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  "documentTitle": "The Walt Disney Company (DIS)",
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  "authorName": "Nelson Peltz",
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  "presentationDate": "2024-03-01 00:00:00",
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  "notes": "Uses a dual-chart layout to contrast revenue scale with margin efficiency.",
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      "text": "Disney’s Media business (\"Entertainment\" and \"Sports\") significantly under-earns its media peers.",
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      "text": "Revenue vs. Peers, CY 2023 ($bn)",
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      "text": "EBITDA margin: 7%",
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      "text": "Despite having the largest revenue base in media, arguably the best IP, iconic studios, and multiple distribution channels, Disney's Media business (\"Entertainment\" and \"Sports\") significantly under-earns its media peers.",
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      "text": "Source: SEC filings. Note: Disney \"Media\" business represents the sum of its \"Entertainment\" and \"Sports\" segments. Disney's \"Media\" EBITDA excludes earnings in unconsolidated equity affiliates and includes an estimated allocation of corporate and unallocated shared expense based on Media's pro rata revenue contribution to Disney. (1) Represents Comcast's \"Content & Experiences\" segment financials excluding the impact of \"Theme Parks.\" (2) EBITDA burdened by stock-based compensation.",
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      "text": "Despite its Scale, Disney's Overall Media Margins Lag Peers",
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