" — Wall Street Journal, February 2024; \"[M]anagement by press release\" — meaning that if I say something with great conviction to the outside world, it tends to resonate powerfully inside our company.\" — Robert A. 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Iger, CEO & Director, MasterClass on Business Strategy and Leadership", "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": "2026-04-22 23:42:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e3c-ddb5f58bc46d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.92, "x": 0.04, "y": 0.92 }, "kind": "source-note", "text": "Source: SEC filings, MasterClass. Note: (1) Prior Compensation Package at Target reflects the value of the compensation that Mr. Iger would have received from FY18-FY21...", "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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If Disney has fully delivered on target synergies, the benefits have likely been offset by the deteriorating earnings power of the acquired Fox assets. Furthermore, Fox continues to create new headaches for Disney, including the collapse of the India business over the last year and Charter’s recent decision to drop a portfolio of small but profitable cable networks (FXX, FXM, Nat Geo Wild)", "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 21:04:49.452+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc97ba4b-0f15-480c-af19-a32bf8d7dac2", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EBIT: -81%", "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": "2026-04-22 23:42:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e3d-8de643bda567", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.14 }, "kind": "paragraph", "text": "In our view, Fox represented an unnecessary and risky bet – the $71bn gross / $57bn net transaction value was over 3x larger than the cumulative value of the Pixar, Marvel and Lucasfilm acquisitions.", "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 21:04:49.452+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d780af49-9e5d-40a3-b1d2-5cacd039e7e3", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.14, "y": 0.94 }, "kind": "source-note", "text": "Source: SEC filings. Note: (1) Includes Disney's Entertainment and Sports segments as well as corporate expense allocations; FY 2023 Disney ex-Experiences EBIT adjusted for intersegment allocation of revenue from Consumer Products for comparability purposes post-Disney's recasting of financials. (2) Excludes $548mm equity in the loss of investees from Hulu. (3) Excludes 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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21:04:45.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23f6b89e-b77e-471c-9679-10e7409d7374", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.45, "x": 0.52, "y": 0.19 }, "kind": "paragraph", "text": "“Disney Nice” Culture Disincentivizes Honest Debate and Best Outcomes", "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 21:04:45.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4e6c19c0-cf62-40c0-bf3c-39bdca3792bf", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“...The entire episode has also revealed the limitations of ‘Disney nice.’ Avoiding face-to-face conflict, at least at the CEO and board level, fostered an environment where Iger and Chapek couldn’t hash out their differences. Executives who openly challenged others — Mayer, Rice, McCarthy — were ultimately dinged for their frankness.” — 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": "2026-04-22 23:42:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e3d-2b596d98b035", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.75, "x": 0.04, "y": 0.94 }, "kind": "source-note", "text": "Source: SEC filings, WSJ article titled 'Disney Finance Chief Clashed With Top Executives Before Stepping Down' published by Joe Flint and Mark Maurer on 06/16/23, CNBC article titled 'Disney’s Wildest Ride: Iger, Chapek and the Making of an Epic Succession Mess' published by Alex Sherman on 09/06/23.", "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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We believe the Board has become overly reliant on Mr. Iger, precluding Disney from developing an effective succession plan – as a result, talented executives and succession candidates have left the organization, creating a leadership void.", "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 21:04:49.765+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "24fda35d-2b1e-417b-ab67-432d47442963", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.82 }, "kind": "quote", "text": "Iger has systematically eliminated any executive who could become a successor. 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To me it’s a real black mark on Iger’s record.\" – Gary Wilson, Former CFO of Disney and Director (on Board for 21 years, up to and including the first hiring of Mr. Iger as CEO)", "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": "2026-04-22 23:42:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e3d-ac5239d05e0e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.68, "x": 0.14, "y": 0.95 }, "kind": "source-note", "text": "Source: SEC filings, Company press releases, Puck article titled 'Iger Brings Back His Old Heirs Apparent' by Matthew Belloni published on 07/30/23, WSJ article titled 'The Disney Sequel Bob Iger Never Wanted' by Robbie Whelan published 01/24/24.", "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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Iger told [Chapek] that instead of the one-on-one board interviews, Disney's lead independent director, Susan Arnold, would be in touch... She and Iger had both recommended Chapek for the job, and the board had approved. — CNBC. Mr. Iger, then still under contract as executive chairman, didn't move out of the office he kept at Disney's headquarters in Burbank, Calif. He called strategy meetings with Mr. Chapek's underlings without inviting the new CEO. — WSJ. The executive change came together quickly, blindsiding Chapek and his closest allies. Disney's board reached out to Iger on Friday [November 18, 2022], without any other serious candidates in mind to replace Chapek as CEO, CNBC's David Faber reported Monday, citing sources. — 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": "2026-04-22 23:42:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e3d-eb59503aa207", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.8, "x": 0.04, "y": 0.94 }, "kind": "source-note", "text": "Source: SEC filings, CNBC article titled 'Disney's Wildest Ride...', WSJ article...", "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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}, "tool": null, "subkind": { "name": "Timeline", "slug": "timeline", "status": "active", "canonId": "019de52d-03c5-73fc-84aa-4180cbf0f5cf", "version": 