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  "documentTitle": "The Walt Disney Company (DIS)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
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  "presentationDate": "2024-03-01 00:00:00",
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  "notes": "This is a classic 'expose contradiction' slide used in activist campaigns to undermine management credibility.",
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      "text": "Mr. Iger has sold $1bn of Disney stock (nearly all his holdings); today, he owns just 0.01% of the outstanding shares and has limited \"skin in the game\".",
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      "kind": "quote",
      "text": "“We remain steadfastly invested in Disney’s long-term success…” — Disney Letter to Shareholders, 02/01/24",
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      "text": "Source: SEC filings, FactSet. Note: (1) Based on Form 4 filings and Disney’s 2024 Proxy Statement. (2) Based on FactSet ownership and transaction data. (3) Pages 14-15 of Disney’s 2024 Proxy Statement. (4) As assessed by Trian and detailed in Trian’s 2024 Proxy Statement. (5) Based on relative TSR as of 10/06/23. “Media Industry Peers” consist of Alphabet, Amazon, Apple, Comcast, Meta, Netflix, Paramount, and Warner Bros. Discovery, as defined in Disney’s 2024 Proxy Statement. (6) Based on change in reported revenue, reported total segment operating income and adjusted earnings per share have declined 13% and 44%, respectively(6) (7) Bob Iger’s contract was extended five times between October 2011 and December 2017, renewed upon his return in November 2022, and extended once again in July 2023.",
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      "text": "Comparison table with columns 'Disney’s Misleading Claim' and 'Trian’s Response'",
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      "text": "Disney’s Claims Are Unfounded and Misleading (cont’d)",
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