{
  "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": 53,
  "pageCount": 133,
  "prevPage": 52,
  "nextPage": 54,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 46,
  "notes": "The chart uses a stacked bar format to show subscriber composition and a line graph for penetration, with a red arrow highlighting the recent decline.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "quote_block",
    "bar_chart_stacked",
    "line_chart"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-780377abfbe8/53",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-780377abfbe8",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-780377abfbe8.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-780377abfbe8#slide-53",
  "components": [
    {
      "bbox": {
        "h": 0.04,
        "w": 0.92,
        "x": 0.04,
        "y": 0.26
      },
      "kind": "callout",
      "text": "Disney Warned its Investors About the Impact of \"Cord-Cutting\" as Early as August 2015",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3df3f292-3078-41c8-a325-327b7dff80d4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "A Board's job is to look over the horizon instead of reacting after the fact.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f41-721f-9e3c-9967852621d4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.38,
        "w": 0.92,
        "x": 0.04,
        "y": 0.52
      },
      "kind": "chart",
      "text": "US Pay TV Video Subscribers (mm)",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a6905c32-cdb4-43b5-8e1c-44b80ac2deb9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "US Pay TV Video Subscribers: 73",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-3f41-721f-9e3c-a2f65c5c4bd7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.14
      },
      "kind": "paragraph",
      "text": "Disney has been warning investors of the threats that Netflix and DTC distribution posed to the Linear TV business for nearly a decade. It did little until 2019, when it launched Disney+ and spent billions of dollars building a business that still lacks a clear path to an acceptable return. A Board's job is to look over the horizon instead of reacting after the fact.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a67b2819-3b0f-45c9-9ba7-bf24d4012c8e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.88,
        "x": 0.06,
        "y": 0.35
      },
      "kind": "quote",
      "text": "We're realists about the business and about the impact technology has had on how product is distributed, marketed, and consumed... All of this has and will continue to put pressure on the multi-channel ecosystem...",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8cdb3bef-5d92-4065-9409-be92416e044f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"We're realists about the business and about the impact technology has had on how product is distributed, marketed, and consumed... All of this has and will continue to put pressure on the multi-channel ecosystem, which has seen a decline in overall households as well as growth in so-called skinny or cable-light packages. ESPN has experienced some modest sub losses, although those have been less than reported by one of the prominent research firms.\" — Robert A. Iger, Disney CEO & Director, August 2015",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-3f41-721f-9e3c-9c923f88e5d1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.92,
        "x": 0.04,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: MoffettNathanson. Note: U.S. Pay TV Subscriber data, including vMVPD (virtual Multichannel Video Programming Distributors).",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c40cee76-c9d4-4478-85b3-3d2334aaa851",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.92,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Disney Saw Disruption Coming But Failed to Adapt Quickly",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e21bcea8-caa3-4de2-b362-0734f428288a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "1600565d-56b5-4df1-9cf4-103b6b32424a",
      "evidence": "Contrasts historical warnings with lack of action to expose management failure.",
      "confidence": 0.9
    }
  ],
  "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": [
    {
      "to": 60,
      "from": 45,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "205fbd9e-db4e-44ef-b55d-b098f67c1547",
      "evidence": "The deck highlights the consequences of not taking action to address Disney's underperformance",
      "position": 2,
      "objective": "To show the consequences of not taking action to address Disney's underperformance",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}