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  "documentTitle": "The Walt Disney Company (DIS)",
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  "authorName": "Nelson Peltz",
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  "notes": "Includes a quote from Jim Cramer criticizing the balance sheet.",
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      "text": "Investors are still paying for the Fox deal as Disney works to reduce its leverage",
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      "text": "Disney Net Financial Leverage",
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      "text": "Investors are still paying for the Fox deal as Disney works to reduce its leverage\nDisney is also expected to buy Comcast’s $9bn(1) stake in Hulu in 2024, which will keep its leverage profile well above historical levels for years",
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      "text": "Net Debt / EBITDA: 4.2x",
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      "text": "That balance sheet is the balance sheet from hell...doing nothing about it, except for spending more than they have.",
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      "text": "That balance sheet is the balance sheet from hell...doing nothing about it, except for spending more than they have. — Jim Cramer, Nov 17, 2022 – Cramer’s Investing Club",
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      "text": "Source: SEC filings, FactSet as of 1/10/23. (1) Minimum floor valuation determined by Put/Call agreement. (2) Estimated net debt calculated by adding adj. consensus free cash flow to prior year net debt...",
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      "text": "Fox Acquisition Increased Disney’s Leverage Dramatically",
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