{
  "docId": "019dd923-622b-71dc-a6db-a56b7a46b68b",
  "docSlug": "9fe5c6dc708f",
  "documentTitle": "The Walt Disney Company (DIS)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": null,
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 1,
  "pageCount": 4,
  "prevPage": null,
  "nextPage": 2,
  "slideType": "executive_summary",
  "function": "frame_problem",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "This is a classic activist investor 'proxy fight' opening letter.",
  "elementsJson": [
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": "https://imgproxy.kitesheet.com/WLa29OJwxHYovukHYYbjQsZgKeMn9mL8iGsTU733JsE/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy85ZmU1YzZkYzcwOGYvcDAwMS5wbmc",
  "slideHref": "/slides/019dd923-622b-71dc-a6db-a56b7a46b68b/1",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-a56b7a46b68b",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-a56b7a46b68b.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-a56b7a46b68b#slide-1",
  "components": [
    {
      "bbox": {
        "h": 0.03,
        "w": 0.55,
        "x": 0.35,
        "y": 0.93
      },
      "kind": "callout",
      "text": "Disney can do better. But it needs some fresh thinking.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ff6ddea1-922b-4bd3-bf0b-3643b4df751f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.55,
        "x": 0.35,
        "y": 0.48
      },
      "kind": "paragraph",
      "text": "To help ensure a better future... we have nominated two such candidates: Nelson Peltz and Jay Rasulo...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4d8a32b7-d977-489f-b499-77c94f44d219",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.55,
        "x": 0.35,
        "y": 0.2
      },
      "kind": "paragraph",
      "text": "For more than a century, Disney has captivated millions... But despite its many advantages, Disney has lost its way... Consequently, shareholders have suffered.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "797de9e9-3330-4ec2-ab8b-170c66cb0557",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.55,
        "x": 0.35,
        "y": 0.13
      },
      "kind": "paragraph",
      "text": "Disney's 2024 Annual Meeting will be held on April 3, and it is time for you to vote to help Restore the Magic at Disney.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c07ea612-cd7f-4513-bca1-c99960a32feb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.1,
        "y": 0.05
      },
      "kind": "title",
      "text": "DEAR FELLOW WALT DISNEY COMPANY SHAREHOLDER:",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "06275a7f-8dd6-4630-9877-7d2e82f5b19c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.2,
        "x": 0.35,
        "y": 0.45
      },
      "kind": "title",
      "text": "Change Is Needed",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "db212374-af04-4c52-9454-53f6bbe7d2a0",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "antagonist-introduction",
      "slug": null,
      "matchId": "aaef335b-9741-4745-ad1b-1b67bc7bf6ab",
      "evidence": "The letter explicitly names two directors (Froman and Lagomasino) as the cause of the company's underperformance.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 1,
      "from": 1,
      "beatId": "5eb213f7-9e71-45c8-a31f-87dced1c3db8",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Problem (Identify pain)",
      "beatSlug": "problem-agitate-solution-problem-identify-pain",
      "evidence": "The executive summary slide sets the tone for the need for change.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [],
  "imagePathAlt": "https://imgproxy.kitesheet.com/yUn-QuGzTmm9qyCAZBOT7PpJQsRl_-ULVtR8tf0X4UU/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy85ZmU1YzZkYzcwOGYvcDAwMS5qcGc",
  "thumbSrc": "https://imgproxy.kitesheet.com/TKZ7VrE7cmIzn29KxP4-YQ0ECu5g22mRAqfDXotUlLM/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy85ZmU1YzZkYzcwOGYvcDAwMS5wbmc",
  "thumbSrcAlt": "https://imgproxy.kitesheet.com/GJ6n46wKsmlWSoAhxSmWlURwJtHpFh20-lBl4azG298/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy85ZmU1YzZkYzcwOGYvcDAwMS5qcGc"
}