{
  "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": 76,
  "pageCount": 133,
  "prevPage": 75,
  "nextPage": 77,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 3,
  "notes": "The slide uses a timeline to contrast Disney's claims of 'meaningful interactions' with the reality of brief, non-substantive contact.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "timeline_visual",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-a8948f12a2f8/76",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-a8948f12a2f8",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-a8948f12a2f8.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-a8948f12a2f8#slide-76",
  "components": [
    {
      "bbox": {
        "h": 0.11,
        "w": 0.85,
        "x": 0.08,
        "y": 0.75
      },
      "kind": "callout",
      "text": "Disney’s Board decided to spend an estimated $40 million of shareholder money engaging in a proxy contest, while 11 out of 12 Directors have not even met Nelson Peltz or Jay Rasulo in-person during Trian’s engagement with the Company in the past year and a half",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f58feb71-5942-46f4-b938-dc8e9b81eea8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Disney’s Board decided to spend an estimated $40 million of shareholder money engaging in a proxy contest, while 11 out of 12 Directors have not even met Nelson Peltz or Jay Rasulo in-person during Trian’s engagement with the Company in the past year and a half.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-14da-72ce-9f97-37ac8e4c8eb9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.85,
        "x": 0.08,
        "y": 0.33
      },
      "kind": "diagram",
      "text": "Timeline of events from Jan 2023 to Feb 2024",
      "attrs": null,
      "subkind": "timeline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1f82b631-87cd-4be8-978c-76e0688d8482",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.85,
        "x": 0.08,
        "y": 0.21
      },
      "kind": "paragraph",
      "text": "Disney claims that it has maintained an open dialogue with Trian, having “no less than 20 meaningful interactions” since February 2023... In reality, we had precious few substantive interactions – mostly brief phone calls or emails – and not a single meeting with a non-executive Director in-person in over a year of formal engagement regarding Board representation. Further, Disney's Proxy Statement only lists 11 interactions with Trian since February 2023.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "976dc404-6b00-45f3-b91a-38ad2abc7be5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "I have not spoken to Mr. Peltz in a while. I have no plans to speak to him. — Bob Iger",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-14da-72ce-9f97-3bebe6c32aa1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.65,
        "x": 0.08,
        "y": 0.89
      },
      "kind": "source-note",
      "text": "Source: Disney’s 2024 Definitive Proxy Statement, Background to the Solicitation. Note: “Engagement” with Trian defined as calls or meetings with current Disney Board members.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "66c3bf5c-638d-4fd5-b7d7-4814a6d3b7a5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.85,
        "x": 0.08,
        "y": 0.13
      },
      "kind": "title",
      "text": "Disney’s “Meaningful Interactions” Amount to Approximately 3 Hours of Total “Engagement” with Trian",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "29342633-05b3-4072-8bb8-efd201d4b8c6",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "9d9ab34b-5dbd-4e53-aaad-2085bd5b2a2c",
      "evidence": "Contrasts Disney's claim of 'meaningful interactions' with the reality of limited, non-substantive contact.",
      "confidence": 1
    }
  ],
  "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
}