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"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": 11, "name": "Expose Contradiction", "beatId": "37f840cb-5286-46ae-9405-b7f93cd27795", "matchId": "c486152a-4868-4f0b-b8ed-6bd0151c264b", "beatType": null, "evidence": "Multiple pages expose contradictions in Disney's statements and actions.", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "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", 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Full editorial craft: custom 'Restore the Magic' hand-lettered wordmark, BLUE proxy card motif, iconic p13 waffle chart of 2,333 red trading days underwater. Deck leans on three rhetorical moves — CEO quote contradictions (Iger's 'strong hand' vs -401% TSR; 'strategy is working' vs -17% EPS revision), peer-margin gap (7% vs 22-24%), and Trian's own prior-campaign testimonials from Heinz/DuPont/P&G CEOs who turned from critics into advocates. No explicit stake percentage disclosed in the deck; the Peltz-Perlmutter participant group is large. No sum-of-parts or DCF — the thesis is governance/operational rather than valuation-driven. Campaign concluded with Trian losing the April 2024 shareholder vote.", "kpisCited": [ { "detail": "-401% vs proxy peers and -168% vs S&P 500 through Oct 2023", "metric": "10-year relative TSR" }, { "detail": "-18% FY2023 vs FY2018 ($15.7bn → $12.9bn)", "metric": "Segment operating income" }, { "detail": "-47% FY2023 vs FY2018 ($7.08 → $3.76)", "metric": "Adjusted EPS" }, { "detail": "-50% FY2023 vs FY2018 ($9.8bn → $4.9bn); conversion dropped from 17% to 6%", "metric": "Free cash flow" }, { "detail": "7% for Disney vs Netflix 22% and Warner Bros. Discovery 24%", "metric": "Media EBITDA margin" }, { "detail": "$14bn of losses to date with no communicated path to ROI", "metric": "DTC cumulative operating losses" }, { "detail": "$200bn ($214bn through FQ1'24) — roughly equal to Disney's market cap", "metric": "Capital deployed since FY2018" }, { "detail": "-17% since Feb 2023 cost-cut announcement ($6.61 → $5.48)", "metric": "FY25 consensus EPS revision" }, { "detail": "+110% vs FY2018 (0.9x → 1.9x)", "metric": "Net leverage" }, { "detail": "157% average cash bonus payout 2013-2019 despite underperformance; $1bn paid over the decade", "metric": "Executive compensation vs target" }, { "detail": "2,333 of 2,519 trading days (93%) where Disney buyers held losses through Oct 2023", "metric": "Share of decade-long trading days underwater" }, { "detail": "Iger -161%, Lagomasino -160%, Parker -167% vs S&P during tenure", "metric": "Director-tenure relative TSR" } ], "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 17:00:39+00", "model": "unknown-legacy", "runId": null, "seconds": 183.53291, "promptVersion": null }, "scqaReward": "Restoring focus closes the roughly 900bp media-margin gap toward Netflix-like 15-20% DTC margins, reverses a decade of TSR underperformance (-401% vs proxy peers, -168% vs S&P), and unlocks Disney's full earnings power.", "thesisTypes": [ "governance_board", "management_change", "operational_turnaround", "strategic_pivot" ], "top3Reasons": [ "Disney's 10-year relative TSR is -401% vs proxy peers and -168% vs S&P 500", "$200bn invested since FY2018 yet operating income, EPS and FCF are down 18%, 47% and 50%", "Root cause is a Disney board that lacks focus, alignment and accountability" ], "scqaSituation": "Disney is the world's most advantaged consumer entertainment company — unrivaled IP, global parks, a century-old flywheel — that should have dominated the shift to streaming and the fragmentation of the media landscape with its 'winning hand'.", "thesisSummary": "Disney, the world's most advantaged consumer entertainment company, has destroyed shareholder value for a decade, with 10-year relative TSR of -401% versus proxy peers and -168% versus the S&P 500. Despite investing $200bn in M&A, capex and content since FY2018, segment operating income, EPS and free cash flow have deteriorated by 18%, 47% and 50% respectively, while media EBITDA margins of 7% trail Netflix and Warner Bros. Discovery by roughly 900 bps and DTC has accumulated $14bn in losses. Trian argues the root cause is a Disney board that lacks focus, alignment and accountability — overseeing a strategically flawed $71bn Fox acquisition, a chronic succession failure, and $1bn of above-target executive pay despite poor results. Electing Nelson Peltz and Jay Rasulo will inject ownership mentality to accelerate media profitability, execute CEO succession, clarify strategic focus and review the creative engine.", "primaryDemands": [ "Elect Nelson Peltz and Jay Rasulo to Disney's Board (withhold votes on Michael Froman and Maria Elena Lagomasino)", "Execute a rigorous CEO succession process in time for Iger's 2026 retirement", "Align executive compensation with long-term shareholder value", "Form a Board-level Finance & Strategy Committee", "Develop a DTC strategy to reach Netflix-like 15-20% margins by 2027", "Right-size legacy linear media cost structure and evaluate strategic partnerships for non-sports linear assets", "Issue a long-term free cash flow growth target", "Board-led comprehensive review of studio operations and the creative 'flywheel'", "Set tangible