{ "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": 2, "pageCount": 4, "prevPage": 1, "nextPage": 3, "slideType": "testimonial", "function": "cite_precedent", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide uses external media quotes to build credibility and preemptively address the 'disruptive' narrative.", "elementsJson": [ "headline_text", "paragraph", "quote_block", "logo_grid" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622b-71dc-a6db-a56b7a46b68b/2", "deckHref": "/decks/019dd923-622b-71dc-a6db-a56b7a46b68b", "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-a56b7a46b68b.json", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-a56b7a46b68b#slide-2", "components": [ { "bbox": null, "kind": "callout", "text": "Great companies that have lost their way – like Disney – often thrive after new directors, nominated by Trian, are appointed.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-203f-7169-9f93-3fdda567d833", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.24, "x": 0.64, "y": 0.38 }, "kind": "image", "text": "The New York Times", "attrs": null, "subkind": "logo", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "dc570cb9-4144-48ce-99d3-fc973e61d6a8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.14, "x": 0.69, "y": 0.78 }, "kind": "image", "text": "CNBC", "attrs": null, "subkind": "logo", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f20d9aa3-ed2e-436c-96f5-27e13c2b092a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.06, "y": 0.51 }, "kind": "paragraph", "text": "Admittedly, our relationships with companies, and with other directors, do not always start with such positive feelings...", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "92871626-0359-403d-8c3f-71700bbfdec3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.06, "y": 0.15 }, "kind": "paragraph", "text": "At Trian, we have recommended and nominated directors at more than two dozen companies over the course of our history...", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "bb9788e0-d5a5-47b4-aa0b-a153edfbeb91", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.36, "x": 0.58, "y": 0.22 }, "kind": "quote", "text": "The [New York] Times interviewed a dozen former executives at companies targeted by Mr. Peltz, and all said he had bolstered results. . .", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7772745b-234a-42b6-a496-368fe425f136", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.36, "x": 0.58, "y": 0.55 }, "kind": "quote", "text": "I've owned [Disney] stock in the past. The stock was a $200 stock three years ago. I would rather buy this stock at $150, with some synergy and some cooperation between Mr. Peltz and Disney's Board and Bob Iger than at $112 with the Disney Board and Bob Iger saying, ‘thanks but no thanks, I don't need your help.’", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ddc1eaf7-aec9-4562-8e99-d330ede8b05d", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“The [New York] Times interviewed a dozen former executives at companies targeted by Mr. Peltz, and all said he had bolstered results. . .” — The New York Times; “I’ve owned [Disney] stock in the past. The stock was a $200 stock three years ago. I would rather buy this stock at $150, with some synergy and some cooperation between Mr. Peltz and Disney’s Board and Bob Iger than at $112 with the Disney Board and Bob Iger saying, ‘thanks but no thanks, I don’t need your help.’” — Joe Terranova, CNBC", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-203f-7169-9f93-435bd779b17c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.88, "x": 0.06, "y": 0.06 }, "kind": "title", "text": "WE HAVE HELPED DRIVE CHANGE", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "95a0c673-c029-4f0e-95ee-10ce31e3eb7e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.06, "y": 0.48 }, "kind": "title", "text": "Accepting Change is Hard", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9ee1b269-b615-47c5-8395-e01a1b937f76", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "authority-citation", "slug": null, "matchId": "7d4a381a-7e69-422e-bd56-839cb848c2f4", "evidence": "Uses quotes from NYT and CNBC to validate Trian's performance.", "confidence": 0.95 } ], "arcBeats": [ { "to": 2, "from": 2, "beatId": "0b323d59-9d79-4719-a8ff-5c29c3fd8a13", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitate (Make it worse)", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The testimonial slide implies that the current situation is not satisfactory.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }