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  "documentTitle": "The Walt Disney Company (DIS)",
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      "text": "Trian believes that Disney's recent performance reflects the hard truth that it is a company in crisis with many challenges weighing on investor sentiment.",
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      "text": "POOR Strategy & Operations: Flawed Direct-to-Consumer (\"DTC\") strategy, Lack of overall cost discipline, Overearning in the Parks business",
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      "text": "POOR Capital Allocation: Since 2018, Disney's EPS has been cut in half despite $162bn spent on M&A and Capex; poor judgment on recent M&A efforts",
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      "text": "Trian believes that Disney's recent performance reflects the hard truth that it is a company in crisis... we believe that the Company's current problems are primarily self-inflicted and need to be addressed immediately, including:",
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      "text": "NEW YORK, January 11, 2023 – Trian Fund Management, L.P. (\"Trian\"), whose investment funds collectively own approximately 9.4 million common shares of The Walt Disney Company...",
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      "text": "However, despite Disney's significant advantages, recent share price and operating performance have been disappointing... Operating performance has deteriorated, including a 50% decline in adjusted Earnings Per Share (\"EPS\") since FY 2018...",
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