return targets on $60bn of Parks CapEx" ], "scqaResolution": "Shareholders should vote the Blue card FOR Nelson Peltz and Jay Rasulo and WITHHOLD on Froman and Lagomasino, bringing ownership mentality to run CEO succession, form a Finance & Strategy committee, and right-size media.", "thesisOneLiner": "Disney's decade of underperformance stems from a board lacking focus and accountability; electing Peltz and Rasulo brings ownership mentality to fix succession, streaming economics and capital allocation.", "precedentsCited": [ "Heinz proxy contest (2006) — Peltz added to board, CEO later endorsed him", "DuPont proxy contest (2015) — CEO later praised Trian's collaborative engagement", "P&G proxy contest (2017) — CEO David Taylor later called Peltz a focused, collaborative board member" ], "scqaComplication": "Instead Disney has chronically underperformed: media EBITDA margins of 7% vs 22-24% for Netflix and Warner, $14bn of DTC losses, $200bn of capital destroying value, and a board that failed to oversee strategy, succession and executive compensation.", "narrativeInterest": 5, "notableSlidePages": [ 1, 7, 10, 13, 22, 27 ], "peerCompaniesCited": [ "Netflix", "Paramount", "NBCUniversal", "Warner Bros. 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(\"Trian\") is a multi-billion dollar investment management firm that invests in high-quality companies with significant long-term potential; we work collaboratively with management and boards to optimize strategy, operations and value creation opportunities.", "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 21:03:26.547+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5797c342-97b9-44b8-b5ed-322cbda09b50", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.84, "x": 0.08, "y": 0.88 }, "kind": "source-note", "text": "Source: FactSet. 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Governance, 2. Media Profitability, 3. Creative Engine, 4. 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"paragraph", "text": "We compared Disney’s FY 2023 financial results to its FY 2018 results, the year prior to the Fox acquisition and launch of Disney+. 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"text": "Despite having the largest revenue base in media, arguably the best IP, iconic studios, and multiple distribution channels, Disney's Media business (\"Entertainment\" and \"Sports\") significantly under-earns its media peers.", "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 23:17:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": 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of those days, their shares would be worth less than they paid.", "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 23:17:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14d9-722b-853a-947cd8d2254f", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.08, "y": 0.78 }, "kind": "chart", "text": "186 Trading Days Where Investors Who Bought Disney Stock in the Last Decade Would Have Made Money", "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": "Dot plot", "slug": "dot", "status": "active", "canonId": "019de52d-0235-738b-bd2b-78f8e24d7cb0", "version": 1, "description": null }, "framework": null }, "subkind": "dot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:31.12+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "81725aa8-b1b4-4ee2-b8af-7d08d4bd0a3a", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.85, "x": 0.08, "y": 0.3 }, "kind": "chart", "text": "2,333 Trading Days Where Investors Who Bought Disney Stock in the Last Decade Would be Underwater", "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": "Dot plot", "slug": "dot", "status": "active", "canonId": "019de52d-0235-738b-bd2b-78f8e24d7cb0", "version": 1, "description": null }, "framework": null }, "subkind": "dot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:31.12+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a3d1690b-7a70-4220-ba43-7765f3a9a6eb", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "trading days: 2,333", "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 23:17:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14d9-722b-853a-9b0a50007f5a", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.08, "y": 0.21 }, "kind": "paragraph", "text": "During the ten years leading up to October 6, 2023 (the trading day prior to Trian resurfacing), there have been 2,519 trading days. 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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. 