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  "documentTitle": "Trian Partners | Activist Presentation Deck | 35 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-01-01 00:00:00",
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  "notes": "The slide uses a bar chart to contrast Disney's historical and projected financials with Netflix's LTM data, emphasizing the lack of profitability at scale.",
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      "text": "Disney DTC vs Netflix financial comparison chart",
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      "text": "Disney is guiding to DTC operating profit \"breakeven\" in 2024, when the market expects the business to generate ~$29bn of revenue. We are surprised that Disney's best-in-class IP, franchises, and scale have not led to in-line, if not superior, unit economics compared with Netflix, which generally lacks high quality, franchise IP",
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      "kind": "source-note",
      "text": "Source: SEC filings, FactSet Wall Street estimates as of 1/10/23. Note: (1) Disney Operating Profit and Margin adjusted to include allocations of corporate expense based on % of FY 2022A Sales.",
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      "kind": "title",
      "text": "Disney Does Not Leverage its Substantial Scale in Streaming",
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