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  "documentTitle": "Trian Partners | Activist Presentation Deck | 35 slides",
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  "notes": "Includes a quote from Jim Cramer criticizing the balance sheet.",
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      "text": "Disney Net Financial Leverage",
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      "text": "Investors are still paying for the Fox deal as Disney works to reduce its leverage\nDisney is also expected to buy Comcast's $9bn(1) stake in Hulu in 2024, which will keep its leverage profile well above historical levels for years",
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      "text": "That balance sheet is the balance sheet from hell...doing nothing about it, except for spending more than they have. - Jim Cramer, Nov 17, 2022",
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      "text": "Source: SEC filings, FactSet as of 1/10/23. (1) Minimum floor valuation determined by Put/Call agreement. (2) Estimated net debt calculated by adding adj. consensus free cash flow to prior year net debt; net leverage ratio calculated off consensus EBITDA.",
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      "text": "Fox Acquisition Increased Disney's Leverage Dramatically",
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