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  "documentTitle": "The Walt Disney Company (DIS)",
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  "authorName": "Trian Partners",
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  "notes": "Uses a 'before-after' framing to highlight failed strategic promises.",
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      "kind": "callout",
      "text": "The performance of Disney's media assets have deteriorated since the acquisition, calling into question claimed synergies",
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      "text": "EBITDA: $71bn",
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      "text": "Source: SEC filings, Company presentations, Wall Street Equity Research. Note: (1) Represents Disney's stated 'Strategic Rationale' sourced from Disney's Investor Presentation regarding the 21st Century Fox transaction dated 12/14/17. (2) MoffettNathanson estimate, includes FX, National Geographic, and International Cable Channels, excludes RSNs. (3) Wall Street Journal article titled 'Disney Explores Strategic Options for India Business' published by Jessica Toonkel, Joe Flint, and Lauren Thomas on 07/11/23.",
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      "text": "Fox Was a Strategically Flawed $71 Billion Acquisition...",
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