{
  "docId": "019dd923-622b-71dc-a6db-780377abfbe8",
  "docSlug": "d954d7f4a9c3",
  "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": "2024-03-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 124,
  "pageCount": 133,
  "prevPage": 123,
  "nextPage": 125,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 10,
  "notes": "Uses a two-column layout to directly refute three distinct claims made by Disney.",
  "elementsJson": [
    "headline_text",
    "comparison_table",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-780377abfbe8/124",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-780377abfbe8",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-780377abfbe8.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-780377abfbe8#slide-124",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Mr. Iger has sold $1bn of Disney stock (nearly all his holdings); today, he owns just 0.01% of the outstanding shares and has limited \"skin in the game\"",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f41-721f-9e44-2d552615c129",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“We remain steadfastly invested in Disney’s long-term success...” — Disney Letter to Shareholders, 02/01/24; “The Disney Board... [is] comprised of engaged, diverse and dynamic leaders whose skillsets are closely aligned with the key drivers of our business...” — Disney Letter to Shareholders, 02/01/24; “[We have] a strong Board focused on the long-term performance of the company, strategic growth initiatives, the succession planning process, and increasing shareholder value.” — Disney Press Release, 01/16/24",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-3f41-721f-9e44-33db72ff4528",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.94,
        "x": 0.03,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: SEC filings, FactSet. Note: (1) Based on Form 4 filings and Disney's 2024 Proxy Statement. (2) Based on FactSet ownership and transaction data. (3) Pages 14-15 of Disney's 2024 Proxy Statement. (4) As assessed by Trian and detailed in Trian's 2024 Proxy Statement. (5) Based on relative TSR as of 10/06/23. 'Media Industry Peers' consist of Alphabet, Amazon, Apple, Comcast, Meta, Netflix, Paramount, and Warner Bros. Discovery, as defined in Disney's 2024 Proxy Statement. (6) Based on change in reported revenue, reported total segment operating income and reported diluted EPS excluding certain items from FY18 through LTM as of Q1 2024. (7) Bob Iger's contract was extended five times between October 2011 and December 2017, renewed upon his return in November 2022, and extended once again in July 2023.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5a54f737-4ee4-4942-be84-ad0455c23889",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.78,
        "w": 0.94,
        "x": 0.03,
        "y": 0.15
      },
      "kind": "table",
      "text": "Disney's Misleading Claim vs Trian's Response",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "992de9de-d935-4f4f-a3e2-2b81411955c2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.85,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Disney’s Claims Are Unfounded and Misleading (cont’d)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8975b7ae-7d38-47b1-8f5c-f228e217c9a1",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "e3da20ad-a41b-4be9-91f4-2f65651eb992",
      "evidence": "Directly juxtaposes company quotes against factual rebuttals.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 133,
      "from": 23,
      "beatId": "b87ea76d-47cf-41db-891f-d9874d31fb66",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The deck offers a solution by nominating Trian Partners' candidates and outlining their plans for change",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}