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      "kind": "callout",
      "text": "Disney should be willing to take bold actions to address current problems",
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      "text": "Board-led Review of Creative Processes & Structure with the Goal to Restore Leadership Accountability and Reclaim #1 Box Office Position with Leading Economics",
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      "text": "How much of the Company's budget should be allocated to developing new IP, existing IP, and new general entertainment content? How to better align brand strategies with studio output? How to improve Disney's general entertainment offering (e.g., acquiring more externally produced content)? Are the best ideas flowing to the top when Disney has over a dozen TV / film studios and businesses that we suspect all have multiple sub-divisions with their own overhead structures?",
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      "text": "We appreciate that Disney's studio operations are critical to sustaining a durable competitive advantage, and we do not want to do anything to jeopardize Disney's creative output, but it is imperative that Disney's content strategy strikes the right balance between creative risk-taking and maximizing return on investment",
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      "text": "To break out of current creative woes, we believe a comprehensive review of studio operations and culture should be commissioned by the Board, including state of leadership, process and workflow.",
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      "text": "A critical part of this study - in our view - will be evaluating the link between the creative and financial teams. Through conversations with industry participants, it seems that Disney's studios have a \"spend what you need\" mindset to make great content, which often leads to budget overruns and an overall lack of financial discipline.",
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