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      "text": "1. Capital Allocation: EPS cut in half despite $162bn spend; poor M&A judgment (Fox, Sky); increased leverage and dividend elimination. 2. Corporate Governance: Poor shareholder engagement; failed succession planning; excessive compensation. 3. Corporate Strategy: Flawed DTC strategy; lack of cost discipline; overearning in Parks to subsidize streaming.",
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      "text": "Source: SEC filings, FactSet, Trian analysis which can be found in subsequent pages. Note: (1) Represents the $71bn equity purchase price of Fox...",
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      "text": "A Strong Case for Change at Disney",
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