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  "documentTitle": "Trian Partners | Activist Presentation Deck | 35 slides",
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  "authorName": "Trian Partners",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-01-01 00:00:00",
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  "notes": "The slide uses a waterfall-style calculation to arrive at the final EV/EBITDA multiple.",
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      "text": "Disney appears to have paid 26.5x 2018A EBITDA for Fox's traditional media assets (excl. Hulu) whereas comparable media transactions were completed at 11.9x LTM EBITDA(1)\nThe Fox deal created a massive incremental goodwill balance of ~$50bn\nDisney had to rely on an ultra-aggressive $2bn synergy assumption, which would imply a doubling of Fox's EBITDA, to justify the deal\nWhile difficult to quantify, we believe that Fox's earnings power has deteriorated post-deal, implying an even higher multiple paid than the 26.5x paid at closing (see following pages)",
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      "text": "(1) Represents median of un-edited precedent transactions analysis... (8) Hulu repurchased AT&T's 10.0% stake in April 2019 for $1.43bn, implying total Hulu valuation of $14.3bn. TFCF held a 30% stake at the time of its acquisition by Disney.",
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      "text": "Fox Equity Purchase Price ($38/share)(2) $71.3\n(+) Acquired Net Debt / (Cash)(3) ($0.6)\n(-) Equity Investments(4) ($0.3)\nAdj. Fox EV $70.4 $4.0(5) 17.6x\n(-) RSN sale ($10.6) ($1.7) 6.2x(6)\n(-) Yes Network ($3.5) ($0.3)(7) 10.4x\nRemaining Fox EV $56.3 $2.0\n(-) Hulu Stake(8) ($4.3)\nFox Traditional Media EV (Film/TV) $52.1 $2.0 26.5x",
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      "kind": "title",
      "text": "Disney Materially Overpaid For The Fox Assets",
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