1, "description": null }, "framework": null }, "subkind": "timeline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:04:48.679+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2bfadeea-706a-4487-8fde-34239cc63278", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.04, "y": 0.15 }, "kind": "paragraph", "text": "The Board Announced That it Had Extended Mr. Iger's Employment Contract Through 2026 Just Months After Signing a Two-Year Agreement", "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 21:04:48.679+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c08ff3e7-9e78-4915-a668-d3db0914474a", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.04, "y": 0.78 }, "kind": "quote", "text": "...I think we're approaching [the succession process at Disney] differently, and I just don't want to... it's just not something that I feel other than saying that we're aggressively pursuing succession, there's no more detail that I want to give.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or 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Iger, CEO & Director, November 2023", "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": "2026-04-22 23:42:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e43-890841596071", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.14, "y": 0.95 }, "kind": "source-note", "text": "Source: SEC filings, Company press releases, The New York Times. 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"bbox": { "h": 0.03, "w": 0.5, "x": 0.04, "y": 0.95 }, "kind": "source-note", "text": "Source: SEC filings, FactSet. 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Shareholders immediately objected to Mr. Iger’s pay package; at Disney’s 2018 Annual Meeting, Disney’s Say-on-Pay proposal received just 45% support. Following significant shareholder discontent, the Compensation Committee amended Mr. Iger’s agreement twice. 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Even in the face of retention concerns, awards of this size should be tied to very challenging performance conditions, or at least require relative outperformance for full vesting...", "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 21:04:53.993+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b8e193c-5acf-4dc8-894f-dffde46aa5c9", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The substantial payments to Bob Iger in connection with his contract extension and the upcoming 21st Century Fox merger are concerning... 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Even in the face of retention concerns, awards of this size should be tied to very challenging performance conditions, or at least require relative outperformance for full vesting... — Institutional Shareholder Services, 2018 Disney Report", "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": "2026-04-22 23:42:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e3e-fd4bd62aae6d", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.92 }, "kind": "source-note", "text": "Source: SEC filings. 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"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 21:04:49.727+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c62130d7-7829-4865-b48e-046078e56009", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "For instance, at The Procter & Gamble Company (\"P&G\"), a household products company where Mr. Peltz served on the board of directors from 2018 until 2022, he helped P&G develop and oversee a \"Four-Year Overhaul\" that resulted in P&G \"making several dramatic changes to help improve performance\" and \"streamlin[ing] its operations from 10 business units to six, improv[ing] its earnings growth, clear[ing] out bureaucracy and increas[ing] accountability.\" — Source: Article titled \"Peltz to Depart P&G Board, Capping Nearly Four-Year Overhaul,\" published August 5, 2021 by Bloomberg.", "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": "2026-04-22 23:42:19+00", "model": 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(\"Jay\") Rasulo currently serves as an independent advisor to various start-up and emerging companies. He has served on the board of iHeartMedia Inc. (NASDAQ: IHRT), an audio media company, since May 2019, where he is the Lead Independent Director, Chair of the Compensation Committee and a member of the Audit and Nominating and Corporate Governance Committees. Mr. Rasulo previously served on the board of Saban Capital Acquisition Corporation (formerly NASDAQ: SCAC) from 2016 to 2019, where he sat on the Audit Committee. Mr. Rasulo was previously an executive at The Walt Disney Company (NYSE: DIS) from 1986 through 2015, having spent his last five years at Disney as the Company's Chief Financial Officer and Senior Executive Vice President. During his tenure at The Walt Disney Company, among other roles, he served as the Chairman of Walt Disney Parks & Resorts Worldwide and CEO of EuroDisney SCA. 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Iger, CEO & Director, November 2023", "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": "2026-04-22 23:42:19+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e3f-a1d1b64f0651", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.92, "x": 0.04, "y": 0.93 }, "kind": "source-note", "text": "Source: SEC filings, FactSet, The New York Times. 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[Coca-Cola] has landed a new chief executive after a search so remarkable that another Fortune CEO, A.G. Lafley of P&G, calls it 'one of the strangest processes we've ever seen.'... [I]t has become a case study in business dysfunction. — CNN Money article titled 'The Real Story: How did Coca-Cola's management go from first-rate to farcical in six short years? Tommy the barber knows,' 05/31/04. It's a tale of how good intentions clashed with hubris and ego can erode one of the most famous organizations in the world — a case study in corporate dysfunction and succession gone wrong. As Iger and the Disney board resume their search for a successor, a critical question looms: Have they learned the moral of the story? — CNBC article titled 'Disney's wild ride: Iger, Chapek and the making of an epic succession mess,' 09/06/23. Mondelez International's orderly succession planning is sweet inspiration... Others would do well to emulate the process... — Barclays research note, 07/29/21. Mr. Moeller has been front and center in P&G's turnaround over the past decade, [and] this announcement ensures continuity of a strategy that has already been working well... — Barclays research note, 01/30/23. [Hein] must have done a good job impressing the board with his vision for the company... [And] as we have seen many times before, unexpected hires can turn out to be very good... 