{
  "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": 96,
  "pageCount": 133,
  "prevPage": 95,
  "nextPage": 97,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "Uses a timeline-like progression of goals to expose the lack of concrete strategy.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bullet_list",
    "callout_box",
    "quote_block"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-780377abfbe8/96",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-780377abfbe8",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-780377abfbe8.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-780377abfbe8#slide-96",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Disney’s Path to Sustained Subscriber Growth is Unclear",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f41-721f-9e40-e783c2f79bae",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.92,
        "x": 0.04,
        "y": 0.59
      },
      "kind": "list",
      "text": "Path to \"Double-Digit\" Margin Target is Still Unclear: DTC loses money; No timeline; Wide range of interpretation.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "20eba6f9-1510-4f72-ab5b-f667f8938363",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.92,
        "x": 0.04,
        "y": 0.37
      },
      "kind": "list",
      "text": "Disney's Path to Sustained Subscriber Growth is Unclear: Price increases causing churn; Next quarter growth dependent on wholesale; Password sharing is one-time; No annual growth target.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a1618021-2c34-4d3e-b7cd-8b49c1ecb520",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.14
      },
      "kind": "paragraph",
      "text": "After Trian publicly noted Disney had amorphous streaming goals, the Company updated its goals on its recent earnings call to \"subscriber growth\" and \"double digit margins,\" but provided scant details on the path forward on either initiative.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a0c0d1ec-caf0-4736-b799-05c1c7ba2852",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.92,
        "x": 0.04,
        "y": 0.78
      },
      "kind": "quote",
      "text": "We finally received a little peek into the future of Disney's streaming plan... that target should have been obvious, however, the timing and path forward still remain pretty ambiguous.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e0139c01-a7fe-4908-81bf-e6816285afc1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“We finally received a little peek into the future of Disney’s streaming plan as the company shared a target of double-digit profit margins in streaming. As new CFO Hugh Johnston rightly admitted, that target should have been obvious, however, the timing and path forward still remain pretty ambiguous.” — MoffettNathanson, February 2024",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-3f41-721f-9e40-eb701b31a88d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "x": 0.14,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Company filings, Company transcripts, Wall Street Equity Research.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3519d482-9656-467c-92b1-4b866b639474",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.22
      },
      "kind": "table",
      "text": "01 | Original Goal: Disney+ will hit profitability by the end of fiscal 2024... 02 | \"Revised\" Goal: ...achieving significant and sustained profitability... 03 | Latest Goal: ...objective is to get to double-digit margins...",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e41afbf1-b2a6-433e-897a-2835a841d97a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.85,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Disney's Path Forward on Streaming Remains Ambiguous",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d827f057-dbb6-404f-b356-d7ff1aba1b2c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "4019142a-db1b-4aed-81a7-9e52c277665d",
      "evidence": "Contrasts stated goals with lack of operational detail.",
      "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": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}