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  "documentTitle": "2024 03 Investor Presentation",
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  "authorName": "The Walt Disney Company",
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      "text": "Trian misrepresents the facts: over the past 10 years, investors actually made money on approximately 7 out of 10 trading days when taking into account both dividends paid and Disney's stock price as of 02/29/24",
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      "text": "Warner Bros. Discovery and Paramount are the most relevant performance peers from a comparable business perspective\nFox and AMC Networks are undergoing a similar transition but are not included in our proxy due to differences in scale",
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      "text": "Alphabet, Amazon, Apple, and Meta are large-cap tech companies but generate a small portion of their total revenue from media-related assets\nComcast, with only 35% of its total revenues from media-related assets, has a very different business mix and business challenges than Disney\nNetflix is a “digital native” company with no exposure to legacy media assets",
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      "text": "The most relevant peers to evaluate Disney’s business challenges, progress, and TSR are “pure-play” legacy media companies managing the generational disruption across Pay TV and theatrical",
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      "text": "Source: FactSet as of 02/29/24. Note: Paramount reflects Class B shares; Paramount pre-merger TSR reflects CBS TSR. Warner Bros. Discovery pre-merger TSR reflects Discovery TSR. Assumes dividends reinvested; 1 From 11/20/22 closing until 02/29/24; 2 Bob Iger’s terms as CEO from 09/30/05 to 02/24/20 and 11/20/22 to 02/29/24; 3 From 02/26/14 to 02/29/24",
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