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  "documentTitle": "The Walt Disney Company (DIS)",
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  "authorName": "Daniel S. Loeb",
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  "presentationDate": "2020-10-07 00:00:00",
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  "notes": "The chart illustrates P/E multiple expansion for Microsoft and Adobe between 2010 and 2020 to support the argument for subscription-based business models.",
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      "text": "Finally, we believe Disney should maintain its focus on transitioning to a subscription-led DTC revenue stream and avoid the temptation of maximizing short-term profits through transactional VOD pricing strategies.",
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