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He rose in prominence as CFO just as Disney was becoming more reliant on building out franchises like the animated 'Frozen' series and plugging them into Disney’s famous 'flywheel.'\" — The Wall Street Journal, December 2023; \"Nelson is a highly experienced and collaborative Board member who recognizes Unilever’s strengths and has a strong desire to help the company unlock its full potential.\" — Hein Schumacher, Unilever CEO from 2023 - Present; \"Jay was always a maniac about excellence... [He] was an activator and a motivator.\" — Regynald Washington, former VP for Disney Parks and Resorts; \"I thought that [Nelson Peltz] was a major contributor to our board...he comes up with ideas and he tries to challenge the CEO, but I always welcome his ideas, and I enjoyed a very good working relationship with him.\" — Dirk Van de Put, Mondelēz Chairman and CEO from 2017 - Present; \"Trian's nomination of Jay Rasulo for 1 of 2 board seats (along with Peltz) killed two birds with one stone. 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Nelson has assisted 6 different boards with executing on successful succession plans since 2016 alone (Unilever, Janus Henderson, P&G, Sysco, Mondelēz, Wendy's). Jay Rasulo: Since 2019, Jay has served on the iHeartMedia board; he currently serves as Lead Independent Director and chairs the Compensation Committee, which oversees both compensation and succession. 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Objective: If elected, Nelson and Jay will bring objective perspectives as true outsiders selected by shareholders. Aligned: Nelson beneficially owns over $3 billion of stock; Jay beneficially owns more than $600,000 of stock. 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Sequels are less risky film ventures to produce, but do not drive long-term benefits in the same way that new IP can.", "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 21:04:54.039+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "48f84b56-2ea2-406a-a206-fed3beea0d6e", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.75 }, "kind": "quote", "text": "I'd say we're leaning a little bit more into sequels and franchises... 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I have to move on to new things—there are many new worlds to conquer.", "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": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:04:54.039+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "92cb9d81-ea2d-4a93-bed3-c19fd475b25f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"To this day, I don't believe in sequels. I can't follow popular cycles. 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While ESPN+ has a limited content offering, it does have a subscriber base of 25mm subs today to build on; we believe building ESPN+ gradually by adding more key rights over time makes financial sense and can help maintain ESPN's subscriber base. 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What is the expected annual cadence of spend? If the investment is back-end weighted over a decade, why commit to it now? What is the target return investors can hold you accountable to?", "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 21:04:55.467+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8021ec6a-cbd9-4870-89ec-b6d44b6f80d6", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "share price performance: -3.6%", "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": "2026-04-22 23:42:23+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e43-183ed91a46b2", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.18 }, "kind": "paragraph", "text": "Disney's stock price underperformed the S&P 500 by over 3% on the day the Company announced a $60 billion, 10-year capital expenditure plan. In our view, Disney's shareholders support increased capital expenditures in the Parks but were concerned with the lack of details on how, where and when the capital will be spent.", "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 21:04:55.467+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9de813e4-a5eb-4428-89d2-fe52f2ab3336", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.44, "x": 0.52, "y": 0.55 }, "kind": "quote", "text": "Following the announcement, Disney's shares are down ~3.5% intraday. Since it will take time before DIS sees the EBIT benefit from higher DPEP capex, we suspect investors are concerned about the potential near-term pressure to FCF.", "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": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:04:55.467+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1f7b9f49-a7f7-471a-aa32-0c855890b997", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.44, "x": 0.52, "y": 0.3 }, "kind": "quote", "text": "DIS's stepped-up Parks investment has the potential to drive significant returns, however investors likely need more insight into how DIS intends to allocate this capital across its resorts and cruise lines to factor this upside potential into estimates and valuation.", "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": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:04:55.467+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a7de283-b7f0-4ce0-8f90-eaa9a5eb4049", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“DIS’s stepped-up Parks investment has the potential to drive significant returns, however investors likely need more insight into how DIS intends to allocate this capital across its resorts and cruise lines to factor this upside potential into estimates and valuation.” — Goldman Sachs, September 2023; “Following the announcement, Disney’s shares are down ~3.5% intraday. 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{ "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true } ], "arcBeats": [ { "from": 4, "to": 7, "label": "Problem Identification", "description": "The deck identifies Disney's underperformance as a problem" }, { "from": 8, "to": 20, "label": "Agitation", "description": "The deck agitates the problem by highlighting the board's failures and lack of oversight" }, { "from": 23, "to": 133, "label": "Solution", "description": "The deck offers a solution by nominating Trian Partners' candidates and outlining their plans for change" } ], "loops": [ { "from": 8, "to": 20, "label": "Logic Chain", "description": "To show that Disney's underperformance is due to poor board oversight" }, { "from": 30, "to": 40, "label": "Iceberg", "description": "To reveal the underlying issues with Disney's strategy and performance" }, { "from": 45, "to": 60, "label": "Cost Of Inaction", "description": "To show the consequences of not taking action to address Disney's underperformance" } ] }