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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 10:59:32.532+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bfb8662a-4cda-4ecc-9775-15cea6b57519", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.42, "x": 0.08, "y": 0.73 }, "kind": "list", "text": "Disney’s streaming strategy of increasing prices and decreasing content costs has reduced operating losses but has negatively impacted subscriber growth and brand perception", "attrs": null, "canon": { "kind": { "name": 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"description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:29.221+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c235dcbb-9c66-4b8a-b0df-63b5a490730d", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.35, "x": 0.1, "y": 0.595 }, "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.", "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", 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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 10:59:31.125+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf6affe7-1ddd-462b-b896-37f2b26ea9c0", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.75, "x": 0.08, "y": 0.9 }, "kind": "source-note", "text": "Source: FactSet as of 10/06/23. 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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 10:59:32.662+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "55a9766f-e3a3-4569-9215-b2adefabe26f", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.08, "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 10:59:32.662+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6cea9b8c-993a-420d-84be-6df24870311d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.85, "x": 0.08, "y": 0.9 }, "kind": "source-note", "text": "Source: SEC filings, Company transcripts, Company press releases, WSJ article titled 'Streaming Venture From ESPN, Fox and Warner Blindsides Sports Leagues,' by Joe Flint and Isabella Simonetti published 02/07/24. The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of The Walt Disney Company, by Robert A. Iger published in 2019. Note: (1) Forbes article titled 'Disney Tries Again To Get Game Business Right With Epic, Fortnite Deal,' by David Bloom published 02/07/24.", "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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Both Mark Parker and James Gorman remain Executive Chairs of their respective companies – a succession plan model that did not work for Disney", "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 10:59:34.686+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "39406bd8-1a51-4d98-8a05-508c576ecf8c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.4, "x": 0.08, "y": 0.24 }, "kind": "list", "text": "The Board has given Bob Iger a dual-mandate to get the business back on track and assist with succession planning...", "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 10:59:34.686+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cce885c6-35d1-44e6-b059-a81f502e47ba", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.4, "x": 0.08, "y": 0.45 }, "kind": "quote", "text": "In November, we announced Bob Iger's return to the role of Chief Executive Officer... the Board gave Bob a dual mandate for his two-year term... to assist the Board in ongoing leadership succession planning.", "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 10:59:34.686+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d22ae95a-8c8e-43bb-9011-528783dd6b9d", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.84, "x": 0.08, "y": 0.75 }, "kind": "quote", "text": "Success and succession are fundamentally different objectives for CEOs... the guy who gets you lost in the woods isn't the right guy to find your way out.", "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 10:59:34.686+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "df0cb188-cb1d-4c24-a5df-5cbd276d9702", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.08, "y": 0.9 }, "kind": "source-note", "text": "Source: (1) CNBC article titled 'Disney's wildest ride: Iger, Chapek and the making of an epic succession mess' published by Alex Sherman on September 6, 2023. 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Iger - Yes; Mark Parker - Yes; Mary Barra - Yes; Calvin McDonald - Yes; James Gorman - No", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:34.686+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "480d9842-b9d9-466a-bf60-562aa3aa69e8", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.08, "y": 0.13 }, "kind": "title", "text": "Disney Has Entrusted Many of the Same People Who Previously Failed Succession to Fix It", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:59:34.686+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0e71d517-2234-40f1-b836-04dbf8d1b358", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "415b142f-9761-4933-8d01-1a983f29adbc", "evidence": "Frames the Board members as the 'villains' responsible for the succession failure.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 10:59:34.686+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 65, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 76, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 17, "name": "Agitate (Make it worse)", "beatId": "158fe0c2-f6cc-4ac8-b261-074cb3e1f60b", "matchId": "28d53c1e-c21e-4272-92d3-0bfbfc0f4a05", "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 document highlights the board's complacency, lack of accountability, and poor oversight on strategy and culture.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. 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"extraction": { "at": "2026-05-02 15:30:12.85+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ddcd7f32-78d5-4ec9-82c8-447e037fe7d9", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.84, "x": 0.08, "y": 0.76 }, "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 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": 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Note: Quotes in timeline represent statements made in press releases and Disney's FY 2023 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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(“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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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 15:30:10.04+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f63c6339-a0a0-4c2f-966d-a830eb260fa3", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.85, "x": 0.08, "y": 0.75 }, "kind": "quote", "text": "I'd say we're leaning a little bit more into sequels and franchises... leaning on franchises that are familiar is actually a smart thing.", "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 15:30:10.04+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1a03cb95-edf0-4eb5-9233-4c2c21b108b9", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.35, "x": 0.08, "y": 0.395 }, "kind": "quote", "text": "To this day, I don't believe in sequels. 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