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  "documentTitle": "The Walt Disney Company (DIS)",
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  "authorName": "Trian Partners",
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  "notes": "Uses a comparison table structure to contrast specific strategic initiatives with their associated failures/risks.",
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      "kind": "callout",
      "text": "Disney's recently-announced strategic initiatives are lacking in detail to sufficiently evaluate their merits.",
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      "text": "Disney's recently-announced strategic initiatives are lacking in detail to sufficiently evaluate their merits. It is hard to imagine a fully engaged Board would allow the announcement of term-sheet deals without defined returns, goals, or sufficient notification to key partners.",
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      "kind": "quote",
      "text": "\"[M]anagement by press release\" — meaning that if I say something with great conviction to the outside world, it tends to resonate powerfully inside our company.\"",
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      "text": "\"I think it's early days to speculate on [the economics of Epic], the product isn't even built yet... in terms of pricing and all of those things it's just too early for us to really talk about but I do expect its going to be a very profitable business for us\" — Hugh Johnston, Disney CFO, February 2024; \"An effort to notify the leagues wasn't made until Tuesday before a planned announcement. Many learned of it when The Wall Street Journal broke the news...The leagues... are eager to be fully debriefed and ensure that this platform doesn't present new business risks or threats.\" — Wall Street Journal, February 2024; \"[M]anagement by press release\" — meaning that if I say something with great conviction to the outside world, it tends to resonate powerfully inside our company.\" — Robert A. Iger, CEO & Director, The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of The Walt Disney Company",
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      "text": "Source: SEC filings, Company transcripts, Company press releases, WSJ article titled \"Streaming Venture From ESPN, Fox and Warner Blindsides Sports Leagues,\" by Joe Flint and Isabella Simonetti published 02/07/24, The Ride of a Lifetime: Lessons Learned From 15 Years as CEO of The Walt Disney Company, by Robert A. Iger published in 2019. Note: (1) Forbes article titled \"Disney Tries Again To Get Game Business Right With Epic, Fortnite Deal,\" by David Bloom published 02/07/24.",
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      "text": "Comparison of Epic Games investment and Skinny Sports Bundle JV issues.",
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      "kind": "title",
      "text": "Recent Strategic Announcements Appear Half-Baked and Highlight Continued Failures of Oversight",
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