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Note: FY 2023 Content Sales / Licensing and Other segment operating income excludes an estimated $585 million intersegment allocation of revenues from the consumer products business (reported within the Experiences segment). Analysis assumes the $585 million has been reallocated to Experiences segment in order to conform to the FY 2018 segment reporting methodology.", "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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"parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 37, "type": "setup", "title": "The chart highlights the contrast between positive growth in peers and negative growth for Disney, with a specific callout regarding the 'Experiences' business.", "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": "dense", "densityScore": 62, "componentCount": 7, "textChars": 931, "nDataPoints": 8, "notes": "The chart highlights the contrast between positive growth in peers and 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"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 21:03:31+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fc2ebe91-9f32-46d1-9523-faaf82e492af", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Disney's EPS performance has significantly underperformed its self-selected “media industry” peers in both \"new media\" (e.g., Netflix, Alphabet) as well as traditional media (e.g., Comcast, Warner Bros. Discovery)", "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 23:17:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14d9-722b-853c-c797505fc160", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.84, "x": 0.08, "y": 0.35 }, "kind": "chart", "text": "Bar chart showing EPS CAGR from 2018-2023 for Netflix, Alphabet, Amazon, Apple, Meta, Comcast, Disney, and Paramount.", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:31+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d19a09ac-e27c-452d-a892-bd46892c4f81", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EPS CAGR: -12%", "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 23:17:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14d9-722b-853c-c83c7dbe3de9", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.84, "x": 0.08, "y": 0.9 }, "kind": "source-note", "text": "Source: SEC filings. 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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 allocated 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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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 21:03:32.897+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "166f2111-fd05-4769-a51f-8f298fba111e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.84, "x": 0.08, "y": 0.9 }, "kind": "source-note", "text": "Source: FactSet as of 10/08/23. 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By openly discussing strategic questions without a fully-formed plan (and overpromising), Disney has frustrated its business partners and the investment community.", "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 21:03:35.231+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8c4c35a0-b937-443e-9527-440e9dd40201", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.84, "x": 0.08, "y": 0.76 }, "kind": "quote", "text": "Sometimes, when I am looking for a reaction to my own thought process, I like to test that process in public, particularly in ways that I might be able to get a reaction from the investment community. 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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": 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 21:03:35.231+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0ebb6afd-73b4-4dc4-b690-da0e6f4996b3", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.4, "x": 0.51, "y": 0.39 }, "kind": "quote", "text": "And the idea that somebody has publicly said repeatedly that it is going to go direct-to-consumer, and you're signing up to that type of long-term deal. It also -- that's untenable. — Chris Winfrey, Charter CEO, September 1, 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": 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 21:03:35.231+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5a57c4e6-bcf2-4bd6-9384-ed558f77dcff", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.4, "x": 0.51, "y": 0.57 }, "kind": "quote", "text": "On the negative side, Iger's open and honest disclosure about his worries about the long-term health of the linear networks has frustrated the market because it wasn't matched by an immediate action step. As such, we have been needlessly left wondering and postulating about assets that are no longer drivers of future company earnings. — Michael Nathanson, MoffettNathanson, November 9, 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": 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 21:03:35.231+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fc2b03cd-4054-4633-85c0-785e9a927e51", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"And the idea that somebody has publicly said repeatedly that it is going to go direct-to-consumer, and you're signing up to that type of long-term deal. 