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  "documentTitle": "Disney | Shareholder Engagement Presentation Deck | 16 slides",
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  "authorName": "Disney",
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  "presentationDate": "2023-01-01 00:00:00",
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  "notes": "Uses a bar chart to compare multiples and a list to refute Trian's claims.",
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      "kind": "chart",
      "text": "Precedent Transaction Synergized LTM EBITDA Multiples",
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      "text": "Synergies do matter in an M&A transaction... and we over-delivered. Synergized LTM EBITDA multiple we paid for TFCF is consistent with precedent multiples at the time. TFCF has been operationally and financially integrated into Disney for years already.",
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      "text": "Source: Public filings, FactSet consensus estimates and Wall Street equity research.",
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