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  "documentTitle": "The Walt Disney Company (DIS)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "presentationDate": "2023-01-12 00:00:00",
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  "notes": "The chart uses a waterfall-style accumulation to show the growth of losses over time, highlighting the gap between historical performance and management's break-even guidance.",
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      "text": "Cumulative Streaming Losses Have Grown to $11bn and are Expected to Reach ~$15bn",
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      "text": "Disney Cumulative DTC Segment Losses ($bn)",
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      "text": "Since 2017, Disney has lost a cumulative $11bn in its streaming business\nManagement expects the streaming business to break even in 2024, which means two more years of expected losses",
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      "text": "Cumulative DTC Segment Losses: $11bn",
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      "text": "Source: SEC filings, FactSet Wall Street estimates as of 1/10/23. Note: Figures represent reported Direct-to-Consumer segment operating profit / (loss).",
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      "text": "Disney Has Lost $11bn in Streaming to Date with More Losses Coming",
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