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  "documentTitle": "Trian Partners | Activist Presentation Deck | 35 slides",
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  "notes": "Includes a quote from Bernstein analyst Todd Juenger criticizing the strategic rationale of the potential acquisition.",
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      "text": "Implied Sky Enterprise Value",
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      "text": "Source: SEC filings, Company filings, FactSet, Wall Street Research. Note: Unaffected and Original offer valuations based on Sky 2018 Annual Report...",
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      "text": "Disney's final bid in September 2018 valued Sky at £34bn; some analysts today estimate it is currently worth ~£9bn(1), 73% below Disney's final offer. This bid represented a 46% premium to Disney's original offer and a 104% premium to the Unaffected Sky share price - another example of poor M&A judgement",
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      "text": "We never understood why this lower growth, lower return (and lower multiple) business with undeniable long-term structural risks would enhance Disney's asset mix or contribute to Disney's DTC transformation.",
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