{
  "docId": "019dd923-622b-71dc-a6db-713f2dcc234f",
  "docSlug": "4c7ea098e0d4",
  "documentTitle": "The Walt Disney Company (DIS)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
  "documentKindSlug": "press-release",
  "documentKindLabel": "Press release",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-01-18 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 1,
  "pageCount": 3,
  "prevPage": null,
  "nextPage": 2,
  "slideType": "executive_summary",
  "function": "summarize",
  "density": "overcrowded",
  "nDataPoints": 10,
  "notes": "Includes a comparison table of TSR performance and a table contrasting current Disney path vs Trian's goals.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "quote_block",
    "comparison_table",
    "kpi_table"
  ],
  "metadataConfidence": 1,
  "imagePath": "https://imgproxy.kitesheet.com/0N3FUuGMvswwSv6QJs9ClTvsAW4FnxLc1r7F_U46A-Q/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy80YzdlYTA5OGUwZDQvcDAwMS5wbmc",
  "slideHref": "/slides/019dd923-622b-71dc-a6db-713f2dcc234f/1",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-713f2dcc234f",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-713f2dcc234f.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-713f2dcc234f#slide-1",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Put very simply, Trian intends to work with the Board to help drive Disney's outperformance with tangible targets, goals, and true accountability.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0395-748f-9561-876eed7209cf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.8,
        "x": 0.1,
        "y": 0.45
      },
      "kind": "chart",
      "text": "Relative TSR Ending October 6, 2023",
      "attrs": null,
      "subkind": "table",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "adf91274-014b-415b-95bd-a1cf34a11b80",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Total Shareholder Return (TSR): 401%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0395-748f-9561-8e3c338143b8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.8,
        "x": 0.1,
        "y": 0.13
      },
      "kind": "paragraph",
      "text": "NEW YORK, January 18, 2024 – Trian Fund Management, L.P. (together with its affiliates, “Trian”, “our”, “we” or “us”), which beneficially owns $3 billion of common stock in The Walt Disney Company (NYSE: DIS) (“Disney” or the “Company”), today filed a preliminary proxy statement with the Securities and Exchange Commission (“SEC”) in connection with its nomination of Nelson Peltz and James A. (“Jay”) Rasulo for election to the Disney Board of Directors (the “Board”) at the Company’s 2024 Annual Meeting of Shareholders (the “2024 Annual Meeting”).",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c0ea51d9-ec39-45fa-9188-c744ed88b311",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.8,
        "x": 0.1,
        "y": 0.22
      },
      "kind": "quote",
      "text": "It is unfortunate that a company as iconic as Disney and with so many challenges and opportunities has refused to seriously engage with us, its largest active shareowner, about board representation.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "000fad9c-f3fc-47bf-aded-472a1d0c02e0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "It is unfortunate that a company as iconic as Disney and with so many challenges and opportunities has refused to seriously engage with us, its largest active shareowner, about board representation. — Nelson Peltz, Trian's CEO.",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0395-748f-9561-883a28a2bc1e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.8,
        "x": 0.1,
        "y": 0.72
      },
      "kind": "table",
      "text": "Comparison of Disney's current path vs Trian's goals across five key areas: Corporate Governance, Streaming Profitability, Future of ESPN, Studio Creativity, and Parks and Experiences Growth.",
      "attrs": null,
      "subkind": "comparison",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ace6ce51-e23b-47cd-a62c-93493ef440cb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.8,
        "x": 0.1,
        "y": 0.09
      },
      "kind": "title",
      "text": "TRIAN FILES PRELIMINARY PROXY STATEMENT FOR DISNEY'S 2024 ANNUAL MEETING",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "88518295-2b7f-4ac3-9d71-fbd5d52fbbb9",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Executive summary",
      "slug": "executive-summary",
      "agent": null,
      "layer": "slide",
      "matchId": "88659f1e-2269-4c92-857c-f3c6895beee2",
      "evidence": "Trian intends to work with the Board to help drive Disney's outperformance with tangible targets, goals, and true accountability",
      "confidence": 0.9
    }
  ],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "b92d06de-13f3-44c2-86ff-ac2737041139",
      "evidence": "Table comparing current path vs proposed goals",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 1,
      "from": 1,
      "beatId": "e3191237-a601-458d-a1c4-143ae34061b1",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Situation & Context",
      "beatSlug": "consultants-gambit-situation-context",
      "evidence": "Current state of Disney",
      "position": 0,
      "confidence": 0.7,
      "parentBeatName": "Setup",
      "parentBeatSlug": "setup"
    },
    {
      "to": 1,
      "from": 1,
      "beatId": "1730c691-be28-4153-87b3-7e651c86e3f7",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Impact & Next Steps",
      "beatSlug": "consultants-gambit-impact-next-steps",
      "evidence": "Trian's proposed collaboration",
      "position": 1,
      "confidence": 0.7,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": "https://imgproxy.kitesheet.com/pTRukCzmJzVles7EF9J6twz0TQJ_ZYW-JAwowXaEjOw/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy80YzdlYTA5OGUwZDQvcDAwMS5qcGc",
  "thumbSrc": "https://imgproxy.kitesheet.com/-8eEfwLU3hUPunn_Eu8fcFae2b2lYOqVxxg-z-W4QXY/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy80YzdlYTA5OGUwZDQvcDAwMS5wbmc",
  "thumbSrcAlt": "https://imgproxy.kitesheet.com/qxq3JTi9gE4nsCe9ppv_ZEylUgtvgbtmNYWtYmeevNQ/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy80YzdlYTA5OGUwZDQvcDAwMS5qcGc"
}