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  "documentTitle": "Trian Partners | Activist Presentation Deck | 35 slides",
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  "notes": "The chart shows a clear growth trend until 2019, followed by a sharp decline to zero in 2020-2022.",
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      "text": "FY19 Dividend Represented $2.9bn to Shareholders",
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      "text": "Disney's Historical Annual Dividend per Share (FY)",
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      "text": "In 2020, Disney eliminated its dividend as it faced cash flow challenges caused by the COVID-19 pandemic, significant streaming investments and its over-levered balance sheet. Prior to 2020, Disney had paid a dividend for 57 straight years. Disney has not provided a timetable for restoring the dividend.",
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      "text": "Source: SEC filings, FactSet. Note: (1) Represents annualized FY 2015 dividend, normalized to reflect the impact of Disney's transition to a semi-annual dividend from an annual dividend.",
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      "text": "Disney Had a History of Increasing its Dividend",
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