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  "documentTitle": "The Walt Disney Company (DIS)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-03-01 00:00:00",
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  "pageNumber": 10,
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  "notes": "Uses a before-after-bridge style visual to connect high revenue to low margins.",
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      "text": "Revenue vs. Peers, CY 2023 ($bn)",
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      "text": "EBITDA Margins vs. Peers, CY 2023",
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      "kind": "paragraph",
      "text": "Despite having the largest revenue base in media, arguably the best IP, iconic studios, and multiple distribution channels, Disney's Media business (\"Entertainment\" and \"Sports\") significantly under-earns its media peers.",
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      "kind": "source-note",
      "text": "Source: SEC filings. Note: Disney \"Media\" business represents the sum of its \"Entertainment\" and \"Sports\" segments. Disney's \"Media\" EBITDA excludes earnings in unconsolidated equity affiliates and includes an estimated allocation of corporate and unallocated shared expense based on Media's pro rata revenue contribution to Disney. (1) Represents Comcast's \"Content & Experiences\" segment financials excluding the impact of \"Theme Parks.\" (2) EBITDA burdened by stock-based compensation.",
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      "text": "Despite its Scale, Disney's Overall Media Margins Lag Peers",
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      "evidence": "Disney's massive revenue scale is not translating into competitive EBITDA margins compared to its peers. The Board Has Overseen Poor Shareholder Returns.",
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      "objective": "To break down Disney's performance into comparable parts.",
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