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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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In our view, the prospect of a much larger compensation package (more than double his previous package) created a strong financial incentive for Mr. Iger to pursue the Fox deal regardless of its prospects, creating a significant conflict of interest. Despite the fact that Mr. Iger stepped down as CEO less than one year after the transaction closed, he was still permitted to retain his entire pay package, including the full special equity award.", "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 21:03:35.158+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "00663449-ff61-490a-a1fd-80b4b27b2067", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Total Target Compensation: $456mm", "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 23:17:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14da-72ce-9f96-7b706089cefa", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.08, "y": 0.18 }, "kind": "paragraph", "text": "On the same day that Disney agreed to acquire Fox, the Board extended Mr. Iger's employment agreement by four years and awarded him an \"over-the-top\" compensation package, reasoning that doing so was \"critical\" to driving long-term value from the acquisition.", "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 21:03:35.158+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f5a26416-f521-41c6-8945-1a75b4f0cbe0", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.08, "y": 0.78 }, "kind": "quote", "text": "\"A number of people in our process actually advised that we not increase our bid significantly, that we move up in smaller increments, and I came up with the idea of bidding significantly higher because I thought it was the best way to cause Comcast to fold its tent, to ultimately cease bidding.\"", "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 21:03:35.158+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3937b8b6-213e-4da0-836f-3fb3876c83e9", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"A number of people in our process actually advised that we not increase our bid significantly, that we move up in smaller increments, and I came up with the idea of bidding significantly higher because I thought it was the best way to cause Comcast to fold its tent, to ultimately cease bidding.\" — Robert A. 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 23:17:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14da-72ce-9f96-777ad7e94df9", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.85, "x": 0.08, "y": 0.88 }, "kind": "source-note", "text": "Source: SEC filings, MasterClass. Note: (1) \"Prior Compensation Package at Target\" reflects the value of Mr. Iger's target compensation as disclosed on page 30 of Disney's 2018 Proxy Statement multiplied by four to arrive at an illustrative four-year value.", "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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"bbox": { "h": 0.08, "w": 0.18, "x": 0.75, "y": 0.31 }, "kind": "callout", "text": "How does Disney explain ~$8bn 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 21:03:35.424+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "30f2c134-721e-42f2-b4b8-82b4c65fd80e", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.65, "x": 0.28, "y": 0.25 }, "kind": "chart", "text": "Disney ex-Experiences EBIT waterfall chart", "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 21:03:35.424+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4c2b0bd0-6849-434c-941d-5052a27bc1e9", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.27, "x": 0.08, "y": 0.26 }, "kind": "list", "text": "We are skeptical that Disney has delivered on its targeted synergies and EPS accretion given the deterioration of Disney's media earnings power following the acquisition. 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 21:03:35.424+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "080ded63-e8ec-44de-9616-153a91b05869", "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 23:17:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-14da-72ce-9f94-ffea4e25ae4d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.85, "x": 0.08, "y": 0.18 }, "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 21:03:35.424+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3fc40a1b-9d5e-4388-8dfa-e93bd5fdb24e", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.08, "y": 0.9 }, "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 segment financials. (2) Excludes $548mm 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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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 and wish Nelson and the Trian team the best in future endeavors.\" — David Taylor, Procter & Gamble CEO from 2015 - 2021; \"[Rasulo] has well-rounded experience and he’s a strong strategic thinker. He’s not going to be a patsy.\" — Larry Murphy, Former Disney Chief Strategic Officer, December 2023; \"Jay has been a valued colleague and friend, as well as a vital contributor to Disney’s success, particularly in his roles as chief financial officer and chairman of our Parks and Resorts division.\" — Robert A. Iger, Disney CEO, June 2015; \"My relationship with Nelson Peltz and Trian dates back almost 20 years. 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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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"components": [ { "bbox": null, "kind": "callout", "text": "Several of Mr. Peltz’s suggestions that Disney cited as evidence that Mr. Peltz “lacks a basic understanding of our industry” were, ironically, soon thereafter adopted by Disney.", "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 23:17:35+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": 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