{
  "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": 97,
  "pageCount": 133,
  "prevPage": 96,
  "nextPage": 98,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 6,
  "notes": "Uses a stacked bar chart to decompose cost savings and metrics to highlight the negative impact of price hikes and content cuts.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "bar_chart_stacked",
    "big_number",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-780377abfbe8/97",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-780377abfbe8",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-780377abfbe8.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-780377abfbe8#slide-97",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Relying on Price Increases & Cutting Content is Not a Sustainable Strategy to Maintain Quality and Demand",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f41-721f-9e40-c6f7dc8d1f1a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.46,
        "x": 0.04,
        "y": 0.31
      },
      "kind": "chart",
      "text": "Breakdown of Disney's $7.5 Billion Cost Savings Plan",
      "attrs": null,
      "subkind": "bar-stacked-100pct",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a1d6166f-9b54-4e75-b7c4-23ef5ddd2a40",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.44,
        "x": 0.52,
        "y": 0.66
      },
      "kind": "list",
      "text": "...Calling into Question How Sub Growth Will Continue to Trend -1%...? Disney+ (Core) Sub Decline FQ1'24 QoQ",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0c6104c4-6793-416d-bf16-4830475d50fa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.44,
        "x": 0.52,
        "y": 0.52
      },
      "kind": "list",
      "text": "...Disney Plans to Cut Content Spend Significantly... -25% Entertainment Contend Spend Reduction Through FY24E",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8a584f6d-68a7-4c75-8b50-58bbe67bc580",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.44,
        "x": 0.52,
        "y": 0.38
      },
      "kind": "list",
      "text": "While Disney Has Raised Prices Twice This Year for Disney+... +75% Disney+ Price Increases in Dec 2022 & Oct 2023 (UCAN)",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e01bb5b3-b4b7-4474-b274-aa67674c003b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Disney+ Price Increases: +75%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-3f41-721f-9e40-cdc4d92be5b3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.19
      },
      "kind": "paragraph",
      "text": "Over the past year, Disney has been rapidly raising prices(1) and cutting content and marketing investments (rather than doing the hard work of streamlining unproductive overhead) to boost near-term earnings and cash flow.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "afb7792c-c169-45b3-8114-9bda9965c4ea",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.92,
        "x": 0.04,
        "y": 0.81
      },
      "kind": "quote",
      "text": "Cost cuts alone cannot help multiples expand and in order for the stock to see significant upside, there needs to be a credible revenue reacceleration story...",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c4fca96d-b657-4750-bcec-30b0dc47f791",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Cost cuts alone cannot help multiples expand and in order for the stock to see significant upside, there needs to be a credible revenue reacceleration story… now revenue growth requires a balance between price and unit growth. The company has to drive this process while reducing content and marketing costs, which makes the task even more difficult. — Barclays, November 2023",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-3f41-721f-9e40-ca846f61afff",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.92,
        "x": 0.04,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: Company filings, Wall Street Equity Research. (1) Disney has implemented two price adjustments...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ccd18cfe-10b8-4c3f-8878-cd6194d9de27",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Current Strategy Seems Designed to Provide Short-Term Wins Rather Than Long-Term Profitable Growth",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0f4df987-b79d-4edb-b926-73c046b21d22",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "af2eed28-ddd0-4c6d-b0eb-142fc51fcc72",
      "evidence": "Contrasts short-term cost cutting with long-term growth requirements.",
      "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
}