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  "documentTitle": "Blackwells Capital | Activist Presentation Deck | 101 slides",
  "authorId": "blackwells-capital",
  "authorName": "Blackwells Capital",
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  "presentationDate": "2024-03-01 00:00:00",
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  "notes": "The slide uses R&D spend as a proxy for innovation capability to argue that Disney is not operating like a technology firm.",
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  "slideHref": "/slides/019de076-f61b-72ec-ac99-23a3d13d32eb/71",
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      "text": "Average Annual Research and Development Spend as % of Revenue",
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      "text": "Disney's disclosures on R&D initiatives are anemic. Perhaps this is because they know they are falling short. Disney meaningfully underspends on research and development in comparison to its peers. Disney will never be valued as a technology firm, until it begins to think like a technology firm",
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      "text": "Source: Disney, Amazon, Netflix and Apple filings and Thales. Note: (1) Technology and Infrastructure expenses used as a proxy for Research and Development. (2) Technology and Infrastructure expenses used as a proxy for Research and Development.",
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      "text": "DISNEY INNOVATES FAR LESS THAN PEERS",
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