{
  "docId": "019dd923-622b-71dc-a6db-74a0f9f25c29",
  "docSlug": "f5c008b9a0d4",
  "documentTitle": "The Walt Disney Company (DIS)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-01-12 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 30,
  "pageCount": 35,
  "prevPage": 29,
  "nextPage": 31,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "Uses a comparison table to contrast FY 2019 targets with current targets to show the strategic pivot.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "comparison_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-74a0f9f25c29/30",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-74a0f9f25c29",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-74a0f9f25c29.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-74a0f9f25c29#slide-30",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "However, in our view, management failed to effectively communicate the financial rationale behind the strategic pivot, as the profitability guidance has not changed while the change in strategy put significant stress on Disney’s balance sheet and cash flow profile",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-78b5-7512-b5b5-2963838a713a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.8,
        "x": 0.1,
        "y": 0.15
      },
      "kind": "list",
      "text": "We are concerned with how Disney's streaming strategy has evolved under the Board's oversight. While we believe Disney+ started as a niche DTC extension of Disney's franchise \"flywheel,\" it has rapidly shifted to the core distribution channel for the majority of Disney's IP, leading Disney to significantly ramp up investment to drive new subscriber growth at all costs. However, in our view, management failed to effectively communicate the financial rationale behind the strategic pivot, as the profitability guidance has not changed while the change in strategy put significant stress on Disney's balance sheet and cash flow profile.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "59b93f7c-7ef9-48ee-ae2d-e972c2291f33",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Content Spend: $9bn+",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-78b5-7512-b5b5-2ec17e3cde4f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.1,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "Source: Company transcripts, Wall Street Research.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ce87c198-77f3-4271-9542-9129d2529a2e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.8,
        "x": 0.1,
        "y": 0.385
      },
      "kind": "table",
      "text": "Disney+ Target Guidance – FY 2019 vs. Current. Rows: FY 2024 Subs (mm), FY 2024 Content Spend, Profitability Guidance Year. Columns: FY 2019, Current, Change.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d1c6f262-d95c-44a9-aaad-66d5e4e9d0d9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.1,
        "y": 0.09
      },
      "kind": "title",
      "text": "Disney’s Streaming Strategy: Ready, Fire, Aim?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "964068bd-2de4-485a-8490-6ea89590a8b2",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "5d6d381f-9fac-4645-b998-7f9a1f63d955",
      "evidence": "Contrasts aggressive growth targets with stagnant profitability guidance to highlight management failure.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 35,
      "from": 25,
      "beatId": "1338fbba-7115-49cb-95c0-085533f8572a",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "Trian's proposed changes, including improving governance, increasing cost discipline, and enhancing streaming strategy",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}