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  "documentTitle": "Trian Partners | Activist Presentation Deck | 35 slides",
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  "authorName": "Trian Partners",
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  "presentationDate": "2023-01-01 00:00:00",
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  "notes": "Includes a table comparing Fox and Sky transaction metrics and a bar chart showing Disney's net leverage progression.",
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      "kind": "chart",
      "text": "Disney Net Leverage chart showing Disney Standalone (0.9x), Disney + Fox & Sky (3.7x), and Pro forma FY 2022 (5.1x).",
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      "text": "Had Disney purchased Sky on top of the Fox deal, Disney would have paid ~$100bn at a combined transaction multiple of ~20x EV/EBITDA. Pro forma, it would have added ~$67bn of net debt to its balance sheet. We estimate pro forma net leverage would be at ~5x today.",
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      "kind": "source-note",
      "text": "Source: SEC filings, Company filings, FactSet. Note: (1) Sky valuation based on final reported bid... (2) Fox LTM EBITDA adjusted... (3) Pro forma net debt calculated as...",
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      "text": "Fox + Sky Transaction Overview (9/30/18 LTM) table with rows for Offer Price, Shares, Equity Purchase Price, Net Debt, Adj. EV, LTM EBITDA, and Adj. EV/LTM EBITDA.",
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      "kind": "title",
      "text": "...and Would Have Put Even More Stress on Disney's Balance Sheet",
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