{
  "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": 9,
  "pageCount": 133,
  "prevPage": 8,
  "nextPage": 10,
  "slideType": "comparison_table",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 27,
  "notes": "The slide uses a comparison table to frame the company's performance as a failure relative to capital invested.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-780377abfbe8/9",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-780377abfbe8",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-780377abfbe8.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-780377abfbe8#slide-9",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Significantly Worse Financials than Five Years Ago...",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f40-73bb-a61a-6e9955e4d311",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Free Cash Flow: -50%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-3f40-73bb-a61a-70f373cce090",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.14
      },
      "kind": "paragraph",
      "text": "We compared Disney's FY 2023 financial results to its FY 2018 results, the year prior to the Fox acquisition and launch of Disney+. Disney has invested $200bn (in M&A, CapEx, and content spend) since FY 2018 – nearly equivalent to its current market capitalization.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c90f473b-3325-4daa-a301-292c319fddf3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.92,
        "x": 0.04,
        "y": 0.91
      },
      "kind": "source-note",
      "text": "Source: SEC filings. Note: (1) Per Disney's 2024 Definitive Proxy Statement...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "84c94ec4-ef77-4ea8-ae5c-96f4e8334311",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.92,
        "x": 0.04,
        "y": 0.25
      },
      "kind": "table",
      "text": "Comparison table of financial metrics between FY 2018 and FY 2023 with % change.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2290a12d-7165-4981-bfb0-01f057f80731",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.6,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "...But Disney’s Financial Results Have Deteriorated",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "405695cd-065d-4cdb-abf2-4c9d39003a74",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison-frame",
      "slug": null,
      "matchId": "1b784d40-7255-46a9-8b10-31726543cecf",
      "evidence": "Direct comparison of financial metrics across two time periods to highlight deterioration.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 20,
      "from": 8,
      "beatId": "e5d11962-ca65-47bc-ba1f-45a45377a33c",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitation",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The deck agitates the problem by highlighting the board's failures and lack of oversight",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 20,
      "from": 8,
      "name": "Logic Chain",
      "slug": "01-logic-chain",
      "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis",
      "matchId": "6aec2512-dadb-4e75-a69b-b174a85a5c00",
      "evidence": "The deck presents a logical chain of events linking the board's failures to Disney's underperformance",
      "position": 0,
      "objective": "To show that Disney's underperformance is due to poor board oversight",
      "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)",
      "confidence": 0.7,
      "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}