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  "documentTitle": "The Walt Disney Company (DIS)",
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  "authorName": "Nelson Peltz",
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  "presentationDate": "2023-01-12 00:00:00",
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  "notes": "The slide contrasts a long history of dividend growth with the sudden elimination of the dividend in 2020 due to financial pressures.",
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      "kind": "callout",
      "text": "FY19 Dividend Represented $2.9bn to Shareholders",
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      "text": "Disney has not provided a timetable for restoring the dividend beyond “achieving pre-Fox leverage levels,” which could take years",
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      "text": "Disney's Historical Annual Dividend per Share (FY)",
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      "text": "In 2020, Disney eliminated its dividend as it faced cash flow challenges caused by the COVID-19 pandemic, significant streaming investments and its over-levered balance sheet. Prior to 2020, Disney had paid a dividend for 57 straight years. No timetable.",
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      "text": "Annual Dividend per Share: $0.00",
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      "text": "Source: SEC filings, FactSet. Note: (1) Represents annualized FY 2015 dividend, normalized to reflect the impact of Disney's transition to a semi-annual dividend from an annual dividend.",
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      "text": "Disney Had a History of Increasing its Dividend",
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