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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 two-column comparison layout to juxtapose 'Situation' vs 'Reaction'.",
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      "text": "We are concerned that the Company has been caught flat-footed during a period of seismic change in the industry.",
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      "kind": "paragraph",
      "text": "Disney's repeated public comments about launching a Flagship ESPN streaming service in the future understandably irked Charter Communications, one of ESPN's largest distribution partners, leading to a dramatic and very public carriage dispute",
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      "text": "We are concerned that the Company has been caught flat-footed during a period of seismic change in the industry. By openly discussing strategic questions without a fully-formed plan (and overpromising), Disney has frustrated its business partners and the investment community.",
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      "kind": "paragraph",
      "text": "On a CNBC interview at the Sun Valley Conference in July 2023, Bob Iger commented that the linear assets \"may not be core to Disney,\" which was interpreted by investors as a \"for sale sign\" on the linear assets... only to have to walk those comments back later in the year",
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      "text": "\"Sometimes, when I am looking for a reaction to my own thought process, I like to test that process in public, particularly in ways that I might be able to get a reaction from the investment community. So my thought was at the time that I would essentially be public with that thought process.\" – Robert A. Iger, CEO & Director, November 2023",
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      "kind": "quote",
      "text": "\"On the negative side, Iger's open and honest disclosure about his worries about the long-term health of the linear networks has frustrated the market because it wasn't matched by an immediate action step. As such, we have been needlessly left wondering and postulating about assets that are no longer drivers of future company earnings.\" – Michael Nathanson, MoffettNathanson, November 9, 2023",
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      "text": "\"And the idea that somebody has publicly said repeatedly that it is going to go direct-to-consumer, and you're signing up to that type of long-term deal. It also -- that's untenable.\" – Chris Winfrey, Charter CEO, September 1, 2023",
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      "text": "\"And the idea that somebody has publicly said repeatedly that it is going to go direct-to-consumer, and you're signing up to that type of long-term deal. It also -- that's untenable.\" — Chris Winfrey, Charter CEO, September 1, 2023; \"On the negative side, Iger's open and honest disclosure about his worries about the long-term health of the linear networks has frustrated the market because it wasn't matched by an immediate action step. As such, we have been needlessly left wondering and postulating about assets that are no longer drivers of future company earnings.\" — Michael Nathanson, MoffettNathanson, November 9, 2023; \"Sometimes, when I am looking for a reaction to my own thought process, I like to test that process in public, particularly in ways that I might be able to get a reaction from the investment community. So my thought was at the time that I would essentially be public with that thought process.\" — Robert A. Iger, CEO & Director, November 2023",
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      "kind": "title",
      "text": "Strategic Deliberations in Public Have Caused Headaches... and Suggests a Board That Fails to Provide Proper Oversight",
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