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  "documentTitle": "The Walt Disney Company (DIS)",
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  "notes": "Part of the 'Restore the Magic' activist campaign by Trian Partners.",
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      "text": "By consolidating Hulu and Disney+ into one product and organization, Disney may improve per subscriber unit economics and realize cost efficiencies that Wall Street research analysts estimate could amount to ~$1 billion",
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      "text": "In our view, operating in 150+ countries adds cost and complexity... We believe that Disney should consider adopting wholesale or content licensing strategies in select markets with structurally challenged unit economics",
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      "text": "By consolidating Hulu and Disney+ into one product and organization, Disney may improve per subscriber unit economics and realize cost efficiencies that Wall Street research analysts estimate could amount to ~$1 billion",
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      "text": "We believe Hulu Live is a loss-leading product that has struggled to scale and adds limited strategic value. In our view, Live is not competitively positioned compared to YouTube TV... Unless Disney can justify continued investment...",
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      "text": "...in Addition to Opportunities to Improve Focus and Cost Efficiency",
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