{
  "docId": "019dd923-622b-71dc-a6db-a8948f12a2f8",
  "docSlug": "83e53ed5ec0b",
  "documentTitle": "The Walt Disney Company (DIS)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-03-01 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 53,
  "pageCount": 133,
  "prevPage": 52,
  "nextPage": 54,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 24,
  "notes": "The slide uses a stacked bar chart to show the decline in Pay TV subscribers and a line chart for penetration, contrasting the CEO's 2015 awareness with the subsequent market decline.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "bar_chart_stacked",
    "line_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-a8948f12a2f8/53",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-a8948f12a2f8",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-a8948f12a2f8.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-a8948f12a2f8#slide-53",
  "components": [
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.08,
        "y": 0.28
      },
      "kind": "callout",
      "text": "Disney Warned its Investors About the Impact of \"Cord-Cutting\" as Early as August 2015",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2eb38a46-418a-4d3f-885b-334bb31810dc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "A Board's job is to look over the horizon instead of reacting after the fact.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-14da-72ce-9f95-6086021e71b5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.85,
        "x": 0.08,
        "y": 0.48
      },
      "kind": "chart",
      "text": "US Pay TV Video Subscribers (mm)",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "31b9030f-16ec-44bd-a0d2-716e2b9efb7f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "US Pay TV Video Subscribers: 73",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14da-72ce-9f95-6a29aec21885",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.85,
        "x": 0.08,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "Disney has been warning investors of the threats that Netflix and DTC distribution posed to the Linear TV business for nearly a decade. It did little until 2019, when it launched Disney+ and spent billions of dollars building a business that still lacks a clear path to an acceptable return. A Board's job is to look over the horizon instead of reacting after the fact.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2064dcbd-87f5-48bd-b66e-40c1dfed994c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.85,
        "x": 0.08,
        "y": 0.37
      },
      "kind": "quote",
      "text": "\"We're realists about the business and about the impact technology has had on how product is distributed, marketed, and consumed... All of this has and will continue to put pressure on the multi-channel ecosystem...\" – Robert A. Iger, Disney CEO & Director, August 2015",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2ed3995e-5b38-43b4-8f7d-fd25da2d1fbb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "We're realists about the business and about the impact technology has had on how product is distributed, marketed, and consumed... All of this has and will continue to put pressure on the multi-channel ecosystem, which has seen a decline in overall households as well as growth in so-called skinny or cable-light packages. ESPN has experienced some modest sub losses, although those have been less than reported by one of the prominent research firms. — Robert A. Iger, Disney CEO & Director, August 2015",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-14da-72ce-9f95-64e57ed71aec",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.5,
        "x": 0.08,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "Source: MoffettNathanson. Note: U.S. Pay TV Subscriber data, including vMVPD (virtual Multichannel Video Programming Distributors).",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "134694c9-a2f7-4d55-bc9b-ded8ba886f0e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.7,
        "x": 0.08,
        "y": 0.13
      },
      "kind": "title",
      "text": "Disney Saw Disruption Coming But Failed to Adapt Quickly",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "51ab2b4b-4920-436c-a0c4-54ef4b3251ff",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "b3a00633-a75a-4d1c-9668-efd81bb15ae1",
      "evidence": "Contrasts 2015 CEO quote with subsequent market decline data to highlight failure to adapt.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 77,
      "from": 11,
      "beatId": "37f840cb-5286-46ae-9405-b7f93cd27795",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "Multiple pages expose contradictions in Disney's statements and actions.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 91,
      "from": 26,
      "beatId": "4709246a-df86-4f24-9209-dc709e9cc918",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Propose Solution",
      "beatSlug": null,
      "evidence": "Trian presents its initiatives and nominees as a solution to Disney's problems.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}